M&D BRUSSELS: 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 BRUSSELS
Largest movements
- Receivables within one year +€37,490
up €37,490 (+13.9%), from €269,925 to €307,415
of which Other amounts receivable: +€84,804
- Cash +€12,484
up €12,484 (+30.1%), from €41,469 to €53,953
mainly Tax, wage and social debts (+€37,603) and Other debts (+€20,000)
- Tax, wage and social debts +€37,603
up €37,603 (+34.2%), from €110,032 to €147,635
of which Remuneration and social security: +€35,723
- Short-term financial debts -€30,000
down €30,000 (-100.0%), from €30,000 to €0
- Other debts +€20,000
up €20,000 (+135.6%), from €14,750 to €34,750
- Profit (loss) carried forward +€8,522
up €8,522 (+10.3%), from €82,767 to €91,289
- Current portion of long-term debt +€8,520
up €8,520 (+57.0%), from €14,957 to €23,477
- Staff costs +€301,211
up €301,211 (+29.6%), from €1.0m to €1.3m
- Gross operating margin +€296,444
up €296,444 (+28.6%), from €1.0m to €1.3m
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 | €311,393 | €361,367 | +€49,974 | +16.0% |
| Current assets | 29/58 | €311,393 | €361,367 | +€49,974 | +16.0% |
| Amounts receivable within one year | 40/41 | €269,925 | €307,415 | +€37,490 | +13.9% |
| Trade receivables | 40 | €189,096 | €141,782 | -€47,314 | -25.0% |
| Other amounts receivable | 41 | €80,829 | €165,633 | +€84,804 | +104.9% |
| Cash at bank and in hand | 54/58 | €41,469 | €53,953 | +€12,484 | +30.1% |
| Total equity and liabilities | 10/49 | €311,393 | €361,367 | +€49,974 | +16.0% |
| Equity | 10/15 | €87,622 | €96,144 | +€8,522 | +9.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Capital | 10 | €3,000 | €3,000 | = | 0.0% |
| Issued capital | 100 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Legal reserve | 130 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | €82,767 | €91,289 | +€8,522 | +10.3% |
| Amounts payable | 17/49 | €223,771 | €265,223 | +€41,452 | +18.5% |
| Amounts payable within one year | 42/48 | €223,771 | €265,223 | +€41,452 | +18.5% |
| Current portion of amounts payable after more than one year | 42 | €14,957 | €23,477 | +€8,520 | +57.0% |
| Financial debts | 43 | €30,000 | €0 | -€30,000 | -100.0% |
| Credit institutions | 430/8 | €30,000 | €0 | -€30,000 | -100.0% |
| Trade debts | 44 | €54,032 | €59,361 | +€5,329 | +9.9% |
| Suppliers | 440/4 | €54,032 | €59,361 | +€5,329 | +9.9% |
| Taxes, remuneration and social security | 45 | €110,032 | €147,635 | +€37,603 | +34.2% |
| Taxes | 450/3 | €0 | €1,880 | +€1,880 | |
| Remuneration and social security | 454/9 | €110,032 | €145,755 | +€35,723 | +32.5% |
| Other amounts payable | 47/48 | €14,750 | €34,750 | +€20,000 | +135.6% |
| Remuneration, social security and pensions | 62 | €1,016,083 | €1,317,295 | +€301,211 | +29.6% |
| Other operating charges | 640/8 | €2,292 | €400 | -€1,893 | -82.6% |
| Gross operating margin | 9900 | €1,036,690 | €1,333,134 | +€296,444 | +28.6% |
| Operating profit (loss) | 9901 | €18,314 | €15,440 | -€2,874 | -15.7% |
| Financial charges | 65/66B | €5,512 | €3,297 | -€2,214 | -40.2% |
| Recurring financial charges | 65 | €5,512 | €3,297 | -€2,214 | -40.2% |
| Profit (loss) for the period before taxes | 9903 | €12,802 | €12,142 | -€660 | -5.2% |
| Income taxes | 67/77 | €5,477 | €3,621 | -€1,857 | -33.9% |
| Profit (loss) for the period | 9904 | €7,325 | €8,522 | +€1,197 | +16.3% |
| Profit (loss) for the period to be appropriated | 9905 | €7,325 | €8,522 | +€1,197 | +16.3% |
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 6 October 2026 via checked.be.