MCPATH: 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.
MCPATH
Largest movements
- Cash +€19,888
up €19,888 (+14.8%), from €134,492 to €154,380
mainly Net result for the year (+€56,669) and Receivables within one year (+€5,180)
- Deferred charges and accrued income +€8,264
new in 2025: €8,264
- Receivables within one year -€5,180
down €5,180 (-57.1%), from €9,073 to €3,893
- Tangible fixed assets +€3,119
up €3,119 (+27.5%), from €11,349 to €14,468
of which Furniture and vehicles: +€5,526
- Profit (loss) carried forward +€41,669
up €41,669 (+40.3%), from €103,331 to €145,000
- Tax, wage and social debts -€12,547
down €12,547 (-32.1%), from €39,119 to €26,572
- Short-term financial debts -€9,744
down €9,744 (-99.3%), from €9,812 to €68
- Trade debts +€3,363
up €3,363 (+2213.3%), from €152 to €3,515
- Other debts +€3,350
new in 2025: €3,350
- Gross operating margin -€18,293
down €18,293 (-18.0%), from €101,474 to €83,181
- Financial charges +€2,311
up €2,311 (+1186.8%), from €195 to €2,506
- Depreciation +€2,024
up €2,024 (+107.7%), from €1,878 to €3,902
- Other operating charges +€1,493
up €1,493 (+681.6%), from €219 to €1,712
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 | €154,914 | €181,005 | +€26,091 | +16.8% |
| Fixed assets | 21/28 | €11,349 | €14,468 | +€3,119 | +27.5% |
| Tangible fixed assets | 22/27 | €11,349 | €14,468 | +€3,119 | +27.5% |
| Plant, machinery and equipment | 23 | €6,070 | - | -€6,070 | |
| Furniture and vehicles | 24 | €5,279 | €10,805 | +€5,526 | +104.7% |
| Other tangible fixed assets | 26 | - | €3,663 | +€3,663 | |
| Current assets | 29/58 | €143,565 | €166,537 | +€22,972 | +16.0% |
| Amounts receivable within one year | 40/41 | €9,073 | €3,893 | -€5,180 | -57.1% |
| Trade receivables | 40 | €9,073 | €3,893 | -€5,180 | -57.1% |
| Cash at bank and in hand | 54/58 | €134,492 | €154,380 | +€19,888 | +14.8% |
| Deferred charges and accrued income | 490/1 | - | €8,264 | +€8,264 | |
| Total equity and liabilities | 10/49 | €154,914 | €181,005 | +€26,091 | +16.8% |
| Equity | 10/15 | €105,831 | €147,500 | +€41,669 | +39.4% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Outside capital | 11 | €2,500 | €2,500 | = | 0.0% |
| Other | 1109/19 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,331 | €145,000 | +€41,669 | +40.3% |
| Amounts payable | 17/49 | €49,083 | €33,505 | -€15,578 | -31.7% |
| Amounts payable within one year | 42/48 | €49,083 | €33,505 | -€15,578 | -31.7% |
| Financial debts | 43 | €9,812 | €68 | -€9,744 | -99.3% |
| Credit institutions | 430/8 | €9,812 | €68 | -€9,744 | -99.3% |
| Trade debts | 44 | €152 | €3,515 | +€3,363 | +2213.3% |
| Suppliers | 440/4 | €152 | €3,515 | +€3,363 | +2213.3% |
| Taxes, remuneration and social security | 45 | €39,119 | €26,572 | -€12,547 | -32.1% |
| Taxes | 450/3 | €39,119 | €26,572 | -€12,547 | -32.1% |
| Other amounts payable | 47/48 | - | €3,350 | +€3,350 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,878 | €3,902 | +€2,024 | +107.7% |
| Other operating charges | 640/8 | €219 | €1,712 | +€1,493 | +681.6% |
| Gross operating margin | 9900 | €101,474 | €83,181 | -€18,293 | -18.0% |
| Operating profit (loss) | 9901 | €99,376 | €77,567 | -€21,809 | -21.9% |
| Financial income | 75/76B | €260 | €559 | +€299 | +115.3% |
| Recurring financial income | 75 | €260 | €559 | +€299 | +115.3% |
| Financial charges | 65/66B | €195 | €2,506 | +€2,311 | +1186.8% |
| Recurring financial charges | 65 | €195 | €2,506 | +€2,311 | +1186.8% |
| Profit (loss) for the period before taxes | 9903 | €99,441 | €75,620 | -€23,821 | -24.0% |
| Income taxes | 67/77 | €18,790 | €18,951 | +€161 | +0.9% |
| Profit (loss) for the period | 9904 | €80,651 | €56,669 | -€23,982 | -29.7% |
| Profit (loss) for the period to be appropriated | 9905 | €80,651 | €56,669 | -€23,982 | -29.7% |
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 28 September 2026 via checked.be.