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
- Tangible fixed assets -€45,699
down €45,699 (-13.4%), from €341,712 to €296,013
of which Leasing and similar rights: -€34,613
- Receivables within one year -€26,669
down €26,669 (-9.0%), from €297,912 to €271,242
of which Other amounts receivable: -€47,834
- Cash -€12,687
down €12,687 (-57.6%), from €22,031 to €9,345
mainly Trade debts (-€57,394) and Investment in fixed assets (net) (-€50,011)
- Deferred charges and accrued income +€12,029
up €12,029 (+294%), from €4,085 to €16,114
- Trade debts -€57,394
down €57,394 (-15.3%), from €375,192 to €317,798
- Debts after one year -€33,651
down €33,651 (-31.4%), from €107,170 to €73,519
- Other debts +€26,959
new in 2024: €26,959
- Tax, wage and social debts -€15,201
down €15,201 (-53.3%), from €28,499 to €13,298
of which Taxes: -€11,418
- Accrued charges and deferred income +€8,791
up €8,791 (+19.7%), from €44,573 to €53,363
- Gross operating margin +€113,549
up €113,549 (+33.4%), from €339,701 to €453,251
- Staff costs +€85,176
up €85,176 (+38.0%), from €223,883 to €309,058
- Depreciation +€44,739
up €44,739 (+87.8%), from €50,971 to €95,710
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.
Derived cash bridge
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 | €689,190 | €616,163 | -€73,026 | -10.6% |
| Fixed assets | 21/28 | €356,162 | €310,463 | -€45,699 | -12.8% |
| Tangible fixed assets | 22/27 | €341,712 | €296,013 | -€45,699 | -13.4% |
| Land and buildings | 22 | €15,118 | €12,393 | -€2,725 | -18.0% |
| Plant, machinery and equipment | 23 | €108,302 | €93,177 | -€15,125 | -14.0% |
| Furniture and vehicles | 24 | €82,925 | €89,688 | +€6,763 | +8.2% |
| Leasing and similar rights | 25 | €135,368 | €100,756 | -€34,613 | -25.6% |
| Financial fixed assets | 28 | €14,450 | €14,450 | = | 0.0% |
| Current assets | 29/58 | €333,027 | €305,700 | -€27,327 | -8.2% |
| Stocks and contracts in progress | 3 | €9,000 | €9,000 | = | 0.0% |
| Stocks | 30/36 | €9,000 | €9,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €297,912 | €271,242 | -€26,669 | -9.0% |
| Trade receivables | 40 | €249,873 | €271,037 | +€21,164 | +8.5% |
| Other amounts receivable | 41 | €48,039 | €205 | -€47,834 | -99.6% |
| Cash at bank and in hand | 54/58 | €22,031 | €9,345 | -€12,687 | -57.6% |
| Deferred charges and accrued income | 490/1 | €4,085 | €16,114 | +€12,029 | +294% |
| Total equity and liabilities | 10/49 | €689,190 | €616,163 | -€73,026 | -10.6% |
| Equity | 10/15 | €93,920 | €98,625 | +€4,705 | +5.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €91,420 | €96,125 | +€4,705 | +5.1% |
| Non-distributable reserves | 130/1 | €250 | €250 | = | 0.0% |
| Reserves not available under the articles | 1311 | €250 | €250 | = | 0.0% |
| Distributable reserves | 133 | €91,170 | €95,875 | +€4,705 | +5.2% |
| Amounts payable | 17/49 | €595,270 | €517,538 | -€77,732 | -13.1% |
| Amounts payable after more than one year | 17 | €107,170 | €73,519 | -€33,651 | -31.4% |
| Financial debts | 170/4 | €107,170 | €73,519 | -€33,651 | -31.4% |
| Amounts payable within one year | 42/48 | €443,528 | €390,656 | -€52,872 | -11.9% |
| Current portion of amounts payable after more than one year | 42 | €39,836 | €32,601 | -€7,236 | -18.2% |
| Trade debts | 44 | €375,192 | €317,798 | -€57,394 | -15.3% |
| Suppliers | 440/4 | €375,192 | €317,798 | -€57,394 | -15.3% |
| Taxes, remuneration and social security | 45 | €28,499 | €13,298 | -€15,201 | -53.3% |
| Taxes | 450/3 | €18,294 | €6,877 | -€11,418 | -62.4% |
| Remuneration and social security | 454/9 | €10,205 | €6,421 | -€3,783 | -37.1% |
| Other amounts payable | 47/48 | - | €26,959 | +€26,959 | |
| Accrued charges and deferred income | 492/3 | €44,573 | €53,363 | +€8,791 | +19.7% |
| Remuneration, social security and pensions | 62 | €223,883 | €309,058 | +€85,176 | +38.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €50,971 | €95,710 | +€44,739 | +87.8% |
| Other operating charges | 640/8 | €6,642 | €8,128 | +€1,486 | +22.4% |
| Non-recurring operating charges | 66A | €38,040 | €17,546 | -€20,493 | -53.9% |
| Gross operating margin | 9900 | €339,701 | €453,251 | +€113,549 | +33.4% |
| Operating profit (loss) | 9901 | €20,166 | €22,808 | +€2,642 | +13.1% |
| Financial income | 75/76B | €4,152 | €2 | -€4,150 | -100.0% |
| Recurring financial income | 75 | €4,152 | €2 | -€4,150 | -100.0% |
| Financial charges | 65/66B | €15,091 | €15,560 | +€469 | +3.1% |
| Recurring financial charges | 65 | €15,091 | €15,560 | +€469 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €9,227 | €7,250 | -€1,978 | -21.4% |
| Income taxes | 67/77 | €6 | €2,544 | +€2,538 | +39,966% |
| Profit (loss) for the period | 9904 | €9,221 | €4,705 | -€4,516 | -49.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,221 | €4,705 | -€4,516 | -49.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.