MMC: 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.
MMC
Largest movements
- Tangible fixed assets -€47,923
down €47,923 (-18.8%), from €254,693 to €206,770
- Current investments +€14,767
new in 2025: €14,767
- Cash +€10,564
up €10,564 (+14.1%), from €74,732 to €85,296
mainly Other debts (+€59,840) and Depreciation (+€52,707)
- Other debts +€59,840
new in 2025: €59,840
- Reserves -€44,360
down €44,360 (-30.2%), from €146,693 to €102,333
of which Distributable reserves: -€44,360
- Debts after one year -€27,245
down €27,245 (-21.5%), from €126,725 to €99,480
of which Financial debts: -€27,245
- Tax, wage and social debts +€10,639
up €10,639 (+75.3%), from €14,137 to €24,776
of which Remuneration and social security: +€8,156
- Trade debts -€10,282
down €10,282 (-55.4%), from €18,565 to €8,283
- Staff costs +€28,114
up €28,114 (+19.5%), from €144,220 to €172,335
- Other operating charges -€7,836
down €7,836 (-73.8%), from €10,613 to €2,778
- Depreciation -€4,182
down €4,182 (-7.4%), from €56,890 to €52,707
- Gross operating margin -€3,440
down €3,440 (-1.2%), from €275,384 to €271,945
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.
Derived cash bridge
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 | €379,303 | €361,951 | -€17,352 | -4.6% |
| Fixed assets | 21/28 | €258,413 | €210,490 | -€47,923 | -18.5% |
| Tangible fixed assets | 22/27 | €254,693 | €206,770 | -€47,923 | -18.8% |
| Plant, machinery and equipment | 23 | €42,689 | €29,128 | -€13,561 | -31.8% |
| Furniture and vehicles | 24 | €42,087 | €30,220 | -€11,867 | -28.2% |
| Other tangible fixed assets | 26 | €169,916 | €147,422 | -€22,494 | -13.2% |
| Financial fixed assets | 28 | €3,720 | €3,720 | = | 0.0% |
| Current assets | 29/58 | €120,890 | €151,461 | +€30,570 | +25.3% |
| Stocks and contracts in progress | 3 | €27,594 | €29,625 | +€2,031 | +7.4% |
| Stocks | 30/36 | €27,594 | €29,625 | +€2,031 | +7.4% |
| Amounts receivable within one year | 40/41 | €4,844 | €6,686 | +€1,842 | +38.0% |
| Trade receivables | 40 | €2,232 | €5,334 | +€3,103 | +139% |
| Other amounts receivable | 41 | €2,612 | €1,352 | -€1,260 | -48.2% |
| Current investments | 50/53 | - | €14,767 | +€14,767 | |
| Cash at bank and in hand | 54/58 | €74,732 | €85,296 | +€10,564 | +14.1% |
| Deferred charges and accrued income | 490/1 | €13,721 | €15,087 | +€1,367 | +10.0% |
| Total equity and liabilities | 10/49 | €379,303 | €361,951 | -€17,352 | -4.6% |
| Equity | 10/15 | €185,609 | €141,249 | -€44,360 | -23.9% |
| Contributions | 10/11 | €38,916 | €38,916 | = | 0.0% |
| Reserves | 13 | €146,693 | €102,333 | -€44,360 | -30.2% |
| Non-distributable reserves | 130/1 | €22,924 | €22,924 | = | 0.0% |
| Other | 1319 | €22,924 | €22,924 | = | 0.0% |
| Distributable reserves | 133 | €123,769 | €79,409 | -€44,360 | -35.8% |
| Amounts payable | 17/49 | €193,694 | €220,702 | +€27,008 | +13.9% |
| Amounts payable after more than one year | 17 | €126,725 | €99,480 | -€27,245 | -21.5% |
| Financial debts | 170/4 | €123,005 | €95,760 | -€27,245 | -22.1% |
| Other amounts payable | 178/9 | €3,720 | €3,720 | = | 0.0% |
| Amounts payable within one year | 42/48 | €62,180 | €118,136 | +€55,955 | +90.0% |
| Current portion of amounts payable after more than one year | 42 | €29,478 | €25,237 | -€4,242 | -14.4% |
| Trade debts | 44 | €18,565 | €8,283 | -€10,282 | -55.4% |
| Suppliers | 440/4 | €18,565 | €8,283 | -€10,282 | -55.4% |
| Taxes, remuneration and social security | 45 | €14,137 | €24,776 | +€10,639 | +75.3% |
| Taxes | 450/3 | €7,056 | €9,539 | +€2,483 | +35.2% |
| Remuneration and social security | 454/9 | €7,081 | €15,237 | +€8,156 | +115% |
| Other amounts payable | 47/48 | - | €59,840 | +€59,840 | |
| Accrued charges and deferred income | 492/3 | €4,789 | €3,087 | -€1,702 | -35.5% |
| Remuneration, social security and pensions | 62 | €144,220 | €172,335 | +€28,114 | +19.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,890 | €52,707 | -€4,182 | -7.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€1,151 | - | +€1,151 | |
| Other operating charges | 640/8 | €10,613 | €2,778 | -€7,836 | -73.8% |
| Gross operating margin | 9900 | €275,384 | €271,945 | -€3,440 | -1.2% |
| Operating profit (loss) | 9901 | €64,812 | €44,125 | -€20,687 | -31.9% |
| Financial income | 75/76B | €288 | €291 | +€4 | +1.3% |
| Recurring financial income | 75 | €288 | €291 | +€4 | +1.3% |
| Financial charges | 65/66B | €13,139 | €10,748 | -€2,391 | -18.2% |
| Recurring financial charges | 65 | €13,139 | €10,748 | -€2,391 | -18.2% |
| Profit (loss) for the period before taxes | 9903 | €51,961 | €33,668 | -€18,293 | -35.2% |
| Income taxes | 67/77 | €11,864 | €14,029 | +€2,165 | +18.2% |
| Profit (loss) for the period | 9904 | €40,097 | €19,640 | -€20,457 | -51.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,097 | €19,640 | -€20,457 | -51.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.