M-Cure: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
M-Cure
Largest movements
- Cash +€54,051
up €54,051 (+53.9%), from €100,358 to €154,408
mainly Net result for the year (+€50,679) and Depreciation (+€6,807)
- Tangible fixed assets -€5,975
down €5,975 (-35.3%), from €16,946 to €10,972
of which Plant, machinery and equipment: -€5,693
- Receivables within one year -€2,842
down €2,842 (-96.3%), from €2,952 to €110
- Reserves +€49,846
up €49,846 (+53.5%), from €93,192 to €143,039
- Trade debts -€10,173
down €10,173 (-93.1%), from €10,928 to €755
- Tax, wage and social debts +€6,381
up €6,381 (+30.3%), from €21,074 to €27,455
- Gross operating margin +€20,012
up €20,012 (+32.4%), from €61,726 to €81,738
- Taxes +€6,254
up €6,254 (+36.2%), from €17,294 to €23,547
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €136,037 | €182,749 | +€46,712 | +34.3% |
| Fixed assets | 21/28 | €16,973 | €10,972 | -€6,001 | -35.4% |
| Intangible fixed assets | 21 | €26 | €0 | -€26 | -100.0% |
| Tangible fixed assets | 22/27 | €16,946 | €10,972 | -€5,975 | -35.3% |
| Plant, machinery and equipment | 23 | €16,156 | €10,462 | -€5,693 | -35.2% |
| Furniture and vehicles | 24 | €791 | €509 | -€282 | -35.6% |
| Current assets | 29/58 | €119,065 | €171,777 | +€52,713 | +44.3% |
| Stocks and contracts in progress | 3 | €15,092 | €16,732 | +€1,640 | +10.9% |
| Stocks | 30/36 | €15,092 | €16,732 | +€1,640 | +10.9% |
| Amounts receivable within one year | 40/41 | €2,952 | €110 | -€2,842 | -96.3% |
| Trade receivables | 40 | €2,952 | €110 | -€2,842 | -96.3% |
| Cash at bank and in hand | 54/58 | €100,358 | €154,408 | +€54,051 | +53.9% |
| Deferred charges and accrued income | 490/1 | €663 | €527 | -€136 | -20.5% |
| Total equity and liabilities | 10/49 | €136,037 | €182,749 | +€46,712 | +34.3% |
| Equity | 10/15 | €95,692 | €145,539 | +€49,846 | +52.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €93,192 | €143,039 | +€49,846 | +53.5% |
| Distributable reserves | 133 | €93,192 | €143,039 | +€49,846 | +53.5% |
| Amounts payable | 17/49 | €40,345 | €37,210 | -€3,135 | -7.8% |
| Amounts payable within one year | 42/48 | €40,345 | €37,210 | -€3,135 | -7.8% |
| Trade debts | 44 | €10,928 | €755 | -€10,173 | -93.1% |
| Suppliers | 440/4 | €10,928 | €755 | -€10,173 | -93.1% |
| Taxes, remuneration and social security | 45 | €21,074 | €27,455 | +€6,381 | +30.3% |
| Taxes | 450/3 | €21,074 | €27,455 | +€6,381 | +30.3% |
| Other amounts payable | 47/48 | €8,343 | €9,001 | +€658 | +7.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,795 | €6,807 | +€12 | +0.2% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €61,726 | €81,738 | +€20,012 | +32.4% |
| Operating profit (loss) | 9901 | €54,426 | €74,412 | +€19,985 | +36.7% |
| Financial charges | 65/66B | €224 | €185 | -€39 | -17.4% |
| Recurring financial charges | 65 | €224 | €185 | -€39 | -17.4% |
| Profit (loss) for the period before taxes | 9903 | €54,202 | €74,227 | +€20,024 | +36.9% |
| Income taxes | 67/77 | €17,294 | €23,547 | +€6,254 | +36.2% |
| Profit (loss) for the period | 9904 | €36,908 | €50,679 | +€13,771 | +37.3% |
| Profit (loss) for the period to be appropriated | 9905 | €36,908 | €50,679 | +€13,771 | +37.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.