M.D.M.: what changed
Two fiscal 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
- Current investments +€300,007
up €300,007 (+163732.6%), from €183 to €300,191
- Tangible fixed assets -€143,494
down €143,494 (-4.2%), from €3.4m to €3.2m
of which Land and buildings: -€143,192
- Cash +€114,160
up €114,160 (+386.0%), from €29,571 to €143,732
mainly Net result for the year (+€244,277) and Depreciation (+€145,994)
- Reserves +€244,277
up €244,277 (+9.4%), from €2.6m to €2.8m
of which Distributable reserves: +€244,277
- Gross operating margin +€55,474
up €55,474 (+12.4%), from €446,906 to €502,379
- Taxes +€8,997
up €8,997 (+14.4%), from €62,298 to €71,295
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.
Cash bridge derived
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 | €3,454,510 | €3,710,555 | +€256,045 | +7.4% |
| Fixed assets | 21/28 | €3,385,709 | €3,242,215 | -€143,494 | -4.2% |
| Tangible fixed assets | 22/27 | €3,385,709 | €3,242,215 | -€143,494 | -4.2% |
| Land and buildings | 22 | €3,375,075 | €3,231,884 | -€143,192 | -4.2% |
| Furniture and vehicles | 24 | €10,634 | €10,332 | -€302 | -2.8% |
| Current assets | 29/58 | €68,801 | €468,339 | +€399,538 | +580.7% |
| Amounts receivable within one year | 40/41 | €35,000 | €18,967 | -€16,034 | -45.8% |
| Trade receivables | 40 | €26,204 | €15,963 | -€10,241 | -39.1% |
| Other amounts receivable | 41 | €8,796 | €3,004 | -€5,792 | -65.8% |
| Current investments | 50/53 | €183 | €300,191 | +€300,007 | +163732.6% |
| Cash at bank and in hand | 54/58 | €29,571 | €143,732 | +€114,160 | +386.0% |
| Deferred charges and accrued income | 490/1 | €4,046 | €5,451 | +€1,404 | +34.7% |
| Total equity and liabilities | 10/49 | €3,454,510 | €3,710,555 | +€256,045 | +7.4% |
| Equity | 10/15 | €3,360,591 | €3,604,868 | +€244,277 | +7.3% |
| Contributions | 10/11 | €768,470 | €768,470 | = | 0.0% |
| Capital | 10 | €768,470 | €768,470 | = | 0.0% |
| Issued capital | 100 | €768,470 | €768,470 | = | 0.0% |
| Reserves | 13 | €2,592,121 | €2,836,398 | +€244,277 | +9.4% |
| Non-distributable reserves | 130/1 | €76,847 | €76,847 | = | 0.0% |
| Legal reserve | 130 | €76,847 | €76,847 | = | 0.0% |
| Distributable reserves | 133 | €2,515,274 | €2,759,551 | +€244,277 | +9.7% |
| Provisions and deferred taxes | 16 | €36,968 | €36,968 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €36,968 | €36,968 | = | 0.0% |
| Pensions and similar obligations | 160 | €36,968 | €36,968 | = | 0.0% |
| Amounts payable | 17/49 | €56,951 | €68,719 | +€11,768 | +20.7% |
| Amounts payable after more than one year | 17 | €31,550 | €38,180 | +€6,630 | +21.0% |
| Other amounts payable | 178/9 | €31,550 | €38,180 | +€6,630 | +21.0% |
| Amounts payable within one year | 42/48 | €20,883 | €21,948 | +€1,065 | +5.1% |
| Trade debts | 44 | €9,004 | €1,762 | -€7,242 | -80.4% |
| Suppliers | 440/4 | €9,004 | €1,762 | -€7,242 | -80.4% |
| Taxes, remuneration and social security | 45 | €9,779 | €18,086 | +€8,307 | +85.0% |
| Taxes | 450/3 | €9,779 | €18,086 | +€8,307 | +85.0% |
| Other amounts payable | 47/48 | €2,100 | €2,100 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €4,518 | €8,590 | +€4,073 | +90.1% |
| Non-recurring operating income | 76A | - | €647 | +€647 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,248 | €145,994 | -€255 | -0.2% |
| Other operating charges | 640/8 | €41,686 | €41,668 | -€18 | 0.0% |
| Gross operating margin | 9900 | €446,906 | €502,379 | +€55,474 | +12.4% |
| Operating profit (loss) | 9901 | €258,971 | €314,718 | +€55,747 | +21.5% |
| Financial income | 75/76B | €0 | €1,435 | +€1,434 | +2049257.1% |
| Recurring financial income | 75 | €0 | €1,435 | +€1,434 | +2049257.1% |
| Financial charges | 65/66B | €662 | €581 | -€82 | -12.3% |
| Recurring financial charges | 65 | €662 | €581 | -€82 | -12.3% |
| Profit (loss) for the period before taxes | 9903 | €258,309 | €315,572 | +€57,263 | +22.2% |
| Income taxes | 67/77 | €62,298 | €71,295 | +€8,997 | +14.4% |
| Profit (loss) for the period | 9904 | €196,011 | €244,277 | +€48,266 | +24.6% |
| Profit (loss) for the period to be appropriated | 9905 | €196,011 | €244,277 | +€48,266 | +24.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.