MCR: 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.
MCR
Largest movements
- Cash -€153,583
down €153,583 (-70.0%), from €219,298 to €65,715
mainly Receivables within one year (-€129,195) and Net result for the year (-€78,458)
- Receivables within one year +€129,195
up €129,195 (+24.1%), from €535,964 to €665,158
of which Other amounts receivable: +€68,669
- Tangible fixed assets -€11,691
down €11,691 (-25.4%), from €46,065 to €34,373
of which Furniture and vehicles: -€11,350
- Profit (loss) carried forward -€78,458
new in 2025: -€78,458
- Trade debts +€35,241
up €35,241 (+24.2%), from €145,845 to €181,086
- Other debts +€16,759
up €16,759 (+3.0%), from €560,327 to €577,086
- Debts after one year -€12,897
down €12,897 (-47.1%), from €27,412 to €14,515
- Gross operating margin -€32,206
down €32,206 (-34.1%), from €94,416 to €62,210
- Financial charges -€19,789
down €19,789 (-51.4%), from €38,479 to €18,690
of which Financial charges: -€18,872
- Staff costs +€19,628
up €19,628 (+20.9%), from €94,011 to €113,639
- Financial income -€5,498
down €5,498 (-39.1%), from €14,063 to €8,565
of which Non-recurring financial income: -€8,500
- Depreciation -€3,747
down €3,747 (-24.3%), from €15,438 to €11,691
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 | €907,494 | €870,599 | -€36,895 | -4.1% |
| Fixed assets | 21/28 | €46,303 | €34,611 | -€11,691 | -25.3% |
| Tangible fixed assets | 22/27 | €46,065 | €34,373 | -€11,691 | -25.4% |
| Plant, machinery and equipment | 23 | €1,145 | €803 | -€341 | -29.8% |
| Furniture and vehicles | 24 | €44,920 | €33,570 | -€11,350 | -25.3% |
| Financial fixed assets | 28 | €238 | €238 | = | 0.0% |
| Current assets | 29/58 | €861,191 | €835,988 | -€25,203 | -2.9% |
| Amounts receivable within one year | 40/41 | €535,964 | €665,158 | +€129,195 | +24.1% |
| Trade receivables | 40 | €262,268 | €322,793 | +€60,526 | +23.1% |
| Other amounts receivable | 41 | €273,696 | €342,365 | +€68,669 | +25.1% |
| Current investments | 50/53 | €102,038 | €102,089 | +€50 | 0.0% |
| Cash at bank and in hand | 54/58 | €219,298 | €65,715 | -€153,583 | -70.0% |
| Deferred charges and accrued income | 490/1 | €3,891 | €3,026 | -€865 | -22.2% |
| Total equity and liabilities | 10/49 | €907,494 | €870,599 | -€36,895 | -4.1% |
| Equity | 10/15 | €161,354 | €82,897 | -€78,458 | -48.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €61,354 | €61,354 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €51,354 | €51,354 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€78,458 | -€78,458 | |
| Amounts payable | 17/49 | €746,140 | €787,703 | +€41,563 | +5.6% |
| Amounts payable after more than one year | 17 | €27,412 | €14,515 | -€12,897 | -47.1% |
| Financial debts | 170/4 | €27,412 | €14,515 | -€12,897 | -47.1% |
| Amounts payable within one year | 42/48 | €718,690 | €773,151 | +€54,461 | +7.6% |
| Current portion of amounts payable after more than one year | 42 | €12,434 | €12,897 | +€463 | +3.7% |
| Trade debts | 44 | €145,845 | €181,086 | +€35,241 | +24.2% |
| Suppliers | 440/4 | €145,845 | €181,086 | +€35,241 | +24.2% |
| Taxes, remuneration and social security | 45 | €84 | €2,081 | +€1,997 | +2,374% |
| Remuneration and social security | 454/9 | €84 | €2,081 | +€1,997 | +2,374% |
| Other amounts payable | 47/48 | €560,327 | €577,086 | +€16,759 | +3.0% |
| Accrued charges and deferred income | 492/3 | €37 | €37 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €94,011 | €113,639 | +€19,628 | +20.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,438 | €11,691 | -€3,747 | -24.3% |
| Other operating charges | 640/8 | €3,927 | €5,212 | +€1,286 | +32.7% |
| Gross operating margin | 9900 | €94,416 | €62,210 | -€32,206 | -34.1% |
| Operating profit (loss) | 9901 | -€18,960 | -€68,332 | -€49,372 | -260% |
| Financial income | 75/76B | €14,063 | €8,565 | -€5,498 | -39.1% |
| Recurring financial income | 75 | €5,563 | €8,565 | +€3,002 | +54.0% |
| Non-recurring financial income | 76B | €8,500 | - | -€8,500 | |
| Financial charges | 65/66B | €38,479 | €18,690 | -€19,789 | -51.4% |
| Recurring financial charges | 65 | €37,562 | €18,690 | -€18,872 | -50.2% |
| Non-recurring financial charges | 66B | €917 | - | -€917 | |
| Profit (loss) for the period before taxes | 9903 | -€43,376 | -€78,458 | -€35,082 | -80.9% |
| Profit (loss) for the period | 9904 | -€43,376 | -€78,458 | -€35,082 | -80.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€43,376 | -€78,458 | -€35,082 | -80.9% |
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 18 October 2026 via checked.be.