M.D.M.: 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.M.
Largest movements
- Receivables within one year -€250,258
down €250,258 (-32.5%), from €770,033 to €519,775
of which Other amounts receivable: -€232,781
- Cash +€150,437
up €150,437 (+10,116%), from €1,487 to €151,924
mainly Receivables within one year (+€250,258) and Other debts (+€18,400)
- Profit (loss) carried forward -€182,732
down €182,732 (-100%), from €182,732 to €0
- Reserves +€72,189
up €72,189 (+16.2%), from €446,401 to €518,590
of which Distributable reserves: +€72,189
- Other debts +€18,400
up €18,400 (+19.4%), from €95,000 to €113,400
- Tax, wage and social debts -€12,649
down €12,649 (-43.3%), from €29,180 to €16,531
of which Taxes: -€12,649
- Gross operating margin +€60,508
up €60,508 (+47.9%), from €126,432 to €186,939
- Depreciation -€7,465
down €7,465 (-78.0%), from €9,570 to €2,105
- Taxes -€5,601
down €5,601 (-100%), from €5,601 to €0
- Financial income -€4,044
down €4,044 (-70.2%), from €5,763 to €1,719
- Financial charges -€2,933
down €2,933 (-44.0%), from €6,669 to €3,735
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 | €773,625 | €671,699 | -€101,926 | -13.2% |
| Fixed assets | 21/28 | €2,105 | €0 | -€2,105 | -100% |
| Tangible fixed assets | 22/27 | €2,105 | €0 | -€2,105 | -100% |
| Plant, machinery and equipment | 23 | €2,105 | €0 | -€2,105 | -100% |
| Current assets | 29/58 | €771,520 | €671,699 | -€99,821 | -12.9% |
| Amounts receivable within one year | 40/41 | €770,033 | €519,775 | -€250,258 | -32.5% |
| Trade receivables | 40 | €17,477 | €0 | -€17,477 | -100% |
| Other amounts receivable | 41 | €752,556 | €519,775 | -€232,781 | -30.9% |
| Cash at bank and in hand | 54/58 | €1,487 | €151,924 | +€150,437 | +10,116% |
| Total equity and liabilities | 10/49 | €773,625 | €671,699 | -€101,926 | -13.2% |
| Equity | 10/15 | €647,726 | €537,182 | -€110,543 | -17.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €446,401 | €518,590 | +€72,189 | +16.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | - | -€1,859 | |
| Other | 1319 | - | €1,859 | +€1,859 | |
| Distributable reserves | 133 | €444,542 | €516,731 | +€72,189 | +16.2% |
| Profit (loss) carried forward | 14 | €182,732 | €0 | -€182,732 | -100% |
| Amounts payable | 17/49 | €125,899 | €134,516 | +€8,617 | +6.8% |
| Amounts payable within one year | 42/48 | €125,899 | €134,516 | +€8,617 | +6.8% |
| Current portion of amounts payable after more than one year | 42 | €1,719 | €0 | -€1,719 | -100% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | - | €4,585 | +€4,585 | |
| Suppliers | 440/4 | - | €4,585 | +€4,585 | |
| Taxes, remuneration and social security | 45 | €29,180 | €16,531 | -€12,649 | -43.3% |
| Taxes | 450/3 | €12,809 | €160 | -€12,649 | -98.8% |
| Remuneration and social security | 454/9 | €16,371 | €16,371 | = | 0.0% |
| Other amounts payable | 47/48 | €95,000 | €113,400 | +€18,400 | +19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,570 | €2,105 | -€7,465 | -78.0% |
| Other operating charges | 640/8 | €317 | €462 | +€145 | +45.9% |
| Non-recurring operating charges | 66A | - | €292,900 | +€292,900 | |
| Gross operating margin | 9900 | €126,432 | €186,939 | +€60,508 | +47.9% |
| Operating profit (loss) | 9901 | €116,545 | -€108,527 | -€225,072 | |
| Financial income | 75/76B | €5,763 | €1,719 | -€4,044 | -70.2% |
| Recurring financial income | 75 | €5,763 | €1,719 | -€4,044 | -70.2% |
| Financial charges | 65/66B | €6,669 | €3,735 | -€2,933 | -44.0% |
| Recurring financial charges | 65 | €6,669 | €3,735 | -€2,933 | -44.0% |
| Profit (loss) for the period before taxes | 9903 | €115,640 | -€110,543 | -€226,183 | |
| Income taxes | 67/77 | €5,601 | €0 | -€5,601 | -100% |
| Profit (loss) for the period | 9904 | €110,039 | -€110,543 | -€220,582 | |
| Profit (loss) for the period to be appropriated | 9905 | €110,039 | -€110,543 | -€220,582 |
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.