MCXH: 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.
MCXH
Largest movements
- Tangible fixed assets -€71,022
down €71,022 (-30.4%), from €233,833 to €162,811
- Intangible fixed assets -€52,561
down €52,561 (-36.4%), from €144,543 to €91,982
- Stocks and contracts -€45,326
down €45,326 (-21.0%), from €215,453 to €170,127
- Receivables within one year -€16,333
down €16,333 (-3.8%), from €434,122 to €417,789
of which Other amounts receivable: -€27,281
- Trade debts -€73,065
down €73,065 (-70.6%), from €103,428 to €30,363
- Debts after one year -€59,591
down €59,591 (-42.5%), from €140,349 to €80,757
- Current portion of long-term debt -€35,293
down €35,293 (-34.2%), from €103,295 to €68,002
- Other debts -€34,845
down €34,845 (-87.1%), from €40,000 to €5,155
- Reserves -€25,000
down €25,000 (-25.0%), from €100,000 to €75,000
- Gross operating margin -€61,789
down €61,789 (-19.8%), from €311,418 to €249,629
- Staff costs +€18,296
up €18,296 (+11.0%), from €166,160 to €184,456
- Taxes -€11,570
down €11,570 (-99.9%), from €11,586 to €16
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 | €1,052,448 | €862,916 | -€189,532 | -18.0% |
| Fixed assets | 21/28 | €378,936 | €255,103 | -€123,833 | -32.7% |
| Intangible fixed assets | 21 | €144,543 | €91,982 | -€52,561 | -36.4% |
| Tangible fixed assets | 22/27 | €233,833 | €162,811 | -€71,022 | -30.4% |
| Plant, machinery and equipment | 23 | €8,830 | €5,099 | -€3,731 | -42.3% |
| Furniture and vehicles | 24 | €100,099 | €68,922 | -€31,177 | -31.1% |
| Leasing and similar rights | 25 | €42,308 | €27,899 | -€14,409 | -34.1% |
| Other tangible fixed assets | 26 | €82,597 | €60,892 | -€21,705 | -26.3% |
| Financial fixed assets | 28 | €560 | €310 | -€250 | -44.6% |
| Current assets | 29/58 | €673,512 | €607,813 | -€65,699 | -9.8% |
| Stocks and contracts in progress | 3 | €215,453 | €170,127 | -€45,326 | -21.0% |
| Stocks | 30/36 | €215,453 | €170,127 | -€45,326 | -21.0% |
| Amounts receivable within one year | 40/41 | €434,122 | €417,789 | -€16,333 | -3.8% |
| Trade receivables | 40 | €387,254 | €398,202 | +€10,948 | +2.8% |
| Other amounts receivable | 41 | €46,868 | €19,587 | -€27,281 | -58.2% |
| Cash at bank and in hand | 54/58 | €23,109 | €18,450 | -€4,659 | -20.2% |
| Deferred charges and accrued income | 490/1 | €828 | €1,447 | +€619 | +74.7% |
| Total equity and liabilities | 10/49 | €1,052,448 | €862,916 | -€189,532 | -18.0% |
| Equity | 10/15 | €209,875 | €179,407 | -€30,468 | -14.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Distributable reserves | 133 | €100,000 | €75,000 | -€25,000 | -25.0% |
| Profit (loss) carried forward | 14 | €9,875 | €4,407 | -€5,468 | -55.4% |
| Amounts payable | 17/49 | €842,573 | €683,509 | -€159,064 | -18.9% |
| Amounts payable after more than one year | 17 | €140,349 | €80,757 | -€59,591 | -42.5% |
| Financial debts | 170/4 | €140,349 | €80,757 | -€59,591 | -42.5% |
| Amounts payable within one year | 42/48 | €697,256 | €591,002 | -€106,254 | -15.2% |
| Current portion of amounts payable after more than one year | 42 | €103,295 | €68,002 | -€35,293 | -34.2% |
| Trade debts | 44 | €103,428 | €30,363 | -€73,065 | -70.6% |
| Suppliers | 440/4 | €103,428 | €30,363 | -€73,065 | -70.6% |
| Advances received on contracts in progress | 46 | €428,602 | €443,445 | +€14,842 | +3.5% |
| Taxes, remuneration and social security | 45 | €21,931 | €44,038 | +€22,107 | +100.8% |
| Taxes | 450/3 | €7,514 | €10,834 | +€3,320 | +44.2% |
| Remuneration and social security | 454/9 | €14,417 | €33,204 | +€18,787 | +130.3% |
| Other amounts payable | 47/48 | €40,000 | €5,155 | -€34,845 | -87.1% |
| Accrued charges and deferred income | 492/3 | €4,968 | €11,749 | +€6,781 | +136.5% |
| Non-recurring operating income | 76A | €3,000 | - | -€3,000 | |
| Remuneration, social security and pensions | 62 | €166,160 | €184,456 | +€18,296 | +11.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €122,612 | €123,583 | +€971 | +0.8% |
| Other operating charges | 640/8 | €4,700 | €4,614 | -€87 | -1.8% |
| Non-recurring operating charges | 66A | - | €216 | +€216 | |
| Gross operating margin | 9900 | €311,418 | €249,629 | -€61,789 | -19.8% |
| Operating profit (loss) | 9901 | €17,945 | -€63,240 | -€81,185 | |
| Financial income | 75/76B | €44,436 | €41,540 | -€2,896 | -6.5% |
| Recurring financial income | 75 | €42,979 | €39,707 | -€3,272 | -7.6% |
| Non-recurring financial income | 76B | €1,458 | €1,833 | +€376 | +25.8% |
| Financial charges | 65/66B | €10,341 | €8,753 | -€1,589 | -15.4% |
| Recurring financial charges | 65 | €10,341 | €8,753 | -€1,589 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €52,040 | -€30,452 | -€82,492 | |
| Income taxes | 67/77 | €11,586 | €16 | -€11,570 | -99.9% |
| Profit (loss) for the period | 9904 | €40,454 | -€30,468 | -€70,922 | |
| Profit (loss) for the period to be appropriated | 9905 | €40,454 | -€30,468 | -€70,922 |
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 7 October 2026 via checked.be.