M.D.H.: 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.H.
Largest movements
- Cash +€76,429
up €76,429 (+127%), from €60,171 to €136,599
mainly Net result for the year (+€58,978) and Other debts (+€38,390)
- Stocks and contracts +€17,770
up €17,770 (+245%), from €7,238 to €25,008
- Tangible fixed assets -€16,423
down €16,423 (-15.3%), from €107,654 to €91,231
- Receivables within one year +€9,531
up €9,531 (+60.4%), from €15,769 to €25,300
of which Other amounts receivable: +€8,594
- Profit (loss) carried forward +€58,978
up €58,978 (+76.1%), from €77,523 to €136,501
- Other debts +€38,390
new in 2024: €38,390
- Trade debts -€31,273
no longer reported in 2024 (was €31,273)
- Tax, wage and social debts +€21,426
up €21,426 (+220%), from €9,736 to €31,162
of which Taxes: +€23,006
- Gross operating margin +€66,612
up €66,612 (+127%), from €52,517 to €119,129
- Taxes +€12,266
up €12,266 (+301%), from €4,078 to €16,344
- Staff costs +€7,790
up €7,790 (+55.5%), from €14,034 to €21,824
- Depreciation -€3,830
down €3,830 (-17.4%), from €21,995 to €18,165
- Other operating charges +€1,648
up €1,648 (+125%), from €1,323 to €2,971
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €191,931 | €279,453 | +€87,522 | +45.6% |
| Fixed assets | 21/28 | €107,654 | €91,231 | -€16,423 | -15.3% |
| Tangible fixed assets | 22/27 | €107,654 | €91,231 | -€16,423 | -15.3% |
| Land and buildings | 22 | €89,460 | €84,172 | -€5,287 | -5.9% |
| Plant, machinery and equipment | 23 | €7,189 | €2,617 | -€4,573 | -63.6% |
| Furniture and vehicles | 24 | €7,948 | €1,769 | -€6,179 | -77.7% |
| Other tangible fixed assets | 26 | €3,056 | €2,673 | -€383 | -12.5% |
| Current assets | 29/58 | €84,277 | €188,222 | +€103,944 | +123% |
| Stocks and contracts in progress | 3 | €7,238 | €25,008 | +€17,770 | +245% |
| Stocks | 30/36 | €7,238 | €25,008 | +€17,770 | +245% |
| Amounts receivable within one year | 40/41 | €15,769 | €25,300 | +€9,531 | +60.4% |
| Trade receivables | 40 | - | €937 | +€937 | |
| Other amounts receivable | 41 | €15,769 | €24,364 | +€8,594 | +54.5% |
| Cash at bank and in hand | 54/58 | €60,171 | €136,599 | +€76,429 | +127% |
| Deferred charges and accrued income | 490/1 | €1,099 | €1,313 | +€214 | +19.5% |
| Total equity and liabilities | 10/49 | €191,931 | €279,453 | +€87,522 | +45.6% |
| Equity | 10/15 | €150,923 | €209,901 | +€58,978 | +39.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Capital | 10 | €19,000 | €19,000 | = | 0.0% |
| Issued capital | 100 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €54,400 | €54,400 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €3,900 | +€2,000 | +105% |
| Legal reserve | 130 | €1,900 | €1,900 | = | 0.0% |
| Own shares acquired | 1312 | - | €2,000 | +€2,000 | |
| Tax-exempt reserves | 132 | €2,000 | - | -€2,000 | |
| Distributable reserves | 133 | €50,500 | €50,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €77,523 | €136,501 | +€58,978 | +76.1% |
| Amounts payable | 17/49 | €41,009 | €69,552 | +€28,543 | +69.6% |
| Amounts payable within one year | 42/48 | €41,009 | €69,552 | +€28,543 | +69.6% |
| Trade debts | 44 | €31,273 | - | -€31,273 | |
| Suppliers | 440/4 | €31,273 | - | -€31,273 | |
| Taxes, remuneration and social security | 45 | €9,736 | €31,162 | +€21,426 | +220% |
| Taxes | 450/3 | €4,466 | €27,472 | +€23,006 | +515% |
| Remuneration and social security | 454/9 | €5,270 | €3,691 | -€1,580 | -30.0% |
| Other amounts payable | 47/48 | - | €38,390 | +€38,390 | |
| Remuneration, social security and pensions | 62 | €14,034 | €21,824 | +€7,790 | +55.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,995 | €18,165 | -€3,830 | -17.4% |
| Other operating charges | 640/8 | €1,323 | €2,971 | +€1,648 | +125% |
| Non-recurring operating charges | 66A | - | €63 | +€63 | |
| Gross operating margin | 9900 | €52,517 | €119,129 | +€66,612 | +127% |
| Operating profit (loss) | 9901 | €15,165 | €76,106 | +€60,941 | +402% |
| Financial income | 75/76B | €3 | €2 | -€1 | -36.6% |
| Recurring financial income | 75 | €3 | €2 | -€1 | -36.6% |
| Financial charges | 65/66B | €1,058 | €786 | -€272 | -25.7% |
| Recurring financial charges | 65 | €1,058 | €786 | -€272 | -25.7% |
| Profit (loss) for the period before taxes | 9903 | €14,110 | €75,322 | +€61,212 | +434% |
| Income taxes | 67/77 | €4,078 | €16,344 | +€12,266 | +301% |
| Profit (loss) for the period | 9904 | €10,032 | €58,978 | +€48,946 | +488% |
| Profit (loss) for the period to be appropriated | 9905 | €10,032 | €58,978 | +€48,946 | +488% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.