M.D. Holding: 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. Holding
Largest movements
- Receivables within one year +€72,443
up €72,443 (+5,943%), from €1,219 to €73,662
of which Trade receivables: +€72,600
- Cash -€25,219
down €25,219 (-97.9%), from €25,760 to €541
mainly Receivables within one year (-€72,443) and Debts after one year (-€25,000)
- Reserves +€45,657
up €45,657 (+17.2%), from €264,943 to €310,600
of which Distributable reserves: +€45,657
- Debts after one year -€25,000
down €25,000 (-57.1%), from €43,750 to €18,750
- Other debts +€13,875
up €13,875 (+3.9%), from €354,160 to €368,035
- Gross operating margin -€77,455
down €77,455 (-57.3%), from €135,157 to €57,702
- Staff costs -€73,828
down €73,828, from €62,981 to -€10,847
- Taxes +€12,114
up €12,114 (+1,384%), from €876 to €12,989
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 | €737,786 | €784,551 | +€46,765 | +6.3% |
| Fixed assets | 21/28 | €710,693 | €710,000 | -€693 | -0.1% |
| Tangible fixed assets | 22/27 | €693 | €0 | -€693 | -100% |
| Furniture and vehicles | 24 | €693 | €0 | -€693 | -100% |
| Financial fixed assets | 28 | €710,000 | €710,000 | = | 0.0% |
| Current assets | 29/58 | €27,092 | €74,551 | +€47,458 | +175% |
| Amounts receivable within one year | 40/41 | €1,219 | €73,662 | +€72,443 | +5,943% |
| Trade receivables | 40 | €0 | €72,600 | +€72,600 | |
| Other amounts receivable | 41 | €1,219 | €1,062 | -€157 | -12.9% |
| Cash at bank and in hand | 54/58 | €25,760 | €541 | -€25,219 | -97.9% |
| Deferred charges and accrued income | 490/1 | €113 | €348 | +€235 | +207% |
| Total equity and liabilities | 10/49 | €737,786 | €784,551 | +€46,765 | +6.3% |
| Equity | 10/15 | €284,943 | €330,600 | +€45,657 | +16.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €264,943 | €310,600 | +€45,657 | +17.2% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €262,943 | €308,600 | +€45,657 | +17.4% |
| Amounts payable | 17/49 | €452,843 | €453,951 | +€1,108 | +0.2% |
| Amounts payable after more than one year | 17 | €43,750 | €18,750 | -€25,000 | -57.1% |
| Financial debts | 170/4 | €43,750 | €18,750 | -€25,000 | -57.1% |
| Amounts payable within one year | 42/48 | €406,925 | €433,063 | +€26,137 | +6.4% |
| Current portion of amounts payable after more than one year | 42 | €25,000 | €25,000 | = | 0.0% |
| Trade debts | 44 | €2,817 | €9,690 | +€6,873 | +244% |
| Suppliers | 440/4 | €2,817 | €9,690 | +€6,873 | +244% |
| Taxes, remuneration and social security | 45 | €24,948 | €30,337 | +€5,389 | +21.6% |
| Taxes | 450/3 | €7,015 | €22,531 | +€15,516 | +221% |
| Remuneration and social security | 454/9 | €17,933 | €7,806 | -€10,127 | -56.5% |
| Other amounts payable | 47/48 | €354,160 | €368,035 | +€13,875 | +3.9% |
| Accrued charges and deferred income | 492/3 | €2,168 | €2,138 | -€30 | -1.4% |
| Remuneration, social security and pensions | 62 | €62,981 | -€10,847 | -€73,828 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,227 | €693 | -€534 | -43.5% |
| Other operating charges | 640/8 | €1,185 | €1,886 | +€701 | +59.1% |
| Gross operating margin | 9900 | €135,157 | €57,702 | -€77,455 | -57.3% |
| Operating profit (loss) | 9901 | €69,764 | €65,969 | -€3,794 | -5.4% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €7,926 | €7,323 | -€603 | -7.6% |
| Recurring financial charges | 65 | €7,926 | €7,323 | -€603 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €61,838 | €58,647 | -€3,191 | -5.2% |
| Income taxes | 67/77 | €876 | €12,989 | +€12,114 | +1,384% |
| Profit (loss) for the period | 9904 | €60,962 | €45,657 | -€15,305 | -25.1% |
| Profit (loss) for the period to be appropriated | 9905 | €60,962 | €45,657 | -€15,305 | -25.1% |
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 22 October 2026 via checked.be.