MC-R: 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.
MC-R
Largest movements
- Stocks and contracts -€29,779
down €29,779 (-27.8%), from €107,302 to €77,524
- Receivables within one year +€17,830
up €17,830 (+38.4%), from €46,422 to €64,252
of which Other amounts receivable: +€16,463
- Tangible fixed assets -€14,732
down €14,732 (-13.3%), from €111,024 to €96,292
of which Other tangible fixed assets: -€25,897
- Cash +€14,093
new in 2025: €14,093
mainly Tax, wage and social debts (+€45,296) and Depreciation (+€37,722)
- Profit (loss) carried forward -€90,542
down €90,542 (-33.7%), from -€268,383 to -€358,925
- Tax, wage and social debts +€45,296
up €45,296 (+545%), from €8,308 to €53,605
of which Remuneration and social security: +€46,141
- Trade debts +€33,537
up €33,537 (+9.2%), from €365,617 to €399,154
- Short-term financial debts -€6,535
down €6,535 (-6.4%), from €101,535 to €95,000
- Other debts +€4,661
up €4,661 (+11.2%), from €41,483 to €46,144
- Gross operating margin -€23,857
down €23,857 (-36.0%), from €66,297 to €42,441
- Financial charges -€7,225
down €7,225 (-20.9%), from €34,602 to €27,378
- Depreciation +€6,562
up €6,562 (+21.1%), from €31,160 to €37,722
- Other operating charges -€3,475
down €3,475 (-60.6%), from €5,737 to €2,262
- Staff costs -€1,819
down €1,819 (-2.7%), from €67,371 to €65,552
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 | €267,160 | €253,578 | -€13,582 | -5.1% |
| Fixed assets | 21/28 | €112,415 | €97,539 | -€14,876 | -13.2% |
| Tangible fixed assets | 22/27 | €111,024 | €96,292 | -€14,732 | -13.3% |
| Plant, machinery and equipment | 23 | €47,878 | €42,329 | -€5,550 | -11.6% |
| Furniture and vehicles | 24 | €1,064 | €17,777 | +€16,714 | +1,571% |
| Other tangible fixed assets | 26 | €62,082 | €36,186 | -€25,897 | -41.7% |
| Financial fixed assets | 28 | €1,391 | €1,247 | -€144 | -10.3% |
| Current assets | 29/58 | €154,744 | €156,039 | +€1,294 | +0.8% |
| Stocks and contracts in progress | 3 | €107,302 | €77,524 | -€29,779 | -27.8% |
| Stocks | 30/36 | €107,302 | €77,524 | -€29,779 | -27.8% |
| Amounts receivable within one year | 40/41 | €46,422 | €64,252 | +€17,830 | +38.4% |
| Trade receivables | 40 | €30,315 | €31,682 | +€1,367 | +4.5% |
| Other amounts receivable | 41 | €16,107 | €32,570 | +€16,463 | +102% |
| Cash at bank and in hand | 54/58 | - | €14,093 | +€14,093 | |
| Deferred charges and accrued income | 490/1 | €1,020 | €170 | -€850 | -83.3% |
| Total equity and liabilities | 10/49 | €267,160 | €253,578 | -€13,582 | -5.1% |
| Equity | 10/15 | -€249,783 | -€340,325 | -€90,542 | -36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€268,383 | -€358,925 | -€90,542 | -33.7% |
| Amounts payable | 17/49 | €516,943 | €593,903 | +€76,960 | +14.9% |
| Amounts payable within one year | 42/48 | €516,943 | €593,903 | +€76,960 | +14.9% |
| Financial debts | 43 | €101,535 | €95,000 | -€6,535 | -6.4% |
| Credit institutions | 430/8 | €101,535 | €95,000 | -€6,535 | -6.4% |
| Trade debts | 44 | €365,617 | €399,154 | +€33,537 | +9.2% |
| Suppliers | 440/4 | €365,617 | €399,154 | +€33,537 | +9.2% |
| Taxes, remuneration and social security | 45 | €8,308 | €53,605 | +€45,296 | +545% |
| Taxes | 450/3 | €943 | €98 | -€844 | -89.6% |
| Remuneration and social security | 454/9 | €7,366 | €53,506 | +€46,141 | +626% |
| Other amounts payable | 47/48 | €41,483 | €46,144 | +€4,661 | +11.2% |
| Remuneration, social security and pensions | 62 | €67,371 | €65,552 | -€1,819 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,160 | €37,722 | +€6,562 | +21.1% |
| Other operating charges | 640/8 | €5,737 | €2,262 | -€3,475 | -60.6% |
| Gross operating margin | 9900 | €66,297 | €42,441 | -€23,857 | -36.0% |
| Operating profit (loss) | 9901 | -€37,971 | -€63,096 | -€25,125 | -66.2% |
| Financial income | 75/76B | €26 | €30 | +€5 | +18.4% |
| Recurring financial income | 75 | €26 | €30 | +€5 | +18.4% |
| Financial charges | 65/66B | €34,602 | €27,378 | -€7,225 | -20.9% |
| Recurring financial charges | 65 | €34,602 | €27,378 | -€7,225 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | -€72,548 | -€90,443 | -€17,896 | -24.7% |
| Income taxes | 67/77 | - | €98 | +€98 | |
| Profit (loss) for the period | 9904 | -€72,548 | -€90,542 | -€17,994 | -24.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€72,548 | -€90,542 | -€17,994 | -24.8% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.