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.
What changed
M.D.M.
NACE 43.320, Joinery installation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€43,070
2024 · €97,444-€54,374
Equity
€1.1m
2024 · €1.1m+€43,070
Cash
€221,307
2024 · €218,395+€2,912
Balance sheet total
€3.7m
2024 · €3.9m-€206,881
Largest movements
Assets
- Tangible fixed assets -€176,169
down €176,169 (-4.9%), from €3.6m to €3.4m
of which Land and buildings: -€146,642
Equity and liabilities
- Debts after one year -€256,431
down €256,431 (-20.8%), from €1.2m to €977,262
Income statement
- Goods and materials -€166,057
down €166,057 (-76.5%), from €217,093 to €51,036
- Turnover -€130,528
down €130,528 (-21.2%), from €614,280 to €483,752
- Financial charges +€64,648
up €64,648 (+234%), from €27,589 to €92,236
- Services and other goods +€18,419
up €18,419 (+36.8%), from €50,110 to €68,529
- Taxes -€18,005
down €18,005 (-73.5%), from €24,494 to €6,489
of which Taxes: -€36,511
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.
Result 2024
€97,444
Turnover
-€130,528
Other operating income
-€1,380
Goods and materials
+€166,057
Services and other goods
-€18,419
Depreciation
-€580
Write-downs
-€16,966
Other operating charges
-€954
Other operating items
-€5,490
Financial income
+€528
Financial charges
-€64,648
Taxes
+€18,005
Result 2025
€43,070
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€258,647
Investment
-€5,102
Financing
-€250,633
Cash 2024
€218,395
From operations (derived)
+€258,647
Net result for the year
+€43,070
Depreciation
+€181,272
Receivables within one year
+€35,483
Deferred charges and accrued income
-€1,859
Trade debts
-€6,664
Tax, wage and social debts
-€20,725
Other debts
+€27,981
Accrued charges and deferred income
+€89
Investment (derived)
-€5,102
Investment in fixed assets (net)
-€5,102
Financing
-€250,633
Debts after one year
-€256,431
Current portion of long-term debt
+€4,194
Short-term financial debts
+€1,605
Cash 2025
€221,307
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,924,188 | €3,717,307 | -€206,881 | -5.3% |
| Fixed assets | 21/28 | €3,617,654 | €3,441,485 | -€176,169 | -4.9% |
| Tangible fixed assets | 22/27 | €3,617,654 | €3,441,485 | -€176,169 | -4.9% |
| Land and buildings | 22 | €3,399,624 | €3,252,982 | -€146,642 | -4.3% |
| Plant, machinery and equipment | 23 | €201,009 | €176,591 | -€24,418 | -12.1% |
| Furniture and vehicles | 24 | €17,021 | €11,912 | -€5,109 | -30.0% |
| Current assets | 29/58 | €306,534 | €275,822 | -€30,712 | -10.0% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €87,452 | €51,969 | -€35,483 | -40.6% |
| Trade receivables | 40 | €68,994 | €0 | -€68,994 | -100% |
| Other amounts receivable | 41 | €18,458 | €51,969 | +€33,511 | +182% |
| Cash at bank and in hand | 54/58 | €218,395 | €221,307 | +€2,912 | +1.3% |
| Deferred charges and accrued income | 490/1 | €687 | €2,546 | +€1,859 | +271% |
| Total equity and liabilities | 10/49 | €3,924,188 | €3,717,307 | -€206,881 | -5.3% |
| Equity | 10/15 | €1,100,463 | €1,143,533 | +€43,070 | +3.9% |
| Contributions | 10/11 | €20,459 | €20,459 | = | 0.0% |
| Reserves | 13 | €43,173 | €67,591 | +€24,418 | +56.6% |
| Tax-exempt reserves | 132 | €43,173 | €67,591 | +€24,418 | +56.6% |
