REA MCEF: 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.
REA MCEF
Largest movements
- Receivables within one year +€109,676
up €109,676 (+41234.8%), from €266 to €109,942
- Current investments -€100,000
down €100,000 (-72.6%), from €137,744 to €37,744
- Cash -€56,593
down €56,593 (-64.7%), from €87,409 to €30,816
mainly Other debts (-€171,092) and Receivables within one year (-€109,676)
- Other debts -€171,092
no longer reported in 2025 (was €171,092)
- Profit (loss) carried forward +€157,952
new in 2025: €157,952
- Tax, wage and social debts -€33,190
down €33,190 (-68.8%), from €48,224 to €15,033
- Taxes +€8,295
up €8,295 (+16.6%), from €49,918 to €58,214
- Gross operating margin +€4,951
up €4,951 (+2.4%), from €206,463 to €211,413
- Financial charges -€4,591
down €4,591 (-98.9%), from €4,640 to €49
- Financial income +€2,486
up €2,486 (+42.4%), from €5,865 to €8,351
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 | €517,655 | €467,045 | -€50,610 | -9.8% |
| Fixed assets | 21/28 | €14,127 | €10,777 | -€3,350 | -23.7% |
| Tangible fixed assets | 22/27 | €13,877 | €10,527 | -€3,350 | -24.1% |
| Plant, machinery and equipment | 23 | €1,522 | €491 | -€1,031 | -67.7% |
| Other tangible fixed assets | 26 | €12,355 | €10,036 | -€2,319 | -18.8% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €503,528 | €456,268 | -€47,260 | -9.4% |
| Amounts receivable after more than one year | 29 | €275,000 | €275,000 | = | 0.0% |
| Other amounts receivable | 291 | €275,000 | €275,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €266 | €109,942 | +€109,676 | +41234.8% |
| Other amounts receivable | 41 | €266 | €109,942 | +€109,676 | +41234.8% |
| Current investments | 50/53 | €137,744 | €37,744 | -€100,000 | -72.6% |
| Cash at bank and in hand | 54/58 | €87,409 | €30,816 | -€56,593 | -64.7% |
| Deferred charges and accrued income | 490/1 | €3,109 | €2,766 | -€343 | -11.0% |
| Total equity and liabilities | 10/49 | €517,655 | €467,045 | -€50,610 | -9.8% |
| Equity | 10/15 | €281,228 | €439,181 | +€157,952 | +56.2% |
| Contributions | 10/11 | €93,000 | €93,000 | = | 0.0% |
| Outside capital | 11 | €93,000 | - | -€93,000 | |
| Other | 1109/19 | €93,000 | - | -€93,000 | |
| Reserves | 13 | €188,228 | €188,228 | = | 0.0% |
| Non-distributable reserves | 130/1 | €9,300 | - | -€9,300 | |
| Legal reserve | 130 | €9,300 | - | -€9,300 | |
| Tax-exempt reserves | 132 | €12,823 | €12,823 | = | 0.0% |
| Distributable reserves | 133 | €166,106 | €175,406 | +€9,300 | +5.6% |
| Profit (loss) carried forward | 14 | - | €157,952 | +€157,952 | |
| Provisions and deferred taxes | 16 | €12,620 | €12,620 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,620 | €12,620 | = | 0.0% |
| Pensions and similar obligations | 160 | €12,620 | €12,620 | = | 0.0% |
| Amounts payable | 17/49 | €223,807 | €15,245 | -€208,563 | -93.2% |
| Amounts payable within one year | 42/48 | €219,391 | €15,245 | -€204,146 | -93.1% |
| Trade debts | 44 | €75 | €211 | +€136 | +182.2% |
| Suppliers | 440/4 | €75 | €211 | +€136 | +182.2% |
| Taxes, remuneration and social security | 45 | €48,224 | €15,033 | -€33,190 | -68.8% |
| Taxes | 450/3 | €48,224 | €15,033 | -€33,190 | -68.8% |
| Other amounts payable | 47/48 | €171,092 | - | -€171,092 | |
| Accrued charges and deferred income | 492/3 | €4,416 | - | -€4,416 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,397 | €3,350 | -€47 | -1.4% |
| Other operating charges | 640/8 | - | €199 | +€199 | |
| Gross operating margin | 9900 | €206,463 | €211,413 | +€4,951 | +2.4% |
| Operating profit (loss) | 9901 | €203,065 | €207,864 | +€4,799 | +2.4% |
| Financial income | 75/76B | €5,865 | €8,351 | +€2,486 | +42.4% |
| Recurring financial income | 75 | €5,865 | €8,351 | +€2,486 | +42.4% |
| Financial charges | 65/66B | €4,640 | €49 | -€4,591 | -98.9% |
| Recurring financial charges | 65 | €4,640 | €49 | -€4,591 | -98.9% |
| Profit (loss) for the period before taxes | 9903 | €204,290 | €216,166 | +€11,876 | +5.8% |
| Income taxes | 67/77 | €49,918 | €58,214 | +€8,295 | +16.6% |
| Profit (loss) for the period | 9904 | €154,371 | €157,952 | +€3,581 | +2.3% |
| Profit (loss) for the period to be appropriated | 9905 | €154,371 | €157,952 | +€3,581 | +2.3% |
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 4 October 2026 via checked.be.