B.M.D.: 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.
B.M.D.
Largest movements
- Tangible fixed assets +€93,499
up €93,499 (+40.8%), from €228,952 to €322,451
of which Other tangible fixed assets: +€67,891
- Cash -€5,971
down €5,971 (-52.5%), from €11,365 to €5,394
mainly Investment in fixed assets (net) (-€107,770)
- Other debts +€49,448
new in 2025: €49,448
- Reserves +€26,613
up €26,613 (+14.2%), from €187,209 to €213,822
- Tax, wage and social debts +€10,857
up €10,857 (+236%), from €4,603 to €15,460
- Depreciation +€9,967
up €9,967 (+232%), from €4,304 to €14,271
- Gross operating margin +€9,966
up €9,966 (+18.8%), from €52,986 to €62,953
- Financial income +€933
up €933 (+197%), from €473 to €1,406
- Financial charges +€642
up €642 (+1,380%), from €47 to €688
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 | €257,277 | €344,297 | +€87,020 | +33.8% |
| Fixed assets | 21/28 | €228,952 | €322,451 | +€93,499 | +40.8% |
| Tangible fixed assets | 22/27 | €228,952 | €322,451 | +€93,499 | +40.8% |
| Land and buildings | 22 | €227,679 | €223,409 | -€4,270 | -1.9% |
| Furniture and vehicles | 24 | €1,273 | €31,151 | +€29,878 | +2,347% |
| Other tangible fixed assets | 26 | - | €67,891 | +€67,891 | |
| Current assets | 29/58 | €28,325 | €21,847 | -€6,479 | -22.9% |
| Current investments | 50/53 | €15,000 | €15,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €11,365 | €5,394 | -€5,971 | -52.5% |
| Deferred charges and accrued income | 490/1 | €1,960 | €1,452 | -€507 | -25.9% |
| Total equity and liabilities | 10/49 | €257,277 | €344,297 | +€87,020 | +33.8% |
| Equity | 10/15 | €250,209 | €276,822 | +€26,613 | +10.6% |
| Contributions | 10/11 | €63,000 | €63,000 | = | 0.0% |
| Reserves | 13 | €187,209 | €213,822 | +€26,613 | +14.2% |
| Distributable reserves | 133 | €187,209 | €213,822 | +€26,613 | +14.2% |
| Amounts payable | 17/49 | €7,069 | €67,475 | +€60,407 | +855% |
| Amounts payable within one year | 42/48 | €4,603 | €64,908 | +€60,305 | +1,310% |
| Taxes, remuneration and social security | 45 | €4,603 | €15,460 | +€10,857 | +236% |
| Taxes | 450/3 | €4,603 | €15,460 | +€10,857 | +236% |
| Other amounts payable | 47/48 | - | €49,448 | +€49,448 | |
| Accrued charges and deferred income | 492/3 | €2,466 | €2,567 | +€101 | +4.1% |
| Non-recurring operating income | 76A | - | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,304 | €14,271 | +€9,967 | +232% |
| Other operating charges | 640/8 | €8,755 | €9,162 | +€407 | +4.7% |
| Gross operating margin | 9900 | €52,986 | €62,953 | +€9,966 | +18.8% |
| Operating profit (loss) | 9901 | €39,928 | €39,519 | -€409 | -1.0% |
| Financial income | 75/76B | €473 | €1,406 | +€933 | +197% |
| Recurring financial income | 75 | €473 | €1,406 | +€933 | +197% |
| Financial charges | 65/66B | €47 | €688 | +€642 | +1,380% |
| Recurring financial charges | 65 | €47 | €688 | +€642 | +1,380% |
| Profit (loss) for the period before taxes | 9903 | €40,354 | €40,237 | -€117 | -0.3% |
| Income taxes | 67/77 | €13,803 | €13,624 | -€179 | -1.3% |
| Profit (loss) for the period | 9904 | €26,551 | €26,613 | +€62 | +0.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,551 | €26,613 | +€62 | +0.2% |
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 15 October 2026 via checked.be.