MCE Group: 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.
MCE Group
Largest movements
- Tangible fixed assets -€163,664
down €163,664 (-27.6%), from €592,057 to €428,393
of which Land and buildings: -€162,134
- Receivables within one year +€33,559
up €33,559 (+18.1%), from €185,240 to €218,799
- Cash +€28,229
up €28,229 (+1719.2%), from €1,642 to €29,871
mainly Investment in fixed assets (net) (+€131,643) and Depreciation (+€32,170)
- Deferred charges and accrued income -€11,178
down €11,178 (-15.9%), from €70,346 to €59,168
- Debts after one year -€83,560
down €83,560 (-16.4%), from €510,371 to €426,811
- Short-term financial debts -€25,000
no longer reported in 2025 (was €25,000)
- Current portion of long-term debt -€22,566
down €22,566 (-34.4%), from €65,632 to €43,066
- Reserves +€12,000
up €12,000 (+5.1%), from €235,000 to €247,000
- Gross operating margin +€15,228
up €15,228 (+29.4%), from €51,880 to €67,108
- Taxes +€4,156
up €4,156 (+1362.6%), from €305 to €4,461
- Other operating charges -€830
down €830 (-23.3%), from €3,558 to €2,728
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 | €849,434 | €736,231 | -€113,203 | -13.3% |
| Fixed assets | 21/28 | €592,206 | €428,393 | -€163,813 | -27.7% |
| Tangible fixed assets | 22/27 | €592,057 | €428,393 | -€163,664 | -27.6% |
| Land and buildings | 22 | €582,618 | €420,484 | -€162,134 | -27.8% |
| Other tangible fixed assets | 26 | €9,439 | €7,909 | -€1,530 | -16.2% |
| Financial fixed assets | 28 | €149 | - | -€149 | |
| Current assets | 29/58 | €257,228 | €307,838 | +€50,610 | +19.7% |
| Amounts receivable within one year | 40/41 | €185,240 | €218,799 | +€33,559 | +18.1% |
| Other amounts receivable | 41 | €185,240 | €218,799 | +€33,559 | +18.1% |
| Cash at bank and in hand | 54/58 | €1,642 | €29,871 | +€28,229 | +1719.2% |
| Deferred charges and accrued income | 490/1 | €70,346 | €59,168 | -€11,178 | -15.9% |
| Total equity and liabilities | 10/49 | €849,434 | €736,231 | -€113,203 | -13.3% |
| Equity | 10/15 | €243,073 | €255,152 | +€12,079 | +5.0% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €235,000 | €247,000 | +€12,000 | +5.1% |
| Distributable reserves | 133 | €235,000 | €247,000 | +€12,000 | +5.1% |
| Profit (loss) carried forward | 14 | €13 | €92 | +€79 | +607.7% |
| Amounts payable | 17/49 | €606,361 | €481,079 | -€125,282 | -20.7% |
| Amounts payable after more than one year | 17 | €510,371 | €426,811 | -€83,560 | -16.4% |
| Financial debts | 170/4 | €510,371 | €426,811 | -€83,560 | -16.4% |
| Amounts payable within one year | 42/48 | €95,201 | €54,268 | -€40,933 | -43.0% |
| Current portion of amounts payable after more than one year | 42 | €65,632 | €43,066 | -€22,566 | -34.4% |
| Financial debts | 43 | €25,000 | - | -€25,000 | |
| Credit institutions | 430/8 | €25,000 | - | -€25,000 | |
| Trade debts | 44 | €3,516 | €1,666 | -€1,850 | -52.6% |
| Suppliers | 440/4 | €3,516 | €1,666 | -€1,850 | -52.6% |
| Taxes, remuneration and social security | 45 | €1,053 | €5,986 | +€4,933 | +468.5% |
| Taxes | 450/3 | €1,053 | €5,986 | +€4,933 | +468.5% |
| Other amounts payable | 47/48 | - | €3,550 | +€3,550 | |
| Accrued charges and deferred income | 492/3 | €789 | - | -€789 | |
| Non-recurring operating income | 76A | - | €48,505 | +€48,505 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,513 | €32,170 | -€343 | -1.1% |
| Other operating charges | 640/8 | €3,558 | €2,728 | -€830 | -23.3% |
| Gross operating margin | 9900 | €51,880 | €67,108 | +€15,228 | +29.4% |
| Operating profit (loss) | 9901 | €15,809 | €32,210 | +€16,401 | +103.7% |
| Financial income | 75/76B | €442 | €291 | -€151 | -34.2% |
| Recurring financial income | 75 | €442 | €291 | -€151 | -34.2% |
| Financial charges | 65/66B | €16,147 | €15,961 | -€186 | -1.2% |
| Recurring financial charges | 65 | €16,147 | €15,961 | -€186 | -1.2% |
| Profit (loss) for the period before taxes | 9903 | €104 | €16,540 | +€16,436 | +15803.8% |
| Income taxes | 67/77 | €305 | €4,461 | +€4,156 | +1362.6% |
| Profit (loss) for the period | 9904 | -€201 | €12,079 | +€12,280 | |
| Profit (loss) for the period to be appropriated | 9905 | -€201 | €12,079 | +€12,280 |
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 7 October 2026 via checked.be.