M.D.A.C.: 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.A.C.
Largest movements
- Cash +€59,821
up €59,821 (+67.7%), from €88,316 to €148,137
mainly Net result for the year (+€58,574) and Depreciation (+€34,906)
- Tangible fixed assets -€22,923
down €22,923 (-17.5%), from €131,361 to €108,438
- Receivables within one year +€11,112
up €11,112 (+8,681%), from €128 to €11,240
of which Other amounts receivable: +€7,167
- Profit (loss) carried forward +€58,574
up €58,574 (+64.5%), from €90,876 to €149,450
- Debts after one year -€17,759
down €17,759 (-23.2%), from €76,676 to €58,917
- Tax, wage and social debts +€5,684
up €5,684 (+30.3%), from €18,761 to €24,445
of which Taxes: +€5,076
- Gross operating margin +€17,975
up €17,975 (+11.8%), from €152,033 to €170,008
- Depreciation +€3,924
up €3,924 (+12.7%), from €30,982 to €34,906
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 | €224,330 | €273,349 | +€49,019 | +21.9% |
| Fixed assets | 21/28 | €131,361 | €108,438 | -€22,923 | -17.5% |
| Tangible fixed assets | 22/27 | €131,361 | €108,438 | -€22,923 | -17.5% |
| Plant, machinery and equipment | 23 | €49,663 | €47,093 | -€2,570 | -5.2% |
| Furniture and vehicles | 24 | €17,792 | €8,084 | -€9,708 | -54.6% |
| Other tangible fixed assets | 26 | €63,906 | €53,261 | -€10,645 | -16.7% |
| Current assets | 29/58 | €92,969 | €164,911 | +€71,942 | +77.4% |
| Amounts receivable within one year | 40/41 | €128 | €11,240 | +€11,112 | +8,681% |
| Trade receivables | 40 | €128 | €4,073 | +€3,945 | +3,082% |
| Other amounts receivable | 41 | - | €7,167 | +€7,167 | |
| Cash at bank and in hand | 54/58 | €88,316 | €148,137 | +€59,821 | +67.7% |
| Deferred charges and accrued income | 490/1 | €4,525 | €5,534 | +€1,009 | +22.3% |
| Total equity and liabilities | 10/49 | €224,330 | €273,349 | +€49,019 | +21.9% |
| Equity | 10/15 | €100,876 | €159,450 | +€58,574 | +58.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €90,876 | €149,450 | +€58,574 | +64.5% |
| Amounts payable | 17/49 | €123,454 | €113,899 | -€9,555 | -7.7% |
| Amounts payable after more than one year | 17 | €76,676 | €58,917 | -€17,759 | -23.2% |
| Financial debts | 170/4 | €76,676 | €58,917 | -€17,759 | -23.2% |
| Amounts payable within one year | 42/48 | €46,390 | €54,582 | +€8,192 | +17.7% |
| Current portion of amounts payable after more than one year | 42 | €17,137 | €17,759 | +€622 | +3.6% |
| Trade debts | 44 | €8,775 | €8,806 | +€31 | +0.4% |
| Suppliers | 440/4 | €8,775 | €8,806 | +€31 | +0.4% |
| Taxes, remuneration and social security | 45 | €18,761 | €24,445 | +€5,684 | +30.3% |
| Taxes | 450/3 | €10,068 | €15,144 | +€5,076 | +50.4% |
| Remuneration and social security | 454/9 | €8,693 | €9,301 | +€608 | +7.0% |
| Other amounts payable | 47/48 | €1,717 | €3,572 | +€1,855 | +108% |
| Accrued charges and deferred income | 492/3 | €388 | €400 | +€12 | +3.1% |
| Remuneration, social security and pensions | 62 | €45,813 | €46,978 | +€1,165 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,982 | €34,906 | +€3,924 | +12.7% |
| Other operating charges | 640/8 | €4,152 | €5,285 | +€1,133 | +27.3% |
| Non-recurring operating charges | 66A | €63 | €6,503 | +€6,440 | +10,222% |
| Gross operating margin | 9900 | €152,033 | €170,008 | +€17,975 | +11.8% |
| Operating profit (loss) | 9901 | €71,023 | €76,336 | +€5,313 | +7.5% |
| Financial income | 75/76B | €6 | €32 | +€26 | +433% |
| Recurring financial income | 75 | €6 | €32 | +€26 | +433% |
| Financial charges | 65/66B | €3,908 | €3,322 | -€586 | -15.0% |
| Recurring financial charges | 65 | €3,908 | €3,322 | -€586 | -15.0% |
| Profit (loss) for the period before taxes | 9903 | €67,121 | €73,046 | +€5,925 | +8.8% |
| Income taxes | 67/77 | €14,346 | €14,472 | +€126 | +0.9% |
| Profit (loss) for the period | 9904 | €52,775 | €58,574 | +€5,799 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €52,775 | €58,574 | +€5,799 | +11.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.