M.D.C.: what changed
What changed
M.D.C.
NACE 71.121, Engineering and related technical consultancy, excluding land surveyors
filed annual accounts (NBB)
Net result for the year
-€20,985
2024 · -€42,238+€21,252
Equity
€685,023
2024 · €146,227+€538,796
Cash
€1,949
2024 · €7,796-€5,847
Balance sheet total
€1.7m
2024 · €1.9m-€215,307
Largest movements
Assets
- Tangible fixed assets -€539,569
down €539,569 (-30.8%), from €1.7m to €1.2m
- Receivables within one year +€283,318
up €283,318 (+259%), from €109,429 to €392,746
of which Other amounts receivable: +€278,717
- Deferred charges and accrued income +€34,513
up €34,513 (+63.6%), from €54,276 to €88,789
Equity and liabilities
- Other debts -€503,544
down €503,544 (-92.7%), from €543,177 to €39,632
- Reserves +€493,648
up €493,648 (+461%), from €107,033 to €600,681
of which Tax-exempt reserves: +€493,648
- Debts after one year -€226,496
down €226,496 (-27.1%), from €834,696 to €608,201
of which Financial debts: -€226,496
- Provisions +€152,684
up €152,684 (+309%), from €49,349 to €202,034
- Trade debts -€125,520
down €125,520 (-50.9%), from €246,547 to €121,027
Income statement
- Gross operating margin +€712,774
up €712,774 (+689%), from €103,385 to €816,159
- Depreciation -€15,701
down €15,701 (-14.0%), from €112,309 to €96,608
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
-€42,238
Gross operating margin
+€712,774
Depreciation
+€15,701
Other operating charges
+€2,535
Financial income
-€18
Financial charges
+€4,974
Deferred taxes and other
-€714,713
Result 2025
-€20,985
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
-€719,269
Investment
+€430,683
Financing
+€282,739
Cash 2024
€7,796
From operations (derived)
-€719,269
Net result for the year
-€20,985
Depreciation
+€96,608
Receivables within one year
-€283,318
Deferred charges and accrued income
-€34,513
Provisions
+€152,684
Trade debts
-€125,520
Tax, wage and social debts
-€682
Other debts
-€503,544
Investment (derived)
+€430,683
Investment in fixed assets (net)
+€430,683
Financing
+€282,739
Debts after one year
-€226,496
Current portion of long-term debt
-€50,547
Contributions, distributions and other
+€559,782
Cash 2025
€1,949
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,921,812 | €1,706,504 | -€215,307 | -11.2% |
| Formation expenses | 20 | - | €12,277 | +€12,277 | |
| Fixed assets | 21/28 | €1,750,311 | €1,210,743 | -€539,569 | -30.8% |
| Tangible fixed assets | 22/27 | €1,749,907 | €1,210,338 | -€539,569 | -30.8% |
| Land and buildings | 22 | €1,749,907 | €1,210,338 | -€539,569 | -30.8% |
| Financial fixed assets | 28 | €405 | €405 | = | 0.0% |
| Current assets | 29/58 | €171,501 | €483,485 | +€311,984 | +182% |
| Amounts receivable within one year | 40/41 | €109,429 | €392,746 | +€283,318 | +259% |
| Trade receivables | 40 | €107,429 | €112,029 | +€4,600 | +4.3% |
| Other amounts receivable | 41 | €2,000 | €280,717 | +€278,717 | +13,936% |
| Cash at bank and in hand | 54/58 | €7,796 | €1,949 | -€5,847 | -75.0% |
| Deferred charges and accrued income | 490/1 | €54,276 | €88,789 | +€34,513 | +63.6% |
| Total equity and liabilities | 10/49 | €1,921,812 | €1,706,504 | -€215,307 | -11.2% |
| Equity | 10/15 | €146,227 | €685,023 | +€538,796 | +368% |
| Contributions | 10/11 | €30,987 | €30,987 | = | 0.0% |
| Reserves | 13 | €107,033 | €600,681 | +€493,648 | +461% |
| Non-distributable reserves | 130/1 | €3,099 | €3,099 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,099 | €3,099 | = | 0.0% |
| Tax-exempt reserves | 132 | €103,934 | €597,583 | +€493,648 | +475% |
| Profit (loss) carried forward | 14 | €8,207 | €53,355 | +€45,148 | +550% |
| Provisions and deferred taxes | 16 | €49,349 | €202,034 | +€152,684 | +309% |
| Deferred taxes | 168 | €49,349 | €202,034 | +€152,684 | +309% |
| Amounts payable | 17/49 | €1,726,235 | €819,447 | -€906,788 | -52.5% |
| Amounts payable after more than one year | 17 | €834,696 | €608,201 | -€226,496 | -27.1% |
| Financial debts | 170/4 | €829,996 | €603,501 | -€226,496 | -27.3% |
| Other amounts payable | 178/9 | €4,700 | €4,700 | = | 0.0% |
| Amounts payable within one year | 42/48 | €891,539 | €211,247 | -€680,292 | -76.3% |
| Current portion of amounts payable after more than one year | 42 | €101,134 | €50,587 | -€50,547 | -50.0% |
| Trade debts | 44 | €246,547 | €121,027 | -€125,520 | -50.9% |
| Suppliers | 440/4 | €246,547 | €121,027 | -€125,520 | -50.9% |
| Taxes, remuneration and social security | 45 | €682 | - | -€682 | |
| Taxes | 450/3 | €682 | - | -€682 | |
| Other amounts payable | 47/48 | €543,177 | €39,632 | -€503,544 | -92.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €112,309 | €96,608 | -€15,701 | -14.0% |
| Other operating charges | 640/8 | €2,535 | - | -€2,535 | |
| Gross operating margin | 9900 | €103,385 | €816,159 | +€712,774 | +689% |
| Operating profit (loss) | 9901 | -€11,459 | €719,551 | +€731,010 | |
| Financial income | 75/76B | €18 | - | -€18 | |
| Recurring financial income | 75 | €18 | - | -€18 | |
| Financial charges | 65/66B | €33,044 | €28,070 | -€4,974 | -15.1% |
| Recurring financial charges | 65 | €33,044 | €28,070 | -€4,974 | -15.1% |
| Profit (loss) for the period before taxes | 9903 | -€44,485 | €691,481 | +€735,965 | |
| Transfer from deferred taxes | 780 | €2,247 | €33,909 | +€31,662 | +1,409% |
| Transfer to deferred taxes | 680 | - | €746,375 | +€746,375 | |
| Profit (loss) for the period | 9904 | -€42,238 | -€20,985 | +€21,252 | +50.3% |
| Transfer from tax-exempt reserves | 789 | €4,671 | €66,133 | +€61,462 | +1,316% |
| Profit (loss) for the period to be appropriated | 9905 | -€37,566 | €45,148 | +€82,714 |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.