M&D INVESTMENT: what changed
What changed
M&D INVESTMENT
NACE 31.009, Manufacture of furniture
filed annual accounts (NBB)
Net result for the year
€21,389
2024 · €3,915+€17,473
Equity
€71,215
2024 · €49,826+€21,389
Cash
€700
2024 · €700
Balance sheet total
€206,546
2024 · €200,713+€5,833
Largest movements
Assets
- Current investments +€76,973
up €76,973 (+160%), from €48,014 to €124,987
- Receivables within one year -€57,041
down €57,041 (-72.8%), from €78,351 to €21,310
of which Trade receivables: -€60,433
- Tangible fixed assets -€13,128
down €13,128 (-18.3%), from €71,692 to €58,564
of which Furniture and vehicles: -€9,661
Equity and liabilities
- Trade debts -€54,102
down €54,102 (-73.2%), from €73,900 to €19,798
- Other debts +€32,168
up €32,168 (+315%), from €10,219 to €42,387
- Profit (loss) carried forward +€21,389
up €21,389 (+83.4%), from €25,651 to €47,040
- Debts after one year -€10,941
down €10,941 (-23.4%), from €46,745 to €35,804
- Advances received +€9,470
new in 2025: €9,470
Income statement
- Gross operating margin +€29,843
up €29,843 (+157%), from €19,027 to €48,870
- Taxes +€6,987
up €6,987 (+486%), from €1,438 to €8,425
- Depreciation +€4,524
up €4,524 (+52.6%), from €8,604 to €13,128
- Other operating charges +€866
up €866 (+48.1%), from €1,801 to €2,668
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€3,915
Gross operating margin
+€29,843
Depreciation
-€4,524
Other operating charges
-€866
Financial income
+€62
Financial charges
-€55
Taxes
-€6,987
Result 2025
€21,389
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€86,130
Investment
-€76,973
Financing
-€9,157
Cash 2024
€700
From operations (derived)
+€86,130
Net result for the year
+€21,389
Depreciation
+€13,128
Receivables within one year
+€57,041
Deferred charges and accrued income
+€971
Trade debts
-€54,102
Tax, wage and social debts
+€6,065
Advances received
+€9,470
Other debts
+€32,168
Investment (derived)
-€76,973
Current investments
-€76,973
Financing
-€9,157
Debts after one year
-€10,941
Current portion of long-term debt
+€1,070
Short-term financial debts
+€714
Cash 2025
€700
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €200,713 | €206,546 | +€5,833 | +2.9% |
| Fixed assets | 21/28 | €71,692 | €58,564 | -€13,128 | -18.3% |
| Tangible fixed assets | 22/27 | €71,692 | €58,564 | -€13,128 | -18.3% |
| Land and buildings | 22 | €27,500 | €25,000 | -€2,500 | -9.1% |
| Plant, machinery and equipment | 23 | €2,697 | €1,730 | -€967 | -35.8% |
| Furniture and vehicles | 24 | €41,495 | €31,834 | -€9,661 | -23.3% |
| Current assets | 29/58 | €129,021 | €147,981 | +€18,960 | +14.7% |
| Amounts receivable within one year | 40/41 | €78,351 | €21,310 | -€57,041 | -72.8% |
| Trade receivables | 40 | €70,588 | €10,155 | -€60,433 | -85.6% |
| Other amounts receivable | 41 | €7,763 | €11,155 | +€3,392 | +43.7% |
| Current investments | 50/53 | €48,014 | €124,987 | +€76,973 | +160% |
| Cash at bank and in hand | 54/58 | €700 | €700 | = | 0.0% |
| Deferred charges and accrued income | 490/1 | €1,955 | €984 | -€971 | -49.7% |
| Total equity and liabilities | 10/49 | €200,713 | €206,546 | +€5,833 | +2.9% |
| Equity | 10/15 | €49,826 | €71,215 | +€21,389 | +42.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €11,775 | €11,775 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €9,916 | €9,916 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,651 | €47,040 | +€21,389 | +83.4% |
| Amounts payable | 17/49 | €150,886 | €135,331 | -€15,556 | -10.3% |
| Amounts payable after more than one year | 17 | €46,745 | €35,804 | -€10,941 | -23.4% |
| Financial debts | 170/4 | €46,745 | €35,804 | -€10,941 | -23.4% |
| Amounts payable within one year | 42/48 | €104,141 | €99,527 | -€4,615 | -4.4% |
| Current portion of amounts payable after more than one year | 42 | €9,871 | €10,941 | +€1,070 | +10.8% |
| Financial debts | 43 | €7,760 | €8,474 | +€714 | +9.2% |
| Credit institutions | 430/8 | €7,760 | €8,474 | +€714 | +9.2% |
| Trade debts | 44 | €73,900 | €19,798 | -€54,102 | -73.2% |
| Suppliers | 440/4 | €73,900 | €19,798 | -€54,102 | -73.2% |
| Advances received on contracts in progress | 46 | - | €9,470 | +€9,470 | |
| Taxes, remuneration and social security | 45 | €2,392 | €8,456 | +€6,065 | +254% |
| Taxes | 450/3 | €1,474 | €8,446 | +€6,972 | +473% |
| Remuneration and social security | 454/9 | €917 | €10 | -€907 | -98.9% |
| Other amounts payable | 47/48 | €10,219 | €42,387 | +€32,168 | +315% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,604 | €13,128 | +€4,524 | +52.6% |
| Other operating charges | 640/8 | €1,801 | €2,668 | +€866 | +48.1% |
| Gross operating margin | 9900 | €19,027 | €48,870 | +€29,843 | +157% |
| Operating profit (loss) | 9901 | €8,622 | €33,075 | +€24,453 | +284% |
| Financial income | 75/76B | - | €62 | +€62 | |
| Recurring financial income | 75 | - | €62 | +€62 | |
| Financial charges | 65/66B | €3,268 | €3,323 | +€55 | +1.7% |
| Recurring financial charges | 65 | €3,268 | €3,323 | +€55 | +1.7% |
| Profit (loss) for the period before taxes | 9903 | €5,353 | €29,814 | +€24,460 | +457% |
| Income taxes | 67/77 | €1,438 | €8,425 | +€6,987 | +486% |
| Profit (loss) for the period | 9904 | €3,915 | €21,389 | +€17,473 | +446% |
| Profit (loss) for the period to be appropriated | 9905 | €3,915 | €21,389 | +€17,473 | +446% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.