Mega-Cycle: 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.
Mega-Cycle
Largest movements
- Intangible fixed assets -€61,925
down €61,925 (-32.8%), from €188,844 to €126,919
- Cash -€44,999
down €44,999 (-32.0%), from €140,804 to €95,804
mainly Short-term financial debts (-€50,000) and Trade debts (-€49,872)
- Stocks and contracts -€22,581
down €22,581 (-1.4%), from €1.6m to €1.5m
- Short-term financial debts -€50,000
down €50,000 (-7.1%), from €700,000 to €650,000
of which Credit institutions: -€50,000
- Trade debts -€49,872
down €49,872 (-17.6%), from €283,382 to €233,511
- Other debts -€40,392
down €40,392 (-28.8%), from €140,392 to €100,000
- Debts after one year -€37,440
down €37,440 (-11.0%), from €341,642 to €304,202
- Reserves +€35,000
up €35,000 (+12.5%), from €279,000 to €314,000
of which Distributable reserves: +€35,000
- Gross operating margin +€123,872
up €123,872 (+50.9%), from €243,603 to €367,475
- Staff costs +€36,204
up €36,204 (+22.2%), from €163,377 to €199,580
- Financial charges +€18,870
up €18,870 (+54.2%), from €34,818 to €53,688
- Taxes +€6,770
up €6,770, from €0 to €6,770
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 | €2,033,638 | €1,896,815 | -€136,823 | -6.7% |
| Fixed assets | 21/28 | €235,387 | €158,272 | -€77,115 | -32.8% |
| Intangible fixed assets | 21 | €188,844 | €126,919 | -€61,925 | -32.8% |
| Tangible fixed assets | 22/27 | €46,543 | €31,353 | -€15,190 | -32.6% |
| Plant, machinery and equipment | 23 | €4,832 | €2,863 | -€1,969 | -40.7% |
| Furniture and vehicles | 24 | €34,883 | €23,122 | -€11,761 | -33.7% |
| Other tangible fixed assets | 26 | €6,829 | €5,368 | -€1,460 | -21.4% |
| Current assets | 29/58 | €1,798,251 | €1,738,543 | -€59,708 | -3.3% |
| Stocks and contracts in progress | 3 | €1,561,409 | €1,538,829 | -€22,581 | -1.4% |
| Stocks | 30/36 | €1,561,409 | €1,538,829 | -€22,581 | -1.4% |
| Amounts receivable within one year | 40/41 | €90,829 | €91,740 | +€910 | +1.0% |
| Trade receivables | 40 | €73,967 | €72,808 | -€1,160 | -1.6% |
| Other amounts receivable | 41 | €16,862 | €18,932 | +€2,070 | +12.3% |
| Cash at bank and in hand | 54/58 | €140,804 | €95,804 | -€44,999 | -32.0% |
| Deferred charges and accrued income | 490/1 | €5,208 | €12,170 | +€6,962 | +133.7% |
| Total equity and liabilities | 10/49 | €2,033,638 | €1,896,815 | -€136,823 | -6.7% |
| Equity | 10/15 | €521,554 | €554,819 | +€33,264 | +6.4% |
| Contributions | 10/11 | €240,000 | €240,000 | = | 0.0% |
| Capital | 10 | €240,000 | €240,000 | = | 0.0% |
| Issued capital | 100 | €240,000 | €240,000 | = | 0.0% |
| Reserves | 13 | €279,000 | €314,000 | +€35,000 | +12.5% |
| Non-distributable reserves | 130/1 | €24,000 | €24,000 | = | 0.0% |
| Legal reserve | 130 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €255,000 | €290,000 | +€35,000 | +13.7% |
| Profit (loss) carried forward | 14 | €2,554 | €819 | -€1,736 | -68.0% |
| Amounts payable | 17/49 | €1,512,083 | €1,341,996 | -€170,087 | -11.2% |
| Amounts payable after more than one year | 17 | €341,642 | €304,202 | -€37,440 | -11.0% |
| Financial debts | 170/4 | €341,642 | €304,202 | -€37,440 | -11.0% |
| Amounts payable within one year | 42/48 | €1,164,966 | €1,028,245 | -€136,721 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €35,907 | €37,440 | +€1,533 | +4.3% |
| Financial debts | 43 | €700,000 | €650,000 | -€50,000 | -7.1% |
| Credit institutions | 430/8 | €700,000 | €650,000 | -€50,000 | -7.1% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €283,382 | €233,511 | -€49,872 | -17.6% |
| Suppliers | 440/4 | €283,382 | €233,511 | -€49,872 | -17.6% |
| Taxes, remuneration and social security | 45 | €5,285 | €7,295 | +€2,010 | +38.0% |
| Taxes | 450/3 | €5,285 | €7,295 | +€2,010 | +38.0% |
| Other amounts payable | 47/48 | €140,392 | €100,000 | -€40,392 | -28.8% |
| Accrued charges and deferred income | 492/3 | €5,475 | €9,549 | +€4,074 | +74.4% |
| Remuneration, social security and pensions | 62 | €163,377 | €199,580 | +€36,204 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,981 | €80,288 | -€1,693 | -2.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €7,547 | €7,930 | +€383 | +5.1% |
| Non-recurring operating charges | 66A | - | €720 | +€720 | |
| Gross operating margin | 9900 | €243,603 | €367,475 | +€123,872 | +50.9% |
| Operating profit (loss) | 9901 | -€9,301 | €78,957 | +€88,259 | |
| Financial income | 75/76B | €14,709 | €14,765 | +€56 | +0.4% |
| Recurring financial income | 75 | €14,709 | €14,765 | +€56 | +0.4% |
| Financial charges | 65/66B | €34,818 | €53,688 | +€18,870 | +54.2% |
| Recurring financial charges | 65 | €34,818 | €53,688 | +€18,870 | +54.2% |
| Profit (loss) for the period before taxes | 9903 | -€29,410 | €40,034 | +€69,444 | |
| Income taxes | 67/77 | €0 | €6,770 | +€6,770 | |
| Profit (loss) for the period | 9904 | -€29,410 | €33,264 | +€62,675 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,410 | €33,264 | +€62,675 |
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.