MC²: 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.
MC²
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+167%), from €616,556 to €1.6m
of which Other tangible fixed assets: +€1.1m
- Receivables within one year -€595,241
down €595,241 (-41.5%), from €1.4m to €840,110
of which Trade receivables: -€766,709
- Stocks and contracts -€506,439
down €506,439 (-100%), from €506,439 to €0
- Deferred charges and accrued income +€103,876
up €103,876 (+96.2%), from €107,936 to €211,812
- Cash +€39,923
up €39,923 (+1,144%), from €3,489 to €43,413
mainly Debts after one year (+€2.4m) and Receivables within one year (+€595,241)
- Debts after one year +€2.4m
up €2.4m (+1,014%), from €239,048 to €2.7m
of which Other amounts payable: +€2.4m
- Other debts -€1.4m
down €1.4m (-77.5%), from €1.8m to €395,523
- Profit (loss) carried forward -€1.1m
down €1.1m (-78.0%), from -€1.5m to -€2.6m
- Trade debts +€118,832
up €118,832 (+28.0%), from €424,244 to €543,077
- Short-term financial debts +€30,000
up €30,000 (+1.8%), from €1.6m to €1.7m
- Gross operating margin -€1.2m
down €1.2m, from €305,787 to -€880,356
- Financial charges +€64,244
up €64,244 (+351%), from €18,284 to €82,528
- Other operating charges +€61,665
up €61,665 (+301%), from €20,502 to €82,167
- Staff costs -€40,229
down €40,229 (-52.0%), from €77,427 to €37,198
- Write-downs +€35,000
new in 2025: €35,000
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 | €2,669,771 | €2,742,112 | +€72,341 | +2.7% |
| Fixed assets | 21/28 | €616,556 | €1,646,778 | +€1.0m | +167% |
| Tangible fixed assets | 22/27 | €616,556 | €1,646,778 | +€1.0m | +167% |
| Land and buildings | 22 | €539,788 | €520,828 | -€18,959 | -3.5% |
| Plant, machinery and equipment | 23 | €44,450 | €43,089 | -€1,361 | -3.1% |
| Furniture and vehicles | 24 | €23,225 | €18,075 | -€5,150 | -22.2% |
| Other tangible fixed assets | 26 | €9,093 | €1,064,786 | +€1.1m | +11,610% |
| Current assets | 29/58 | €2,053,215 | €1,095,335 | -€957,881 | -46.7% |
| Stocks and contracts in progress | 3 | €506,439 | €0 | -€506,439 | -100% |
| Stocks | 30/36 | €506,439 | €0 | -€506,439 | -100% |
| Amounts receivable within one year | 40/41 | €1,435,352 | €840,110 | -€595,241 | -41.5% |
| Trade receivables | 40 | €1,211,474 | €444,765 | -€766,709 | -63.3% |
| Other amounts receivable | 41 | €223,878 | €395,345 | +€171,468 | +76.6% |
| Cash at bank and in hand | 54/58 | €3,489 | €43,413 | +€39,923 | +1,144% |
| Deferred charges and accrued income | 490/1 | €107,936 | €211,812 | +€103,876 | +96.2% |
| Total equity and liabilities | 10/49 | €2,669,771 | €2,742,112 | +€72,341 | +2.7% |
| Equity | 10/15 | -€1,456,375 | -€2,605,639 | -€1.1m | -78.9% |
| Contributions | 10/11 | €16,800 | €16,800 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,473,175 | -€2,622,439 | -€1.1m | -78.0% |
| Amounts payable | 17/49 | €4,126,146 | €5,347,751 | +€1.2m | +29.6% |
| Amounts payable after more than one year | 17 | €239,048 | €2,662,642 | +€2.4m | +1,014% |
| Financial debts | 170/4 | €239,048 | €280,296 | +€41,248 | +17.3% |
| Other amounts payable | 178/9 | - | €2,382,346 | +€2.4m | |
| Amounts payable within one year | 42/48 | €3,886,785 | €2,681,609 | -€1.2m | -31.0% |
| Current portion of amounts payable after more than one year | 42 | €18,752 | €21,698 | +€2,946 | +15.7% |
| Financial debts | 43 | €1,646,337 | €1,676,337 | +€30,000 | +1.8% |
| Other loans | 439 | €1,646,337 | €1,676,337 | +€30,000 | +1.8% |
| Trade debts | 44 | €424,244 | €543,077 | +€118,832 | +28.0% |
| Suppliers | 440/4 | €424,244 | €543,077 | +€118,832 | +28.0% |
| Taxes, remuneration and social security | 45 | €39,984 | €44,974 | +€4,990 | +12.5% |
| Taxes | 450/3 | €34,652 | €39,348 | +€4,696 | +13.6% |
| Remuneration and social security | 454/9 | €5,332 | €5,627 | +€294 | +5.5% |
| Other amounts payable | 47/48 | €1,757,468 | €395,523 | -€1.4m | -77.5% |
| Accrued charges and deferred income | 492/3 | €313 | €3,500 | +€3,187 | +1,019% |
| Remuneration, social security and pensions | 62 | €77,427 | €37,198 | -€40,229 | -52.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,188 | €36,547 | +€360 | +1.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €35,000 | +€35,000 | |
| Other operating charges | 640/8 | €20,502 | €82,167 | +€61,665 | +301% |
| Gross operating margin | 9900 | €305,787 | -€880,356 | -€1.2m | |
| Operating profit (loss) | 9901 | €171,670 | -€1,071,269 | -€1.2m | |
| Financial income | 75/76B | €5,494 | €4,533 | -€961 | -17.5% |
| Recurring financial income | 75 | €5,494 | €4,533 | -€961 | -17.5% |
| Financial charges | 65/66B | €18,284 | €82,528 | +€64,244 | +351% |
| Recurring financial charges | 65 | €18,284 | €82,528 | +€64,244 | +351% |
| Profit (loss) for the period before taxes | 9903 | €158,880 | -€1,149,264 | -€1.3m | |
| Profit (loss) for the period | 9904 | €158,880 | -€1,149,264 | -€1.3m | |
| Profit (loss) for the period to be appropriated | 9905 | €158,880 | -€1,149,264 | -€1.3m |
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 26 October 2026 via checked.be.