MC & HA: 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.
MC & HA
Largest movements
- Receivables within one year +€112,168
up €112,168 (+209.9%), from €53,444 to €165,612
of which Trade receivables: +€136,879
- Cash +€13,172
up €13,172 (+10.5%), from €125,060 to €138,231
mainly Net result for the year (+€96,358) and Trade debts (+€12,186)
- Tangible fixed assets -€3,550
down €3,550 (-57.1%), from €6,218 to €2,668
of which Plant, machinery and equipment: -€3,428
- Reserves +€96,358
up €96,358 (+69.8%), from €138,005 to €234,362
of which Distributable reserves: +€96,358
- Trade debts +€12,186
up €12,186 (+276.7%), from €4,405 to €16,591
- Tax, wage and social debts +€10,877
up €10,877 (+249.9%), from €4,352 to €15,229
- Gross operating margin +€64,457
up €64,457 (+84.6%), from €76,179 to €140,636
- Taxes +€20,176
up €20,176 (+104.3%), from €19,352 to €39,528
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 | €186,133 | €307,819 | +€121,687 | +65.4% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €6,218 | €2,668 | -€3,550 | -57.1% |
| Tangible fixed assets | 22/27 | €6,218 | €2,668 | -€3,550 | -57.1% |
| Plant, machinery and equipment | 23 | €6,096 | €2,668 | -€3,428 | -56.2% |
| Furniture and vehicles | 24 | €122 | €0 | -€122 | -100.0% |
| Current assets | 29/58 | €179,914 | €305,151 | +€125,237 | +69.6% |
| Amounts receivable within one year | 40/41 | €53,444 | €165,612 | +€112,168 | +209.9% |
| Trade receivables | 40 | €26,065 | €162,944 | +€136,879 | +525.1% |
| Other amounts receivable | 41 | €27,379 | €2,668 | -€24,711 | -90.3% |
| Cash at bank and in hand | 54/58 | €125,060 | €138,231 | +€13,172 | +10.5% |
| Deferred charges and accrued income | 490/1 | €1,411 | €1,308 | -€103 | -7.3% |
| Total equity and liabilities | 10/49 | €186,133 | €307,819 | +€121,687 | +65.4% |
| Equity | 10/15 | €150,405 | €246,762 | +€96,358 | +64.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €138,005 | €234,362 | +€96,358 | +69.8% |
| Tax-exempt reserves | 132 | €4,419 | €4,419 | = | 0.0% |
| Distributable reserves | 133 | €133,586 | €229,943 | +€96,358 | +72.1% |
| Amounts payable | 17/49 | €35,728 | €61,057 | +€25,329 | +70.9% |
| Amounts payable within one year | 42/48 | €35,728 | €61,057 | +€25,329 | +70.9% |
| Trade debts | 44 | €4,405 | €16,591 | +€12,186 | +276.7% |
| Suppliers | 440/4 | €4,405 | €16,591 | +€12,186 | +276.7% |
| Taxes, remuneration and social security | 45 | €4,352 | €15,229 | +€10,877 | +249.9% |
| Taxes | 450/3 | €4,352 | €15,229 | +€10,877 | +249.9% |
| Other amounts payable | 47/48 | €26,971 | €29,238 | +€2,266 | +8.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,953 | €3,550 | -€1,402 | -28.3% |
| Other operating charges | 640/8 | €1,265 | €1,140 | -€126 | -9.9% |
| Gross operating margin | 9900 | €76,179 | €140,636 | +€64,457 | +84.6% |
| Operating profit (loss) | 9901 | €69,961 | €135,947 | +€65,986 | +94.3% |
| Financial income | 75/76B | €46 | €56 | +€11 | +23.0% |
| Recurring financial income | 75 | €46 | €56 | +€11 | +23.0% |
| Financial charges | 65/66B | €77 | €117 | +€40 | +52.3% |
| Recurring financial charges | 65 | €77 | €117 | +€40 | +52.3% |
| Profit (loss) for the period before taxes | 9903 | €69,930 | €135,886 | +€65,956 | +94.3% |
| Income taxes | 67/77 | €19,352 | €39,528 | +€20,176 | +104.3% |
| Profit (loss) for the period | 9904 | €50,578 | €96,358 | +€45,780 | +90.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,578 | €96,358 | +€45,780 | +90.5% |
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 8 October 2026 via checked.be.