M&D MANAGEMENT: 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 MANAGEMENT
Largest movements
- Cash -€205,304
down €205,304 (-50.6%), from €406,064 to €200,760
mainly Other debts (-€212,110) and Contributions, distributions and other (-€165,689)
- Tangible fixed assets -€4,314
down €4,314 (-19.2%), from €22,416 to €18,102
of which Furniture and vehicles: -€2,785
- Other debts -€212,110
down €212,110 (-60.0%), from €353,809 to €141,698
- Tax, wage and social debts +€9,280
up €9,280 (+44.1%), from €21,033 to €30,313
- Reserves -€7,474
down €7,474 (-29.1%), from €25,689 to €18,215
- Financial income -€166,867
down €166,867 (-96.8%), from €172,305 to €5,439
- Gross operating margin +€36,727
up €36,727 (+21.1%), from €174,361 to €211,088
- Taxes +€2,920
up €2,920 (+6.1%), from €47,991 to €50,911
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 | €430,885 | €218,882 | -€212,003 | -49.2% |
| Fixed assets | 21/28 | €22,416 | €18,102 | -€4,314 | -19.2% |
| Tangible fixed assets | 22/27 | €22,416 | €18,102 | -€4,314 | -19.2% |
| Plant, machinery and equipment | 23 | €1,650 | €1,166 | -€484 | -29.3% |
| Furniture and vehicles | 24 | €12,544 | €9,759 | -€2,785 | -22.2% |
| Other tangible fixed assets | 26 | €8,222 | €7,176 | -€1,046 | -12.7% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €408,469 | €200,780 | -€207,689 | -50.8% |
| Cash at bank and in hand | 54/58 | €406,064 | €200,760 | -€205,304 | -50.6% |
| Deferred charges and accrued income | 490/1 | €2,405 | €20 | -€2,385 | -99.2% |
| Total equity and liabilities | 10/49 | €430,885 | €218,882 | -€212,003 | -49.2% |
| Equity | 10/15 | €44,239 | €36,765 | -€7,474 | -16.9% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €25,689 | €18,215 | -€7,474 | -29.1% |
| Distributable reserves | 133 | €25,689 | €18,215 | -€7,474 | -29.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €386,647 | €182,117 | -€204,529 | -52.9% |
| Amounts payable within one year | 42/48 | €386,647 | €182,117 | -€204,529 | -52.9% |
| Current portion of amounts payable after more than one year | 42 | €8,333 | €7,887 | -€447 | -5.4% |
| Financial debts | 43 | €0 | €522 | +€522 | |
| Credit institutions | 430/8 | €0 | - | = | |
| Other loans | 439 | - | €522 | +€522 | |
| Trade debts | 44 | €3,472 | €1,697 | -€1,775 | -51.1% |
| Suppliers | 440/4 | €3,472 | €1,697 | -€1,775 | -51.1% |
| Taxes, remuneration and social security | 45 | €21,033 | €30,313 | +€9,280 | +44.1% |
| Taxes | 450/3 | €21,033 | €30,313 | +€9,280 | +44.1% |
| Other amounts payable | 47/48 | €353,809 | €141,698 | -€212,110 | -60.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €8,855 | €0 | -€8,855 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,349 | €4,314 | -€1,035 | -19.3% |
| Other operating charges | 640/8 | €1,245 | €2,313 | +€1,069 | +85.9% |
| Gross operating margin | 9900 | €174,361 | €211,088 | +€36,727 | +21.1% |
| Operating profit (loss) | 9901 | €167,767 | €204,460 | +€36,694 | +21.9% |
| Financial income | 75/76B | €172,305 | €5,439 | -€166,867 | -96.8% |
| Recurring financial income | 75 | €172,305 | €5,439 | -€166,867 | -96.8% |
| Financial charges | 65/66B | €1,107 | €773 | -€334 | -30.2% |
| Recurring financial charges | 65 | €1,107 | €773 | -€334 | -30.2% |
| Profit (loss) for the period before taxes | 9903 | €338,965 | €209,126 | -€129,839 | -38.3% |
| Income taxes | 67/77 | €47,991 | €50,911 | +€2,920 | +6.1% |
| Profit (loss) for the period | 9904 | €290,974 | €158,215 | -€132,759 | -45.6% |
| Profit (loss) for the period to be appropriated | 9905 | €290,974 | €158,215 | -€132,759 | -45.6% |
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 18 October 2026 via checked.be.