M.D. LOGEMENTS: 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. LOGEMENTS
Largest movements
- Tangible fixed assets -€56,273
down €56,273 (-4.6%), from €1.2m to €1.2m
- Receivables within one year -€29,090
down €29,090 (-13.4%), from €217,091 to €188,001
of which Trade receivables: -€26,640
- Profit (loss) carried forward -€1.9m
down €1.9m (-15,009%), from -€12,541 to -€1.9m
- Tax, wage and social debts +€1.8m
up €1.8m, from €0 to €1.8m
- Other debts +€22,395
up €22,395 (+3.8%), from €585,137 to €607,532
- Reserves -€14,613
down €14,613 (-2.2%), from €670,375 to €655,762
of which Tax-exempt reserves: -€14,613
- Taxes +€1.2m
up €1.2m (+2,036,453,633%), from €0 to €1.2m
- Other operating charges +€537,367
up €537,367 (+9,453%), from €5,685 to €543,051
- Financial charges +€78,158
up €78,158 (+6,802%), from €1,149 to €79,307
- Gross operating margin -€29,303
down €29,303, from €25,847 to -€3,456
- Financial income +€2,229
up €2,229 (+1,485,893%), from €0 to €2,229
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 | €1,443,317 | €1,353,037 | -€90,280 | -6.3% |
| Fixed assets | 21/28 | €1,221,309 | €1,165,036 | -€56,273 | -4.6% |
| Tangible fixed assets | 22/27 | €1,220,999 | €1,164,726 | -€56,273 | -4.6% |
| Land and buildings | 22 | €1,220,999 | €1,164,726 | -€56,273 | -4.6% |
| Financial fixed assets | 28 | €310 | €310 | = | 0.0% |
| Current assets | 29/58 | €222,008 | €188,001 | -€34,008 | -15.3% |
| Amounts receivable within one year | 40/41 | €217,091 | €188,001 | -€29,090 | -13.4% |
| Trade receivables | 40 | €26,653 | €14 | -€26,640 | -99.9% |
| Other amounts receivable | 41 | €190,437 | €187,987 | -€2,450 | -1.3% |
| Cash at bank and in hand | 54/58 | €4,918 | €0 | -€4,918 | -100% |
| Total equity and liabilities | 10/49 | €1,443,317 | €1,353,037 | -€90,280 | -6.3% |
| Equity | 10/15 | €676,385 | -€1,220,475 | -€1.9m | |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €670,375 | €655,762 | -€14,613 | -2.2% |
| Tax-exempt reserves | 132 | €475,375 | €460,762 | -€14,613 | -3.1% |
| Distributable reserves | 133 | €195,000 | €195,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,541 | -€1,894,787 | -€1.9m | -15,009% |
| Provisions and deferred taxes | 16 | €158,458 | €153,587 | -€4,871 | -3.1% |
| Deferred taxes | 168 | €158,458 | €153,587 | -€4,871 | -3.1% |
| Amounts payable | 17/49 | €608,474 | €2,419,925 | +€1.8m | +298% |
| Amounts payable after more than one year | 17 | €7,876 | €7,876 | = | 0.0% |
| Other amounts payable | 178/9 | €7,876 | €7,876 | = | 0.0% |
| Amounts payable within one year | 42/48 | €600,199 | €2,403,455 | +€1.8m | +300% |
| Financial debts | 43 | - | €73 | +€73 | |
| Credit institutions | 430/8 | - | €73 | +€73 | |
| Trade debts | 44 | €15,061 | €10,525 | -€4,536 | -30.1% |
| Suppliers | 440/4 | €15,061 | €10,525 | -€4,536 | -30.1% |
| Taxes, remuneration and social security | 45 | €0 | €1,785,324 | +€1.8m | |
| Taxes | 450/3 | €0 | €1,785,324 | +€1.8m | |
| Other amounts payable | 47/48 | €585,137 | €607,532 | +€22,395 | +3.8% |
| Accrued charges and deferred income | 492/3 | €400 | €8,595 | +€8,195 | +2,049% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,273 | €56,273 | = | 0.0% |
| Other operating charges | 640/8 | €5,685 | €543,051 | +€537,367 | +9,453% |
| Gross operating margin | 9900 | €25,847 | -€3,456 | -€29,303 | |
| Operating profit (loss) | 9901 | -€36,111 | -€602,780 | -€566,670 | -1,569% |
| Financial income | 75/76B | €0 | €2,229 | +€2,229 | +1,485,893% |
| Recurring financial income | 75 | €0 | €2,229 | +€2,229 | +1,485,893% |
| Financial charges | 65/66B | €1,149 | €79,307 | +€78,158 | +6,802% |
| Recurring financial charges | 65 | €1,149 | €79,307 | +€78,158 | +6,802% |
| Profit (loss) for the period before taxes | 9903 | -€37,260 | -€679,859 | -€642,599 | -1,725% |
| Transfer from deferred taxes | 780 | €4,871 | €4,871 | = | 0.0% |
| Income taxes | 67/77 | €0 | €1,221,872 | +€1.2m | +2,036,453,633% |
| Profit (loss) for the period | 9904 | -€32,389 | -€1,896,860 | -€1.9m | -5,757% |
| Transfer from tax-exempt reserves | 789 | €14,613 | €14,613 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€17,775 | -€1,882,246 | -€1.9m | -10,489% |
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 16 October 2026 via checked.be.