MCDV: 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.
MCDV
Largest movements
- Receivables within one year -€29,010
down €29,010 (-6.5%), from €449,240 to €420,230
of which Other amounts receivable: -€32,658
- Stocks and contracts -€15,708
down €15,708 (-10.9%), from €144,151 to €128,442
- Cash +€12,161
up €12,161 (+22.5%), from €53,994 to €66,155
mainly Trade debts (+€69,870) and Other debts (+€45,321)
- Tangible fixed assets -€12,028
down €12,028 (-14.3%), from €84,239 to €72,211
of which Plant, machinery and equipment: -€7,086
- Deferred charges and accrued income -€10,321
down €10,321 (-64.0%), from €16,123 to €5,802
- Profit (loss) carried forward -€172,522
down €172,522 (-91.0%), from -€189,624 to -€362,146
- Trade debts +€69,870
up €69,870 (+40.8%), from €171,280 to €241,150
- Other debts +€45,321
up €45,321 (+18.8%), from €241,042 to €286,363
- Debts after one year -€22,498
down €22,498 (-33.0%), from €68,171 to €45,673
- Advances received +€20,388
up €20,388 (+6.2%), from €328,497 to €348,885
- Staff costs +€49,987
up €49,987 (+21.3%), from €235,060 to €285,046
- Gross operating margin +€28,662
up €28,662 (+38.1%), from €75,219 to €103,881
- Financial income -€10,818
down €10,818 (-20.2%), from €53,428 to €42,610
- Depreciation -€8,114
down €8,114 (-35.7%), from €22,706 to €14,592
- Taxes +€4,393
up €4,393, from -€4,217 to €176
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 | €747,746 | €692,840 | -€54,905 | -7.3% |
| Fixed assets | 21/28 | €84,239 | €72,211 | -€12,028 | -14.3% |
| Tangible fixed assets | 22/27 | €84,239 | €72,211 | -€12,028 | -14.3% |
| Plant, machinery and equipment | 23 | €77,271 | €70,184 | -€7,086 | -9.2% |
| Furniture and vehicles | 24 | - | €2,027 | +€2,027 | |
| Leasing and similar rights | 25 | €6,968 | - | -€6,968 | |
| Current assets | 29/58 | €663,507 | €620,629 | -€42,878 | -6.5% |
| Stocks and contracts in progress | 3 | €144,151 | €128,442 | -€15,708 | -10.9% |
| Stocks | 30/36 | €144,151 | €128,442 | -€15,708 | -10.9% |
| Amounts receivable within one year | 40/41 | €449,240 | €420,230 | -€29,010 | -6.5% |
| Trade receivables | 40 | €406,157 | €409,805 | +€3,648 | +0.9% |
| Other amounts receivable | 41 | €43,083 | €10,424 | -€32,658 | -75.8% |
| Cash at bank and in hand | 54/58 | €53,994 | €66,155 | +€12,161 | +22.5% |
| Deferred charges and accrued income | 490/1 | €16,123 | €5,802 | -€10,321 | -64.0% |
| Total equity and liabilities | 10/49 | €747,746 | €692,840 | -€54,905 | -7.3% |
| Equity | 10/15 | -€89,560 | -€262,082 | -€172,522 | -192.6% |
| Contributions | 10/11 | €100,064 | €100,064 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€189,624 | -€362,146 | -€172,522 | -91.0% |
| Amounts payable | 17/49 | €837,306 | €954,923 | +€117,617 | +14.0% |
| Amounts payable after more than one year | 17 | €68,171 | €45,673 | -€22,498 | -33.0% |
| Financial debts | 170/4 | €68,171 | €45,673 | -€22,498 | -33.0% |
| Amounts payable within one year | 42/48 | €769,135 | €909,250 | +€140,115 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €26,425 | €23,427 | -€2,999 | -11.3% |
| Trade debts | 44 | €171,280 | €241,150 | +€69,870 | +40.8% |
| Suppliers | 440/4 | €171,280 | €241,150 | +€69,870 | +40.8% |
| Advances received on contracts in progress | 46 | €328,497 | €348,885 | +€20,388 | +6.2% |
| Taxes, remuneration and social security | 45 | €1,890 | €9,425 | +€7,535 | +398.7% |
| Taxes | 450/3 | €1,890 | - | -€1,890 | |
| Remuneration and social security | 454/9 | - | €9,425 | +€9,425 | |
| Other amounts payable | 47/48 | €241,042 | €286,363 | +€45,321 | +18.8% |
| Non-recurring operating income | 76A | €9,562 | €440 | -€9,122 | -95.4% |
| Remuneration, social security and pensions | 62 | €235,060 | €285,046 | +€49,987 | +21.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,706 | €14,592 | -€8,114 | -35.7% |
| Other operating charges | 640/8 | €3,441 | €2,153 | -€1,289 | -37.4% |
| Gross operating margin | 9900 | €75,219 | €103,881 | +€28,662 | +38.1% |
| Operating profit (loss) | 9901 | -€185,988 | -€197,910 | -€11,922 | -6.4% |
| Financial income | 75/76B | €53,428 | €42,610 | -€10,818 | -20.2% |
| Recurring financial income | 75 | €53,428 | €42,610 | -€10,818 | -20.2% |
| Financial charges | 65/66B | €15,835 | €17,046 | +€1,211 | +7.6% |
| Recurring financial charges | 65 | €15,835 | €17,046 | +€1,211 | +7.6% |
| Profit (loss) for the period before taxes | 9903 | -€148,395 | -€172,346 | -€23,951 | -16.1% |
| Income taxes | 67/77 | -€4,217 | €176 | +€4,393 | |
| Profit (loss) for the period | 9904 | -€144,179 | -€172,522 | -€28,344 | -19.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€144,179 | -€172,522 | -€28,344 | -19.7% |
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 6 October 2026 via checked.be.