MC2: 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.
MC2
Largest movements
- Tangible fixed assets -€65,795
down €65,795 (-2.4%), from €2.7m to €2.7m
of which Land and buildings: -€69,210
- Reserves +€335,724
up €335,724 (+49.5%), from €678,878 to €1.0m
of which Distributable reserves: +€347,726
- Profit (loss) carried forward -€329,163
down €329,163 (-100.0%), from €329,163 to €0
- Debts after one year -€251,699
down €251,699 (-18.1%), from €1.4m to €1.1m
of which Financial debts: -€251,699
- Current portion of long-term debt +€148,369
up €148,369 (+143.6%), from €103,330 to €251,699
- Other debts +€38,486
up €38,486 (+28.1%), from €136,805 to €175,291
- Gross operating margin -€54,326
down €54,326 (-24.3%), from €223,123 to €168,797
- Financial charges +€18,773
up €18,773 (+47.6%), from €39,417 to €58,190
- Other operating charges -€5,117
down €5,117 (-25.5%), from €20,031 to €14,915
- Taxes +€3,898
up €3,898 (+63.6%), from €6,126 to €10,025
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 | €2,811,368 | €2,756,549 | -€54,819 | -1.9% |
| Fixed assets | 21/28 | €2,716,408 | €2,650,614 | -€65,795 | -2.4% |
| Tangible fixed assets | 22/27 | €2,716,408 | €2,650,614 | -€65,795 | -2.4% |
| Land and buildings | 22 | €1,833,107 | €1,763,897 | -€69,210 | -3.8% |
| Furniture and vehicles | 24 | €755 | €311 | -€444 | -58.8% |
| Assets under construction and advance payments | 27 | €882,546 | €886,405 | +€3,859 | +0.4% |
| Current assets | 29/58 | €94,959 | €105,935 | +€10,975 | +11.6% |
| Amounts receivable within one year | 40/41 | €5,374 | €10,238 | +€4,865 | +90.5% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €5,374 | €10,238 | +€4,865 | +90.5% |
| Current investments | 50/53 | €135 | €135 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €84,170 | €91,843 | +€7,672 | +9.1% |
| Deferred charges and accrued income | 490/1 | €5,281 | €3,719 | -€1,562 | -29.6% |
| Total equity and liabilities | 10/49 | €2,811,368 | €2,756,549 | -€54,819 | -1.9% |
| Equity | 10/15 | €1,069,211 | €1,075,771 | +€6,561 | +0.6% |
| Contributions | 10/11 | €61,169 | €61,169 | = | 0.0% |
| Reserves | 13 | €678,878 | €1,014,602 | +€335,724 | +49.5% |
| Non-distributable reserves | 130/1 | €26,885 | €26,885 | = | 0.0% |
| Reserves not available under the articles | 1311 | €26,885 | €26,885 | = | 0.0% |
| Tax-exempt reserves | 132 | €256,656 | €244,654 | -€12,002 | -4.7% |
| Distributable reserves | 133 | €395,337 | €743,063 | +€347,726 | +88.0% |
| Profit (loss) carried forward | 14 | €329,163 | €0 | -€329,163 | -100.0% |
| Provisions and deferred taxes | 16 | €85,552 | €81,551 | -€4,001 | -4.7% |
| Deferred taxes | 168 | €85,552 | €81,551 | -€4,001 | -4.7% |
| Amounts payable | 17/49 | €1,656,605 | €1,599,226 | -€57,379 | -3.5% |
| Amounts payable after more than one year | 17 | €1,387,889 | €1,136,191 | -€251,699 | -18.1% |
| Financial debts | 170/4 | €1,262,889 | €1,011,191 | -€251,699 | -19.9% |
| Other amounts payable | 178/9 | €125,000 | €125,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €247,378 | €439,373 | +€191,995 | +77.6% |
| Current portion of amounts payable after more than one year | 42 | €103,330 | €251,699 | +€148,369 | +143.6% |
| Trade debts | 44 | €1,878 | €7,269 | +€5,391 | +287.0% |
| Suppliers | 440/4 | €1,878 | €7,269 | +€5,391 | +287.0% |
| Taxes, remuneration and social security | 45 | €5,364 | €5,114 | -€250 | -4.7% |
| Taxes | 450/3 | €5,364 | €5,114 | -€250 | -4.7% |
| Other amounts payable | 47/48 | €136,805 | €175,291 | +€38,486 | +28.1% |
| Accrued charges and deferred income | 492/3 | €21,338 | €23,662 | +€2,324 | +10.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,357 | €83,396 | -€961 | -1.1% |
| Other operating charges | 640/8 | €20,031 | €14,915 | -€5,117 | -25.5% |
| Gross operating margin | 9900 | €223,123 | €168,797 | -€54,326 | -24.3% |
| Operating profit (loss) | 9901 | €118,735 | €70,487 | -€48,248 | -40.6% |
| Financial income | 75/76B | €379 | €288 | -€91 | -23.9% |
| Recurring financial income | 75 | €379 | €288 | -€91 | -23.9% |
| Financial charges | 65/66B | €39,417 | €58,190 | +€18,773 | +47.6% |
| Recurring financial charges | 65 | €39,417 | €58,190 | +€18,773 | +47.6% |
| Profit (loss) for the period before taxes | 9903 | €79,696 | €12,585 | -€67,112 | -84.2% |
| Transfer from deferred taxes | 780 | €3,981 | €4,001 | +€20 | +0.5% |
| Transfer to deferred taxes | 680 | €19,211 | €0 | -€19,211 | -100.0% |
| Income taxes | 67/77 | €6,126 | €10,025 | +€3,898 | +63.6% |
| Profit (loss) for the period | 9904 | €58,340 | €6,561 | -€51,780 | -88.8% |
| Transfer from tax-exempt reserves | 789 | €11,943 | €12,002 | +€59 | +0.5% |
| Transfer to tax-exempt reserves | 689 | €57,632 | €0 | -€57,632 | -100.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,652 | €18,563 | +€5,911 | +46.7% |
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 1 October 2026 via checked.be.