MCVS IMMO: 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.
MCVS IMMO
Largest movements
- Cash -€129,006
down €129,006 (-90.1%), from €143,189 to €14,183
- Tangible fixed assets +€68,222
up €68,222 (+7.5%), from €904,694 to €972,917
of which Assets under construction and advance payments: +€113,469
- Debts after one year -€37,248
down €37,248 (-6.8%), from €545,942 to €508,695
- Profit (loss) carried forward -€33,071
down €33,071 (-41.6%), from -€79,527 to -€112,597
- Advances received +€19,500
new in 2025: €19,500
- Gross operating margin +€11,481
up €11,481 (+70.3%), from €16,337 to €27,818
- Depreciation -€4,006
down €4,006 (-15.1%), from €26,553 to €22,547
- Financial charges +€1,338
up €1,338 (+11.2%), from €11,964 to €13,302
- Other operating charges +€937
up €937 (+20.8%), from €4,514 to €5,450
- Taxes -€890
down €890 (-68.6%), from €1,298 to €407
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,053,234 | €999,777 | -€53,457 | -5.1% |
| Fixed assets | 21/28 | €904,694 | €972,917 | +€68,222 | +7.5% |
| Tangible fixed assets | 22/27 | €904,694 | €972,917 | +€68,222 | +7.5% |
| Land and buildings | 22 | €531,902 | €488,738 | -€43,163 | -8.1% |
| Plant, machinery and equipment | 23 | €5,354 | €3,988 | -€1,366 | -25.5% |
| Furniture and vehicles | 24 | €1,879 | €1,162 | -€717 | -38.2% |
| Assets under construction and advance payments | 27 | €365,560 | €479,029 | +€113,469 | +31.0% |
| Current assets | 29/58 | €148,540 | €26,860 | -€121,680 | -81.9% |
| Amounts receivable within one year | 40/41 | €4,960 | €11,966 | +€7,006 | +141.2% |
| Trade receivables | 40 | €1,523 | €5,736 | +€4,213 | +276.7% |
| Other amounts receivable | 41 | €3,438 | €6,230 | +€2,793 | +81.2% |
| Cash at bank and in hand | 54/58 | €143,189 | €14,183 | -€129,006 | -90.1% |
| Deferred charges and accrued income | 490/1 | €390 | €711 | +€320 | +82.1% |
| Total equity and liabilities | 10/49 | €1,053,234 | €999,777 | -€53,457 | -5.1% |
| Equity | 10/15 | €440,473 | €407,403 | -€33,071 | -7.5% |
| Contributions | 10/11 | €520,000 | €520,000 | = | 0.0% |
| Capital | 10 | €520,000 | €520,000 | = | 0.0% |
| Issued capital | 100 | €520,000 | €520,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€79,527 | -€112,597 | -€33,071 | -41.6% |
| Amounts payable | 17/49 | €612,761 | €592,374 | -€20,387 | -3.3% |
| Amounts payable after more than one year | 17 | €545,942 | €508,695 | -€37,248 | -6.8% |
| Financial debts | 170/4 | €545,942 | €508,695 | -€37,248 | -6.8% |
| Amounts payable within one year | 42/48 | €66,818 | €83,679 | +€16,861 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €18,100 | €18,801 | +€700 | +3.9% |
| Trade debts | 44 | €1,291 | €2,639 | +€1,348 | +104.4% |
| Suppliers | 440/4 | €1,291 | €2,639 | +€1,348 | +104.4% |
| Advances received on contracts in progress | 46 | - | €19,500 | +€19,500 | |
| Taxes, remuneration and social security | 45 | €1,207 | €2,210 | +€1,002 | +83.0% |
| Taxes | 450/3 | €1,207 | €2,210 | +€1,002 | +83.0% |
| Other amounts payable | 47/48 | €46,220 | €40,530 | -€5,690 | -12.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €26,553 | €22,547 | -€4,006 | -15.1% |
| Other operating charges | 640/8 | €4,514 | €5,450 | +€937 | +20.8% |
| Non-recurring operating charges | 66A | - | €111 | +€111 | |
| Gross operating margin | 9900 | €16,337 | €27,818 | +€11,481 | +70.3% |
| Operating profit (loss) | 9901 | -€14,730 | -€290 | +€14,440 | +98.0% |
| Financial income | 75/76B | €302 | €372 | +€70 | +23.3% |
| Recurring financial income | 75 | €302 | €372 | +€70 | +23.3% |
| Financial charges | 65/66B | €11,964 | €13,302 | +€1,338 | +11.2% |
| Recurring financial charges | 65 | €11,964 | €13,302 | +€1,338 | +11.2% |
| Profit (loss) for the period before taxes | 9903 | -€26,392 | -€13,220 | +€13,172 | +49.9% |
| Income taxes | 67/77 | €1,298 | €407 | -€890 | -68.6% |
| Profit (loss) for the period | 9904 | -€27,689 | -€13,628 | +€14,062 | +50.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€27,689 | -€13,628 | +€14,062 | +50.8% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.