M & D Construction: 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 Construction
Largest movements
- Receivables within one year +€62,865
up €62,865 (+13.1%), from €480,796 to €543,662
of which Other amounts receivable: +€56,870
- Tangible fixed assets +€11,449
up €11,449 (+34.0%), from €33,685 to €45,134
of which Leasing and similar rights: +€23,520
- Reserves +€57,229
up €57,229 (+23.0%), from €248,514 to €305,743
- Trade debts +€23,612
up €23,612 (+11.0%), from €214,535 to €238,147
- Debts after one year -€13,883
down €13,883 (-28.8%), from €48,128 to €34,245
- Tax, wage and social debts +€7,189
up €7,189 (+21.7%), from €33,060 to €40,249
of which Taxes: +€3,865
- Current portion of long-term debt +€6,803
up €6,803 (+72.0%), from €9,454 to €16,257
- Gross operating margin +€101,937
up €101,937 (+170.9%), from €59,643 to €161,579
- Staff costs +€24,904
new in 2025: €24,904
- Taxes +€18,902
up €18,902 (+202.4%), from €9,341 to €28,243
- Depreciation +€14,692
up €14,692 (+444.0%), from €3,309 to €18,001
- Financial income -€4,597
down €4,597 (-50.6%), from €9,080 to €4,483
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 | €575,312 | €656,261 | +€80,950 | +14.1% |
| Fixed assets | 21/28 | €54,019 | €64,468 | +€10,449 | +19.3% |
| Tangible fixed assets | 22/27 | €33,685 | €45,134 | +€11,449 | +34.0% |
| Plant, machinery and equipment | 23 | €1,955 | €1,369 | -€586 | -30.0% |
| Furniture and vehicles | 24 | €31,730 | €20,246 | -€11,484 | -36.2% |
| Leasing and similar rights | 25 | - | €23,520 | +€23,520 | |
| Financial fixed assets | 28 | €20,334 | €19,334 | -€1,000 | -4.9% |
| Current assets | 29/58 | €521,293 | €591,793 | +€70,501 | +13.5% |
| Stocks and contracts in progress | 3 | €5,127 | €11,666 | +€6,540 | +127.6% |
| Stocks | 30/36 | €5,127 | €11,666 | +€6,540 | +127.6% |
| Amounts receivable within one year | 40/41 | €480,796 | €543,662 | +€62,865 | +13.1% |
| Trade receivables | 40 | €165,677 | €171,672 | +€5,996 | +3.6% |
| Other amounts receivable | 41 | €315,120 | €371,989 | +€56,870 | +18.0% |
| Cash at bank and in hand | 54/58 | €3,773 | €1,516 | -€2,257 | -59.8% |
| Deferred charges and accrued income | 490/1 | €31,596 | €34,949 | +€3,353 | +10.6% |
| Total equity and liabilities | 10/49 | €575,312 | €656,261 | +€80,950 | +14.1% |
| Equity | 10/15 | €255,014 | €312,243 | +€57,229 | +22.4% |
| Contributions | 10/11 | €6,500 | €6,500 | = | 0.0% |
| Reserves | 13 | €248,514 | €305,743 | +€57,229 | +23.0% |
| Distributable reserves | 133 | €248,514 | €305,743 | +€57,229 | +23.0% |
| Amounts payable | 17/49 | €320,298 | €344,018 | +€23,721 | +7.4% |
| Amounts payable after more than one year | 17 | €48,128 | €34,245 | -€13,883 | -28.8% |
| Financial debts | 170/4 | €48,128 | €34,245 | -€13,883 | -28.8% |
| Amounts payable within one year | 42/48 | €272,169 | €309,773 | +€37,604 | +13.8% |
| Current portion of amounts payable after more than one year | 42 | €9,454 | €16,257 | +€6,803 | +72.0% |
| Trade debts | 44 | €214,535 | €238,147 | +€23,612 | +11.0% |
| Suppliers | 440/4 | €214,535 | €238,147 | +€23,612 | +11.0% |
| Advances received on contracts in progress | 46 | €15,120 | €15,120 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €33,060 | €40,249 | +€7,189 | +21.7% |
| Taxes | 450/3 | €33,060 | €36,924 | +€3,865 | +11.7% |
| Remuneration and social security | 454/9 | - | €3,325 | +€3,325 | |
| Other amounts payable | 47/48 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €2,998 | +€2,998 | |
| Remuneration, social security and pensions | 62 | - | €24,904 | +€24,904 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,309 | €18,001 | +€14,692 | +444.0% |
| Other operating charges | 640/8 | €1,888 | €2,944 | +€1,055 | +55.9% |
| Non-recurring operating charges | 66A | €0 | €1,200 | +€1,200 | |
| Gross operating margin | 9900 | €59,643 | €161,579 | +€101,937 | +170.9% |
| Operating profit (loss) | 9901 | €54,445 | €114,531 | +€60,086 | +110.4% |
| Financial income | 75/76B | €9,080 | €4,483 | -€4,597 | -50.6% |
| Recurring financial income | 75 | €9,080 | €4,483 | -€4,597 | -50.6% |
| Financial charges | 65/66B | €33,229 | €33,543 | +€313 | +0.9% |
| Recurring financial charges | 65 | €33,229 | €33,543 | +€313 | +0.9% |
| Profit (loss) for the period before taxes | 9903 | €30,296 | €85,472 | +€55,176 | +182.1% |
| Income taxes | 67/77 | €9,341 | €28,243 | +€18,902 | +202.4% |
| Profit (loss) for the period | 9904 | €20,955 | €57,229 | +€36,274 | +173.1% |
| Profit (loss) for the period to be appropriated | 9905 | €20,955 | €57,229 | +€36,274 | +173.1% |
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 8 October 2026 via checked.be.