McCARTHY MANAGEMENT: 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.
McCARTHY MANAGEMENT
Largest movements
- Tangible fixed assets +€115,475
up €115,475 (+30.7%), from €376,089 to €491,564
of which Land and buildings: +€107,099
- Receivables after one year -€82,778
down €82,778 (-100.0%), from €82,778 to €0
- Cash -€9,394
down €9,394 (-73.3%), from €12,824 to €3,430
mainly Investment in fixed assets (net) (-€149,118) and Contributions, distributions and other (-€116,622)
- Reserves -€116,622
down €116,622 (-99.9%), from €116,781 to €159
- Debts after one year +€65,666
up €65,666 (+19.5%), from €336,839 to €402,505
- Other debts +€31,354
up €31,354 (+4275.7%), from €733 to €32,088
- Tax, wage and social debts +€18,037
up €18,037 (+831.2%), from €2,170 to €20,207
of which Taxes: +€18,022
- Current portion of long-term debt +€10,289
up €10,289 (+42.8%), from €24,045 to €34,334
- Gross operating margin +€53,728
up €53,728 (+185.1%), from €29,025 to €82,753
- Financial charges +€37,112
up €37,112 (+508.6%), from €7,297 to €44,409
- Depreciation +€8,466
up €8,466 (+33.6%), from €25,178 to €33,643
- Financial income +€4,102
up €4,102 (+422.3%), from €971 to €5,073
- Taxes +€2,523
up €2,523 (+1268.2%), from €199 to €2,721
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 | €497,992 | €516,730 | +€18,737 | +3.8% |
| Fixed assets | 21/28 | €376,089 | €491,564 | +€115,475 | +30.7% |
| Tangible fixed assets | 22/27 | €376,089 | €491,564 | +€115,475 | +30.7% |
| Land and buildings | 22 | €372,222 | €479,321 | +€107,099 | +28.8% |
| Plant, machinery and equipment | 23 | €2,460 | €7,077 | +€4,617 | +187.7% |
| Furniture and vehicles | 24 | €1,407 | €5,166 | +€3,759 | +267.1% |
| Current assets | 29/58 | €121,903 | €25,165 | -€96,737 | -79.4% |
| Amounts receivable after more than one year | 29 | €82,778 | €0 | -€82,778 | -100.0% |
| Other amounts receivable | 291 | €82,778 | €0 | -€82,778 | -100.0% |
| Amounts receivable within one year | 40/41 | €20,280 | €16,469 | -€3,811 | -18.8% |
| Trade receivables | 40 | €0 | €16,469 | +€16,469 | |
| Other amounts receivable | 41 | €20,280 | €0 | -€20,280 | -100.0% |
| Cash at bank and in hand | 54/58 | €12,824 | €3,430 | -€9,394 | -73.3% |
| Deferred charges and accrued income | 490/1 | €6,020 | €5,266 | -€755 | -12.5% |
| Total equity and liabilities | 10/49 | €497,992 | €516,730 | +€18,737 | +3.8% |
| Equity | 10/15 | €129,696 | €18,539 | -€111,157 | -85.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €116,781 | €159 | -€116,622 | -99.9% |
| Distributable reserves | 133 | €116,781 | €159 | -€116,622 | -99.9% |
| Profit (loss) carried forward | 14 | -€5,686 | -€220 | +€5,466 | +96.1% |
| Amounts payable | 17/49 | €368,297 | €498,191 | +€129,894 | +35.3% |
| Amounts payable after more than one year | 17 | €336,839 | €402,505 | +€65,666 | +19.5% |
| Financial debts | 170/4 | €336,839 | €402,505 | +€65,666 | +19.5% |
| Amounts payable within one year | 42/48 | €29,326 | €93,293 | +€63,967 | +218.1% |
| Current portion of amounts payable after more than one year | 42 | €24,045 | €34,334 | +€10,289 | +42.8% |
| Financial debts | 43 | €1,057 | €778 | -€279 | -26.4% |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €1,057 | €778 | -€279 | -26.4% |
| Trade debts | 44 | €1,321 | €5,886 | +€4,565 | +345.7% |
| Suppliers | 440/4 | €1,321 | €5,886 | +€4,565 | +345.7% |
| Taxes, remuneration and social security | 45 | €2,170 | €20,207 | +€18,037 | +831.2% |
| Taxes | 450/3 | €0 | €18,022 | +€18,022 | |
| Remuneration and social security | 454/9 | €2,170 | €2,185 | +€15 | +0.7% |
| Other amounts payable | 47/48 | €733 | €32,088 | +€31,354 | +4275.7% |
| Accrued charges and deferred income | 492/3 | €2,132 | €2,393 | +€261 | +12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25,178 | €33,643 | +€8,466 | +33.6% |
| Other operating charges | 640/8 | €3,008 | €1,587 | -€1,422 | -47.3% |
| Gross operating margin | 9900 | €29,025 | €82,753 | +€53,728 | +185.1% |
| Operating profit (loss) | 9901 | €839 | €47,523 | +€46,684 | +5561.8% |
| Financial income | 75/76B | €971 | €5,073 | +€4,102 | +422.3% |
| Recurring financial income | 75 | €971 | €5,073 | +€4,102 | +422.3% |
| Financial charges | 65/66B | €7,297 | €44,409 | +€37,112 | +508.6% |
| Recurring financial charges | 65 | €7,297 | €44,409 | +€37,112 | +508.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,487 | €8,187 | +€13,674 | |
| Income taxes | 67/77 | €199 | €2,721 | +€2,523 | +1268.2% |
| Profit (loss) for the period | 9904 | -€5,686 | €5,466 | +€11,151 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,686 | €5,466 | +€11,151 |
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.