M.D.R.: 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.R.
Largest movements
- Receivables within one year -€15,171
down €15,171 (-10.1%), from €150,035 to €134,864
of which Trade receivables: -€14,980
- Tangible fixed assets +€8,003
up €8,003 (+3.1%), from €260,178 to €268,181
of which Furniture and vehicles: +€47,853
- Profit (loss) carried forward -€285,400
down €285,400 (-94.2%), from -€303,023 to -€588,423
- Debts after one year +€204,134
up €204,134 (+75.6%), from €270,000 to €474,134
- Trade debts +€41,009
up €41,009 (+14.0%), from €292,776 to €333,785
- Revaluation surpluses -€30,000
down €30,000 (-25.0%), from €120,000 to €90,000
- Reserves +€30,000
up €30,000 (+16.3%), from €184,351 to €214,351
of which Distributable reserves: +€30,000
- Gross operating margin -€52,377
down €52,377 (-76.8%), from €68,243 to €15,866
- Financial income -€44,484
down €44,484 (-99.7%), from €44,631 to €147
of which Non-recurring financial income: -€44,090
- Depreciation +€12,246
up €12,246 (+28.9%), from €42,358 to €54,604
- Staff costs -€11,274
down €11,274 (-5.2%), from €216,636 to €205,362
- Write-downs -€4,240
down €4,240 (-29.7%), from €14,293 to €10,053
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 | €669,085 | €657,676 | -€11,409 | -1.7% |
| Fixed assets | 21/28 | €260,846 | €268,849 | +€8,003 | +3.1% |
| Tangible fixed assets | 22/27 | €260,178 | €268,181 | +€8,003 | +3.1% |
| Land and buildings | 22 | €256,968 | €216,854 | -€40,114 | -15.6% |
| Plant, machinery and equipment | 23 | €3,210 | €3,474 | +€264 | +8.2% |
| Furniture and vehicles | 24 | - | €47,853 | +€47,853 | |
| Financial fixed assets | 28 | €668 | €668 | = | 0.0% |
| Current assets | 29/58 | €408,239 | €388,827 | -€19,412 | -4.8% |
| Amounts receivable within one year | 40/41 | €150,035 | €134,864 | -€15,171 | -10.1% |
| Trade receivables | 40 | €132,216 | €117,236 | -€14,980 | -11.3% |
| Other amounts receivable | 41 | €17,819 | €17,628 | -€191 | -1.1% |
| Current investments | 50/53 | €79,479 | €79,479 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €178,725 | €174,484 | -€4,241 | -2.4% |
| Total equity and liabilities | 10/49 | €669,085 | €657,676 | -€11,409 | -1.7% |
| Equity | 10/15 | €7,897 | -€277,503 | -€285,400 | |
| Contributions | 10/11 | €6,569 | €6,569 | = | 0.0% |
| Revaluation surpluses | 12 | €120,000 | €90,000 | -€30,000 | -25.0% |
| Reserves | 13 | €184,351 | €214,351 | +€30,000 | +16.3% |
| Non-distributable reserves | 130/1 | €4,351 | €4,351 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,351 | €4,351 | = | 0.0% |
| Distributable reserves | 133 | €180,000 | €210,000 | +€30,000 | +16.7% |
| Profit (loss) carried forward | 14 | -€303,023 | -€588,423 | -€285,400 | -94.2% |
| Amounts payable | 17/49 | €661,188 | €935,179 | +€273,991 | +41.4% |
| Amounts payable after more than one year | 17 | €270,000 | €474,134 | +€204,134 | +75.6% |
| Financial debts | 170/4 | €270,000 | €474,134 | +€204,134 | +75.6% |
| Amounts payable within one year | 42/48 | €348,388 | €396,978 | +€48,590 | +13.9% |
| Current portion of amounts payable after more than one year | 42 | €12,500 | €20,685 | +€8,185 | +65.5% |
| Trade debts | 44 | €292,776 | €333,785 | +€41,009 | +14.0% |
| Suppliers | 440/4 | €292,776 | €333,785 | +€41,009 | +14.0% |
| Taxes, remuneration and social security | 45 | €43,112 | €42,508 | -€604 | -1.4% |
| Taxes | 450/3 | €9,651 | €9,211 | -€440 | -4.6% |
| Remuneration and social security | 454/9 | €33,461 | €33,297 | -€164 | -0.5% |
| Accrued charges and deferred income | 492/3 | €42,800 | €64,067 | +€21,267 | +49.7% |
| Remuneration, social security and pensions | 62 | €216,636 | €205,362 | -€11,274 | -5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,358 | €54,604 | +€12,246 | +28.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €14,293 | €10,053 | -€4,240 | -29.7% |
| Other operating charges | 640/8 | €24,120 | €25,962 | +€1,842 | +7.6% |
| Non-recurring operating charges | 66A | €205 | - | -€205 | |
| Gross operating margin | 9900 | €68,243 | €15,866 | -€52,377 | -76.8% |
| Operating profit (loss) | 9901 | -€229,369 | -€280,115 | -€50,746 | -22.1% |
| Financial income | 75/76B | €44,631 | €147 | -€44,484 | -99.7% |
| Recurring financial income | 75 | €541 | €147 | -€394 | -72.8% |
| Non-recurring financial income | 76B | €44,090 | - | -€44,090 | |
| Financial charges | 65/66B | €3,995 | €5,102 | +€1,107 | +27.7% |
| Recurring financial charges | 65 | €3,995 | €5,102 | +€1,107 | +27.7% |
| Profit (loss) for the period before taxes | 9903 | -€188,733 | -€285,070 | -€96,337 | -51.0% |
| Income taxes | 67/77 | -€28 | €330 | +€358 | |
| Profit (loss) for the period | 9904 | -€188,705 | -€285,400 | -€96,695 | -51.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€188,705 | -€285,400 | -€96,695 | -51.2% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.