MCRM: what changed
MCRM
Largest movements
- Receivables after one year +€30,000
new in 2025: €30,000
- Receivables within one year -€28,102
down €28,102 (-9.4%), from €297,846 to €269,744
of which Trade receivables: -€34,884
- Deferred charges and accrued income +€21,020
up €21,020 (+3,150%), from €667 to €21,687
- Cash +€19,097
up €19,097 (+21.7%), from €87,934 to €107,031
mainly Net result for the year (+€234,245) and Receivables within one year (+€28,102)
- Reserves +€104,860
up €104,860 (+49.1%), from €213,585 to €318,445
of which Distributable reserves: +€104,860
- Tax, wage and social debts -€38,843
down €38,843 (-89.0%), from €43,635 to €4,792
- Other debts -€34,422
down €34,422 (-22.4%), from €153,596 to €119,174
- Accrued charges and deferred income +€6,314
new in 2025: €6,314
- Gross operating margin +€37,069
up €37,069 (+12.7%), from €291,777 to €328,847
- Financial charges +€8,541
up €8,541 (+309%), from €2,762 to €11,304
- Taxes +€7,760
up €7,760 (+10.4%), from €74,328 to €82,089
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €432,683 | €473,608 | +€40,924 | +9.5% |
| Fixed assets | 21/28 | €6,236 | €5,145 | -€1,091 | -17.5% |
| Tangible fixed assets | 22/27 | €6,236 | €5,145 | -€1,091 | -17.5% |
| Furniture and vehicles | 24 | €808 | €308 | -€500 | -61.9% |
| Other tangible fixed assets | 26 | €5,428 | €4,837 | -€591 | -10.9% |
| Current assets | 29/58 | €426,447 | €468,463 | +€42,015 | +9.9% |
| Amounts receivable after more than one year | 29 | - | €30,000 | +€30,000 | |
| Other amounts receivable | 291 | - | €30,000 | +€30,000 | |
| Stocks and contracts in progress | 3 | €40,000 | €40,000 | = | 0.0% |
| Stocks | 30/36 | €40,000 | €40,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €297,846 | €269,744 | -€28,102 | -9.4% |
| Trade receivables | 40 | €243,513 | €208,628 | -€34,884 | -14.3% |
| Other amounts receivable | 41 | €54,334 | €61,116 | +€6,782 | +12.5% |
| Cash at bank and in hand | 54/58 | €87,934 | €107,031 | +€19,097 | +21.7% |
| Deferred charges and accrued income | 490/1 | €667 | €21,687 | +€21,020 | +3,150% |
| Total equity and liabilities | 10/49 | €432,683 | €473,608 | +€40,924 | +9.5% |
| Equity | 10/15 | €232,185 | €337,045 | +€104,860 | +45.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €213,585 | €318,445 | +€104,860 | +49.1% |
| Tax-exempt reserves | 132 | €84,200 | €84,200 | = | 0.0% |
| Distributable reserves | 133 | €129,385 | €234,245 | +€104,860 | +81.0% |
| Amounts payable | 17/49 | €200,498 | €136,562 | -€63,936 | -31.9% |
| Amounts payable within one year | 42/48 | €200,498 | €130,248 | -€70,250 | -35.0% |
| Trade debts | 44 | €3,267 | €6,283 | +€3,016 | +92.3% |
| Suppliers | 440/4 | €3,267 | €6,283 | +€3,016 | +92.3% |
| Taxes, remuneration and social security | 45 | €43,635 | €4,792 | -€38,843 | -89.0% |
| Taxes | 450/3 | €43,635 | €4,792 | -€38,843 | -89.0% |
| Other amounts payable | 47/48 | €153,596 | €119,174 | -€34,422 | -22.4% |
| Accrued charges and deferred income | 492/3 | - | €6,314 | +€6,314 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €985 | €1,091 | +€106 | +10.7% |
| Other operating charges | 640/8 | €126 | €128 | +€2 | +1.6% |
| Gross operating margin | 9900 | €291,777 | €328,847 | +€37,069 | +12.7% |
| Operating profit (loss) | 9901 | €290,666 | €327,627 | +€36,962 | +12.7% |
| Financial income | 75/76B | €10 | €10 | -€0 | -0.1% |
| Recurring financial income | 75 | €10 | €10 | -€0 | -0.1% |
| Financial charges | 65/66B | €2,762 | €11,304 | +€8,541 | +309% |
| Recurring financial charges | 65 | €2,762 | €11,304 | +€8,541 | +309% |
| Profit (loss) for the period before taxes | 9903 | €287,914 | €316,334 | +€28,420 | +9.9% |
| Income taxes | 67/77 | €74,328 | €82,089 | +€7,760 | +10.4% |
| Profit (loss) for the period | 9904 | €213,585 | €234,245 | +€20,660 | +9.7% |
| Transfer to tax-exempt reserves | 689 | €84,200 | - | -€84,200 | |
| Profit (loss) for the period to be appropriated | 9905 | €129,385 | €234,245 | +€104,860 | +81.0% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.