M.B.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.
M.B.D.
Largest movements
- Receivables within one year +€248,230
up €248,230 (+2,399%), from €10,348 to €258,579
of which Trade receivables: +€255,319
- Cash -€219,204
down €219,204 (-91.4%), from €239,827 to €20,623
mainly Receivables within one year (-€248,230) and Stocks and contracts (-€192,659)
- Stocks and contracts +€192,659
up €192,659 (+25.4%), from €759,526 to €952,185
- Tangible fixed assets -€30,529
down €30,529 (-12.4%), from €246,413 to €215,884
of which Furniture and vehicles: -€21,187
- Trade debts +€191,042
up €191,042 (+115%), from €165,689 to €356,731
- Debts after one year -€16,721
down €16,721 (-31.1%), from €53,810 to €37,088
- Goods and materials -€4.8m
no longer reported in 2025 (was €4.8m)
of which Purchases: -€2.8m
- Turnover -€4.8m
no longer reported in 2025 (was €4.8m)
- Services and other goods -€215,552
no longer reported in 2025 (was €215,552)
- Gross operating margin +€77,214
new in 2025: €77,214
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 | €1,256,114 | €1,447,270 | +€191,156 | +15.2% |
| Fixed assets | 21/28 | €246,413 | €215,884 | -€30,529 | -12.4% |
| Tangible fixed assets | 22/27 | €246,413 | €215,884 | -€30,529 | -12.4% |
| Land and buildings | 22 | €159,887 | €151,095 | -€8,792 | -5.5% |
| Plant, machinery and equipment | 23 | €1,547 | €997 | -€550 | -35.5% |
| Furniture and vehicles | 24 | €84,979 | €63,792 | -€21,187 | -24.9% |
| Current assets | 29/58 | €1,009,701 | €1,231,386 | +€221,685 | +22.0% |
| Stocks and contracts in progress | 3 | €759,526 | €952,185 | +€192,659 | +25.4% |
| Stocks | 30/36 | €759,526 | €952,185 | +€192,659 | +25.4% |
| Goods purchased for resale | 34 | €759,526 | - | -€759,526 | |
| Amounts receivable within one year | 40/41 | €10,348 | €258,579 | +€248,230 | +2,399% |
| Trade receivables | 40 | - | €255,319 | +€255,319 | |
| Other amounts receivable | 41 | €10,348 | €3,260 | -€7,089 | -68.5% |
| Cash at bank and in hand | 54/58 | €239,827 | €20,623 | -€219,204 | -91.4% |
| Total equity and liabilities | 10/49 | €1,256,114 | €1,447,270 | +€191,156 | +15.2% |
| Equity | 10/15 | €1,001,848 | €1,008,702 | +€6,854 | +0.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €3,591,981 | €3,591,981 | = | 0.0% |
| Distributable reserves | 133 | €3,591,981 | €3,591,981 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,596,332 | -€2,589,479 | +€6,854 | +0.3% |
| Amounts payable | 17/49 | €254,266 | €438,568 | +€184,302 | +72.5% |
| Amounts payable after more than one year | 17 | €53,810 | €37,088 | -€16,721 | -31.1% |
| Financial debts | 170/4 | €53,810 | €37,088 | -€16,721 | -31.1% |
| Other loans | 174 | €53,810 | - | -€53,810 | |
| Amounts payable within one year | 42/48 | €200,456 | €401,480 | +€201,023 | +100% |
| Current portion of amounts payable after more than one year | 42 | €15,613 | €16,721 | +€1,109 | +7.1% |
| Trade debts | 44 | €165,689 | €356,731 | +€191,042 | +115% |
| Suppliers | 440/4 | €165,689 | €356,731 | +€191,042 | +115% |
| Taxes, remuneration and social security | 45 | €19,155 | €23,809 | +€4,654 | +24.3% |
| Taxes | 450/3 | €16,148 | €17,035 | +€888 | +5.5% |
| Remuneration and social security | 454/9 | €3,007 | €6,774 | +€3,766 | +125% |
| Other amounts payable | 47/48 | - | €4,219 | +€4,219 | |
| Operating income | 70/76A | €4,780,896 | - | -€4.8m | |
| Turnover | 70 | €4,776,397 | - | -€4.8m | |
| Other operating income | 74 | €4,500 | - | -€4,500 | |
| Operating charges | 60/66A | €5,087,356 | - | -€5.1m | |
| Goods for resale, raw materials and consumables | 60 | €4,814,127 | - | -€4.8m | |
| Purchases | 600/8 | €2,807,802 | - | -€2.8m | |
| Change in stocks: decrease (increase) | 609 | €2,006,325 | - | -€2.0m | |
| Services and other goods | 61 | €215,552 | - | -€215,552 | |
| Remuneration, social security and pensions | 62 | €18,969 | €18,796 | -€173 | -0.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,297 | €30,529 | +€232 | +0.8% |
| Other operating charges | 640/8 | €8,411 | €7,485 | -€926 | -11.0% |
| Gross operating margin | 9900 | - | €77,214 | +€77,214 | |
| Operating profit (loss) | 9901 | -€306,460 | €20,403 | +€326,863 | |
| Financial income | 75/76B | €344 | €0 | -€344 | -100.0% |
| Recurring financial income | 75 | €344 | €0 | -€344 | -100.0% |
| Other financial income | 752/9 | €344 | - | -€344 | |
| Financial charges | 65/66B | €14,288 | €11,869 | -€2,418 | -16.9% |
| Recurring financial charges | 65 | €14,288 | €11,869 | -€2,418 | -16.9% |
| Debt charges | 650 | €3,666 | - | -€3,666 | |
| Other financial charges | 652/9 | €10,622 | - | -€10,622 | |
| Profit (loss) for the period before taxes | 9903 | -€320,403 | €8,534 | +€328,937 | |
| Income taxes | 67/77 | €14,460 | €1,680 | -€12,780 | -88.4% |
| Taxes | 670/3 | €14,460 | - | -€14,460 | |
| Profit (loss) for the period | 9904 | -€334,863 | €6,854 | +€341,717 | |
| Profit (loss) for the period to be appropriated | 9905 | -€334,863 | €6,854 | +€341,717 |
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 21 October 2026 via checked.be.