MCSD: 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.
MCSD
Largest movements
- Tangible fixed assets -€9,579
down €9,579 (-21.3%), from €44,894 to €35,315
of which Leasing and similar rights: -€9,179
- Receivables within one year -€2,665
down €2,665 (-10.0%), from €26,558 to €23,893
of which Trade receivables: -€1,905
- Receivables after one year -€1,500
down €1,500 (-50.0%), from €3,000 to €1,500
- Cash +€1,208
up €1,208 (+6.0%), from €20,203 to €21,411
mainly Net result for the year (+€20,082) and Depreciation (+€12,115)
- Profit (loss) carried forward -€6,418
down €6,418 (-22.1%), from €29,048 to €22,630
- Debts after one year -€6,229
down €6,229 (-44.8%), from €13,908 to €7,679
- Tax, wage and social debts +€1,287
up €1,287 (+12.6%), from €10,200 to €11,487
- Gross operating margin +€10,666
up €10,666 (+35.8%), from €29,833 to €40,500
- Taxes +€2,457
up €2,457 (+62.7%), from €3,920 to €6,377
- Financial charges -€410
down €410 (-29.2%), from €1,403 to €993
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 | €95,960 | €84,101 | -€11,859 | -12.4% |
| Fixed assets | 21/28 | €45,074 | €35,495 | -€9,579 | -21.3% |
| Tangible fixed assets | 22/27 | €44,894 | €35,315 | -€9,579 | -21.3% |
| Furniture and vehicles | 24 | €1,198 | €1,098 | -€99 | -8.3% |
| Leasing and similar rights | 25 | €29,580 | €20,401 | -€9,179 | -31.0% |
| Other tangible fixed assets | 26 | €14,116 | €13,816 | -€301 | -2.1% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €50,886 | €48,606 | -€2,280 | -4.5% |
| Amounts receivable after more than one year | 29 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Other amounts receivable | 291 | €3,000 | €1,500 | -€1,500 | -50.0% |
| Amounts receivable within one year | 40/41 | €26,558 | €23,893 | -€2,665 | -10.0% |
| Trade receivables | 40 | €22,095 | €20,190 | -€1,905 | -8.6% |
| Other amounts receivable | 41 | €4,463 | €3,703 | -€760 | -17.0% |
| Cash at bank and in hand | 54/58 | €20,203 | €21,411 | +€1,208 | +6.0% |
| Deferred charges and accrued income | 490/1 | €1,125 | €1,802 | +€677 | +60.2% |
| Total equity and liabilities | 10/49 | €95,960 | €84,101 | -€11,859 | -12.4% |
| Equity | 10/15 | €47,598 | €41,180 | -€6,418 | -13.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,048 | €22,630 | -€6,418 | -22.1% |
| Amounts payable | 17/49 | €48,362 | €42,921 | -€5,441 | -11.2% |
| Amounts payable after more than one year | 17 | €13,908 | €7,679 | -€6,229 | -44.8% |
| Financial debts | 170/4 | €13,908 | €7,679 | -€6,229 | -44.8% |
| Amounts payable within one year | 42/48 | €34,454 | €35,242 | +€789 | +2.3% |
| Current portion of amounts payable after more than one year | 42 | €5,920 | €6,229 | +€309 | +5.2% |
| Trade debts | 44 | €5,683 | €5,503 | -€179 | -3.2% |
| Suppliers | 440/4 | €5,683 | €5,503 | -€179 | -3.2% |
| Taxes, remuneration and social security | 45 | €10,200 | €11,487 | +€1,287 | +12.6% |
| Taxes | 450/3 | €10,200 | €11,487 | +€1,287 | +12.6% |
| Other amounts payable | 47/48 | €12,650 | €12,022 | -€628 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,031 | €12,115 | +€84 | +0.7% |
| Other operating charges | 640/8 | €977 | €1,020 | +€43 | +4.4% |
| Gross operating margin | 9900 | €29,833 | €40,500 | +€10,666 | +35.8% |
| Operating profit (loss) | 9901 | €16,826 | €27,365 | +€10,539 | +62.6% |
| Financial income | 75/76B | €161 | €87 | -€74 | -45.8% |
| Recurring financial income | 75 | €161 | €87 | -€74 | -45.8% |
| Financial charges | 65/66B | €1,403 | €993 | -€410 | -29.2% |
| Recurring financial charges | 65 | €1,403 | €993 | -€410 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €15,583 | €26,459 | +€10,875 | +69.8% |
| Income taxes | 67/77 | €3,920 | €6,377 | +€2,457 | +62.7% |
| Profit (loss) for the period | 9904 | €11,663 | €20,082 | +€8,419 | +72.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,663 | €20,082 | +€8,419 | +72.2% |
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 5 October 2026 via checked.be.