M.B.D.: what changed
Two fiscal 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.
M.B.D.
Largest movements
- Tangible fixed assets -€35,808
down €35,808 (-7.2%), from €494,510 to €458,702
of which Plant, machinery and equipment: -€22,049
- Receivables within one year -€19,281
down €19,281 (-91.2%), from €21,143 to €1,862
of which Trade receivables: -€19,281
- Debts after one year -€36,960
down €36,960 (-7.6%), from €488,854 to €451,894
of which Financial debts: -€27,460
- Trade debts -€24,252
down €24,252 (-81.4%), from €29,809 to €5,557
- Gross operating margin -€9,385
down €9,385 (-12.4%), from €75,705 to €66,320
- Depreciation +€4,670
up €4,670 (+10.8%), from €43,375 to €48,046
- Other operating charges +€1,501
up €1,501 (+56.5%), from €2,656 to €4,157
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €525,948 | €465,696 | -€60,252 | -11.5% |
| Fixed assets | 21/28 | €494,510 | €458,702 | -€35,808 | -7.2% |
| Tangible fixed assets | 22/27 | €494,510 | €458,702 | -€35,808 | -7.2% |
| Land and buildings | 22 | €272,221 | €261,887 | -€10,333 | -3.8% |
| Plant, machinery and equipment | 23 | €133,563 | €111,514 | -€22,049 | -16.5% |
| Furniture and vehicles | 24 | €11,614 | €8,427 | -€3,187 | -27.4% |
| Other tangible fixed assets | 26 | €77,112 | €76,873 | -€239 | -0.3% |
| Current assets | 29/58 | €31,438 | €6,995 | -€24,444 | -77.8% |
| Amounts receivable within one year | 40/41 | €21,143 | €1,862 | -€19,281 | -91.2% |
| Trade receivables | 40 | €21,128 | €1,847 | -€19,281 | -91.3% |
| Other amounts receivable | 41 | €14 | €14 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €4,144 | €1,706 | -€2,438 | -58.8% |
| Deferred charges and accrued income | 490/1 | €6,152 | €3,426 | -€2,725 | -44.3% |
| Total equity and liabilities | 10/49 | €525,948 | €465,696 | -€60,252 | -11.5% |
| Equity | 10/15 | -€35,875 | -€33,085 | +€2,791 | +7.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,327 | -€53,537 | +€2,791 | +5.0% |
| Amounts payable | 17/49 | €561,824 | €498,781 | -€63,043 | -11.2% |
| Amounts payable after more than one year | 17 | €488,854 | €451,894 | -€36,960 | -7.6% |
| Financial debts | 170/4 | €175,854 | €148,394 | -€27,460 | -15.6% |
| Other amounts payable | 178/9 | €313,000 | €303,500 | -€9,500 | -3.0% |
| Amounts payable within one year | 42/48 | €72,970 | €46,887 | -€26,083 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €26,750 | €27,460 | +€710 | +2.7% |
| Financial debts | 43 | €13,487 | €13,139 | -€348 | -2.6% |
| Credit institutions | 430/8 | €13,487 | €13,139 | -€348 | -2.6% |
| Trade debts | 44 | €29,809 | €5,557 | -€24,252 | -81.4% |
| Suppliers | 440/4 | €29,809 | €5,557 | -€24,252 | -81.4% |
| Taxes, remuneration and social security | 45 | €490 | €525 | +€35 | +7.1% |
| Taxes | 450/3 | €490 | €525 | +€35 | +7.1% |
| Other amounts payable | 47/48 | €2,434 | €206 | -€2,228 | -91.5% |
| Non-recurring operating income | 76A | €6,335 | - | -€6,335 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,375 | €48,046 | +€4,670 | +10.8% |
| Other operating charges | 640/8 | €2,656 | €4,157 | +€1,501 | +56.5% |
| Gross operating margin | 9900 | €75,705 | €66,320 | -€9,385 | -12.4% |
| Operating profit (loss) | 9901 | €29,673 | €14,117 | -€15,556 | -52.4% |
| Financial income | 75/76B | €45 | €5 | -€40 | -88.8% |
| Recurring financial income | 75 | €45 | €5 | -€40 | -88.8% |
| Financial charges | 65/66B | €11,938 | €11,307 | -€631 | -5.3% |
| Recurring financial charges | 65 | €10,848 | €11,307 | +€459 | +4.2% |
| Non-recurring financial charges | 66B | €1,090 | - | -€1,090 | |
| Profit (loss) for the period before taxes | 9903 | €17,780 | €2,815 | -€14,965 | -84.2% |
| Income taxes | 67/77 | -€22 | €25 | +€47 | |
| Profit (loss) for the period | 9904 | €17,803 | €2,791 | -€15,012 | -84.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,803 | €2,791 | -€15,012 | -84.3% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.