M&D Partnership: 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 Partnership
Largest movements
- Tangible fixed assets +€15,083
up €15,083 (+112%), from €13,481 to €28,564
of which Furniture and vehicles: +€17,708
- Cash -€10,756
down €10,756 (-40.3%), from €26,707 to €15,951
mainly Investment in fixed assets (net) (-€20,379) and Net result for the year (-€7,773)
- Trade debts +€12,578
up €12,578 (+210%), from €5,994 to €18,572
- Profit (loss) carried forward -€10,014
down €10,014, from €7,203 to -€2,811
- Other debts +€1,512
up €1,512 (+25.2%), from €5,998 to €7,510
- Gross operating margin -€25,778
down €25,778, from €24,363 to -€1,416
- Taxes -€3,348
down €3,348 (-96.0%), from €3,488 to €141
- Depreciation +€1,633
up €1,633 (+44.6%), from €3,663 to €5,296
- Financial charges -€448
down €448 (-52.6%), from €851 to €404
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 | €50,308 | €54,654 | +€4,346 | +8.6% |
| Fixed assets | 21/28 | €13,766 | €28,849 | +€15,083 | +110% |
| Tangible fixed assets | 22/27 | €13,481 | €28,564 | +€15,083 | +112% |
| Plant, machinery and equipment | 23 | €6,579 | €3,954 | -€2,625 | -39.9% |
| Furniture and vehicles | 24 | €6,902 | €24,610 | +€17,708 | +257% |
| Financial fixed assets | 28 | €285 | €285 | = | 0.0% |
| Current assets | 29/58 | €36,542 | €25,805 | -€10,737 | -29.4% |
| Amounts receivable within one year | 40/41 | €9,098 | €9,001 | -€97 | -1.1% |
| Trade receivables | 40 | €9,098 | €9,001 | -€97 | -1.1% |
| Cash at bank and in hand | 54/58 | €26,707 | €15,951 | -€10,756 | -40.3% |
| Deferred charges and accrued income | 490/1 | €736 | €853 | +€117 | +15.9% |
| Total equity and liabilities | 10/49 | €50,308 | €54,654 | +€4,346 | +8.6% |
| Equity | 10/15 | €33,286 | €23,272 | -€10,014 | -30.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €19,883 | €19,883 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €18,023 | €18,023 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,203 | -€2,811 | -€10,014 | |
| Amounts payable | 17/49 | €17,022 | €31,382 | +€14,360 | +84.4% |
| Amounts payable within one year | 42/48 | €17,022 | €31,382 | +€14,360 | +84.4% |
| Trade debts | 44 | €5,994 | €18,572 | +€12,578 | +210% |
| Suppliers | 440/4 | €5,994 | €18,572 | +€12,578 | +210% |
| Taxes, remuneration and social security | 45 | €5,030 | €5,300 | +€270 | +5.4% |
| Taxes | 450/3 | €5,030 | €5,300 | +€270 | +5.4% |
| Other amounts payable | 47/48 | €5,998 | €7,510 | +€1,512 | +25.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,663 | €5,296 | +€1,633 | +44.6% |
| Other operating charges | 640/8 | €578 | €527 | -€51 | -8.8% |
| Gross operating margin | 9900 | €24,363 | -€1,416 | -€25,778 | |
| Operating profit (loss) | 9901 | €20,122 | -€7,239 | -€27,361 | |
| Financial income | 75/76B | €0 | €10 | +€10 | +3,838% |
| Recurring financial income | 75 | €0 | €10 | +€10 | +3,838% |
| Financial charges | 65/66B | €851 | €404 | -€448 | -52.6% |
| Recurring financial charges | 65 | €851 | €404 | -€448 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | €19,271 | -€7,632 | -€26,903 | |
| Income taxes | 67/77 | €3,488 | €141 | -€3,348 | -96.0% |
| Profit (loss) for the period | 9904 | €15,783 | -€7,773 | -€23,556 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,783 | -€7,773 | -€23,556 |
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 14 October 2026 via checked.be.