MKE: 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.
MKE
Largest movements
- Cash -€1.0m
down €1.0m (-87.8%), from €1.1m to €138,671
mainly Tax, wage and social debts (-€534,040) and Other debts (-€283,762)
- Current investments +€214,899
up €214,899 (+17.7%), from €1.2m to €1.4m
- Deferred charges and accrued income +€44,462
up €44,462 (+530.1%), from €8,388 to €52,850
- Tax, wage and social debts -€534,040
down €534,040 (-69.0%), from €773,445 to €239,405
of which Taxes: -€534,349
- Other debts -€283,762
down €283,762 (-100.0%), from €283,762 to €0
- Reserves +€114,744
up €114,744 (+4.2%), from €2.7m to €2.8m
- Gross operating margin -€2.3m
down €2.3m (-95.9%), from €2.4m to €97,031
- Taxes -€793,858
down €793,858 (-95.7%), from €829,744 to €35,886
- Financial income -€433,753
down €433,753 (-80.6%), from €538,468 to €104,716
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 | €4,121,670 | €3,400,603 | -€721,067 | -17.5% |
| Fixed assets | 21/28 | €385,048 | €407,610 | +€22,562 | +5.9% |
| Tangible fixed assets | 22/27 | €384,048 | €407,610 | +€23,562 | +6.1% |
| Land and buildings | 22 | €375,532 | €367,359 | -€8,173 | -2.2% |
| Plant, machinery and equipment | 23 | €3,260 | €10,926 | +€7,667 | +235.2% |
| Furniture and vehicles | 24 | €5,256 | €29,324 | +€24,068 | +457.9% |
| Financial fixed assets | 28 | €1,000 | €0 | -€1,000 | -100.0% |
| Current assets | 29/58 | €3,736,622 | €2,992,993 | -€743,629 | -19.9% |
| Amounts receivable after more than one year | 29 | €993,943 | €993,943 | = | 0.0% |
| Other amounts receivable | 291 | €993,943 | €993,943 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €379,405 | €377,460 | -€1,945 | -0.5% |
| Other amounts receivable | 41 | €379,405 | €377,460 | -€1,945 | -0.5% |
| Current investments | 50/53 | €1,215,170 | €1,430,069 | +€214,899 | +17.7% |
| Cash at bank and in hand | 54/58 | €1,139,717 | €138,671 | -€1.0m | -87.8% |
| Deferred charges and accrued income | 490/1 | €8,388 | €52,850 | +€44,462 | +530.1% |
| Total equity and liabilities | 10/49 | €4,121,670 | €3,400,603 | -€721,067 | -17.5% |
| Equity | 10/15 | €2,745,355 | €2,860,099 | +€114,744 | +4.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €2,726,755 | €2,841,499 | +€114,744 | +4.2% |
| Distributable reserves | 133 | €2,726,755 | €2,841,499 | +€114,744 | +4.2% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €1,376,314 | €540,504 | -€835,811 | -60.7% |
| Amounts payable after more than one year | 17 | €301,099 | €282,371 | -€18,728 | -6.2% |
| Financial debts | 170/4 | €301,099 | €282,371 | -€18,728 | -6.2% |
| Amounts payable within one year | 42/48 | €1,075,215 | €258,133 | -€817,083 | -76.0% |
| Current portion of amounts payable after more than one year | 42 | €18,009 | €18,728 | +€719 | +4.0% |
| Taxes, remuneration and social security | 45 | €773,445 | €239,405 | -€534,040 | -69.0% |
| Taxes | 450/3 | €773,445 | €239,095 | -€534,349 | -69.1% |
| Remuneration and social security | 454/9 | - | €309 | +€309 | |
| Other amounts payable | 47/48 | €283,762 | €0 | -€283,762 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,132 | €13,281 | +€4,149 | +45.4% |
| Other operating charges | 640/8 | €1,769 | €23,655 | +€21,886 | +1237.1% |
| Gross operating margin | 9900 | €2,385,527 | €97,031 | -€2.3m | -95.9% |
| Operating profit (loss) | 9901 | €2,374,626 | €60,095 | -€2.3m | -97.5% |
| Financial income | 75/76B | €538,468 | €104,716 | -€433,753 | -80.6% |
| Recurring financial income | 75 | €538,468 | €104,716 | -€433,753 | -80.6% |
| Financial charges | 65/66B | €22,038 | €14,182 | -€7,856 | -35.6% |
| Recurring financial charges | 65 | €22,038 | €14,182 | -€7,856 | -35.6% |
| Profit (loss) for the period before taxes | 9903 | €2,891,057 | €150,629 | -€2.7m | -94.8% |
| Income taxes | 67/77 | €829,744 | €35,886 | -€793,858 | -95.7% |
| Profit (loss) for the period | 9904 | €2,061,312 | €114,744 | -€1.9m | -94.4% |
| Profit (loss) for the period to be appropriated | 9905 | €2,061,312 | €114,744 | -€1.9m | -94.4% |
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 8 October 2026 via checked.be.