MCG: 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
MCG
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.2m
2024 · €2.5m-€366,890
Equity
€4.2m
2024 · €2.0m+€2.2m
Cash
€221,866
2024 · €351,903-€130,037
Balance sheet total
€15.9m
2024 · €15.7m+€216,291
Largest movements
Assets
- Receivables within one year +€355,543
up €355,543 (+80.9%), from €439,506 to €795,049
of which Trade receivables: +€184,884
Equity and liabilities
- Debts after one year -€2.2m
down €2.2m (-20.2%), from €10.8m to €8.6m
- Profit (loss) carried forward +€2.2m
up €2.2m (+109%), from €2.0m to €4.2m
- Current portion of long-term debt +€587,166
up €587,166 (+27.4%), from €2.1m to €2.7m
- Other debts -€429,417
down €429,417 (-100%), from €429,417 to €0
Income statement
- Financial income -€465,835
down €465,835 (-18.5%), from €2.5m to €2.0m
- Turnover +€312,729
up €312,729 (+23.7%), from €1.3m to €1.6m
- Services and other goods +€113,066
up €113,066 (+12.3%), from €920,185 to €1.0m
- Financial charges +€100,684
up €100,684 (+26.7%), from €376,447 to €477,132
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
€2.5m
Turnover
+€312,729
Services and other goods
-€113,066
Other operating charges
-€33
Financial income
-€465,835
Financial charges
-€100,684
Result 2025
€2.2m
raises the resultlowers the result
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
+€1.5m
Investment
€0
Financing
-€1.6m
Cash 2024
€351,903
From operations (derived)
+€1.5m
Net result for the year
+€2.2m
Receivables after one year
+€9,215
Receivables within one year
-€355,543
Trade debts
+€93,084
Tax, wage and social debts
+€1,403
Other debts
-€429,417
Accrued charges and deferred income
-€35,545
Financing
-€1.6m
Debts after one year
-€2.2m
Current portion of long-term debt
+€587,166
Cash 2025
€221,866
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €15,675,624 | €15,891,915 | +€216,291 | +1.4% |
| Fixed assets | 21/28 | €14,875,000 | €14,875,000 | = | 0.0% |
| Financial fixed assets | 28 | €14,875,000 | €14,875,000 | = | 0.0% |
| Affiliated companies | 280/1 | €14,875,000 | €14,875,000 | = | 0.0% |
| Participating interests | 280 | €14,875,000 | €14,875,000 | = | 0.0% |
| Current assets | 29/58 | €800,624 | €1,016,915 | +€216,291 | +27.0% |
| Amounts receivable after more than one year | 29 | €9,215 | €0 | -€9,215 | -100% |
| Other amounts receivable | 291 | €9,215 | €0 | -€9,215 | -100% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €439,506 | €795,049 | +€355,543 | +80.9% |
| Trade receivables | 40 | €403,994 | €588,878 | +€184,884 | +45.8% |
| Other amounts receivable | 41 | €35,512 | €206,171 | +€170,660 | +481% |
| Current investments | 50/53 | €0 | - | = | |
| Other investments | 51/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €351,903 | €221,866 | -€130,037 | -37.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €15,675,624 | €15,891,915 | +€216,291 | +1.4% |
| Equity | 10/15 | €1,998,646 | €4,168,322 | +€2.2m | +109% |
| Contributions | 10/11 | €0 | - | = | |
| Profit (loss) carried forward | 14 | €1,998,646 | €4,168,322 | +€2.2m | +109% |
| Amounts payable | 17/49 | €13,676,978 | €11,723,593 | -€2.0m | -14.3% |
| Amounts payable after more than one year | 17 | €10,755,128 | €8,585,052 | -€2.2m | -20.2% |
| Financial debts | 170/4 | €10,755,128 | €8,585,052 | -€2.2m | -20.2% |
| Subordinated loans | 170 | €2,240,000 | €1,680,000 | -€560,000 | -25.0% |
| Credit institutions | 173 | €8,515,128 | €6,905,052 | -€1.6m | -18.9% |
| Amounts payable within one year | 42/48 | €2,806,696 | €3,058,932 | +€252,236 | +9.0% |
| Current portion of amounts payable after more than one year | 42 | €2,142,910 | €2,730,076 | +€587,166 | +27.4% |
| Trade debts | 44 | €198,334 | €291,418 | +€93,084 | +46.9% |
| Suppliers | 440/4 | €198,334 | €291,418 | +€93,084 | +46.9% |
| Taxes, remuneration and social security | 45 | €36,036 | €37,438 | +€1,403 | +3.9% |
| Taxes | 450/3 | €36,036 | €37,438 | +€1,403 | +3.9% |
| Other amounts payable | 47/48 | €429,417 | €0 | -€429,417 | -100% |
| Accrued charges and deferred income | 492/3 | €115,154 | €79,609 | -€35,545 | -30.9% |
| Operating income | 70/76A | €1,320,157 | €1,632,886 | +€312,729 | +23.7% |
| Turnover | 70 | €1,320,157 | €1,632,886 | +€312,729 | +23.7% |
| Operating charges | 60/66A | €921,471 | €1,034,569 | +€113,099 | +12.3% |
| Services and other goods | 61 | €920,185 | €1,033,251 | +€113,066 | +12.3% |
| Other operating charges | 640/8 | €1,286 | €1,318 | +€33 | +2.6% |
| Operating profit (loss) | 9901 | €398,687 | €598,317 | +€199,630 | +50.1% |
| Financial income | 75/76B | €2,514,327 | €2,048,491 | -€465,835 | -18.5% |
| Recurring financial income | 75 | €2,514,327 | €2,048,491 | -€465,835 | -18.5% |
| Income from financial fixed assets | 750 | €2,498,154 | €2,046,773 | -€451,381 | -18.1% |
| Income from current assets | 751 | €16,173 | €1,718 | -€14,455 | -89.4% |
| Other financial income | 752/9 | €0 | €0 | +€0 | |
| Financial charges | 65/66B | €376,447 | €477,132 | +€100,684 | +26.7% |
| Recurring financial charges | 65 | €376,447 | €477,132 | +€100,684 | +26.7% |
| Debt charges | 650 | €352,735 | €476,504 | +€123,769 | +35.1% |
| Other financial charges | 652/9 | €23,712 | €628 | -€23,084 | -97.4% |
| Profit (loss) for the period before taxes | 9903 | €2,536,566 | €2,169,676 | -€366,890 | -14.5% |
| Income taxes | 67/77 | €0 | - | = | |
| Taxes | 670/3 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €2,536,566 | €2,169,676 | -€366,890 | -14.5% |
| Profit (loss) for the period to be appropriated | 9905 | €2,536,566 | €2,169,676 | -€366,890 | -14.5% |
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 17 October 2026 via checked.be.