| Profit (loss) carried forward | 14 | €1,036,831 | €1,055,482 | +€18,651 | +1.8% |
| Amounts payable | 17/49 | €2,823,725 | €2,573,774 | -€249,951 | -8.9% |
| Amounts payable after more than one year | 17 | €1,233,693 | €977,262 | -€256,431 | -20.8% |
| Financial debts | 170/4 | €1,233,693 | €977,262 | -€256,431 | -20.8% |
| Credit institutions | 173 | €1,233,693 | €977,262 | -€256,431 | -20.8% |
| Amounts payable within one year | 42/48 | €1,590,032 | €1,596,423 | +€6,391 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €252,237 | €256,431 | +€4,194 | +1.7% |
| Financial debts | 43 | - | €1,605 | +€1,605 | |
| Credit institutions | 430/8 | - | €1,605 | +€1,605 | |
| Trade debts | 44 | €10,907 | €4,243 | -€6,664 | -61.1% |
| Suppliers | 440/4 | €10,907 | €4,243 | -€6,664 | -61.1% |
| Taxes, remuneration and social security | 45 | €60,238 | €39,513 | -€20,725 | -34.4% |
| Taxes | 450/3 | €60,238 | €39,513 | -€20,725 | -34.4% |
| Other amounts payable | 47/48 | €1,266,650 | €1,294,631 | +€27,981 | +2.2% |
| Accrued charges and deferred income | 492/3 | €0 | €89 | +€89 | |
| Operating income | 70/76A | €627,478 | €497,770 | -€129,708 | -20.7% |
| Turnover | 70 | €614,280 | €483,752 | -€130,528 | -21.2% |
| Other operating income | 74 | €13,197 | €11,818 | -€1,380 | -10.5% |
| Non-recurring operating income | 76A | - | €2,199 | +€2,199 | |
| Operating charges | 60/66A | €478,730 | €357,282 | -€121,448 | -25.4% |
| Goods for resale, raw materials and consumables | 60 | €217,093 | €51,036 | -€166,057 | -76.5% |
| Purchases | 600/8 | €217,093 | €51,036 | -€166,057 | -76.5% |
| Services and other goods | 61 | €50,110 | €68,529 | +€18,419 | +36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €180,691 | €181,272 | +€580 | +0.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €16,966 | +€16,966 | |
| Other operating charges | 640/8 | €30,836 | €31,791 | +€954 | +3.1% |
| Non-recurring operating charges | 66A | - | €7,690 | +€7,690 | |
| Operating profit (loss) | 9901 | €148,747 | €140,487 | -€8,260 | -5.6% |
| Financial income | 75/76B | €779 | €1,307 | +€528 | +67.8% |
| Recurring financial income | 75 | €779 | €1,307 | +€528 | +67.8% |
| Income from current assets | 751 | €764 | €1,307 | +€543 | +71.1% |
| Other financial income | 752/9 | €15 | €0 | -€15 | -100% |
| Financial charges | 65/66B | €27,589 | €92,236 | +€64,648 | +234% |
| Recurring financial charges | 65 | €27,589 | €92,236 | +€64,648 | +234% |
| Debt charges | 650 | €27,146 | €91,468 | +€64,322 | +237% |
| Other financial charges | 652/9 | €443 | €768 | +€326 | +73.6% |
| Profit (loss) for the period before taxes | 9903 | €121,938 | €49,558 | -€72,379 | -59.4% |
| Income taxes | 67/77 | €24,494 | €6,489 | -€18,005 | -73.5% |
| Taxes | 670/3 | €43,000 | €6,489 | -€36,511 | -84.9% |
| Tax adjustments and reversals of tax provisions | 77 | €18,506 | €0 | -€18,506 | -100% |
| Profit (loss) for the period | 9904 | €97,444 | €43,070 | -€54,374 | -55.8% |
| Transfer to tax-exempt reserves | 689 | €24,418 | €24,418 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €73,026 | €18,651 | -€54,374 | -74.5% |
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.