MCM Research: 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.
MCM Research
Largest movements
- Cash -€202,867
down €202,867 (-41.8%), from €485,692 to €282,825
mainly Contributions, distributions and other (-€260,000) and Receivables within one year (-€104,599)
- Receivables within one year +€104,599
up €104,599 (+46.4%), from €225,494 to €330,093
of which Trade receivables: +€95,314
- Other debts +€260,000
up €260,000, from €0 to €260,000
- Reserves -€241,524
down €241,524 (-53.0%), from €455,544 to €214,021
- Tax, wage and social debts -€100,540
down €100,540 (-54.3%), from €185,325 to €84,786
of which Taxes: -€103,193
- Accrued charges and deferred income -€20,048
down €20,048 (-53.5%), from €37,488 to €17,439
- Gross operating margin -€152,123
down €152,123 (-28.9%), from €525,880 to €373,757
- Taxes -€53,953
down €53,953 (-91.3%), from €59,075 to €5,122
- Staff costs +€41,906
up €41,906 (+13.3%), from €315,448 to €357,354
- Financial charges -€9,211
down €9,211, from €2,145 to -€7,066
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 | €717,147 | €622,090 | -€95,056 | -13.3% |
| Fixed assets | 21/28 | €5,961 | €5,814 | -€147 | -2.5% |
| Tangible fixed assets | 22/27 | €711 | €564 | -€147 | -20.7% |
| Plant, machinery and equipment | 23 | €711 | €564 | -€147 | -20.7% |
| Financial fixed assets | 28 | €5,250 | €5,250 | = | 0.0% |
| Current assets | 29/58 | €711,186 | €616,276 | -€94,909 | -13.3% |
| Amounts receivable within one year | 40/41 | €225,494 | €330,093 | +€104,599 | +46.4% |
| Trade receivables | 40 | €125,494 | €220,808 | +€95,314 | +76.0% |
| Other amounts receivable | 41 | €100,000 | €109,285 | +€9,285 | +9.3% |
| Cash at bank and in hand | 54/58 | €485,692 | €282,825 | -€202,867 | -41.8% |
| Deferred charges and accrued income | 490/1 | - | €3,359 | +€3,359 | |
| Total equity and liabilities | 10/49 | €717,147 | €622,090 | -€95,056 | -13.3% |
| Equity | 10/15 | €455,544 | €214,021 | -€241,524 | -53.0% |
| Reserves | 13 | €455,544 | €214,021 | -€241,524 | -53.0% |
| Distributable reserves | 133 | €455,544 | €214,021 | -€241,524 | -53.0% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €261,602 | €408,070 | +€146,467 | +56.0% |
| Amounts payable within one year | 42/48 | €224,115 | €390,630 | +€166,516 | +74.3% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €38,789 | €45,844 | +€7,055 | +18.2% |
| Suppliers | 440/4 | €38,789 | €45,844 | +€7,055 | +18.2% |
| Taxes, remuneration and social security | 45 | €185,325 | €84,786 | -€100,540 | -54.3% |
| Taxes | 450/3 | €141,805 | €38,612 | -€103,193 | -72.8% |
| Remuneration and social security | 454/9 | €43,520 | €46,174 | +€2,653 | +6.1% |
| Other amounts payable | 47/48 | €0 | €260,000 | +€260,000 | |
| Accrued charges and deferred income | 492/3 | €37,488 | €17,439 | -€20,048 | -53.5% |
| Remuneration, social security and pensions | 62 | €315,448 | €357,354 | +€41,906 | +13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €25 | €147 | +€122 | +491% |
| Other operating charges | 640/8 | €0 | - | = | |
| Gross operating margin | 9900 | €525,880 | €373,757 | -€152,123 | -28.9% |
| Operating profit (loss) | 9901 | €210,407 | €16,256 | -€194,151 | -92.3% |
| Financial income | 75/76B | €0 | €277 | +€277 | |
| Recurring financial income | 75 | €0 | €277 | +€277 | |
| Financial charges | 65/66B | €2,145 | -€7,066 | -€9,211 | |
| Recurring financial charges | 65 | €2,145 | -€7,066 | -€9,211 | |
| Profit (loss) for the period before taxes | 9903 | €208,262 | €23,599 | -€184,663 | -88.7% |
| Income taxes | 67/77 | €59,075 | €5,122 | -€53,953 | -91.3% |
| Profit (loss) for the period | 9904 | €149,187 | €18,476 | -€130,710 | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €149,187 | €18,476 | -€130,710 | -87.6% |
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 21 October 2026 via checked.be.