MCW: 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.
MCW
Largest movements
- Receivables within one year +€46,238
up €46,238 (+34.8%), from €132,800 to €179,038
of which Other amounts receivable: +€46,749
- Cash +€22,439
up €22,439 (+30.2%), from €74,413 to €96,851
mainly Net result for the year (+€124,049) and Current portion of long-term debt (+€46,749)
- Tangible fixed assets -€5,849
down €5,849 (-7.1%), from €82,207 to €76,358
of which Plant, machinery and equipment: -€11,343
- Current portion of long-term debt +€46,749
up €46,749, from €0 to €46,749
- Reserves +€41,410
up €41,410 (+29.1%), from €142,509 to €183,919
of which Distributable reserves: +€41,410
- Tax, wage and social debts -€20,242
down €20,242 (-48.4%), from €41,836 to €21,594
of which Taxes: -€20,476
- Trade debts -€12,773
down €12,773 (-41.2%), from €31,017 to €18,245
- Other debts +€7,683
up €7,683 (+62.9%), from €12,219 to €19,902
- Gross operating margin +€158,856
up €158,856 (+56.1%), from €283,114 to €441,970
- Taxes +€39,864
up €39,864 (+327.6%), from €12,167 to €52,031
- Staff costs +€22,261
up €22,261 (+10.8%), from €205,497 to €227,758
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 | €289,581 | €352,409 | +€62,828 | +21.7% |
| Fixed assets | 21/28 | €82,368 | €76,519 | -€5,849 | -7.1% |
| Tangible fixed assets | 22/27 | €82,207 | €76,358 | -€5,849 | -7.1% |
| Plant, machinery and equipment | 23 | €39,584 | €28,241 | -€11,343 | -28.7% |
| Furniture and vehicles | 24 | €33,929 | €41,521 | +€7,591 | +22.4% |
| Other tangible fixed assets | 26 | €8,694 | €6,596 | -€2,098 | -24.1% |
| Financial fixed assets | 28 | €161 | €161 | = | 0.0% |
| Current assets | 29/58 | €207,213 | €275,889 | +€68,677 | +33.1% |
| Amounts receivable within one year | 40/41 | €132,800 | €179,038 | +€46,238 | +34.8% |
| Trade receivables | 40 | €8,305 | €7,793 | -€511 | -6.2% |
| Other amounts receivable | 41 | €124,496 | €171,245 | +€46,749 | +37.6% |
| Cash at bank and in hand | 54/58 | €74,413 | €96,851 | +€22,439 | +30.2% |
| Total equity and liabilities | 10/49 | €289,581 | €352,409 | +€62,828 | +21.7% |
| Equity | 10/15 | €204,509 | €245,919 | +€41,410 | +20.2% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €142,509 | €183,919 | +€41,410 | +29.1% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €136,309 | €177,719 | +€41,410 | +30.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €85,072 | €106,489 | +€21,418 | +25.2% |
| Amounts payable within one year | 42/48 | €85,072 | €106,489 | +€21,418 | +25.2% |
| Current portion of amounts payable after more than one year | 42 | €0 | €46,749 | +€46,749 | |
| Trade debts | 44 | €31,017 | €18,245 | -€12,773 | -41.2% |
| Suppliers | 440/4 | €31,017 | €18,245 | -€12,773 | -41.2% |
| Taxes, remuneration and social security | 45 | €41,836 | €21,594 | -€20,242 | -48.4% |
| Taxes | 450/3 | €35,697 | €15,221 | -€20,476 | -57.4% |
| Remuneration and social security | 454/9 | €6,138 | €6,372 | +€234 | +3.8% |
| Other amounts payable | 47/48 | €12,219 | €19,902 | +€7,683 | +62.9% |
| Non-recurring operating income | 76A | - | €13,098 | +€13,098 | |
| Remuneration, social security and pensions | 62 | €205,497 | €227,758 | +€22,261 | +10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,192 | €38,268 | +€75 | +0.2% |
| Other operating charges | 640/8 | €4,944 | €5,904 | +€960 | +19.4% |
| Gross operating margin | 9900 | €283,114 | €441,970 | +€158,856 | +56.1% |
| Operating profit (loss) | 9901 | €34,481 | €170,040 | +€135,560 | +393.1% |
| Financial income | 75/76B | €7,406 | €6,633 | -€773 | -10.4% |
| Recurring financial income | 75 | €7,406 | €6,633 | -€773 | -10.4% |
| Financial charges | 65/66B | €1,669 | €593 | -€1,076 | -64.5% |
| Recurring financial charges | 65 | €1,669 | €593 | -€1,076 | -64.5% |
| Profit (loss) for the period before taxes | 9903 | €40,217 | €176,080 | +€135,863 | +337.8% |
| Income taxes | 67/77 | €12,167 | €52,031 | +€39,864 | +327.6% |
| Profit (loss) for the period | 9904 | €28,050 | €124,049 | +€95,999 | +342.2% |
| Profit (loss) for the period to be appropriated | 9905 | €28,050 | €124,049 | +€95,999 | +342.2% |
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 29 September 2026 via checked.be.