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
- Cash +€898,625
up €898,625 (+486.7%), from €184,640 to €1.1m
mainly Other debts (+€1.1m) and Depreciation (+€314,050)
- Tangible fixed assets -€158,230
down €158,230 (-2.0%), from €7.8m to €7.7m
of which Land and buildings: -€157,186
- Receivables within one year +€101,051
up €101,051 (+132.3%), from €76,401 to €177,452
of which Other amounts receivable: +€74,531
- Other debts +€1.1m
up €1.1m (+38.3%), from €2.9m to €4.1m
- Debts after one year -€506,584
down €506,584 (-16.9%), from €3.0m to €2.5m
- Profit (loss) carried forward +€241,866
up €241,866 (+23.5%), from €1.0m to €1.3m
- Gross operating margin +€44,374
up €44,374 (+5.4%), from €817,069 to €861,443
- Financial income +€12,607
up €12,607 (+9413.8%), from €134 to €12,741
- Taxes +€8,641
up €8,641 (+12.0%), from €71,855 to €80,496
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 | €8,086,161 | €8,927,472 | +€841,312 | +10.4% |
| Fixed assets | 21/28 | €7,824,462 | €7,666,232 | -€158,230 | -2.0% |
| Tangible fixed assets | 22/27 | €7,824,276 | €7,666,046 | -€158,230 | -2.0% |
| Land and buildings | 22 | €7,814,673 | €7,657,487 | -€157,186 | -2.0% |
| Plant, machinery and equipment | 23 | €9,603 | €8,559 | -€1,043 | -10.9% |
| Financial fixed assets | 28 | €186 | €186 | = | 0.0% |
| Current assets | 29/58 | €261,699 | €1,261,240 | +€999,542 | +381.9% |
| Amounts receivable within one year | 40/41 | €76,401 | €177,452 | +€101,051 | +132.3% |
| Trade receivables | 40 | €49,239 | €75,758 | +€26,520 | +53.9% |
| Other amounts receivable | 41 | €27,162 | €101,693 | +€74,531 | +274.4% |
| Cash at bank and in hand | 54/58 | €184,640 | €1,083,265 | +€898,625 | +486.7% |
| Deferred charges and accrued income | 490/1 | €658 | €524 | -€134 | -20.4% |
| Total equity and liabilities | 10/49 | €8,086,161 | €8,927,472 | +€841,312 | +10.4% |
| Equity | 10/15 | €1,523,348 | €1,745,110 | +€221,763 | +14.6% |
| Contributions | 10/11 | €325,000 | €325,000 | = | 0.0% |
| Capital | 10 | €325,000 | €325,000 | = | 0.0% |
| Issued capital | 100 | €325,000 | €325,000 | = | 0.0% |
| Reserves | 13 | €167,985 | €147,882 | -€20,103 | -12.0% |
| Non-distributable reserves | 130/1 | €32,500 | €32,500 | = | 0.0% |
| Legal reserve | 130 | €32,500 | €32,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €135,485 | €115,382 | -€20,103 | -14.8% |
| Profit (loss) carried forward | 14 | €1,030,362 | €1,272,228 | +€241,866 | +23.5% |
| Provisions and deferred taxes | 16 | €69,764 | €59,413 | -€10,351 | -14.8% |
| Deferred taxes | 168 | €69,764 | €59,413 | -€10,351 | -14.8% |
| Amounts payable | 17/49 | €6,493,049 | €7,122,949 | +€629,901 | +9.7% |
| Amounts payable after more than one year | 17 | €2,990,490 | €2,483,906 | -€506,584 | -16.9% |
| Financial debts | 170/4 | €2,990,490 | €2,483,906 | -€506,584 | -16.9% |
| Amounts payable within one year | 42/48 | €3,473,076 | €4,607,603 | +€1.1m | +32.7% |
| Current portion of amounts payable after more than one year | 42 | €505,672 | €506,584 | +€912 | +0.2% |
| Trade debts | 44 | €27,984 | €23,123 | -€4,862 | -17.4% |
| Suppliers | 440/4 | €27,984 | €23,123 | -€4,862 | -17.4% |
| Taxes, remuneration and social security | 45 | €43 | €13,849 | +€13,806 | +31759.1% |
| Taxes | 450/3 | €43 | €13,849 | +€13,806 | +31759.1% |
| Other amounts payable | 47/48 | €2,939,377 | €4,064,047 | +€1.1m | +38.3% |
| Accrued charges and deferred income | 492/3 | €29,482 | €31,440 | +€1,958 | +6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €311,538 | €314,050 | +€2,512 | +0.8% |
| Other operating charges | 640/8 | €50,730 | €57,017 | +€6,288 | +12.4% |
| Gross operating margin | 9900 | €817,069 | €861,443 | +€44,374 | +5.4% |
| Operating profit (loss) | 9901 | €454,802 | €490,376 | +€35,574 | +7.8% |
| Financial income | 75/76B | €134 | €12,741 | +€12,607 | +9413.8% |
| Recurring financial income | 75 | €134 | €12,741 | +€12,607 | +9413.8% |
| Financial charges | 65/66B | €204,343 | €211,210 | +€6,867 | +3.4% |
| Recurring financial charges | 65 | €204,343 | €211,210 | +€6,867 | +3.4% |
| Profit (loss) for the period before taxes | 9903 | €250,593 | €291,907 | +€41,314 | +16.5% |
| Transfer from deferred taxes | 780 | €10,351 | €10,351 | = | 0.0% |
| Income taxes | 67/77 | €71,855 | €80,496 | +€8,641 | +12.0% |
| Profit (loss) for the period | 9904 | €189,090 | €221,763 | +€32,673 | +17.3% |
| Transfer from tax-exempt reserves | 789 | €20,103 | €20,103 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €209,193 | €241,866 | +€32,673 | +15.6% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.