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 +€1,615
up €1,615 (+83.2%), from €1,941 to €3,556
of which Trade receivables: +€1,051
- Cash +€1,455
up €1,455 (+606%), from €240 to €1,695
mainly Net result for the year (+€3,872) and Depreciation (+€918)
- Tangible fixed assets -€918
down €918 (-58.8%), from €1,562 to €644
- Stocks and contracts +€143
up €143, from €0 to €143
- Profit (loss) carried forward +€3,872
up €3,872 (+16.2%), from -€23,837 to -€19,965
- Other debts -€939
down €939 (-11.3%), from €8,341 to €7,403
- Trade debts -€639
down €639 (-100%), from €639 to €0
- Gross operating margin +€8,103
up €8,103, from -€2,781 to €5,322
- Other operating charges -€6,372
down €6,372 (-94.1%), from €6,771 to €400
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 | €3,743 | €6,038 | +€2,294 | +61.3% |
| Fixed assets | 21/28 | €1,562 | €644 | -€918 | -58.8% |
| Tangible fixed assets | 22/27 | €1,562 | €644 | -€918 | -58.8% |
| Plant, machinery and equipment | 23 | €1,562 | €644 | -€918 | -58.8% |
| Current assets | 29/58 | €2,182 | €5,394 | +€3,212 | +147% |
| Stocks and contracts in progress | 3 | €0 | €143 | +€143 | |
| Stocks | 30/36 | €0 | €143 | +€143 | |
| Amounts receivable within one year | 40/41 | €1,941 | €3,556 | +€1,615 | +83.2% |
| Trade receivables | 40 | €1,785 | €2,836 | +€1,051 | +58.9% |
| Other amounts receivable | 41 | €156 | €720 | +€564 | +361% |
| Cash at bank and in hand | 54/58 | €240 | €1,695 | +€1,455 | +606% |
| Total equity and liabilities | 10/49 | €3,743 | €6,038 | +€2,294 | +61.3% |
| Equity | 10/15 | -€5,237 | -€1,365 | +€3,872 | +73.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€23,837 | -€19,965 | +€3,872 | +16.2% |
| Amounts payable | 17/49 | €8,980 | €7,403 | -€1,578 | -17.6% |
| Amounts payable within one year | 42/48 | €8,980 | €7,403 | -€1,578 | -17.6% |
| Trade debts | 44 | €639 | €0 | -€639 | -100% |
| Suppliers | 440/4 | €639 | €0 | -€639 | -100% |
| Other amounts payable | 47/48 | €8,341 | €7,403 | -€939 | -11.3% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €918 | €918 | = | 0.0% |
| Other operating charges | 640/8 | €6,771 | €400 | -€6,372 | -94.1% |
| Non-recurring operating charges | 66A | €574 | €0 | -€574 | -100% |
| Gross operating margin | 9900 | -€2,781 | €5,322 | +€8,103 | |
| Operating profit (loss) | 9901 | -€11,045 | €4,005 | +€15,049 | |
| Financial income | 75/76B | €17 | €0 | -€17 | -100% |
| Recurring financial income | 75 | €17 | €0 | -€17 | -100% |
| Financial charges | 65/66B | €120 | €133 | +€13 | +10.7% |
| Recurring financial charges | 65 | €120 | €133 | +€13 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | -€11,148 | €3,872 | +€15,020 | |
| Profit (loss) for the period | 9904 | -€11,148 | €3,872 | +€15,020 | |
| Profit (loss) for the period to be appropriated | 9905 | -€11,148 | €3,872 | +€15,020 |
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 24 October 2026 via checked.be.