M.J.C.: what changed
Two financial 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.J.C.
Largest movements
- Stocks and contracts -€171,087
down €171,087 (-46.3%), from €369,433 to €198,346
- Receivables within one year +€49,204
up €49,204 (+35.6%), from €138,348 to €187,552
of which Trade receivables: +€49,204
- Financial fixed assets +€31,982
up €31,982 (+8.6%), from €371,172 to €403,154
- Cash +€17,186
up €17,186 (+535%), from €3,211 to €20,397
mainly Stocks and contracts (+€171,087) and Tax, wage and social debts (+€62,299)
- Formation expenses -€12,694
down €12,694 (-43.7%), from €29,038 to €16,344
- Trade debts -€77,653
down €77,653 (-32.8%), from €236,536 to €158,883
- Tax, wage and social debts +€62,299
up €62,299 (+43.4%), from €143,515 to €205,814
of which Taxes: +€46,339
- Profit (loss) carried forward -€47,223
down €47,223 (-11.9%), from -€397,204 to -€444,427
- Debts after one year -€44,129
down €44,129 (-22.7%), from €194,769 to €150,641
- Other debts +€24,551
up €24,551 (+40.5%), from €60,640 to €85,191
- Gross operating margin +€49,338
up €49,338 (+45.0%), from €109,564 to €158,902
- Staff costs -€6,684
down €6,684 (-4.5%), from €148,676 to €141,992
- Other operating charges -€3,686
down €3,686 (-27.6%), from €13,366 to €9,680
- Financial charges -€1,872
down €1,872 (-5.2%), from €36,008 to €34,136
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.
Derived cash bridge
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 | €931,149 | €837,731 | -€93,418 | -10.0% |
| Formation expenses | 20 | €29,038 | €16,344 | -€12,694 | -43.7% |
| Fixed assets | 21/28 | €390,496 | €415,017 | +€24,522 | +6.3% |
| Tangible fixed assets | 22/27 | €19,324 | €11,864 | -€7,460 | -38.6% |
| Land and buildings | 22 | €2,308 | - | -€2,308 | |
| Plant, machinery and equipment | 23 | €8,804 | €5,691 | -€3,113 | -35.4% |
| Furniture and vehicles | 24 | €8,212 | €4,442 | -€3,770 | -45.9% |
| Other tangible fixed assets | 26 | - | €1,731 | +€1,731 | |
| Financial fixed assets | 28 | €371,172 | €403,154 | +€31,982 | +8.6% |
| Current assets | 29/58 | €511,615 | €406,370 | -€105,246 | -20.6% |
| Stocks and contracts in progress | 3 | €369,433 | €198,346 | -€171,087 | -46.3% |
| Stocks | 30/36 | €369,433 | €198,346 | -€171,087 | -46.3% |
| Amounts receivable within one year | 40/41 | €138,348 | €187,552 | +€49,204 | +35.6% |
| Trade receivables | 40 | €138,276 | €187,479 | +€49,204 | +35.6% |
| Other amounts receivable | 41 | €72 | €72 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €3,211 | €20,397 | +€17,186 | +535% |
| Deferred charges and accrued income | 490/1 | €624 | €75 | -€549 | -88.0% |
| Total equity and liabilities | 10/49 | €931,149 | €837,731 | -€93,418 | -10.0% |
| Equity | 10/15 | €148,833 | €101,610 | -€47,223 | -31.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €527,437 | €527,437 | = | 0.0% |
| Tax-exempt reserves | 132 | €24,113 | €24,113 | = | 0.0% |
| Distributable reserves | 133 | €503,324 | €503,324 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€397,204 | -€444,427 | -€47,223 | -11.9% |
| Amounts payable | 17/49 | €782,316 | €736,120 | -€46,196 | -5.9% |
| Amounts payable after more than one year | 17 | €194,769 | €150,641 | -€44,129 | -22.7% |
| Financial debts | 170/4 | €194,769 | €150,641 | -€44,129 | -22.7% |
| Amounts payable within one year | 42/48 | €587,547 | €585,480 | -€2,067 | -0.4% |
| Current portion of amounts payable after more than one year | 42 | €64,121 | €44,129 | -€19,992 | -31.2% |
| Financial debts | 43 | €73,785 | €82,513 | +€8,728 | +11.8% |
| Credit institutions | 430/8 | €62,365 | €82,513 | +€20,148 | +32.3% |
| Other loans | 439 | €11,419 | €0 | -€11,419 | -100% |
| Trade debts | 44 | €236,536 | €158,883 | -€77,653 | -32.8% |
| Suppliers | 440/4 | €236,536 | €158,883 | -€77,653 | -32.8% |
| Advances received on contracts in progress | 46 | €8,950 | €8,950 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €143,515 | €205,814 | +€62,299 | +43.4% |
| Taxes | 450/3 | €125,893 | €172,232 | +€46,339 | +36.8% |
| Remuneration and social security | 454/9 | €17,621 | €33,581 | +€15,960 | +90.6% |
| Other amounts payable | 47/48 | €60,640 | €85,191 | +€24,551 | +40.5% |
| Non-recurring operating income | 76A | - | €14,353 | +€14,353 | |
| Remuneration, social security and pensions | 62 | €148,676 | €141,992 | -€6,684 | -4.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,948 | €21,145 | -€803 | -3.7% |
| Other operating charges | 640/8 | €13,366 | €9,680 | -€3,686 | -27.6% |
| Gross operating margin | 9900 | €109,564 | €158,902 | +€49,338 | +45.0% |
| Operating profit (loss) | 9901 | -€74,426 | -€13,915 | +€60,511 | +81.3% |
| Financial income | 75/76B | €1,729 | €969 | -€760 | -44.0% |
| Recurring financial income | 75 | €1,729 | €969 | -€760 | -44.0% |
| Financial charges | 65/66B | €36,008 | €34,136 | -€1,872 | -5.2% |
| Recurring financial charges | 65 | €36,008 | €34,136 | -€1,872 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€108,705 | -€47,082 | +€61,623 | +56.7% |
| Income taxes | 67/77 | €174 | €141 | -€33 | -19.2% |
| Profit (loss) for the period | 9904 | -€108,879 | -€47,223 | +€61,657 | +56.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€108,879 | -€47,223 | +€61,657 | +56.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.