M&D PROGRESS: 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 PROGRESS
Largest movements
- Receivables within one year +€153,457
up €153,457 (+278.3%), from €55,151 to €208,608
of which Trade receivables: +€97,844
- Financial fixed assets +€5,100
new in 2025: €5,100
- Cash +€4,482
up €4,482 (+722.4%), from €621 to €5,103
mainly Trade debts (+€162,453) and Tax, wage and social debts (+€792)
- Trade debts +€162,453
up €162,453 (+588.5%), from €27,604 to €190,058
of which Bills of exchange payable: +€106,208
- Turnover +€393,213
new in 2025: €393,213
- Purchases and services +€384,423
new in 2025: €384,423
- Gross operating margin -€27,195
down €27,195 (-75.5%), from €35,999 to €8,805
- Taxes -€6,028
no longer reported in 2025 (was €6,028)
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 | €55,771 | €219,454 | +€163,683 | +293.5% |
| Fixed assets | 21/28 | - | €5,743 | +€5,743 | |
| Tangible fixed assets | 22/27 | - | €643 | +€643 | |
| Furniture and vehicles | 24 | - | €643 | +€643 | |
| Financial fixed assets | 28 | - | €5,100 | +€5,100 | |
| Current assets | 29/58 | €55,771 | €213,711 | +€157,940 | +283.2% |
| Amounts receivable within one year | 40/41 | €55,151 | €208,608 | +€153,457 | +278.3% |
| Trade receivables | 40 | €49,739 | €147,584 | +€97,844 | +196.7% |
| Other amounts receivable | 41 | €5,412 | €61,025 | +€55,613 | +1027.7% |
| Cash at bank and in hand | 54/58 | €621 | €5,103 | +€4,482 | +722.4% |
| Total equity and liabilities | 10/49 | €55,771 | €219,454 | +€163,683 | +293.5% |
| Equity | 10/15 | €22,139 | €22,576 | +€437 | +2.0% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €21,139 | €21,576 | +€437 | +2.1% |
| Amounts payable | 17/49 | €33,632 | €196,878 | +€163,246 | +485.4% |
| Amounts payable within one year | 42/48 | €33,632 | €196,878 | +€163,246 | +485.4% |
| Trade debts | 44 | €27,604 | €190,058 | +€162,453 | +588.5% |
| Suppliers | 440/4 | €27,604 | €83,850 | +€56,245 | +203.8% |
| Bills of exchange payable | 441 | - | €106,208 | +€106,208 | |
| Taxes, remuneration and social security | 45 | €6,028 | €6,820 | +€792 | +13.1% |
| Taxes | 450/3 | €6,028 | €6,820 | +€792 | +13.1% |
| Turnover | 70 | - | €393,213 | +€393,213 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €384,423 | +€384,423 | |
| Remuneration, social security and pensions | 62 | - | €456 | +€456 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €58 | +€58 | |
| Other operating charges | 640/8 | €4,352 | €2,460 | -€1,891 | -43.5% |
| Gross operating margin | 9900 | €35,999 | €8,805 | -€27,195 | -75.5% |
| Operating profit (loss) | 9901 | €31,648 | €5,829 | -€25,818 | -81.6% |
| Financial income | 75/76B | €573 | €2 | -€571 | -99.7% |
| Recurring financial income | 75 | €573 | €2 | -€571 | -99.7% |
| Financial charges | 65/66B | €5,054 | €5,394 | +€340 | +6.7% |
| Recurring financial charges | 65 | €5,054 | €5,394 | +€340 | +6.7% |
| Profit (loss) for the period before taxes | 9903 | €27,167 | €437 | -€26,729 | -98.4% |
| Income taxes | 67/77 | €6,028 | - | -€6,028 | |
| Profit (loss) for the period | 9904 | €21,139 | €437 | -€20,702 | -97.9% |
| Profit (loss) for the period to be appropriated | 9905 | €21,139 | €437 | -€20,702 | -97.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.