MC RECYCLING: 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 RECYCLING
Largest movements
- Tangible fixed assets +€288,548
up €288,548 (+60.3%), from €478,443 to €766,991
of which Leasing and similar rights: +€225,840
- Receivables within one year -€72,940
down €72,940 (-42.7%), from €170,879 to €97,939
of which Other amounts receivable: -€68,118
- Cash -€33,973
down €33,973 (-53.2%), from €63,836 to €29,863
mainly Investment in fixed assets (net) (-€337,097) and Trade debts (-€14,960)
- Stocks and contracts +€11,272
up €11,272 (+62.4%), from €18,072 to €29,344
- Debts after one year +€162,978
up €162,978 (+52.9%), from €307,930 to €470,908
- Current portion of long-term debt +€20,594
up €20,594 (+58.8%), from €35,044 to €55,638
- Trade debts -€14,960
down €14,960 (-99.1%), from €15,100 to €140
- Short-term financial debts +€14,089
up €14,089 (+269%), from €5,238 to €19,327
- Gross operating margin -€106,842
down €106,842 (-57.6%), from €185,394 to €78,552
- Taxes -€33,946
down €33,946 (-87.5%), from €38,790 to €4,844
- Depreciation -€6,401
down €6,401 (-11.9%), from €53,736 to €47,335
- Other operating charges -€6,158
no longer reported in 2025 (was €6,158)
- Financial income -€5,288
no longer reported in 2025 (was €5,288)
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 | €779,399 | €973,520 | +€194,121 | +24.9% |
| Formation expenses | 20 | €42,991 | €42,187 | -€804 | -1.9% |
| Fixed assets | 21/28 | €483,621 | €774,187 | +€290,566 | +60.1% |
| Intangible fixed assets | 21 | €5,178 | €7,196 | +€2,018 | +39.0% |
| Tangible fixed assets | 22/27 | €478,443 | €766,991 | +€288,548 | +60.3% |
| Land and buildings | 22 | €432,249 | €412,777 | -€19,472 | -4.5% |
| Plant, machinery and equipment | 23 | €740 | €451 | -€289 | -39.1% |
| Furniture and vehicles | 24 | €6,931 | €9,356 | +€2,425 | +35.0% |
| Leasing and similar rights | 25 | €38,523 | €264,363 | +€225,840 | +586% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Assets under construction and advance payments | 27 | - | €80,044 | +€80,044 | |
| Current assets | 29/58 | €252,787 | €157,146 | -€95,641 | -37.8% |
| Stocks and contracts in progress | 3 | €18,072 | €29,344 | +€11,272 | +62.4% |
| Stocks | 30/36 | €18,072 | €29,344 | +€11,272 | +62.4% |
| Amounts receivable within one year | 40/41 | €170,879 | €97,939 | -€72,940 | -42.7% |
| Trade receivables | 40 | €102,761 | €97,939 | -€4,822 | -4.7% |
| Other amounts receivable | 41 | €68,118 | - | -€68,118 | |
| Cash at bank and in hand | 54/58 | €63,836 | €29,863 | -€33,973 | -53.2% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €779,399 | €973,520 | +€194,121 | +24.9% |
| Equity | 10/15 | €349,387 | €353,389 | +€4,002 | +1.1% |
| Contributions | 10/11 | €17,200 | €17,200 | = | 0.0% |
| Capital | 10 | €17,200 | €17,200 | = | 0.0% |
| Issued capital | 100 | €17,200 | €18,600 | +€1,400 | +8.1% |
| Uncalled capital | 101 | - | €1,400 | +€1,400 | |
| Reserves | 13 | €48,867 | €46,264 | -€2,603 | -5.3% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,867 | €44,264 | -€2,603 | -5.6% |
| Profit (loss) carried forward | 14 | €283,320 | €289,925 | +€6,605 | +2.3% |
| Provisions and deferred taxes | 16 | €15,622 | €14,754 | -€868 | -5.6% |
| Deferred taxes | 168 | €15,622 | €14,754 | -€868 | -5.6% |
| Amounts payable | 17/49 | €414,390 | €605,377 | +€190,987 | +46.1% |
| Amounts payable after more than one year | 17 | €307,930 | €470,908 | +€162,978 | +52.9% |
| Financial debts | 170/4 | €307,930 | €470,908 | +€162,978 | +52.9% |
| Amounts payable within one year | 42/48 | €106,460 | €134,469 | +€28,009 | +26.3% |
| Current portion of amounts payable after more than one year | 42 | €35,044 | €55,638 | +€20,594 | +58.8% |
| Financial debts | 43 | €5,238 | €19,327 | +€14,089 | +269% |
| Credit institutions | 430/8 | €5,238 | €19,327 | +€14,089 | +269% |
| Trade debts | 44 | €15,100 | €140 | -€14,960 | -99.1% |
| Suppliers | 440/4 | €15,100 | €140 | -€14,960 | -99.1% |
| Taxes, remuneration and social security | 45 | €51,078 | €55,740 | +€4,662 | +9.1% |
| Taxes | 450/3 | €51,078 | €52,990 | +€1,912 | +3.7% |
| Remuneration and social security | 454/9 | - | €2,750 | +€2,750 | |
| Other amounts payable | 47/48 | - | €3,624 | +€3,624 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €53,736 | €47,335 | -€6,401 | -11.9% |
| Other operating charges | 640/8 | €6,158 | - | -€6,158 | |
| Gross operating margin | 9900 | €185,394 | €78,552 | -€106,842 | -57.6% |
| Operating profit (loss) | 9901 | €125,500 | €31,217 | -€94,283 | -75.1% |
| Financial income | 75/76B | €5,288 | - | -€5,288 | |
| Recurring financial income | 75 | €5,288 | - | -€5,288 | |
| Financial charges | 65/66B | €19,715 | €23,239 | +€3,524 | +17.9% |
| Recurring financial charges | 65 | €19,715 | €23,239 | +€3,524 | +17.9% |
| Profit (loss) for the period before taxes | 9903 | €111,073 | €7,978 | -€103,095 | -92.8% |
| Transfer from deferred taxes | 780 | €868 | €868 | = | 0.0% |
| Income taxes | 67/77 | €38,790 | €4,844 | -€33,946 | -87.5% |
| Profit (loss) for the period | 9904 | €73,151 | €4,002 | -€69,149 | -94.5% |
| Transfer from tax-exempt reserves | 789 | €2,604 | €2,603 | -€1 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €75,755 | €6,605 | -€69,150 | -91.3% |
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 16 October 2026 via checked.be.