M&D GROUP: 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 GROUP
Largest movements
- Tangible fixed assets -€14,667
down €14,667 (-50.0%), from €29,333 to €14,667
- Receivables after one year +€7,200
up €7,200 (+114%), from €6,337 to €13,537
- Receivables within one year +€7,036
up €7,036 (+8.1%), from €86,998 to €94,034
of which Other amounts receivable: +€11,252
- Cash +€3,296
up €3,296 (+346%), from €952 to €4,248
mainly Net result for the year (+€19,821) and Current portion of long-term debt (+€18,434)
- Trade debts -€29,177
down €29,177 (-78.7%), from €37,061 to €7,884
- Current portion of long-term debt +€18,434
up €18,434 (+138%), from €13,360 to €31,794
- Reserves +€13,137
new in 2025: €13,137
- Debts after one year -€7,697
down €7,697 (-18.0%), from €42,878 to €35,182
- Profit (loss) carried forward +€6,684
no longer reported in 2025 (was -€6,684)
- Staff costs -€75,179
down €75,179 (-35.5%), from €211,773 to €136,594
- Gross operating margin -€33,080
down €33,080 (-14.0%), from €236,852 to €203,772
- Taxes +€18,064
up €18,064 (+267%), from €6,772 to €24,835
- Financial charges +€2,691
up €2,691 (+109%), from €2,471 to €5,162
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 | €123,620 | €127,189 | +€3,568 | +2.9% |
| Fixed assets | 21/28 | €29,333 | €14,667 | -€14,667 | -50.0% |
| Tangible fixed assets | 22/27 | €29,333 | €14,667 | -€14,667 | -50.0% |
| Furniture and vehicles | 24 | €29,333 | €14,667 | -€14,667 | -50.0% |
| Current assets | 29/58 | €94,287 | €112,522 | +€18,235 | +19.3% |
| Amounts receivable after more than one year | 29 | €6,337 | €13,537 | +€7,200 | +114% |
| Other amounts receivable | 291 | €6,337 | €13,537 | +€7,200 | +114% |
| Amounts receivable within one year | 40/41 | €86,998 | €94,034 | +€7,036 | +8.1% |
| Trade receivables | 40 | €70,670 | €66,454 | -€4,216 | -6.0% |
| Other amounts receivable | 41 | €16,328 | €27,581 | +€11,252 | +68.9% |
| Cash at bank and in hand | 54/58 | €952 | €4,248 | +€3,296 | +346% |
| Deferred charges and accrued income | 490/1 | - | €703 | +€703 | |
| Total equity and liabilities | 10/49 | €123,620 | €127,189 | +€3,568 | +2.9% |
| Equity | 10/15 | -€6,683 | €13,138 | +€19,821 | |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | - | €13,137 | +€13,137 | |
| Distributable reserves | 133 | - | €13,137 | +€13,137 | |
| Profit (loss) carried forward | 14 | -€6,684 | - | +€6,684 | |
| Amounts payable | 17/49 | €130,304 | €114,051 | -€16,252 | -12.5% |
| Amounts payable after more than one year | 17 | €42,878 | €35,182 | -€7,697 | -18.0% |
| Financial debts | 170/4 | €42,878 | €35,182 | -€7,697 | -18.0% |
| Amounts payable within one year | 42/48 | €87,425 | €78,870 | -€8,556 | -9.8% |
| Current portion of amounts payable after more than one year | 42 | €13,360 | €31,794 | +€18,434 | +138% |
| Trade debts | 44 | €37,061 | €7,884 | -€29,177 | -78.7% |
| Suppliers | 440/4 | €37,061 | €7,884 | -€29,177 | -78.7% |
| Taxes, remuneration and social security | 45 | €22,414 | €24,602 | +€2,188 | +9.8% |
| Taxes | 450/3 | €1,475 | €23,054 | +€21,579 | +1,463% |
| Remuneration and social security | 454/9 | €20,939 | €1,548 | -€19,391 | -92.6% |
| Other amounts payable | 47/48 | €14,590 | €14,590 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €211,773 | €136,594 | -€75,179 | -35.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,667 | €14,667 | = | 0.0% |
| Other operating charges | 640/8 | €1,705 | €2,752 | +€1,047 | +61.4% |
| Non-recurring operating charges | 66A | €79,512 | - | -€79,512 | |
| Gross operating margin | 9900 | €236,852 | €203,772 | -€33,080 | -14.0% |
| Operating profit (loss) | 9901 | -€70,804 | €49,760 | +€120,564 | |
| Financial income | 75/76B | €15 | €58 | +€43 | +283% |
| Recurring financial income | 75 | €15 | €58 | +€43 | +283% |
| Financial charges | 65/66B | €2,471 | €5,162 | +€2,691 | +109% |
| Recurring financial charges | 65 | €2,471 | €5,162 | +€2,691 | +109% |
| Profit (loss) for the period before taxes | 9903 | -€73,260 | €44,656 | +€117,916 | |
| Income taxes | 67/77 | €6,772 | €24,835 | +€18,064 | +267% |
| Profit (loss) for the period | 9904 | -€80,031 | €19,821 | +€99,852 | |
| Profit (loss) for the period to be appropriated | 9905 | -€80,031 | €19,821 | +€99,852 |
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.