MCBwater: 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.
What changed
MCBwater
NACE 43.221, Plumbing work
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€172,568
2024 · €182,304-€9,737
Equity
€265,747
2024 · €258,179+€7,568
Cash
€311,575
2024 · €311,774-€199
Balance sheet total
€902,675
2024 · €816,566+€86,109
Largest movements
Assets
- Tangible fixed assets +€70,818
up €70,818 (+23.5%), from €301,094 to €371,912
of which Leasing and similar rights: +€70,632
- Receivables within one year +€29,950
up €29,950 (+31.2%), from €95,856 to €125,805
of which Trade receivables: +€19,930
- Stocks and contracts -€15,442
down €15,442 (-17.4%), from €88,805 to €73,363
Equity and liabilities
- Debts after one year +€40,755
up €40,755 (+28.3%), from €143,880 to €184,635
- Current portion of long-term debt +€19,058
up €19,058 (+36.1%), from €52,734 to €71,792
- Trade debts +€18,743
up €18,743 (+15.3%), from €122,205 to €140,948
Income statement
- Gross operating margin +€107,830
up €107,830 (+16.4%), from €656,638 to €764,468
- Staff costs +€81,070
up €81,070 (+19.9%), from €407,725 to €488,796
- Depreciation +€32,213
up €32,213 (+76.9%), from €41,908 to €74,121
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.
Result 2024
€182,304
Gross operating margin
+€107,830
Staff costs
-€81,070
Depreciation
-€32,213
Write-downs
-€2,724
Other operating charges
+€4,184
Other operating items
-€2,552
Financial income
-€947
Financial charges
-€4,793
Taxes
+€2,548
Result 2025
€172,568
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€249,927
Investment
-€144,939
Financing
-€105,187
Cash 2024
€311,774
From operations (derived)
+€249,927
Net result for the year
+€172,568
Depreciation
+€74,121
Stocks and contracts
+€15,442
Receivables within one year
-€29,950
Deferred charges and accrued income
-€983
Trade debts
+€18,743
Tax, wage and social debts
+€5,498
Advances received
-€1,171
Other debts
-€3,873
Accrued charges and deferred income
-€468
Investment (derived)
-€144,939
Investment in fixed assets (net)
-€144,939
Financing
-€105,187
Debts after one year
+€40,755
Current portion of long-term debt
+€19,058
Contributions, distributions and other
-€165,000
Cash 2025
€311,575
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €816,566 | €902,675 | +€86,109 | +10.5% |
| Fixed assets | 21/28 | €301,094 | €371,912 | +€70,818 | +23.5% |
| Tangible fixed assets | 22/27 | €301,094 | €371,912 | +€70,818 | +23.5% |
| Land and buildings | 22 | €125,738 | €130,158 | +€4,420 | +3.5% |
| Plant, machinery and equipment | 23 | €5,784 | €2,729 | -€3,055 | -52.8% |
| Furniture and vehicles | 24 | €9,682 | €8,502 | -€1,180 | -12.2% |
| Leasing and similar rights | 25 | €159,891 | €230,523 | +€70,632 | +44.2% |
| Current assets | 29/58 | €515,472 | €530,763 | +€15,291 | +3.0% |
| Stocks and contracts in progress | 3 | €88,805 | €73,363 | -€15,442 | -17.4% |
| Stocks | 30/36 | €88,805 | €73,363 | -€15,442 | -17.4% |
| Amounts receivable within one year | 40/41 | €95,856 | €125,805 | +€29,950 | +31.2% |
| Trade receivables | 40 | €83,725 | €103,656 | +€19,930 | +23.8% |
| Other amounts receivable | 41 | €12,130 | €22,150 | +€10,019 | +82.6% |
| Cash at bank and in hand | 54/58 | €311,774 | €311,575 | -€199 | -0.1% |
| Deferred charges and accrued income | 490/1 | €19,038 | €20,021 | +€983 | +5.2% |
| Total equity and liabilities | 10/49 | €816,566 | €902,675 | +€86,109 | +10.5% |
| Equity | 10/15 | €258,179 | €265,747 | +€7,568 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,579 | €247,147 | +€7,568 | +3.2% |
| Distributable reserves | 133 | €239,579 | €247,147 | +€7,568 | +3.2% |
| Amounts payable | 17/49 | €558,387 | €636,929 | +€78,542 | +14.1% |
| Amounts payable after more than one year | 17 | €143,880 | €184,635 | +€40,755 | +28.3% |
| Financial debts | 170/4 | €143,880 | €184,635 | +€40,755 | +28.3% |
| Amounts payable within one year | 42/48 | €412,872 | €451,127 | +€38,255 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | €52,734 | €71,792 | +€19,058 | +36.1% |
| Trade debts | 44 | €122,205 | €140,948 | +€18,743 | +15.3% |
| Suppliers | 440/4 | €122,205 | €140,948 | +€18,743 | +15.3% |
| Advances received on contracts in progress | 46 | €3,364 | €2,193 | -€1,171 | -34.8% |
| Taxes, remuneration and social security | 45 | €54,490 | €59,988 | +€5,498 | +10.1% |
| Taxes | 450/3 | €6,474 | - | -€6,474 | |
| Remuneration and social security | 454/9 | €48,016 | €59,988 | +€11,972 | +24.9% |
| Other amounts payable | 47/48 | €180,079 | €176,206 | -€3,873 | -2.2% |
| Accrued charges and deferred income | 492/3 | €1,636 | €1,167 | -€468 | -28.6% |
| Non-recurring operating income | 76A | €10,842 | €1,746 | -€9,096 | -83.9% |
| Remuneration, social security and pensions | 62 | €407,725 | €488,796 | +€81,070 | +19.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,908 | €74,121 | +€32,213 | +76.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,120 | €3,844 | +€2,724 | +243% |
| Other operating charges | 640/8 | €9,047 | €4,863 | -€4,184 | -46.2% |
| Non-recurring operating charges | 66A | €83 | €2,635 | +€2,552 | +3,059% |
| Gross operating margin | 9900 | €656,638 | €764,468 | +€107,830 | +16.4% |
| Operating profit (loss) | 9901 | €196,754 | €190,209 | -€6,544 | -3.3% |
| Financial income | 75/76B | €1,402 | €454 | -€947 | -67.6% |
| Recurring financial income | 75 | €1,402 | €454 | -€947 | -67.6% |
| Financial charges | 65/66B | €10,020 | €14,813 | +€4,793 | +47.8% |
| Recurring financial charges | 65 | €10,020 | €14,813 | +€4,793 | +47.8% |
| Profit (loss) for the period before taxes | 9903 | €188,135 | €175,850 | -€12,285 | -6.5% |
| Income taxes | 67/77 | €5,831 | €3,283 | -€2,548 | -43.7% |
| Profit (loss) for the period | 9904 | €182,304 | €172,568 | -€9,737 | -5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €182,304 | €172,568 | -€9,737 | -5.3% |
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 18 October 2026 via checked.be.