MCO: 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.
MCO
Largest movements
- Tangible fixed assets -€127,117
down €127,117 (-2.8%), from €4.5m to €4.4m
of which Land and buildings: -€125,782
- Cash +€72,907
up €72,907 (+223%), from €32,719 to €105,626
mainly Depreciation (+€130,438) and Net result for the year (+€54,530)
- Debts after one year -€121,687
down €121,687 (-5.1%), from €2.4m to €2.3m
- Reserves +€54,530
up €54,530 (+12.2%), from €447,365 to €501,895
of which Distributable reserves: +€51,803
- Gross operating margin +€32,132
up €32,132 (+17.6%), from €182,792 to €214,924
- Taxes +€8,340
up €8,340, from -€2,694 to €5,646
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 | €4,588,291 | €4,522,998 | -€65,294 | -1.4% |
| Fixed assets | 21/28 | €4,508,405 | €4,381,288 | -€127,117 | -2.8% |
| Tangible fixed assets | 22/27 | €4,508,405 | €4,381,288 | -€127,117 | -2.8% |
| Land and buildings | 22 | €4,506,858 | €4,381,076 | -€125,782 | -2.8% |
| Plant, machinery and equipment | 23 | €460 | €0 | -€460 | -100% |
| Furniture and vehicles | 24 | €1,088 | €212 | -€875 | -80.5% |
| Current assets | 29/58 | €79,886 | €141,710 | +€61,823 | +77.4% |
| Amounts receivable within one year | 40/41 | €45,494 | €34,401 | -€11,093 | -24.4% |
| Trade receivables | 40 | €24,994 | €13,901 | -€11,093 | -44.4% |
| Other amounts receivable | 41 | €20,500 | €20,500 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €32,719 | €105,626 | +€72,907 | +223% |
| Deferred charges and accrued income | 490/1 | €1,673 | €1,683 | +€10 | +0.6% |
| Total equity and liabilities | 10/49 | €4,588,291 | €4,522,998 | -€65,294 | -1.4% |
| Equity | 10/15 | €1,141,928 | €1,196,457 | +€54,530 | +4.8% |
| Contributions | 10/11 | €694,562 | €694,562 | = | 0.0% |
| Capital | 10 | €694,562 | €694,562 | = | 0.0% |
| Issued capital | 100 | €694,562 | €694,562 | = | 0.0% |
| Reserves | 13 | €447,365 | €501,895 | +€54,530 | +12.2% |
| Non-distributable reserves | 130/1 | €22,801 | €25,528 | +€2,726 | +12.0% |
| Legal reserve | 130 | €22,801 | €25,528 | +€2,726 | +12.0% |
| Tax-exempt reserves | 132 | €27,065 | €27,065 | = | 0.0% |
| Distributable reserves | 133 | €397,499 | €449,302 | +€51,803 | +13.0% |
| Amounts payable | 17/49 | €3,446,364 | €3,326,541 | -€119,823 | -3.5% |
| Amounts payable after more than one year | 17 | €2,408,269 | €2,286,582 | -€121,687 | -5.1% |
| Financial debts | 170/4 | €2,408,269 | €2,286,582 | -€121,687 | -5.1% |
| Amounts payable within one year | 42/48 | €1,038,095 | €1,039,959 | +€1,864 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €120,437 | €121,687 | +€1,251 | +1.0% |
| Trade debts | 44 | €718 | - | -€718 | |
| Suppliers | 440/4 | €718 | - | -€718 | |
| Taxes, remuneration and social security | 45 | €6,849 | €8,192 | +€1,343 | +19.6% |
| Taxes | 450/3 | €6,849 | €8,192 | +€1,343 | +19.6% |
| Other amounts payable | 47/48 | €910,092 | €910,080 | -€12 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €131,053 | €130,438 | -€615 | -0.5% |
| Other operating charges | 640/8 | €6,615 | €7,531 | +€916 | +13.9% |
| Gross operating margin | 9900 | €182,792 | €214,924 | +€32,132 | +17.6% |
| Operating profit (loss) | 9901 | €45,124 | €76,955 | +€31,831 | +70.5% |
| Financial income | 75/76B | €179 | €221 | +€42 | +23.3% |
| Recurring financial income | 75 | €179 | €221 | +€42 | +23.3% |
| Financial charges | 65/66B | €18,182 | €17,000 | -€1,182 | -6.5% |
| Recurring financial charges | 65 | €18,182 | €17,000 | -€1,182 | -6.5% |
| Profit (loss) for the period before taxes | 9903 | €27,121 | €60,176 | +€33,054 | +122% |
| Income taxes | 67/77 | -€2,694 | €5,646 | +€8,340 | |
| Profit (loss) for the period | 9904 | €29,816 | €54,530 | +€24,714 | +82.9% |
| Profit (loss) for the period to be appropriated | 9905 | €29,816 | €54,530 | +€24,714 | +82.9% |
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 14 October 2026 via checked.be.