M.D. CAR.: 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. CAR.
Largest movements
- Stocks and contracts -€11,200
down €11,200 (-24.2%), from €46,217 to €35,017
- Cash -€10,700
down €10,700 (-52.8%), from €20,265 to €9,565
mainly Net result for the year (-€13,525) and Trade debts (-€11,905)
- Receivables within one year -€10,651
down €10,651 (-68.1%), from €15,642 to €4,990
of which Trade receivables: -€10,368
- Profit (loss) carried forward -€13,525
down €13,525 (-123%), from -€11,037 to -€24,563
- Trade debts -€11,905
down €11,905 (-84.3%), from €14,119 to €2,215
- Other debts -€8,979
down €8,979 (-16.8%), from €53,358 to €44,378
- Short-term financial debts +€947
up €947 (+5.0%), from €18,818 to €19,765
- Gross operating margin -€28,272
down €28,272, from €18,694 to -€9,578
- Other operating charges -€552
down €552 (-22.5%), from €2,452 to €1,900
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 | €83,380 | €50,624 | -€32,756 | -39.3% |
| Fixed assets | 21/28 | €1,256 | €1,052 | -€204 | -16.3% |
| Tangible fixed assets | 22/27 | €1,256 | €1,052 | -€204 | -16.3% |
| Other tangible fixed assets | 26 | €1,256 | €1,052 | -€204 | -16.3% |
| Current assets | 29/58 | €82,124 | €49,572 | -€32,551 | -39.6% |
| Stocks and contracts in progress | 3 | €46,217 | €35,017 | -€11,200 | -24.2% |
| Stocks | 30/36 | €46,217 | €35,017 | -€11,200 | -24.2% |
| Amounts receivable within one year | 40/41 | €15,642 | €4,990 | -€10,651 | -68.1% |
| Trade receivables | 40 | €14,142 | €3,773 | -€10,368 | -73.3% |
| Other amounts receivable | 41 | €1,500 | €1,217 | -€283 | -18.9% |
| Cash at bank and in hand | 54/58 | €20,265 | €9,565 | -€10,700 | -52.8% |
| Total equity and liabilities | 10/49 | €83,380 | €50,624 | -€32,756 | -39.3% |
| Equity | 10/15 | -€2,981 | -€16,506 | -€13,525 | -454% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Contributions outside capital | 11 | €6,197 | €6,197 | = | 0.0% |
| Other | 1109/19 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €1,859 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€11,037 | -€24,563 | -€13,525 | -123% |
| Amounts payable | 17/49 | €86,361 | €67,130 | -€19,230 | -22.3% |
| Amounts payable within one year | 42/48 | €86,361 | €67,130 | -€19,230 | -22.3% |
| Financial debts | 43 | €18,818 | €19,765 | +€947 | +5.0% |
| Credit institutions | 430/8 | €18,818 | €19,765 | +€947 | +5.0% |
| Trade debts | 44 | €14,119 | €2,215 | -€11,905 | -84.3% |
| Suppliers | 440/4 | €14,119 | €2,215 | -€11,905 | -84.3% |
| Taxes, remuneration and social security | 45 | €66 | €772 | +€706 | +1,070% |
| Taxes | 450/3 | €66 | €772 | +€706 | +1,070% |
| Other amounts payable | 47/48 | €53,358 | €44,378 | -€8,979 | -16.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €204 | €204 | = | 0.0% |
| Other operating charges | 640/8 | €2,452 | €1,900 | -€552 | -22.5% |
| Gross operating margin | 9900 | €18,694 | -€9,578 | -€28,272 | |
| Operating profit (loss) | 9901 | €16,038 | -€11,682 | -€27,720 | |
| Financial income | 75/76B | €25 | - | -€25 | |
| Recurring financial income | 75 | €25 | - | -€25 | |
| Financial charges | 65/66B | €1,691 | €1,844 | +€152 | +9.0% |
| Recurring financial charges | 65 | €1,691 | €1,844 | +€152 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €14,372 | -€13,525 | -€27,898 | |
| Profit (loss) for the period | 9904 | €14,372 | -€13,525 | -€27,898 | |
| Profit (loss) for the period to be appropriated | 9905 | €14,372 | -€13,525 | -€27,898 |
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 23 October 2026 via checked.be.