Groupe 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.
Groupe MDS
Largest movements
- Financial fixed assets -€651,850
down €651,850 (-99.9%), from €652,352 to €502
- Intangible fixed assets +€541,707
up €541,707 (+315%), from €172,094 to €713,802
- Cash +€279,977
up €279,977 (+127%), from €220,695 to €500,672
mainly Receivables within one year (+€256,681) and Net result for the year (+€219,596)
- Receivables within one year -€256,681
down €256,681 (-44.3%), from €579,285 to €322,605
of which Trade receivables: -€259,406
- Tangible fixed assets +€87,419
up €87,419 (+64.6%), from €135,329 to €222,748
of which Plant, machinery and equipment: +€88,379
- Profit (loss) carried forward +€219,596
up €219,596 (+33.6%), from €654,395 to €873,991
- Other debts -€199,959
down €199,959 (-99.8%), from €200,306 to €347
- Debts after one year -€32,591
down €32,591 (-15.8%), from €205,928 to €173,337
- Gross operating margin +€252,918
up €252,918 (+28.1%), from €901,151 to €1.2m
- Staff costs +€171,589
up €171,589 (+32.1%), from €534,731 to €706,321
- Write-downs +€63,292
up €63,292, from -€52,053 to €11,239
- Depreciation +€62,235
up €62,235 (+141%), from €44,212 to €106,447
- Other operating charges -€31,428
down €31,428 (-92.0%), from €34,178 to €2,750
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 | €1,810,597 | €1,829,265 | +€18,668 | +1.0% |
| Fixed assets | 21/28 | €959,775 | €937,052 | -€22,723 | -2.4% |
| Intangible fixed assets | 21 | €172,094 | €713,802 | +€541,707 | +315% |
| Tangible fixed assets | 22/27 | €135,329 | €222,748 | +€87,419 | +64.6% |
| Plant, machinery and equipment | 23 | €111,496 | €199,875 | +€88,379 | +79.3% |
| Furniture and vehicles | 24 | €21,541 | €21,623 | +€82 | +0.4% |
| Other tangible fixed assets | 26 | €2,292 | €1,250 | -€1,042 | -45.5% |
| Financial fixed assets | 28 | €652,352 | €502 | -€651,850 | -99.9% |
| Current assets | 29/58 | €850,822 | €892,214 | +€41,391 | +4.9% |
| Stocks and contracts in progress | 3 | €2,333 | €4,223 | +€1,890 | +81.0% |
| Stocks | 30/36 | €2,333 | €4,223 | +€1,890 | +81.0% |
| Amounts receivable within one year | 40/41 | €579,285 | €322,605 | -€256,681 | -44.3% |
| Trade receivables | 40 | €556,305 | €296,899 | -€259,406 | -46.6% |
| Other amounts receivable | 41 | €22,980 | €25,705 | +€2,725 | +11.9% |
| Cash at bank and in hand | 54/58 | €220,695 | €500,672 | +€279,977 | +127% |
| Deferred charges and accrued income | 490/1 | €48,509 | €64,714 | +€16,205 | +33.4% |
| Total equity and liabilities | 10/49 | €1,810,597 | €1,829,265 | +€18,668 | +1.0% |
| Equity | 10/15 | €854,173 | €1,072,769 | +€218,596 | +25.6% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €134,830 | €134,830 | = | 0.0% |
| Non-distributable reserves | 130/1 | €34,830 | €34,830 | = | 0.0% |
| Legal reserve | 130 | €34,830 | €34,830 | = | 0.0% |
| Distributable reserves | 133 | €100,000 | €100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €654,395 | €873,991 | +€219,596 | +33.6% |
| Investment grants | 15 | €3,449 | €2,449 | -€1,000 | -29.0% |
| Amounts payable | 17/49 | €956,424 | €756,496 | -€199,928 | -20.9% |
| Amounts payable after more than one year | 17 | €205,928 | €173,337 | -€32,591 | -15.8% |
| Financial debts | 170/4 | €205,928 | €173,337 | -€32,591 | -15.8% |
| Amounts payable within one year | 42/48 | €749,942 | €578,538 | -€171,404 | -22.9% |
| Current portion of amounts payable after more than one year | 42 | €123,639 | €135,405 | +€11,766 | +9.5% |
| Financial debts | 43 | €71,833 | €84,927 | +€13,094 | +18.2% |
| Credit institutions | 430/8 | €71,833 | €84,927 | +€13,094 | +18.2% |
| Trade debts | 44 | €214,686 | €215,469 | +€783 | +0.4% |
| Suppliers | 440/4 | €214,686 | €215,469 | +€783 | +0.4% |
| Advances received on contracts in progress | 46 | - | €3,596 | +€3,596 | |
| Taxes, remuneration and social security | 45 | €139,477 | €138,795 | -€683 | -0.5% |
| Taxes | 450/3 | €58,146 | €47,717 | -€10,429 | -17.9% |
| Remuneration and social security | 454/9 | €81,331 | €91,078 | +€9,747 | +12.0% |
| Other amounts payable | 47/48 | €200,306 | €347 | -€199,959 | -99.8% |
| Accrued charges and deferred income | 492/3 | €554 | €4,620 | +€4,066 | +734% |
| Non-recurring operating income | 76A | - | €2,032 | +€2,032 | |
| Remuneration, social security and pensions | 62 | €534,731 | €706,321 | +€171,589 | +32.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,212 | €106,447 | +€62,235 | +141% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€52,053 | €11,239 | +€63,292 | |
| Other operating charges | 640/8 | €34,178 | €2,750 | -€31,428 | -92.0% |
| Non-recurring operating charges | 66A | - | €2,292 | +€2,292 | |
| Gross operating margin | 9900 | €901,151 | €1,154,068 | +€252,918 | +28.1% |
| Operating profit (loss) | 9901 | €340,082 | €325,020 | -€15,062 | -4.4% |
| Financial income | 75/76B | €2,657 | €4,452 | +€1,794 | +67.5% |
| Recurring financial income | 75 | €2,657 | €4,452 | +€1,794 | +67.5% |
| Financial charges | 65/66B | €8,166 | €14,339 | +€6,173 | +75.6% |
| Recurring financial charges | 65 | €8,166 | €14,339 | +€6,173 | +75.6% |
| Profit (loss) for the period before taxes | 9903 | €334,574 | €315,133 | -€19,441 | -5.8% |
| Income taxes | 67/77 | €85,710 | €95,537 | +€9,827 | +11.5% |
| Profit (loss) for the period | 9904 | €248,864 | €219,596 | -€29,268 | -11.8% |
| Profit (loss) for the period to be appropriated | 9905 | €248,864 | €219,596 | -€29,268 | -11.8% |
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 1 November 2026 via checked.be.