M.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.D.
Largest movements
- Cash +€13,758
up €13,758 (+62.2%), from €22,131 to €35,890
mainly Trade debts (+€32,563) and Contributions, distributions and other (+€6,300)
- Stocks and contracts +€12,825
up €12,825 (+72.9%), from €17,589 to €30,414
- Receivables within one year -€1,752
down €1,752 (-72.1%), from €2,429 to €677
- Trade debts +€32,563
up €32,563 (+116.0%), from €28,066 to €60,630
- Profit (loss) carried forward -€9,625
down €9,625 (-96.8%), from €9,943 to €318
- Contributions +€6,300
new in 2025: €6,300
- Tax, wage and social debts -€4,407
down €4,407 (-68.0%), from €6,481 to €2,073
of which Remuneration and social security: -€4,095
- Turnover +€72,560
up €72,560 (+22.8%), from €317,818 to €390,378
- Purchases and services +€59,836
up €59,836 (+19.0%), from €315,236 to €375,072
- Gross operating margin +€13,049
up €13,049 (+247.1%), from €5,280 to €18,329
- Staff costs +€6,456
up €6,456 (+44.3%), from €14,559 to €21,014
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.
Cash bridge derived
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 | €46,350 | €71,181 | +€24,831 | +53.6% |
| Fixed assets | 21/28 | €4,200 | €4,200 | = | 0.0% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €42,150 | €66,981 | +€24,831 | +58.9% |
| Stocks and contracts in progress | 3 | €17,589 | €30,414 | +€12,825 | +72.9% |
| Stocks | 30/36 | €17,589 | €30,414 | +€12,825 | +72.9% |
| Amounts receivable within one year | 40/41 | €2,429 | €677 | -€1,752 | -72.1% |
| Trade receivables | 40 | €2,429 | €677 | -€1,752 | -72.1% |
| Cash at bank and in hand | 54/58 | €22,131 | €35,890 | +€13,758 | +62.2% |
| Total equity and liabilities | 10/49 | €46,350 | €71,181 | +€24,831 | +53.6% |
| Equity | 10/15 | €11,803 | €8,478 | -€3,325 | -28.2% |
| Contributions | 10/11 | - | €6,300 | +€6,300 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,943 | €318 | -€9,625 | -96.8% |
| Amounts payable | 17/49 | €34,547 | €62,703 | +€28,156 | +81.5% |
| Amounts payable within one year | 42/48 | €34,547 | €62,703 | +€28,156 | +81.5% |
| Trade debts | 44 | €28,066 | €60,630 | +€32,563 | +116.0% |
| Suppliers | 440/4 | €28,066 | €60,630 | +€32,563 | +116.0% |
| Taxes, remuneration and social security | 45 | €6,481 | €2,073 | -€4,407 | -68.0% |
| Taxes | 450/3 | €1,567 | €1,254 | -€313 | -20.0% |
| Remuneration and social security | 454/9 | €4,913 | €819 | -€4,095 | -83.3% |
| Turnover | 70 | €317,818 | €390,378 | +€72,560 | +22.8% |
| Non-recurring operating income | 76A | €785 | - | -€785 | |
| Goods, raw materials, services and sundry goods | 60/61 | €315,236 | €375,072 | +€59,836 | +19.0% |
| Remuneration, social security and pensions | 62 | €14,559 | €21,014 | +€6,456 | +44.3% |
| Other operating charges | 640/8 | €8,349 | €6,928 | -€1,421 | -17.0% |
| Gross operating margin | 9900 | €5,280 | €18,329 | +€13,049 | +247.1% |
| Operating profit (loss) | 9901 | -€17,628 | -€9,614 | +€8,014 | +45.5% |
| Financial income | 75/76B | €0 | €186 | +€186 | +41333.3% |
| Recurring financial income | 75 | €0 | €186 | +€186 | +41333.3% |
| Financial charges | 65/66B | €71 | €198 | +€128 | +180.6% |
| Recurring financial charges | 65 | €71 | €198 | +€128 | +180.6% |
| Profit (loss) for the period before taxes | 9903 | -€17,698 | -€9,625 | +€8,073 | +45.6% |
| Profit (loss) for the period | 9904 | -€17,698 | -€9,625 | +€8,073 | +45.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,698 | -€9,625 | +€8,073 | +45.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.