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.
M&D
Largest movements
- Receivables within one year +€22,593
up €22,593 (+15.3%), from €147,638 to €170,231
of which Other amounts receivable: +€30,198
- Cash +€15,724
up €15,724 (+587%), from €2,680 to €18,404
mainly Net result for the year (+€23,576) and Tax, wage and social debts (+€13,251)
- Deferred charges and accrued income +€4,630
up €4,630 (+256%), from €1,810 to €6,440
- Tangible fixed assets -€4,018
down €4,018 (-18.4%), from €21,863 to €17,846
of which Furniture and vehicles: -€4,114
- Reserves +€23,576
up €23,576 (+32.6%), from €72,234 to €95,810
- Tax, wage and social debts +€13,251
up €13,251 (+117%), from €11,356 to €24,607
of which Taxes: +€8,506
- Trade debts +€5,499
up €5,499 (+7.8%), from €70,502 to €76,001
- Debts after one year -€4,883
down €4,883 (-93.4%), from €5,228 to €344
- Other debts -€2,869
down €2,869 (-100%), from €2,869 to €0
- Staff costs -€61,518
down €61,518 (-17.1%), from €359,906 to €298,388
- Gross operating margin -€21,750
down €21,750 (-5.5%), from €394,436 to €372,686
- Write-downs +€18,643
new in 2025: €18,643
- Taxes +€13,406
up €13,406 (+358%), from €3,749 to €17,155
- Other operating charges -€8,957
down €8,957 (-61.7%), from €14,517 to €5,559
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 | €177,691 | €216,621 | +€38,930 | +21.9% |
| Fixed assets | 21/28 | €22,063 | €18,046 | -€4,018 | -18.2% |
| Tangible fixed assets | 22/27 | €21,863 | €17,846 | -€4,018 | -18.4% |
| Plant, machinery and equipment | 23 | €3,909 | €4,006 | +€97 | +2.5% |
| Furniture and vehicles | 24 | €17,954 | €13,840 | -€4,114 | -22.9% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €155,628 | €198,575 | +€42,947 | +27.6% |
| Stocks and contracts in progress | 3 | €3,500 | €3,500 | = | 0.0% |
| Stocks | 30/36 | €3,500 | €3,500 | = | 0.0% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €147,638 | €170,231 | +€22,593 | +15.3% |
| Trade receivables | 40 | €92,950 | €85,344 | -€7,606 | -8.2% |
| Other amounts receivable | 41 | €54,688 | €84,886 | +€30,198 | +55.2% |
| Cash at bank and in hand | 54/58 | €2,680 | €18,404 | +€15,724 | +587% |
| Deferred charges and accrued income | 490/1 | €1,810 | €6,440 | +€4,630 | +256% |
| Total equity and liabilities | 10/49 | €177,691 | €216,621 | +€38,930 | +21.9% |
| Equity | 10/15 | €78,434 | €102,010 | +€23,576 | +30.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €72,234 | €95,810 | +€23,576 | +32.6% |
| Distributable reserves | 133 | €72,234 | €95,810 | +€23,576 | +32.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €99,257 | €114,611 | +€15,353 | +15.5% |
| Amounts payable after more than one year | 17 | €5,228 | €344 | -€4,883 | -93.4% |
| Financial debts | 170/4 | €5,228 | €344 | -€4,883 | -93.4% |
| Amounts payable within one year | 42/48 | €94,030 | €112,766 | +€18,737 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €7,651 | €9,285 | +€1,634 | +21.4% |
| Financial debts | 43 | €1,652 | €2,874 | +€1,222 | +74.0% |
| Credit institutions | 430/8 | €1,652 | €2,874 | +€1,222 | +74.0% |
| Trade debts | 44 | €70,502 | €76,001 | +€5,499 | +7.8% |
| Suppliers | 440/4 | €70,502 | €76,001 | +€5,499 | +7.8% |
| Taxes, remuneration and social security | 45 | €11,356 | €24,607 | +€13,251 | +117% |
| Taxes | 450/3 | €5,261 | €13,767 | +€8,506 | +162% |
| Remuneration and social security | 454/9 | €6,095 | €10,839 | +€4,744 | +77.8% |
| Other amounts payable | 47/48 | €2,869 | €0 | -€2,869 | -100% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €359,906 | €298,388 | -€61,518 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,639 | €8,413 | +€774 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €18,643 | +€18,643 | |
| Other operating charges | 640/8 | €14,517 | €5,559 | -€8,957 | -61.7% |
| Gross operating margin | 9900 | €394,436 | €372,686 | -€21,750 | -5.5% |
| Operating profit (loss) | 9901 | €12,375 | €41,683 | +€29,308 | +237% |
| Financial income | 75/76B | €0 | €4,289 | +€4,289 | |
| Recurring financial income | 75 | €0 | €4,289 | +€4,289 | |
| Financial charges | 65/66B | €6,529 | €5,241 | -€1,289 | -19.7% |
| Recurring financial charges | 65 | €6,529 | €5,241 | -€1,289 | -19.7% |
| Profit (loss) for the period before taxes | 9903 | €5,845 | €40,732 | +€34,886 | +597% |
| Income taxes | 67/77 | €3,749 | €17,155 | +€13,406 | +358% |
| Profit (loss) for the period | 9904 | €2,096 | €23,576 | +€21,480 | +1,025% |
| Profit (loss) for the period to be appropriated | 9905 | €2,096 | €23,576 | +€21,480 | +1,025% |
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 14 October 2026 via checked.be.