Contrast MDS: 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.
Contrast MDS
Largest movements
- Cash -€50,613
down €50,613 (-61.7%), from €82,029 to €31,416
mainly Contributions, distributions and other (-€66,011) and Investment in fixed assets (net) (-€29,729)
- Intangible fixed assets -€9,750
down €9,750 (-36.6%), from €26,659 to €16,909
- Tangible fixed assets -€3,485
down €3,485 (-1.8%), from €191,311 to €187,826
of which Plant, machinery and equipment: -€7,818
- Reserves -€34,755
no longer reported in 2025 (was €34,755)
- Debts after one year -€28,409
down €28,409 (-14.7%), from €193,765 to €165,356
- Trade debts -€3,550
down €3,550 (-46.8%), from €7,587 to €4,037
- Gross operating margin +€45,254
up €45,254 (+80.1%), from €56,509 to €101,763
- Taxes +€10,838
up €10,838 (+1517.9%), from €714 to €11,552
- Depreciation +€10,501
up €10,501 (+32.3%), from €32,463 to €42,964
- Financial charges +€5,741
up €5,741 (+57.1%), from €10,050 to €15,791
- Financial income +€1,183
up €1,183 (+200.8%), from €589 to €1,772
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 | €318,243 | €256,464 | -€61,779 | -19.4% |
| Fixed assets | 21/28 | €220,640 | €207,405 | -€13,235 | -6.0% |
| Intangible fixed assets | 21 | €26,659 | €16,909 | -€9,750 | -36.6% |
| Tangible fixed assets | 22/27 | €191,311 | €187,826 | -€3,485 | -1.8% |
| Plant, machinery and equipment | 23 | €104,729 | €96,911 | -€7,818 | -7.5% |
| Furniture and vehicles | 24 | €3,373 | €354 | -€3,019 | -89.5% |
| Other tangible fixed assets | 26 | €83,209 | €90,561 | +€7,352 | +8.8% |
| Financial fixed assets | 28 | €2,670 | €2,670 | = | 0.0% |
| Current assets | 29/58 | €97,603 | €49,059 | -€48,544 | -49.7% |
| Stocks and contracts in progress | 3 | €12,967 | €15,274 | +€2,307 | +17.8% |
| Stocks | 30/36 | €12,967 | €15,274 | +€2,307 | +17.8% |
| Amounts receivable within one year | 40/41 | €1,000 | €251 | -€749 | -74.9% |
| Trade receivables | 40 | €238 | €180 | -€58 | -24.4% |
| Other amounts receivable | 41 | €762 | €71 | -€691 | -90.7% |
| Cash at bank and in hand | 54/58 | €82,029 | €31,416 | -€50,613 | -61.7% |
| Deferred charges and accrued income | 490/1 | €1,607 | €2,118 | +€511 | +31.8% |
| Total equity and liabilities | 10/49 | €318,243 | €256,464 | -€61,779 | -19.4% |
| Equity | 10/15 | €53,355 | €18,600 | -€34,755 | -65.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €34,755 | - | -€34,755 | |
| Distributable reserves | 133 | €34,755 | - | -€34,755 | |
| Amounts payable | 17/49 | €264,888 | €237,864 | -€27,024 | -10.2% |
| Amounts payable after more than one year | 17 | €193,765 | €165,356 | -€28,409 | -14.7% |
| Financial debts | 170/4 | €193,765 | €165,356 | -€28,409 | -14.7% |
| Amounts payable within one year | 42/48 | €69,334 | €70,818 | +€1,484 | +2.1% |
| Current portion of amounts payable after more than one year | 42 | €27,432 | €28,409 | +€977 | +3.6% |
| Financial debts | 43 | €15 | €26 | +€11 | +73.3% |
| Credit institutions | 430/8 | €15 | €26 | +€11 | +73.3% |
| Trade debts | 44 | €7,587 | €4,037 | -€3,550 | -46.8% |
| Suppliers | 440/4 | €7,587 | €4,037 | -€3,550 | -46.8% |
| Taxes, remuneration and social security | 45 | €1,907 | €3,491 | +€1,584 | +83.1% |
| Taxes | 450/3 | €1,907 | €3,491 | +€1,584 | +83.1% |
| Other amounts payable | 47/48 | €32,393 | €34,855 | +€2,462 | +7.6% |
| Accrued charges and deferred income | 492/3 | €1,789 | €1,690 | -€99 | -5.5% |
| Non-recurring operating income | 76A | - | €7,763 | +€7,763 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,463 | €42,964 | +€10,501 | +32.3% |
| Other operating charges | 640/8 | €1,732 | €1,972 | +€240 | +13.9% |
| Gross operating margin | 9900 | €56,509 | €101,763 | +€45,254 | +80.1% |
| Operating profit (loss) | 9901 | €22,314 | €56,827 | +€34,513 | +154.7% |
| Financial income | 75/76B | €589 | €1,772 | +€1,183 | +200.8% |
| Recurring financial income | 75 | €589 | €1,772 | +€1,183 | +200.8% |
| Financial charges | 65/66B | €10,050 | €15,791 | +€5,741 | +57.1% |
| Recurring financial charges | 65 | €10,050 | €15,791 | +€5,741 | +57.1% |
| Profit (loss) for the period before taxes | 9903 | €12,853 | €42,808 | +€29,955 | +233.1% |
| Income taxes | 67/77 | €714 | €11,552 | +€10,838 | +1517.9% |
| Profit (loss) for the period | 9904 | €12,139 | €31,256 | +€19,117 | +157.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,139 | €31,256 | +€19,117 | +157.5% |
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 12 October 2026 via checked.be.