M.D. PARTNERS: 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. PARTNERS
Largest movements
- Tangible fixed assets +€104,837
up €104,837 (+32.5%), from €322,641 to €427,478
of which Land and buildings: +€117,905
- Cash -€23,884
down €23,884 (-24.1%), from €99,277 to €75,393
mainly Investment in fixed assets (net) (-€150,161) and Contributions, distributions and other (-€54,859)
- Deferred charges and accrued income +€11,725
up €11,725 (+866.0%), from €1,354 to €13,079
- Receivables within one year +€9,433
up €9,433 (+20.1%), from €46,875 to €56,308
of which Trade receivables: +€8,189
- Debts after one year +€96,508
up €96,508 (+46.0%), from €209,833 to €306,341
- Contributions -€44,859
down €44,859 (-90.0%), from €49,859 to €5,000
- Other debts +€21,645
up €21,645 (+51.1%), from €42,364 to €64,009
- Reserves +€20,000
up €20,000 (+22.6%), from €88,500 to €108,500
- Gross operating margin +€32,034
up €32,034 (+13.1%), from €243,928 to €275,962
- Staff costs +€18,241
up €18,241 (+13.5%), from €134,968 to €153,209
- Other operating charges +€15,841
up €15,841 (+226.2%), from €7,002 to €22,843
- Depreciation +€8,853
up €8,853 (+24.3%), from €36,471 to €45,324
- Taxes -€4,870
down €4,870 (-23.6%), from €20,678 to €15,808
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 | €470,147 | €572,258 | +€102,111 | +21.7% |
| Fixed assets | 21/28 | €322,641 | €427,478 | +€104,837 | +32.5% |
| Tangible fixed assets | 22/27 | €322,641 | €427,478 | +€104,837 | +32.5% |
| Land and buildings | 22 | €288,120 | €406,025 | +€117,905 | +40.9% |
| Furniture and vehicles | 24 | €34,521 | €21,453 | -€13,068 | -37.9% |
| Current assets | 29/58 | €147,506 | €144,780 | -€2,726 | -1.8% |
| Amounts receivable within one year | 40/41 | €46,875 | €56,308 | +€9,433 | +20.1% |
| Trade receivables | 40 | €46,393 | €54,582 | +€8,189 | +17.7% |
| Other amounts receivable | 41 | €482 | €1,726 | +€1,244 | +258.1% |
| Cash at bank and in hand | 54/58 | €99,277 | €75,393 | -€23,884 | -24.1% |
| Deferred charges and accrued income | 490/1 | €1,354 | €13,079 | +€11,725 | +866.0% |
| Total equity and liabilities | 10/49 | €470,147 | €572,258 | +€102,111 | +21.7% |
| Equity | 10/15 | €140,725 | €116,504 | -€24,221 | -17.2% |
| Contributions | 10/11 | €49,859 | €5,000 | -€44,859 | -90.0% |
| Reserves | 13 | €88,500 | €108,500 | +€20,000 | +22.6% |
| Non-distributable reserves | 130/1 | €88,500 | €108,500 | +€20,000 | +22.6% |
| Other | 1319 | €88,500 | €108,500 | +€20,000 | +22.6% |
| Profit (loss) carried forward | 14 | €2,366 | €3,004 | +€638 | +27.0% |
| Amounts payable | 17/49 | €329,422 | €455,754 | +€126,332 | +38.3% |
| Amounts payable after more than one year | 17 | €209,833 | €306,341 | +€96,508 | +46.0% |
| Financial debts | 170/4 | €209,833 | €306,341 | +€96,508 | +46.0% |
| Amounts payable within one year | 42/48 | €119,589 | €149,413 | +€29,824 | +24.9% |
| Current portion of amounts payable after more than one year | 42 | €31,723 | €36,660 | +€4,937 | +15.6% |
| Trade debts | 44 | €11,727 | €13,514 | +€1,787 | +15.2% |
| Suppliers | 440/4 | €11,727 | €13,514 | +€1,787 | +15.2% |
| Taxes, remuneration and social security | 45 | €33,775 | €35,230 | +€1,455 | +4.3% |
| Taxes | 450/3 | €17,790 | €19,508 | +€1,718 | +9.7% |
| Remuneration and social security | 454/9 | €15,985 | €15,722 | -€263 | -1.6% |
| Other amounts payable | 47/48 | €42,364 | €64,009 | +€21,645 | +51.1% |
| Remuneration, social security and pensions | 62 | €134,968 | €153,209 | +€18,241 | +13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,471 | €45,324 | +€8,853 | +24.3% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,000 | - | -€1,000 | |
| Other operating charges | 640/8 | €7,002 | €22,843 | +€15,841 | +226.2% |
| Non-recurring operating charges | 66A | €225 | €191 | -€34 | -15.1% |
| Gross operating margin | 9900 | €243,928 | €275,962 | +€32,034 | +13.1% |
| Operating profit (loss) | 9901 | €64,262 | €54,395 | -€9,867 | -15.4% |
| Financial income | 75/76B | €1,097 | €141 | -€956 | -87.1% |
| Recurring financial income | 75 | €1,097 | €141 | -€956 | -87.1% |
| Financial charges | 65/66B | €3,700 | €8,090 | +€4,390 | +118.6% |
| Recurring financial charges | 65 | €3,700 | €8,090 | +€4,390 | +118.6% |
| Profit (loss) for the period before taxes | 9903 | €61,659 | €46,446 | -€15,213 | -24.7% |
| Income taxes | 67/77 | €20,678 | €15,808 | -€4,870 | -23.6% |
| Profit (loss) for the period | 9904 | €40,981 | €30,638 | -€10,343 | -25.2% |
| Profit (loss) for the period to be appropriated | 9905 | €40,981 | €30,638 | -€10,343 | -25.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.