MCE: 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.
MCE
Largest movements
- Tangible fixed assets +€127,887
up €127,887 (+698%), from €18,332 to €146,220
of which Land and buildings: +€131,593
- Deferred charges and accrued income -€22,084
down €22,084 (-91.0%), from €24,257 to €2,173
- Cash -€20,523
no longer reported in 2025 (was €20,523)
mainly Investment in fixed assets (net) (-€136,946) and Net result for the year (-€23,267)
- Receivables within one year -€10,274
down €10,274 (-46.6%), from €22,067 to €11,793
of which Other amounts receivable: -€7,189
- Financial fixed assets +€3,624
up €3,624 (+23.0%), from €15,750 to €19,374
- Debts after one year +€115,862
up €115,862 (+2,807%), from €4,128 to €119,989
- Profit (loss) carried forward -€33,267
down €33,267 (-88.4%), from €37,631 to €4,363
- Other debts -€14,685
down €14,685 (-73.7%), from €19,937 to €5,252
- Current portion of long-term debt +€6,906
up €6,906 (+100%), from €6,882 to €13,788
- Trade debts +€4,854
up €4,854 (+818%), from €593 to €5,447
- Financial income -€29,900
down €29,900 (-98.0%), from €30,509 to €609
- Other operating charges +€13,988
up €13,988 (+960%), from €1,457 to €15,445
- Taxes -€4,615
down €4,615 (-69.4%), from €6,651 to €2,036
- Gross operating margin -€3,437
down €3,437 (-52.5%), from €6,550 to €3,113
- Depreciation +€2,868
up €2,868 (+112%), from €2,567 to €5,435
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 | €100,929 | €179,560 | +€78,631 | +77.9% |
| Fixed assets | 21/28 | €34,082 | €165,594 | +€131,511 | +386% |
| Tangible fixed assets | 22/27 | €18,332 | €146,220 | +€127,887 | +698% |
| Land and buildings | 22 | €9,213 | €140,806 | +€131,593 | +1,428% |
| Plant, machinery and equipment | 23 | €623 | €198 | -€425 | -68.2% |
| Furniture and vehicles | 24 | €7,311 | €4,570 | -€2,742 | -37.5% |
| Other tangible fixed assets | 26 | €1,185 | €646 | -€538 | -45.4% |
| Financial fixed assets | 28 | €15,750 | €19,374 | +€3,624 | +23.0% |
| Current assets | 29/58 | €66,847 | €13,966 | -€52,881 | -79.1% |
| Amounts receivable within one year | 40/41 | €22,067 | €11,793 | -€10,274 | -46.6% |
| Trade receivables | 40 | €11,647 | €8,562 | -€3,085 | -26.5% |
| Other amounts receivable | 41 | €10,420 | €3,231 | -€7,189 | -69.0% |
| Cash at bank and in hand | 54/58 | €20,523 | - | -€20,523 | |
| Deferred charges and accrued income | 490/1 | €24,257 | €2,173 | -€22,084 | -91.0% |
| Total equity and liabilities | 10/49 | €100,929 | €179,560 | +€78,631 | +77.9% |
| Equity | 10/15 | €58,631 | €25,363 | -€33,267 | -56.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,631 | €4,363 | -€33,267 | -88.4% |
| Amounts payable | 17/49 | €42,298 | €154,196 | +€111,898 | +265% |
| Amounts payable after more than one year | 17 | €4,128 | €119,989 | +€115,862 | +2,807% |
| Financial debts | 170/4 | €4,128 | €119,989 | +€115,862 | +2,807% |
| Amounts payable within one year | 42/48 | €37,914 | €33,468 | -€4,446 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €6,882 | €13,788 | +€6,906 | +100% |
| Financial debts | 43 | - | €80 | +€80 | |
| Credit institutions | 430/8 | - | €80 | +€80 | |
| Trade debts | 44 | €593 | €5,447 | +€4,854 | +818% |
| Suppliers | 440/4 | €593 | €5,447 | +€4,854 | +818% |
| Taxes, remuneration and social security | 45 | €10,502 | €8,900 | -€1,602 | -15.3% |
| Taxes | 450/3 | €10,502 | €6,900 | -€3,602 | -34.3% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €19,937 | €5,252 | -€14,685 | -73.7% |
| Accrued charges and deferred income | 492/3 | €257 | €740 | +€483 | +188% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,567 | €5,435 | +€2,868 | +112% |
| Other operating charges | 640/8 | €1,457 | €15,445 | +€13,988 | +960% |
| Gross operating margin | 9900 | €6,550 | €3,113 | -€3,437 | -52.5% |
| Operating profit (loss) | 9901 | €2,526 | -€17,767 | -€20,293 | |
| Financial income | 75/76B | €30,509 | €609 | -€29,900 | -98.0% |
| Recurring financial income | 75 | €30,509 | €609 | -€29,900 | -98.0% |
| Financial charges | 65/66B | €1,814 | €4,074 | +€2,259 | +125% |
| Recurring financial charges | 65 | €878 | €4,074 | +€3,196 | +364% |
| Non-recurring financial charges | 66B | €936 | - | -€936 | |
| Profit (loss) for the period before taxes | 9903 | €31,220 | -€21,232 | -€52,452 | |
| Income taxes | 67/77 | €6,651 | €2,036 | -€4,615 | -69.4% |
| Profit (loss) for the period | 9904 | €24,570 | -€23,267 | -€47,837 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,570 | -€23,267 | -€47,837 |
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 15 October 2026 via checked.be.