MCQC: 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.
MCQC
Largest movements
- Current investments +€80,009
new in 2025: €80,009
- Receivables within one year -€55,632
down €55,632 (-92.2%), from €60,369 to €4,738
of which Trade receivables: -€57,019
- Tangible fixed assets +€54,996
up €54,996 (+10.1%), from €544,676 to €599,671
of which Land and buildings: +€43,339
- Cash -€30,159
down €30,159 (-87.2%), from €34,603 to €4,443
mainly Contributions, distributions and other (-€245,770) and Debts after one year (-€158,979)
- Other debts +€176,868
up €176,868 (+552.1%), from €32,037 to €208,904
- Debts after one year -€158,979
down €158,979 (-27.3%), from €581,649 to €422,669
- Tax, wage and social debts +€38,183
up €38,183 (+1371.5%), from €2,784 to €40,967
of which Taxes: +€35,765
- Reserves -€20,732
no longer reported in 2025 (was €20,732)
- Current portion of long-term debt +€17,143
new in 2025: €17,143
- Gross operating margin +€295,707
up €295,707 (+493.9%), from €59,878 to €355,585
- Taxes +€63,805
up €63,805 (+847.8%), from €7,526 to €71,330
- Depreciation +€11,993
up €11,993 (+71.7%), from €16,736 to €28,729
- Financial charges +€10,542
up €10,542 (+64.3%), from €16,402 to €26,944
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 | €648,561 | €702,726 | +€54,165 | +8.4% |
| Formation expenses | 20 | €2,997 | €1,906 | -€1,091 | -36.4% |
| Fixed assets | 21/28 | €544,676 | €599,671 | +€54,996 | +10.1% |
| Tangible fixed assets | 22/27 | €544,676 | €599,671 | +€54,996 | +10.1% |
| Land and buildings | 22 | €533,271 | €576,611 | +€43,339 | +8.1% |
| Plant, machinery and equipment | 23 | - | €14,356 | +€14,356 | |
| Furniture and vehicles | 24 | €11,404 | €8,705 | -€2,699 | -23.7% |
| Current assets | 29/58 | €100,888 | €101,148 | +€260 | +0.3% |
| Amounts receivable within one year | 40/41 | €60,369 | €4,738 | -€55,632 | -92.2% |
| Trade receivables | 40 | €57,895 | €876 | -€57,019 | -98.5% |
| Other amounts receivable | 41 | €2,474 | €3,862 | +€1,387 | +56.1% |
| Current investments | 50/53 | - | €80,009 | +€80,009 | |
| Cash at bank and in hand | 54/58 | €34,603 | €4,443 | -€30,159 | -87.2% |
| Deferred charges and accrued income | 490/1 | €5,917 | €11,959 | +€6,042 | +102.1% |
| Total equity and liabilities | 10/49 | €648,561 | €702,726 | +€54,165 | +8.4% |
| Equity | 10/15 | €25,732 | €5,000 | -€20,732 | -80.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €20,732 | - | -€20,732 | |
| Distributable reserves | 133 | €20,732 | - | -€20,732 | |
| Amounts payable | 17/49 | €622,829 | €697,726 | +€74,897 | +12.0% |
| Amounts payable after more than one year | 17 | €581,649 | €422,669 | -€158,979 | -27.3% |
| Financial debts | 170/4 | €581,649 | €422,669 | -€158,979 | -27.3% |
| Amounts payable within one year | 42/48 | €36,802 | €272,003 | +€235,202 | +639.1% |
| Current portion of amounts payable after more than one year | 42 | - | €17,143 | +€17,143 | |
| Financial debts | 43 | €151 | €152 | +€1 | +1.0% |
| Credit institutions | 430/8 | €151 | €152 | +€1 | +1.0% |
| Trade debts | 44 | €1,830 | €4,837 | +€3,006 | +164.2% |
| Suppliers | 440/4 | €1,830 | €4,837 | +€3,006 | +164.2% |
| Taxes, remuneration and social security | 45 | €2,784 | €40,967 | +€38,183 | +1371.5% |
| Taxes | 450/3 | €2,784 | €38,549 | +€35,765 | +1284.7% |
| Remuneration and social security | 454/9 | - | €2,418 | +€2,418 | |
| Other amounts payable | 47/48 | €32,037 | €208,904 | +€176,868 | +552.1% |
| Accrued charges and deferred income | 492/3 | €4,379 | €3,054 | -€1,325 | -30.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,736 | €28,729 | +€11,993 | +71.7% |
| Other operating charges | 640/8 | €2,296 | €3,557 | +€1,262 | +54.9% |
| Gross operating margin | 9900 | €59,878 | €355,585 | +€295,707 | +493.9% |
| Operating profit (loss) | 9901 | €40,846 | €323,299 | +€282,453 | +691.5% |
| Financial income | 75/76B | €15 | €12 | -€3 | -17.2% |
| Recurring financial income | 75 | €15 | €12 | -€3 | -17.2% |
| Financial charges | 65/66B | €16,402 | €26,944 | +€10,542 | +64.3% |
| Recurring financial charges | 65 | €16,402 | €26,944 | +€10,542 | +64.3% |
| Profit (loss) for the period before taxes | 9903 | €24,459 | €296,368 | +€271,909 | +1111.7% |
| Income taxes | 67/77 | €7,526 | €71,330 | +€63,805 | +847.8% |
| Profit (loss) for the period | 9904 | €16,933 | €225,038 | +€208,104 | +1229.0% |
| Profit (loss) for the period to be appropriated | 9905 | €16,933 | €225,038 | +€208,104 | +1229.0% |
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 11 October 2026 via checked.be.