MNCX: 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.
MNCX
Largest movements
- Stocks and contracts +€64,850
up €64,850 (+18.9%), from €343,160 to €408,011
- Cash +€46,796
up €46,796 (+18,496%), from €253 to €47,049
mainly Short-term financial debts (+€136,451) and Other debts (+€32,478)
- Short-term financial debts +€136,451
new in 2025: €136,451
- Debts after one year -€91,652
down €91,652 (-26.1%), from €351,152 to €259,500
of which Other amounts payable: -€63,000
- Other debts +€32,478
up €32,478 (+281%), from €11,540 to €44,018
- Reserves +€30,000
up €30,000 (+25.0%), from €120,000 to €150,000
- Gross operating margin -€6,782
down €6,782 (-9.0%), from €75,762 to €68,980
- Financial charges +€3,708
up €3,708 (+15.7%), from €23,659 to €27,367
- Taxes -€2,857
down €2,857 (-19.2%), from €14,892 to €12,036
- Other operating charges -€1,715
down €1,715 (-82.7%), from €2,073 to €358
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 | €524,608 | €627,185 | +€102,577 | +19.6% |
| Fixed assets | 21/28 | €13,451 | €7,546 | -€5,905 | -43.9% |
| Tangible fixed assets | 22/27 | €10,408 | €4,503 | -€5,905 | -56.7% |
| Plant, machinery and equipment | 23 | €92 | €45 | -€47 | -50.8% |
| Furniture and vehicles | 24 | €10,316 | €4,457 | -€5,858 | -56.8% |
| Financial fixed assets | 28 | €3,043 | €3,043 | = | 0.0% |
| Current assets | 29/58 | €511,157 | €619,639 | +€108,482 | +21.2% |
| Stocks and contracts in progress | 3 | €343,160 | €408,011 | +€64,850 | +18.9% |
| Stocks | 30/36 | €343,160 | €408,011 | +€64,850 | +18.9% |
| Amounts receivable within one year | 40/41 | €163,608 | €160,939 | -€2,669 | -1.6% |
| Trade receivables | 40 | €8,120 | €3,699 | -€4,422 | -54.5% |
| Other amounts receivable | 41 | €155,488 | €157,240 | +€1,752 | +1.1% |
| Cash at bank and in hand | 54/58 | €253 | €47,049 | +€46,796 | +18,496% |
| Deferred charges and accrued income | 490/1 | €4,135 | €3,641 | -€494 | -12.0% |
| Total equity and liabilities | 10/49 | €524,608 | €627,185 | +€102,577 | +19.6% |
| Equity | 10/15 | €134,609 | €161,343 | +€26,733 | +19.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Distributable reserves | 133 | €120,000 | €150,000 | +€30,000 | +25.0% |
| Profit (loss) carried forward | 14 | €4,609 | €1,343 | -€3,267 | -70.9% |
| Amounts payable | 17/49 | €389,999 | €465,842 | +€75,843 | +19.4% |
| Amounts payable after more than one year | 17 | €351,152 | €259,500 | -€91,652 | -26.1% |
| Financial debts | 170/4 | €28,652 | €0 | -€28,652 | -100% |
| Other amounts payable | 178/9 | €322,500 | €259,500 | -€63,000 | -19.5% |
| Amounts payable within one year | 42/48 | €18,818 | €186,648 | +€167,831 | +892% |
| Current portion of amounts payable after more than one year | 42 | €5,265 | €4,448 | -€817 | -15.5% |
| Financial debts | 43 | - | €136,451 | +€136,451 | |
| Credit institutions | 430/8 | - | €136,451 | +€136,451 | |
| Trade debts | 44 | €2,012 | €1,731 | -€281 | -14.0% |
| Suppliers | 440/4 | €2,012 | €1,731 | -€281 | -14.0% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €11,540 | €44,018 | +€32,478 | +281% |
| Accrued charges and deferred income | 492/3 | €20,029 | €19,694 | -€335 | -1.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,449 | €5,905 | -€544 | -8.4% |
| Other operating charges | 640/8 | €2,073 | €358 | -€1,715 | -82.7% |
| Gross operating margin | 9900 | €75,762 | €68,980 | -€6,782 | -9.0% |
| Operating profit (loss) | 9901 | €67,240 | €62,717 | -€4,523 | -6.7% |
| Financial income | 75/76B | €3,242 | €3,419 | +€177 | +5.5% |
| Recurring financial income | 75 | €3,242 | €3,419 | +€177 | +5.5% |
| Financial charges | 65/66B | €23,659 | €27,367 | +€3,708 | +15.7% |
| Recurring financial charges | 65 | €23,659 | €27,367 | +€3,708 | +15.7% |
| Profit (loss) for the period before taxes | 9903 | €46,822 | €38,769 | -€8,054 | -17.2% |
| Income taxes | 67/77 | €14,892 | €12,036 | -€2,857 | -19.2% |
| Profit (loss) for the period | 9904 | €31,930 | €26,733 | -€5,197 | -16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,930 | €26,733 | -€5,197 | -16.3% |
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 16 October 2026 via checked.be.