M.D. CONSEIL: 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. CONSEIL
Largest movements
- Cash +€288,025
up €288,025 (+166%), from €173,337 to €461,362
mainly Current investments (+€175,000) and Net result for the year (+€73,179)
- Current investments -€175,000
no longer reported in 2025 (was €175,000)
- Receivables within one year -€19,887
down €19,887 (-99.7%), from €19,952 to €65
of which Trade receivables: -€12,427
- Tangible fixed assets -€8,404
down €8,404 (-8.6%), from €97,612 to €89,207
of which Furniture and vehicles: -€6,775
- Reserves +€73,179
up €73,179 (+72.3%), from €101,201 to €174,380
of which Distributable reserves: +€73,179
- Tax, wage and social debts +€9,849
up €9,849 (+5,556%), from €177 to €10,026
- Gross operating margin +€71,496
up €71,496 (+147%), from €48,761 to €120,257
- Taxes +€19,534
up €19,534 (+167%), from €11,673 to €31,207
- Financial income -€2,126
down €2,126 (-32.0%), from €6,651 to €4,525
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 | €472,869 | €553,902 | +€81,033 | +17.1% |
| Fixed assets | 21/28 | €97,775 | €89,371 | -€8,404 | -8.6% |
| Tangible fixed assets | 22/27 | €97,612 | €89,207 | -€8,404 | -8.6% |
| Land and buildings | 22 | €85,786 | €83,005 | -€2,781 | -3.2% |
| Plant, machinery and equipment | 23 | €3,095 | €4,247 | +€1,152 | +37.2% |
| Furniture and vehicles | 24 | €8,730 | €1,955 | -€6,775 | -77.6% |
| Financial fixed assets | 28 | €164 | €164 | = | 0.0% |
| Current assets | 29/58 | €375,094 | €464,531 | +€89,437 | +23.8% |
| Amounts receivable within one year | 40/41 | €19,952 | €65 | -€19,887 | -99.7% |
| Trade receivables | 40 | €12,427 | - | -€12,427 | |
| Other amounts receivable | 41 | €7,525 | €65 | -€7,460 | -99.1% |
| Current investments | 50/53 | €175,000 | - | -€175,000 | |
| Cash at bank and in hand | 54/58 | €173,337 | €461,362 | +€288,025 | +166% |
| Deferred charges and accrued income | 490/1 | €6,804 | €3,104 | -€3,701 | -54.4% |
| Total equity and liabilities | 10/49 | €472,869 | €553,902 | +€81,033 | +17.1% |
| Equity | 10/15 | €467,989 | €541,168 | +€73,179 | +15.6% |
| Contributions | 10/11 | €62,027 | €62,027 | = | 0.0% |
| Capital | 10 | €62,027 | €62,027 | = | 0.0% |
| Issued capital | 100 | €62,027 | €62,027 | = | 0.0% |
| Reserves | 13 | €101,201 | €174,380 | +€73,179 | +72.3% |
| Non-distributable reserves | 130/1 | €12,400 | €12,400 | = | 0.0% |
| Legal reserve | 130 | €12,400 | €12,400 | = | 0.0% |
| Distributable reserves | 133 | €88,801 | €161,980 | +€73,179 | +82.4% |
| Profit (loss) carried forward | 14 | €304,761 | €304,761 | = | 0.0% |
| Amounts payable | 17/49 | €4,880 | €12,734 | +€7,854 | +161% |
| Amounts payable within one year | 42/48 | €3,504 | €12,680 | +€9,175 | +262% |
| Trade debts | 44 | €3,290 | €2,556 | -€734 | -22.3% |
| Suppliers | 440/4 | €3,290 | €2,556 | -€734 | -22.3% |
| Taxes, remuneration and social security | 45 | €177 | €10,026 | +€9,849 | +5,556% |
| Taxes | 450/3 | €177 | €10,026 | +€9,849 | +5,556% |
| Other amounts payable | 47/48 | €37 | €97 | +€60 | +161% |
| Accrued charges and deferred income | 492/3 | €1,376 | €54 | -€1,322 | -96.1% |
| Non-recurring operating income | 76A | - | €203,435 | +€203,435 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,881 | €16,483 | +€602 | +3.8% |
| Other operating charges | 640/8 | €3,419 | €3,944 | +€525 | +15.3% |
| Gross operating margin | 9900 | €48,761 | €120,257 | +€71,496 | +147% |
| Operating profit (loss) | 9901 | €29,461 | €99,830 | +€70,369 | +239% |
| Financial income | 75/76B | €6,651 | €4,525 | -€2,126 | -32.0% |
| Recurring financial income | 75 | €6,651 | €4,525 | -€2,126 | -32.0% |
| Financial charges | 65/66B | €138 | -€30 | -€168 | |
| Recurring financial charges | 65 | €138 | -€30 | -€168 | |
| Profit (loss) for the period before taxes | 9903 | €35,974 | €104,386 | +€68,412 | +190% |
| Income taxes | 67/77 | €11,673 | €31,207 | +€19,534 | +167% |
| Profit (loss) for the period | 9904 | €24,301 | €73,179 | +€48,878 | +201% |
| Profit (loss) for the period to be appropriated | 9905 | €24,301 | €73,179 | +€48,878 | +201% |
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 17 October 2026 via checked.be.