M.D.M. AND A: 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. AND A
Largest movements
- Receivables within one year -€19,295
down €19,295 (-78.7%), from €24,533 to €5,237
- Intangible fixed assets -€3,288
down €3,288 (-24.8%), from €13,240 to €9,952
- Cash -€1,987
down €1,987 (-75.0%), from €2,647 to €661
mainly Net result for the year (-€41,658) and Trade debts (-€2,179)
- Profit (loss) carried forward -€41,658
down €41,658 (-56.0%), from -€74,355 to -€116,014
- Accrued charges and deferred income +€19,185
new in 2025: €19,185
- Trade debts -€2,179
down €2,179 (-13.7%), from €15,866 to €13,688
- Gross operating margin -€16,489
down €16,489 (-133%), from -€12,397 to -€28,886
- Financial charges +€931
up €931 (+61.9%), from €1,504 to €2,435
- Other operating charges +€617
up €617 (+10.1%), from €6,103 to €6,720
- Depreciation -€320
down €320 (-8.1%), from €3,942 to €3,621
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 | €55,887 | €30,878 | -€25,010 | -44.8% |
| Fixed assets | 21/28 | €13,574 | €9,952 | -€3,621 | -26.7% |
| Intangible fixed assets | 21 | €13,240 | €9,952 | -€3,288 | -24.8% |
| Tangible fixed assets | 22/27 | €333 | - | -€333 | |
| Furniture and vehicles | 24 | €333 | - | -€333 | |
| Current assets | 29/58 | €42,313 | €20,925 | -€21,388 | -50.5% |
| Amounts receivable within one year | 40/41 | €24,533 | €5,237 | -€19,295 | -78.7% |
| Trade receivables | 40 | €24,533 | €5,237 | -€19,295 | -78.7% |
| Cash at bank and in hand | 54/58 | €2,647 | €661 | -€1,987 | -75.0% |
| Deferred charges and accrued income | 490/1 | €15,134 | €15,027 | -€106 | -0.7% |
| Total equity and liabilities | 10/49 | €55,887 | €30,878 | -€25,010 | -44.8% |
| Equity | 10/15 | -€54,078 | -€95,736 | -€41,658 | -77.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €1,686 | €1,686 | = | 0.0% |
| Distributable reserves | 133 | €1,686 | €1,686 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€74,355 | -€116,014 | -€41,658 | -56.0% |
| Amounts payable | 17/49 | €109,965 | €126,613 | +€16,649 | +15.1% |
| Amounts payable within one year | 42/48 | €109,965 | €107,428 | -€2,536 | -2.3% |
| Trade debts | 44 | €15,866 | €13,688 | -€2,179 | -13.7% |
| Suppliers | 440/4 | €15,866 | €13,688 | -€2,179 | -13.7% |
| Taxes, remuneration and social security | 45 | €2,882 | €2,896 | +€15 | +0.5% |
| Taxes | 450/3 | €2,882 | €2,896 | +€15 | +0.5% |
| Other amounts payable | 47/48 | €91,217 | €90,845 | -€372 | -0.4% |
| Accrued charges and deferred income | 492/3 | - | €19,185 | +€19,185 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,942 | €3,621 | -€320 | -8.1% |
| Other operating charges | 640/8 | €6,103 | €6,720 | +€617 | +10.1% |
| Gross operating margin | 9900 | -€12,397 | -€28,886 | -€16,489 | -133% |
| Operating profit (loss) | 9901 | -€22,441 | -€39,227 | -€16,786 | -74.8% |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €1,504 | €2,435 | +€931 | +61.9% |
| Recurring financial charges | 65 | €1,504 | €2,435 | +€931 | +61.9% |
| Profit (loss) for the period before taxes | 9903 | -€23,945 | -€41,658 | -€17,713 | -74.0% |
| Income taxes | 67/77 | €58 | - | -€58 | |
| Profit (loss) for the period | 9904 | -€24,004 | -€41,658 | -€17,655 | -73.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€24,004 | -€41,658 | -€17,655 | -73.6% |
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 25 October 2026 via checked.be.