MCE: what changed
MCE
Largest movements
- Tangible fixed assets +€127,887
up €127,887 (+698%), from €18,332 to €146,220
of which Land and buildings: +€131,593
- Deferred charges and accrued income -€22,084
down €22,084 (-91.0%), from €24,257 to €2,173
- Cash -€20,523
no longer reported in 2025 (was €20,523)
mainly Investment in fixed assets (net) (-€136,946) and Net result for the year (-€23,267)
- Receivables within one year -€10,274
down €10,274 (-46.6%), from €22,067 to €11,793
of which Other amounts receivable: -€7,189
- Financial fixed assets +€3,624
up €3,624 (+23.0%), from €15,750 to €19,374
- Debts after one year +€115,862
up €115,862 (+2,807%), from €4,128 to €119,989
- Profit (loss) carried forward -€33,267
down €33,267 (-88.4%), from €37,631 to €4,363
- Other debts -€14,685
down €14,685 (-73.7%), from €19,937 to €5,252
- Current portion of long-term debt +€6,906
up €6,906 (+100%), from €6,882 to €13,788
- Trade debts +€4,854
up €4,854 (+818%), from €593 to €5,447
- Financial income -€29,900
down €29,900 (-98.0%), from €30,509 to €609
- Other operating charges +€13,988
up €13,988 (+960%), from €1,457 to €15,445
- Taxes -€4,615
down €4,615 (-69.4%), from €6,651 to €2,036
- Gross operating margin -€3,437
down €3,437 (-52.5%), from €6,550 to €3,113
- Depreciation +€2,868
up €2,868 (+112%), from €2,567 to €5,435
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,929 | €179,560 | +€78,631 | +77.9% |
| Fixed assets | 21/28 | €34,082 | €165,594 | +€131,511 | +386% |
| Tangible fixed assets | 22/27 | €18,332 | €146,220 | +€127,887 | +698% |
| Land and buildings | 22 | €9,213 | €140,806 | +€131,593 | +1,428% |
| Plant, machinery and equipment | 23 | €623 | €198 | -€425 | -68.2% |
| Furniture and vehicles | 24 | €7,311 | €4,570 | -€2,742 | -37.5% |
| Other tangible fixed assets | 26 | €1,185 | €646 | -€538 | -45.4% |
| Financial fixed assets | 28 | €15,750 | €19,374 | +€3,624 | +23.0% |
| Current assets | 29/58 | €66,847 | €13,966 | -€52,881 | -79.1% |
| Amounts receivable within one year | 40/41 | €22,067 | €11,793 | -€10,274 | -46.6% |
| Trade receivables | 40 | €11,647 | €8,562 | -€3,085 | -26.5% |
| Other amounts receivable | 41 | €10,420 | €3,231 | -€7,189 | -69.0% |
| Cash at bank and in hand | 54/58 | €20,523 | - | -€20,523 | |
| Deferred charges and accrued income | 490/1 | €24,257 | €2,173 | -€22,084 | -91.0% |
| Total equity and liabilities | 10/49 | €100,929 | €179,560 | +€78,631 | +77.9% |
| Equity | 10/15 | €58,631 | €25,363 | -€33,267 | -56.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €20,000 | €20,000 | = | 0.0% |
| Distributable reserves | 133 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,631 | €4,363 | -€33,267 | -88.4% |
| Amounts payable | 17/49 | €42,298 | €154,196 | +€111,898 | +265% |
| Amounts payable after more than one year | 17 | €4,128 | €119,989 | +€115,862 | +2,807% |
| Financial debts | 170/4 | €4,128 | €119,989 | +€115,862 | +2,807% |
| Amounts payable within one year | 42/48 | €37,914 | €33,468 | -€4,446 | -11.7% |
| Current portion of amounts payable after more than one year | 42 | €6,882 | €13,788 | +€6,906 | +100% |
| Financial debts | 43 | - | €80 | +€80 | |
| Credit institutions | 430/8 | - | €80 | +€80 | |
| Trade debts | 44 | €593 | €5,447 | +€4,854 | +818% |
| Suppliers | 440/4 | €593 | €5,447 | +€4,854 | +818% |
| Taxes, remuneration and social security | 45 | €10,502 | €8,900 | -€1,602 | -15.3% |
| Taxes | 450/3 | €10,502 | €6,900 | -€3,602 | -34.3% |
| Remuneration and social security | 454/9 | - | €2,000 | +€2,000 | |
| Other amounts payable | 47/48 | €19,937 | €5,252 | -€14,685 | -73.7% |
| Accrued charges and deferred income | 492/3 | €257 | €740 | +€483 | +188% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,567 | €5,435 | +€2,868 | +112% |
| Other operating charges | 640/8 | €1,457 | €15,445 | +€13,988 | +960% |
| Gross operating margin | 9900 | €6,550 | €3,113 | -€3,437 | -52.5% |
| Operating profit (loss) | 9901 | €2,526 | -€17,767 | -€20,293 | |
| Financial income | 75/76B | €30,509 | €609 | -€29,900 | -98.0% |
| Recurring financial income | 75 | €30,509 | €609 | -€29,900 | -98.0% |
| Financial charges | 65/66B | €1,814 | €4,074 | +€2,259 | +125% |
| Recurring financial charges | 65 | €878 | €4,074 | +€3,196 | +364% |
| Non-recurring financial charges | 66B | €936 | - | -€936 | |
| Profit (loss) for the period before taxes | 9903 | €31,220 | -€21,232 | -€52,452 | |
| Income taxes | 67/77 | €6,651 | €2,036 | -€4,615 | -69.4% |
| Profit (loss) for the period | 9904 | €24,570 | -€23,267 | -€47,837 | |
| Profit (loss) for the period to be appropriated | 9905 | €24,570 | -€23,267 | -€47,837 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.