M.M.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.M.C
Largest movements
- Receivables within one year +€317,193
up €317,193 (+406%), from €78,218 to €395,411
of which Trade receivables: +€316,946
- Current investments +€145,778
up €145,778 (+64.2%), from €226,893 to €372,671
- Cash -€77,658
down €77,658 (-63.2%), from €122,801 to €45,143
mainly Contributions, distributions and other (-€1.1m) and Receivables within one year (-€317,193)
- Tangible fixed assets -€26,483
down €26,483 (-11.8%), from €224,879 to €198,396
of which Furniture and vehicles: -€13,791
- Other debts +€760,124
up €760,124 (+2,393%), from €31,765 to €791,890
- Profit (loss) carried forward -€427,841
down €427,841 (-93.2%), from €459,119 to €31,278
- Tax, wage and social debts +€48,327
up €48,327 (+104%), from €46,437 to €94,764
- Debts after one year -€16,529
down €16,529 (-17.0%), from €97,151 to €80,622
- Gross operating margin +€447,247
up €447,247 (+92.0%), from €486,141 to €933,389
- Taxes +€120,570
up €120,570 (+110%), from €110,045 to €230,616
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 | €665,753 | €1,021,313 | +€355,559 | +53.4% |
| Fixed assets | 21/28 | €236,617 | €206,863 | -€29,754 | -12.6% |
| Intangible fixed assets | 21 | €11,699 | €8,420 | -€3,278 | -28.0% |
| Tangible fixed assets | 22/27 | €224,879 | €198,396 | -€26,483 | -11.8% |
| Land and buildings | 22 | €176,186 | €165,548 | -€10,638 | -6.0% |
| Furniture and vehicles | 24 | €33,646 | €19,855 | -€13,791 | -41.0% |
| Other tangible fixed assets | 26 | €15,046 | €12,992 | -€2,054 | -13.7% |
| Financial fixed assets | 28 | €40 | €47 | +€7 | +17.5% |
| Current assets | 29/58 | €429,136 | €814,449 | +€385,313 | +89.8% |
| Amounts receivable within one year | 40/41 | €78,218 | €395,411 | +€317,193 | +406% |
| Trade receivables | 40 | €78,218 | €395,163 | +€316,946 | +405% |
| Other amounts receivable | 41 | - | €248 | +€248 | |
| Current investments | 50/53 | €226,893 | €372,671 | +€145,778 | +64.2% |
| Cash at bank and in hand | 54/58 | €122,801 | €45,143 | -€77,658 | -63.2% |
| Deferred charges and accrued income | 490/1 | €1,224 | €1,224 | = | 0.0% |
| Total equity and liabilities | 10/49 | €665,753 | €1,021,313 | +€355,559 | +53.4% |
| Equity | 10/15 | €459,219 | €31,378 | -€427,841 | -93.2% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €459,119 | €31,278 | -€427,841 | -93.2% |
| Amounts payable | 17/49 | €206,535 | €989,935 | +€783,400 | +379% |
| Amounts payable after more than one year | 17 | €97,151 | €80,622 | -€16,529 | -17.0% |
| Financial debts | 170/4 | €97,151 | €80,622 | -€16,529 | -17.0% |
| Amounts payable within one year | 42/48 | €109,384 | €908,906 | +€799,521 | +731% |
| Current portion of amounts payable after more than one year | 42 | €16,378 | €16,529 | +€151 | +0.9% |
| Trade debts | 44 | €14,804 | €5,723 | -€9,081 | -61.3% |
| Suppliers | 440/4 | €14,804 | €5,723 | -€9,081 | -61.3% |
| Taxes, remuneration and social security | 45 | €46,437 | €94,764 | +€48,327 | +104% |
| Taxes | 450/3 | €46,437 | €94,764 | +€48,327 | +104% |
| Other amounts payable | 47/48 | €31,765 | €791,890 | +€760,124 | +2,393% |
| Accrued charges and deferred income | 492/3 | - | €408 | +€408 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,562 | €29,761 | +€199 | +0.7% |
| Other operating charges | 640/8 | €2,594 | €1,576 | -€1,018 | -39.2% |
| Gross operating margin | 9900 | €486,141 | €933,389 | +€447,247 | +92.0% |
| Operating profit (loss) | 9901 | €453,986 | €902,052 | +€448,066 | +98.7% |
| Financial income | 75/76B | €1,000 | €2,557 | +€1,557 | +156% |
| Recurring financial income | 75 | €1,000 | €2,557 | +€1,557 | +156% |
| Financial charges | 65/66B | €2,054 | €2,715 | +€662 | +32.2% |
| Recurring financial charges | 65 | €2,054 | €2,715 | +€662 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | €452,932 | €901,893 | +€448,961 | +99.1% |
| Income taxes | 67/77 | €110,045 | €230,616 | +€120,570 | +110% |
| Profit (loss) for the period | 9904 | €342,887 | €671,278 | +€328,391 | +95.8% |
| Profit (loss) for the period to be appropriated | 9905 | €342,887 | €671,278 | +€328,391 | +95.8% |
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 13 October 2026 via checked.be.