M&D Associés: 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 Associés
Largest movements
- Tangible fixed assets +€13,995
up €13,995 (+3,325%), from €421 to €14,416
of which Furniture and vehicles: +€14,104
- Receivables within one year -€8,810
down €8,810 (-91.9%), from €9,591 to €781
of which Trade receivables: -€8,811
- Cash -€2,397
down €2,397 (-36.0%), from €6,659 to €4,263
mainly Investment in fixed assets (net) (-€14,383) and Trade debts (-€6,554)
- Deferred charges and accrued income +€457
new in 2025: €457
- Profit (loss) carried forward +€7,739
up €7,739 (+30.9%), from -€25,056 to -€17,317
- Trade debts -€6,554
down €6,554 (-72.0%), from €9,106 to €2,551
- Other debts +€2,014
up €2,014 (+26.1%), from €7,718 to €9,731
- Tax, wage and social debts +€934
up €934 (+23.2%), from €4,017 to €4,950
- Accrued charges and deferred income -€887
no longer reported in 2025 (was €887)
- Gross operating margin +€12,200
up €12,200 (+459%), from €2,657 to €14,858
- Other operating charges -€9,178
down €9,178 (-77.0%), from €11,918 to €2,740
- Taxes +€3,397
up €3,397 (+819%), from €415 to €3,812
- Financial charges -€391
down €391 (-68.6%), from €569 to €179
- Depreciation +€157
up €157 (+67.9%), from €231 to €388
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 | €16,671 | €19,916 | +€3,245 | +19.5% |
| Fixed assets | 21/28 | €421 | €14,416 | +€13,995 | +3,325% |
| Tangible fixed assets | 22/27 | €421 | €14,416 | +€13,995 | +3,325% |
| Plant, machinery and equipment | 23 | €339 | €230 | -€109 | -32.1% |
| Furniture and vehicles | 24 | €82 | €14,186 | +€14,104 | +17,120% |
| Current assets | 29/58 | €16,250 | €5,500 | -€10,750 | -66.2% |
| Amounts receivable within one year | 40/41 | €9,591 | €781 | -€8,810 | -91.9% |
| Trade receivables | 40 | €9,569 | €759 | -€8,811 | -92.1% |
| Other amounts receivable | 41 | €21 | €22 | +€1 | +4.1% |
| Cash at bank and in hand | 54/58 | €6,659 | €4,263 | -€2,397 | -36.0% |
| Deferred charges and accrued income | 490/1 | - | €457 | +€457 | |
| Total equity and liabilities | 10/49 | €16,671 | €19,916 | +€3,245 | +19.5% |
| Equity | 10/15 | -€5,056 | €2,683 | +€7,739 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€25,056 | -€17,317 | +€7,739 | +30.9% |
| Amounts payable | 17/49 | €21,727 | €17,233 | -€4,494 | -20.7% |
| Amounts payable within one year | 42/48 | €20,840 | €17,233 | -€3,607 | -17.3% |
| Trade debts | 44 | €9,106 | €2,551 | -€6,554 | -72.0% |
| Suppliers | 440/4 | €9,106 | €2,551 | -€6,554 | -72.0% |
| Taxes, remuneration and social security | 45 | €4,017 | €4,950 | +€934 | +23.2% |
| Taxes | 450/3 | €4,017 | €4,950 | +€934 | +23.2% |
| Other amounts payable | 47/48 | €7,718 | €9,731 | +€2,014 | +26.1% |
| Accrued charges and deferred income | 492/3 | €887 | - | -€887 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €231 | €388 | +€157 | +67.9% |
| Other operating charges | 640/8 | €11,918 | €2,740 | -€9,178 | -77.0% |
| Gross operating margin | 9900 | €2,657 | €14,858 | +€12,200 | +459% |
| Operating profit (loss) | 9901 | -€9,492 | €11,730 | +€21,221 | |
| Financial charges | 65/66B | €569 | €179 | -€391 | -68.6% |
| Recurring financial charges | 65 | €569 | €179 | -€391 | -68.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,061 | €11,551 | +€21,612 | |
| Income taxes | 67/77 | €415 | €3,812 | +€3,397 | +819% |
| Profit (loss) for the period | 9904 | -€10,476 | €7,739 | +€18,215 | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,476 | €7,739 | +€18,215 |
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 30 October 2026 via checked.be.