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
- Tangible fixed assets +€13,986
up €13,986 (+13.9%), from €100,759 to €114,745
of which Leasing and similar rights: +€11,920
- Receivables after one year -€6,790
down €6,790 (-7.4%), from €92,246 to €85,456
- Cash -€5,804
down €5,804 (-15.7%), from €36,909 to €31,105
mainly Investment in fixed assets (net) (-€27,750) and Other debts (-€21,000)
- Other debts -€21,000
down €21,000 (-84.0%), from €25,000 to €4,000
- Reserves +€13,448
up €13,448 (+8.1%), from €165,672 to €179,119
of which Distributable reserves: +€13,448
- Debts after one year +€9,874
new in 2025: €9,874
- Tax, wage and social debts -€9,418
down €9,418 (-79.4%), from €11,865 to €2,447
of which Taxes: -€9,809
- Trade debts +€3,235
up €3,235 (+192.1%), from €1,684 to €4,918
- Gross operating margin -€11,863
down €11,863 (-15.1%), from €78,625 to €66,762
- Depreciation -€9,702
down €9,702 (-42.6%), from €22,766 to €13,064
- Other operating charges +€1,693
up €1,693 (+45.7%), from €3,701 to €5,393
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.
Cash bridge derived
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 | €235,020 | €237,690 | +€2,670 | +1.1% |
| Fixed assets | 21/28 | €100,759 | €115,445 | +€14,686 | +14.6% |
| Tangible fixed assets | 22/27 | €100,759 | €114,745 | +€13,986 | +13.9% |
| Land and buildings | 22 | €29,685 | €26,595 | -€3,090 | -10.4% |
| Plant, machinery and equipment | 23 | €22,989 | €20,397 | -€2,593 | -11.3% |
| Leasing and similar rights | 25 | - | €11,920 | +€11,920 | |
| Other tangible fixed assets | 26 | €48,084 | €55,833 | +€7,749 | +16.1% |
| Financial fixed assets | 28 | - | €700 | +€700 | |
| Current assets | 29/58 | €134,261 | €122,245 | -€12,016 | -8.9% |
| Amounts receivable after more than one year | 29 | €92,246 | €85,456 | -€6,790 | -7.4% |
| Other amounts receivable | 291 | €92,246 | €85,456 | -€6,790 | -7.4% |
| Stocks and contracts in progress | 3 | €3,736 | €1,892 | -€1,844 | -49.4% |
| Stocks | 30/36 | €3,736 | €1,892 | -€1,844 | -49.4% |
| Amounts receivable within one year | 40/41 | €0 | €924 | +€924 | |
| Trade receivables | 40 | - | €117 | +€117 | |
| Other amounts receivable | 41 | €0 | €806 | +€806 | |
| Cash at bank and in hand | 54/58 | €36,909 | €31,105 | -€5,804 | -15.7% |
| Deferred charges and accrued income | 490/1 | €1,369 | €2,868 | +€1,498 | +109.4% |
| Total equity and liabilities | 10/49 | €235,020 | €237,690 | +€2,670 | +1.1% |
| Equity | 10/15 | €196,472 | €209,919 | +€13,448 | +6.8% |
| Contributions | 10/11 | €30,800 | €30,800 | = | 0.0% |
| Reserves | 13 | €165,672 | €179,119 | +€13,448 | +8.1% |
| Tax-exempt reserves | 132 | €195 | €195 | = | 0.0% |
| Distributable reserves | 133 | €165,476 | €178,924 | +€13,448 | +8.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,548 | €27,770 | -€10,778 | -28.0% |
| Amounts payable after more than one year | 17 | - | €9,874 | +€9,874 | |
| Financial debts | 170/4 | - | €9,874 | +€9,874 | |
| Amounts payable within one year | 42/48 | €38,548 | €15,565 | -€22,983 | -59.6% |
| Current portion of amounts payable after more than one year | 42 | - | €2,206 | +€2,206 | |
| Financial debts | 43 | - | €1,995 | +€1,995 | |
| Credit institutions | 430/8 | - | €1,995 | +€1,995 | |
| Trade debts | 44 | €1,684 | €4,918 | +€3,235 | +192.1% |
| Suppliers | 440/4 | €1,684 | €4,918 | +€3,235 | +192.1% |
| Taxes, remuneration and social security | 45 | €11,865 | €2,447 | -€9,418 | -79.4% |
| Taxes | 450/3 | €10,051 | €241 | -€9,809 | -97.6% |
| Remuneration and social security | 454/9 | €1,814 | €2,205 | +€391 | +21.6% |
| Other amounts payable | 47/48 | €25,000 | €4,000 | -€21,000 | -84.0% |
| Accrued charges and deferred income | 492/3 | - | €2,331 | +€2,331 | |
| Non-recurring operating income | 76A | €0 | €155 | +€155 | |
| Remuneration, social security and pensions | 62 | €26,199 | €25,872 | -€328 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,766 | €13,064 | -€9,702 | -42.6% |
| Other operating charges | 640/8 | €3,701 | €5,393 | +€1,693 | +45.7% |
| Non-recurring operating charges | 66A | €0 | €80 | +€80 | |
| Gross operating margin | 9900 | €78,625 | €66,762 | -€11,863 | -15.1% |
| Operating profit (loss) | 9901 | €25,959 | €22,353 | -€3,606 | -13.9% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €306 | €663 | +€357 | +116.8% |
| Recurring financial charges | 65 | €306 | €663 | +€357 | +116.8% |
| Profit (loss) for the period before taxes | 9903 | €25,653 | €21,690 | -€3,963 | -15.4% |
| Income taxes | 67/77 | €4,365 | €4,242 | -€123 | -2.8% |
| Profit (loss) for the period | 9904 | €21,288 | €17,448 | -€3,840 | -18.0% |
| Profit (loss) for the period to be appropriated | 9905 | €21,288 | €17,448 | -€3,840 | -18.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.