M.D. GESTION: 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. GESTION
Largest movements
- Tangible fixed assets +€413,817
up €413,817 (+8.8%), from €4.7m to €5.1m
of which Land and buildings: +€401,253
- Cash -€404,167
down €404,167 (-30.6%), from €1.3m to €918,482
mainly Investment in fixed assets (net) (-€631,980) and Debts after one year (-€449,801)
- Receivables after one year -€400,000
down €400,000 (-24.0%), from €1.7m to €1.3m
- Debts after one year -€449,801
down €449,801 (-17.0%), from €2.6m to €2.2m
of which Other amounts payable: -€353,134
- Reserves +€153,119
up €153,119 (+2.8%), from €5.5m to €5.6m
of which Distributable reserves: +€160,000
- Other debts -€131,404
down €131,404 (-22.3%), from €588,214 to €456,810
- Financial income -€56,277
down €56,277 (-28.8%), from €195,352 to €139,075
- Depreciation -€54,001
down €54,001 (-19.8%), from €272,163 to €218,162
- Taxes +€27,643
up €27,643 (+157%), from €17,580 to €45,223
- Gross operating margin +€17,546
up €17,546 (+5.1%), from €346,105 to €363,652
- Financial charges -€8,975
down €8,975 (-14.4%), from €62,243 to €53,267
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 | €10,005,104 | €9,624,814 | -€380,290 | -3.8% |
| Fixed assets | 21/28 | €4,840,167 | €5,253,984 | +€413,817 | +8.5% |
| Tangible fixed assets | 22/27 | €4,720,383 | €5,134,201 | +€413,817 | +8.8% |
| Land and buildings | 22 | €4,403,233 | €4,804,486 | +€401,253 | +9.1% |
| Plant, machinery and equipment | 23 | €257,574 | €290,085 | +€32,510 | +12.6% |
| Furniture and vehicles | 24 | €59,576 | €39,630 | -€19,946 | -33.5% |
| Financial fixed assets | 28 | €119,784 | €119,784 | = | 0.0% |
| Current assets | 29/58 | €5,164,938 | €4,370,830 | -€794,108 | -15.4% |
| Amounts receivable after more than one year | 29 | €1,670,000 | €1,270,000 | -€400,000 | -24.0% |
| Other amounts receivable | 291 | €1,670,000 | €1,270,000 | -€400,000 | -24.0% |
| Stocks and contracts in progress | 3 | €132,665 | €132,665 | = | 0.0% |
| Stocks | 30/36 | €132,665 | €132,665 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €33,072 | €54,984 | +€21,912 | +66.3% |
| Trade receivables | 40 | €32,119 | €52,609 | +€20,490 | +63.8% |
| Other amounts receivable | 41 | €953 | €2,375 | +€1,422 | +149% |
| Current investments | 50/53 | €1,942,200 | €1,942,200 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,322,649 | €918,482 | -€404,167 | -30.6% |
| Deferred charges and accrued income | 490/1 | €64,351 | €52,499 | -€11,852 | -18.4% |
| Total equity and liabilities | 10/49 | €10,005,104 | €9,624,814 | -€380,290 | -3.8% |
| Equity | 10/15 | €6,517,376 | €6,671,915 | +€154,539 | +2.4% |
| 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 | €5,483,699 | €5,636,818 | +€153,119 | +2.8% |
| Non-distributable reserves | 130/1 | €1,198,400 | €1,198,400 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Own shares acquired | 1312 | €1,192,200 | €1,192,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €213,231 | €206,349 | -€6,881 | -3.2% |
| Distributable reserves | 133 | €4,072,068 | €4,232,068 | +€160,000 | +3.9% |
| Profit (loss) carried forward | 14 | €971,677 | €973,098 | +€1,420 | +0.1% |
| Provisions and deferred taxes | 16 | €71,077 | €68,783 | -€2,294 | -3.2% |
| Deferred taxes | 168 | €71,077 | €68,783 | -€2,294 | -3.2% |
| Amounts payable | 17/49 | €3,416,651 | €2,884,116 | -€532,535 | -15.6% |
| Amounts payable after more than one year | 17 | €2,647,604 | €2,197,803 | -€449,801 | -17.0% |
| Financial debts | 170/4 | €1,094,469 | €997,803 | -€96,666 | -8.8% |
| Other amounts payable | 178/9 | €1,553,134 | €1,200,000 | -€353,134 | -22.7% |
| Amounts payable within one year | 42/48 | €722,330 | €646,192 | -€76,138 | -10.5% |
| Current portion of amounts payable after more than one year | 42 | €103,400 | €104,669 | +€1,269 | +1.2% |
| Trade debts | 44 | €16,075 | €34,512 | +€18,437 | +115% |
| Suppliers | 440/4 | €16,075 | €34,512 | +€18,437 | +115% |
| Taxes, remuneration and social security | 45 | €14,641 | €50,201 | +€35,560 | +243% |
| Taxes | 450/3 | €14,641 | €50,201 | +€35,560 | +243% |
| Other amounts payable | 47/48 | €588,214 | €456,810 | -€131,404 | -22.3% |
| Accrued charges and deferred income | 492/3 | €46,718 | €40,121 | -€6,597 | -14.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €272,163 | €218,162 | -€54,001 | -19.8% |
| Other operating charges | 640/8 | €30,341 | €33,829 | +€3,488 | +11.5% |
| Gross operating margin | 9900 | €346,105 | €363,652 | +€17,546 | +5.1% |
| Operating profit (loss) | 9901 | €43,602 | €111,661 | +€68,059 | +156% |
| Financial income | 75/76B | €195,352 | €139,075 | -€56,277 | -28.8% |
| Recurring financial income | 75 | €195,352 | €139,075 | -€56,277 | -28.8% |
| Financial charges | 65/66B | €62,243 | €53,267 | -€8,975 | -14.4% |
| Recurring financial charges | 65 | €62,243 | €53,267 | -€8,975 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €176,711 | €197,468 | +€20,757 | +11.7% |
| Transfer from deferred taxes | 780 | €2,294 | €2,294 | = | 0.0% |
| Income taxes | 67/77 | €17,580 | €45,223 | +€27,643 | +157% |
| Profit (loss) for the period | 9904 | €161,425 | €154,539 | -€6,886 | -4.3% |
| Transfer from tax-exempt reserves | 789 | €6,881 | €6,881 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €168,306 | €161,420 | -€6,886 | -4.1% |
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 24 October 2026 via checked.be.