MCVD: 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.
MCVD
Largest movements
- Receivables within one year -€116,924
down €116,924 (-39.9%), from €292,868 to €175,944
of which Other amounts receivable: -€115,226
- Cash +€83,649
up €83,649 (+9831.4%), from €851 to €84,500
mainly Receivables within one year (+€116,924) and Other debts (+€15,036)
- Reserves -€50,075
down €50,075 (-17.7%), from €283,392 to €233,317
of which Distributable reserves: -€50,075
- Other debts +€15,036
new in 2025: €15,036
- Tax, wage and social debts +€3,434
new in 2025: €3,434
- Gross operating margin +€865
up €865 (+44.7%), from -€1,935 to -€1,070
- Financial income +€618
up €618 (+14.3%), from €4,306 to €4,924
- Depreciation -€132
down €132 (-34.9%), from €377 to €245
- Other operating charges -€62
down €62 (-12.6%), from €493 to €431
- Financial charges +€50
up €50 (+13.5%), from €366 to €416
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 | €294,008 | €260,488 | -€33,520 | -11.4% |
| Fixed assets | 21/28 | €289 | €44 | -€245 | -84.8% |
| Tangible fixed assets | 22/27 | €289 | €44 | -€245 | -84.8% |
| Plant, machinery and equipment | 23 | €289 | €44 | -€245 | -84.8% |
| Current assets | 29/58 | €293,719 | €260,444 | -€33,275 | -11.3% |
| Amounts receivable within one year | 40/41 | €292,868 | €175,944 | -€116,924 | -39.9% |
| Trade receivables | 40 | €157,469 | €155,772 | -€1,698 | -1.1% |
| Other amounts receivable | 41 | €135,399 | €20,173 | -€115,226 | -85.1% |
| Cash at bank and in hand | 54/58 | €851 | €84,500 | +€83,649 | +9831.4% |
| Total equity and liabilities | 10/49 | €294,008 | €260,488 | -€33,520 | -11.4% |
| Equity | 10/15 | €292,092 | €242,017 | -€50,075 | -17.1% |
| Contributions | 10/11 | €8,700 | €8,700 | = | 0.0% |
| Reserves | 13 | €283,392 | €233,317 | -€50,075 | -17.7% |
| Tax-exempt reserves | 132 | €13,955 | €13,955 | = | 0.0% |
| Distributable reserves | 133 | €269,437 | €219,362 | -€50,075 | -18.6% |
| Amounts payable | 17/49 | €1,916 | €18,471 | +€16,555 | +863.9% |
| Amounts payable within one year | 42/48 | €1,916 | €18,471 | +€16,555 | +863.9% |
| Trade debts | 44 | €1,916 | - | -€1,916 | |
| Suppliers | 440/4 | €1,916 | - | -€1,916 | |
| Taxes, remuneration and social security | 45 | - | €3,434 | +€3,434 | |
| Taxes | 450/3 | - | €3,434 | +€3,434 | |
| Other amounts payable | 47/48 | - | €15,036 | +€15,036 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €377 | €245 | -€132 | -34.9% |
| Other operating charges | 640/8 | €493 | €431 | -€62 | -12.6% |
| Gross operating margin | 9900 | -€1,935 | -€1,070 | +€865 | +44.7% |
| Operating profit (loss) | 9901 | -€2,805 | -€1,746 | +€1,059 | +37.7% |
| Financial income | 75/76B | €4,306 | €4,924 | +€618 | +14.3% |
| Recurring financial income | 75 | €4,306 | €4,924 | +€618 | +14.3% |
| Financial charges | 65/66B | €366 | €416 | +€50 | +13.5% |
| Recurring financial charges | 65 | €366 | €416 | +€50 | +13.5% |
| Profit (loss) for the period before taxes | 9903 | €1,135 | €2,762 | +€1,627 | +143.4% |
| Profit (loss) for the period | 9904 | €1,135 | €2,762 | +€1,627 | +143.4% |
| Profit (loss) for the period to be appropriated | 9905 | €1,135 | €2,762 | +€1,627 | +143.4% |
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 3 October 2026 via checked.be.