MBCA: 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.
MBCA
Largest movements
- Stocks and contracts -€64,106
down €64,106 (-5.6%), from €1.2m to €1.1m
- Intangible fixed assets -€60,000
down €60,000 (-11.9%), from €504,658 to €444,658
- Cash -€40,592
down €40,592 (-35.2%), from €115,457 to €74,865
mainly Debts after one year (-€186,655) and Trade debts (-€21,876)
- Deferred charges and accrued income -€24,052
down €24,052 (-45.5%), from €52,863 to €28,811
- Debts after one year -€186,655
down €186,655 (-12.2%), from €1.5m to €1.3m
- Reserves +€51,447
up €51,447 (+56.5%), from €91,038 to €142,485
- Trade debts -€21,876
down €21,876 (-45.5%), from €48,057 to €26,181
- Other debts -€21,000
down €21,000 (-70.0%), from €30,020 to €9,020
- Gross operating margin +€58,564
up €58,564 (+23.7%), from €247,577 to €306,140
- Staff costs +€30,972
up €30,972 (+78.0%), from €39,698 to €70,670
- Financial charges -€28,703
down €28,703 (-29.1%), from €98,753 to €70,050
- Taxes +€17,716
up €17,716 (+151.6%), from €11,686 to €29,402
- Depreciation +€3,418
up €3,418 (+4.2%), from €82,106 to €85,525
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 | €1,997,631 | €1,802,211 | -€195,420 | -9.8% |
| Fixed assets | 21/28 | €655,587 | €580,039 | -€75,549 | -11.5% |
| Intangible fixed assets | 21 | €504,658 | €444,658 | -€60,000 | -11.9% |
| Tangible fixed assets | 22/27 | €138,930 | €123,381 | -€15,549 | -11.2% |
| Land and buildings | 22 | €103,490 | €98,515 | -€4,975 | -4.8% |
| Plant, machinery and equipment | 23 | €4,894 | €2,828 | -€2,066 | -42.2% |
| Furniture and vehicles | 24 | €30,546 | €22,038 | -€8,508 | -27.9% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €1,342,043 | €1,222,172 | -€119,872 | -8.9% |
| Stocks and contracts in progress | 3 | €1,150,000 | €1,085,894 | -€64,106 | -5.6% |
| Stocks | 30/36 | €1,150,000 | €1,085,894 | -€64,106 | -5.6% |
| Amounts receivable within one year | 40/41 | €23,724 | €32,602 | +€8,878 | +37.4% |
| Other amounts receivable | 41 | €23,724 | €32,602 | +€8,878 | +37.4% |
| Cash at bank and in hand | 54/58 | €115,457 | €74,865 | -€40,592 | -35.2% |
| Deferred charges and accrued income | 490/1 | €52,863 | €28,811 | -€24,052 | -45.5% |
| Total equity and liabilities | 10/49 | €1,997,631 | €1,802,211 | -€195,420 | -9.8% |
| Equity | 10/15 | €141,038 | €192,485 | +€51,447 | +36.5% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €91,038 | €142,485 | +€51,447 | +56.5% |
| Distributable reserves | 133 | €91,038 | €142,485 | +€51,447 | +56.5% |
| Amounts payable | 17/49 | €1,856,592 | €1,609,725 | -€246,867 | -13.3% |
| Amounts payable after more than one year | 17 | €1,534,870 | €1,348,215 | -€186,655 | -12.2% |
| Financial debts | 170/4 | €1,534,870 | €1,348,215 | -€186,655 | -12.2% |
| Amounts payable within one year | 42/48 | €321,722 | €261,510 | -€60,213 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €186,655 | €186,655 | = | 0.0% |
| Trade debts | 44 | €48,057 | €26,181 | -€21,876 | -45.5% |
| Suppliers | 440/4 | €48,057 | €26,181 | -€21,876 | -45.5% |
| Taxes, remuneration and social security | 45 | €56,991 | €39,654 | -€17,337 | -30.4% |
| Taxes | 450/3 | €56,991 | €35,356 | -€21,635 | -38.0% |
| Remuneration and social security | 454/9 | - | €4,298 | +€4,298 | |
| Other amounts payable | 47/48 | €30,020 | €9,020 | -€21,000 | -70.0% |
| Remuneration, social security and pensions | 62 | €39,698 | €70,670 | +€30,972 | +78.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €82,106 | €85,525 | +€3,418 | +4.2% |
| Other operating charges | 640/8 | €1,267 | €261 | -€1,007 | -79.4% |
| Gross operating margin | 9900 | €247,577 | €306,140 | +€58,564 | +23.7% |
| Operating profit (loss) | 9901 | €124,505 | €149,685 | +€25,180 | +20.2% |
| Financial income | 75/76B | €993 | €1,214 | +€221 | +22.2% |
| Recurring financial income | 75 | €993 | €1,214 | +€221 | +22.2% |
| Financial charges | 65/66B | €98,753 | €70,050 | -€28,703 | -29.1% |
| Recurring financial charges | 65 | €98,753 | €70,050 | -€28,703 | -29.1% |
| Profit (loss) for the period before taxes | 9903 | €26,746 | €80,849 | +€54,103 | +202.3% |
| Income taxes | 67/77 | €11,686 | €29,402 | +€17,716 | +151.6% |
| Profit (loss) for the period | 9904 | €15,060 | €51,447 | +€36,387 | +241.6% |
| Profit (loss) for the period to be appropriated | 9905 | €15,060 | €51,447 | +€36,387 | +241.6% |
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 3 October 2026 via checked.be.