M.D.C.: 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.C.
Largest movements
- Receivables within one year +€73,211
up €73,211 (+88.3%), from €82,918 to €156,129
of which Other amounts receivable: +€96,868
- Cash -€13,882
down €13,882 (-24.8%), from €56,006 to €42,124
mainly Receivables within one year (-€73,211) and Investment in fixed assets (net) (-€28,308)
- Tangible fixed assets -€4,648
down €4,648 (-5.1%), from €91,048 to €86,400
of which Other tangible fixed assets: -€10,512
- Deferred charges and accrued income +€3,835
up €3,835 (+9648.4%), from €40 to €3,875
- Reserves +€52,000
up €52,000 (+46.0%), from €113,000 to €165,000
- Tax, wage and social debts +€16,248
up €16,248 (+251.0%), from €6,473 to €22,721
of which Taxes: +€17,248
- Trade debts -€5,088
down €5,088 (-41.9%), from €12,154 to €7,066
- Current portion of long-term debt -€3,281
down €3,281 (-34.3%), from €9,560 to €6,280
- Turnover +€81,182
up €81,182 (+24.7%), from €329,268 to €410,450
- Purchases and services +€48,095
up €48,095 (+17.7%), from €271,349 to €319,444
- Gross operating margin +€28,270
up €28,270 (+34.5%), from €81,932 to €110,202
- Taxes +€9,295
up €9,295 (+59.2%), from €15,713 to €25,008
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 | €230,012 | €288,527 | +€58,515 | +25.4% |
| Fixed assets | 21/28 | €91,048 | €86,400 | -€4,648 | -5.1% |
| Tangible fixed assets | 22/27 | €91,048 | €86,400 | -€4,648 | -5.1% |
| Plant, machinery and equipment | 23 | €2,750 | €4,568 | +€1,818 | +66.1% |
| Furniture and vehicles | 24 | €14,483 | €18,529 | +€4,046 | +27.9% |
| Other tangible fixed assets | 26 | €73,815 | €63,303 | -€10,512 | -14.2% |
| Current assets | 29/58 | €138,964 | €202,127 | +€63,164 | +45.5% |
| Amounts receivable within one year | 40/41 | €82,918 | €156,129 | +€73,211 | +88.3% |
| Trade receivables | 40 | €75,837 | €52,180 | -€23,657 | -31.2% |
| Other amounts receivable | 41 | €7,081 | €103,949 | +€96,868 | +1368.0% |
| Cash at bank and in hand | 54/58 | €56,006 | €42,124 | -€13,882 | -24.8% |
| Deferred charges and accrued income | 490/1 | €40 | €3,875 | +€3,835 | +9648.4% |
| Total equity and liabilities | 10/49 | €230,012 | €288,527 | +€58,515 | +25.4% |
| Equity | 10/15 | €190,585 | €243,229 | +€52,643 | +27.6% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €113,000 | €165,000 | +€52,000 | +46.0% |
| Distributable reserves | 133 | €113,000 | €165,000 | +€52,000 | +46.0% |
| Profit (loss) carried forward | 14 | €58,585 | €59,229 | +€643 | +1.1% |
| Amounts payable | 17/49 | €39,426 | €45,298 | +€5,872 | +14.9% |
| Amounts payable after more than one year | 17 | €11,239 | €9,231 | -€2,008 | -17.9% |
| Financial debts | 170/4 | €11,239 | €9,231 | -€2,008 | -17.9% |
| Amounts payable within one year | 42/48 | €28,187 | €36,067 | +€7,880 | +28.0% |
| Current portion of amounts payable after more than one year | 42 | €9,560 | €6,280 | -€3,281 | -34.3% |
| Trade debts | 44 | €12,154 | €7,066 | -€5,088 | -41.9% |
| Suppliers | 440/4 | €12,154 | €7,066 | -€5,088 | -41.9% |
| Taxes, remuneration and social security | 45 | €6,473 | €22,721 | +€16,248 | +251.0% |
| Taxes | 450/3 | €5,473 | €22,721 | +€17,248 | +315.2% |
| Remuneration and social security | 454/9 | €1,000 | - | -€1,000 | |
| Turnover | 70 | €329,268 | €410,450 | +€81,182 | +24.7% |
| Goods, raw materials, services and sundry goods | 60/61 | €271,349 | €319,444 | +€48,095 | +17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,072 | €32,957 | -€3,115 | -8.6% |
| Other operating charges | 640/8 | €362 | €375 | +€13 | +3.6% |
| Gross operating margin | 9900 | €81,932 | €110,202 | +€28,270 | +34.5% |
| Operating profit (loss) | 9901 | €45,498 | €76,869 | +€31,372 | +69.0% |
| Financial income | 75/76B | - | €2,339 | +€2,339 | |
| Recurring financial income | 75 | - | €2,339 | +€2,339 | |
| Financial charges | 65/66B | €1,264 | €1,557 | +€293 | +23.2% |
| Recurring financial charges | 65 | €1,264 | €1,557 | +€293 | +23.2% |
| Profit (loss) for the period before taxes | 9903 | €44,233 | €77,652 | +€33,418 | +75.6% |
| Income taxes | 67/77 | €15,713 | €25,008 | +€9,295 | +59.2% |
| Profit (loss) for the period | 9904 | €28,520 | €52,643 | +€24,123 | +84.6% |
| Profit (loss) for the period to be appropriated | 9905 | €28,520 | €52,643 | +€24,123 | +84.6% |
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.