M . D . G.: 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 . G.
Largest movements
- Tangible fixed assets -€8,675
down €8,675 (-6.1%), from €141,099 to €132,424
- Reserves -€7,223
down €7,223 (-6.2%), from €116,953 to €109,730
of which Tax-exempt reserves: -€7,223
- Provisions -€3,719
down €3,719 (-6.5%), from €57,029 to €53,310
- Gross operating margin +€305
up €305 (+41.8%), from -€730 to -€425
- Other operating charges -€94
down €94 (-5.9%), from €1,608 to €1,513
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 | €240,470 | €229,778 | -€10,692 | -4.4% |
| Fixed assets | 21/28 | €141,099 | €132,424 | -€8,675 | -6.1% |
| Tangible fixed assets | 22/27 | €141,099 | €132,424 | -€8,675 | -6.1% |
| Land and buildings | 22 | €141,099 | €132,424 | -€8,675 | -6.1% |
| Current assets | 29/58 | €99,371 | €97,355 | -€2,017 | -2.0% |
| Amounts receivable within one year | 40/41 | €99,343 | €97,274 | -€2,069 | -2.1% |
| Trade receivables | 40 | €86,114 | €86,114 | = | 0.0% |
| Other amounts receivable | 41 | €13,229 | €11,160 | -€2,069 | -15.6% |
| Cash at bank and in hand | 54/58 | €28 | €80 | +€52 | +182.4% |
| Total equity and liabilities | 10/49 | €240,470 | €229,778 | -€10,692 | -4.4% |
| Equity | 10/15 | €183,441 | €176,468 | -€6,972 | -3.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €116,953 | €109,730 | -€7,223 | -6.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €110,753 | €103,530 | -€7,223 | -6.5% |
| Profit (loss) carried forward | 14 | €4,487 | €4,738 | +€251 | +5.6% |
| Provisions and deferred taxes | 16 | €57,029 | €53,310 | -€3,719 | -6.5% |
| Deferred taxes | 168 | €57,029 | €53,310 | -€3,719 | -6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,675 | €8,675 | = | 0.0% |
| Other operating charges | 640/8 | €1,608 | €1,513 | -€94 | -5.9% |
| Gross operating margin | 9900 | -€730 | -€425 | +€305 | +41.8% |
| Operating profit (loss) | 9901 | -€11,013 | -€10,613 | +€399 | +3.6% |
| Financial charges | 65/66B | €78 | €78 | +€0 | +0.3% |
| Recurring financial charges | 65 | €78 | €78 | +€0 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€11,091 | -€10,692 | +€399 | +3.6% |
| Transfer from deferred taxes | 780 | €3,719 | €3,719 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€7,371 | -€6,972 | +€399 | +5.4% |
| Transfer from tax-exempt reserves | 789 | €7,223 | €7,223 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€148 | €251 | +€399 |
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 3 October 2026 via checked.be.