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 46.341, Wholesale of wines and spirits
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€64,573
2024 · -€76,063+€140,636
Equity
-€111,448
2024 · -€176,020+€64,572
Cash
€7,795
2024 · €4,630+€3,165
Balance sheet total
€498,102
2024 · €535,628-€37,526
Largest movements
Assets
- Tangible fixed assets -€30,946
down €30,946 (-17.2%), from €179,569 to €148,623
of which Land and buildings: -€32,259
- Receivables within one year -€9,433
down €9,433 (-29.3%), from €32,222 to €22,789
of which Other amounts receivable: -€28,381
Equity and liabilities
- Profit (loss) carried forward +€64,572
up €64,572 (+10.8%), from -€597,425 to -€532,853
- Trade debts -€47,638
down €47,638 (-76.0%), from €62,642 to €15,004
- Debts after one year -€35,000
down €35,000 (-29.3%), from €119,556 to €84,556
- Other debts -€14,644
no longer reported in 2025 (was €14,644)
Income statement
- Gross operating margin +€137,885
up €137,885 (+3411.3%), from €4,042 to €141,927
- Financial charges -€7,886
down €7,886 (-18.1%), from €43,554 to €35,668
- Staff costs +€3,869
new in 2025: €3,869
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
-€76,063
Gross operating margin
+€137,885
Staff costs
-€3,869
Depreciation
-€1,300
Other operating charges
+€35
Financial income
-€1
Financial charges
+€7,886
Result 2025
€64,573
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.
From operations
+€41,042
Investment
-€2,079
Financing
-€35,798
Cash 2024
€4,630
From operations (derived)
+€41,042
Net result for the year
+€64,573
Depreciation
+€33,025
Stocks and contracts
+€639
Receivables within one year
+€9,433
Deferred charges and accrued income
-€327
Trade debts
-€47,638
Tax, wage and social debts
-€4,019
Other debts
-€14,644
Investment (derived)
-€2,079
Investment in fixed assets (net)
-€2,079
Financing
-€35,798
Debts after one year
-€35,000
Short-term financial debts
-€797
Contributions, distributions and other
-€1
Cash 2025
€7,795
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,628 | €498,102 | -€37,526 | -7.0% |
| Fixed assets | 21/28 | €179,569 | €148,623 | -€30,946 | -17.2% |
| Tangible fixed assets | 22/27 | €179,569 | €148,623 | -€30,946 | -17.2% |
| Land and buildings | 22 | €177,937 | €145,678 | -€32,259 | -18.1% |
| Plant, machinery and equipment | 23 | - | €706 | +€706 | |
| Furniture and vehicles | 24 | €1,632 | €2,239 | +€607 | +37.2% |
| Current assets | 29/58 | €356,059 | €349,479 | -€6,580 | -1.8% |
| Stocks and contracts in progress | 3 | €315,511 | €314,872 | -€639 | -0.2% |
| Stocks | 30/36 | €315,511 | €314,872 | -€639 | -0.2% |
| Amounts receivable within one year | 40/41 | €32,222 | €22,789 | -€9,433 | -29.3% |
| Trade receivables | 40 | - | €18,948 | +€18,948 | |
| Other amounts receivable | 41 | €32,222 | €3,841 | -€28,381 | -88.1% |
| Cash at bank and in hand | 54/58 | €4,630 | €7,795 | +€3,165 | +68.4% |
| Deferred charges and accrued income | 490/1 | €3,696 | €4,023 | +€327 | +8.8% |
| Total equity and liabilities | 10/49 | €535,628 | €498,102 | -€37,526 | -7.0% |
| Equity | 10/15 | -€176,020 | -€111,448 | +€64,572 | +36.7% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Contributions outside capital | 11 | €200,000 | - | -€200,000 | |
| Share premium | 1100/10 | €200,000 | - | -€200,000 | |
| Reserves | 13 | €221,405 | €221,405 | = | 0.0% |
| Non-distributable reserves | 130/1 | €20,000 | €20,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €20,000 | €20,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €182,655 | €182,655 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€597,425 | -€532,853 | +€64,572 | +10.8% |
| Amounts payable | 17/49 | €711,648 | €609,550 | -€102,098 | -14.3% |
| Amounts payable after more than one year | 17 | €119,556 | €84,556 | -€35,000 | -29.3% |
| Financial debts | 170/4 | €119,556 | €84,556 | -€35,000 | -29.3% |
| Amounts payable within one year | 42/48 | €592,092 | €524,994 | -€67,098 | -11.3% |
| Current portion of amounts payable after more than one year | 42 | €485,000 | €485,000 | = | 0.0% |
| Financial debts | 43 | €21,202 | €20,405 | -€797 | -3.8% |
| Credit institutions | 430/8 | €21,202 | €20,405 | -€797 | -3.8% |
| Trade debts | 44 | €62,642 | €15,004 | -€47,638 | -76.0% |
| Suppliers | 440/4 | €62,642 | €15,004 | -€47,638 | -76.0% |
| Taxes, remuneration and social security | 45 | €8,604 | €4,585 | -€4,019 | -46.7% |
| Taxes | 450/3 | €8,604 | - | -€8,604 | |
| Remuneration and social security | 454/9 | - | €4,585 | +€4,585 | |
| Other amounts payable | 47/48 | €14,644 | - | -€14,644 | |
| Non-recurring operating income | 76A | €5,801 | €6,291 | +€490 | +8.4% |
| Remuneration, social security and pensions | 62 | - | €3,869 | +€3,869 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,725 | €33,025 | +€1,300 | +4.1% |
| Other operating charges | 640/8 | €4,507 | €4,472 | -€35 | -0.8% |
| Gross operating margin | 9900 | €4,042 | €141,927 | +€137,885 | +3411.3% |
| Operating profit (loss) | 9901 | -€32,190 | €100,561 | +€132,751 | |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €43,554 | €35,668 | -€7,886 | -18.1% |
| Recurring financial charges | 65 | €43,554 | €35,668 | -€7,886 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | -€75,743 | €64,893 | +€140,636 | |
| Income taxes | 67/77 | €320 | €320 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€76,063 | €64,573 | +€140,636 | |
| Profit (loss) for the period to be appropriated | 9905 | -€76,063 | €64,573 | +€140,636 |
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 10 October 2026 via checked.be.