M.D. Services: 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. Services
Largest movements
- Tangible fixed assets -€273,649
down €273,649 (-57.8%), from €473,660 to €200,011
of which Land and buildings: -€261,813
- Cash -€11,684
down €11,684 (-40.7%), from €28,685 to €17,001
mainly Debts after one year (-€189,116) and Other debts (-€45,458)
- Debts after one year -€189,116
down €189,116 (-92.4%), from €204,644 to €15,528
- Other debts -€45,458
down €45,458 (-33.2%), from €137,125 to €91,667
- Tax, wage and social debts -€16,301
down €16,301 (-89.4%), from €18,242 to €1,941
- Current portion of long-term debt -€15,178
down €15,178 (-55.7%), from €27,241 to €12,062
- Profit (loss) carried forward -€9,495
down €9,495 (-19.2%), from -€49,496 to -€58,990
- Gross operating margin -€113,784
down €113,784 (-96.7%), from €117,613 to €3,829
- Other operating charges -€21,755
down €21,755 (-92.0%), from €23,640 to €1,885
- Depreciation -€5,211
down €5,211 (-23.5%), from €22,217 to €17,006
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 | €503,226 | €217,240 | -€285,986 | -56.8% |
| Fixed assets | 21/28 | €473,888 | €200,239 | -€273,649 | -57.7% |
| Tangible fixed assets | 22/27 | €473,660 | €200,011 | -€273,649 | -57.8% |
| Land and buildings | 22 | €428,746 | €166,934 | -€261,813 | -61.1% |
| Furniture and vehicles | 24 | €44,914 | €33,077 | -€11,836 | -26.4% |
| Financial fixed assets | 28 | €228 | €228 | = | 0.0% |
| Current assets | 29/58 | €29,338 | €17,001 | -€12,337 | -42.1% |
| Amounts receivable within one year | 40/41 | €653 | - | -€653 | |
| Trade receivables | 40 | €653 | - | -€653 | |
| Cash at bank and in hand | 54/58 | €28,685 | €17,001 | -€11,684 | -40.7% |
| Total equity and liabilities | 10/49 | €503,226 | €217,240 | -€285,986 | -56.8% |
| Equity | 10/15 | €86,514 | €69,100 | -€17,414 | -20.1% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Reserves | 13 | €105,010 | €97,091 | -€7,919 | -7.5% |
| Non-distributable reserves | 130/1 | €3,100 | €3,100 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,100 | €3,100 | = | 0.0% |
| Tax-exempt reserves | 132 | €88,379 | €80,460 | -€7,919 | -9.0% |
| Distributable reserves | 133 | €13,531 | €13,531 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€49,496 | -€58,990 | -€9,495 | -19.2% |
| Provisions and deferred taxes | 16 | €29,460 | €26,820 | -€2,640 | -9.0% |
| Deferred taxes | 168 | €29,460 | €26,820 | -€2,640 | -9.0% |
| Amounts payable | 17/49 | €387,252 | €121,320 | -€265,932 | -68.7% |
| Amounts payable after more than one year | 17 | €204,644 | €15,528 | -€189,116 | -92.4% |
| Financial debts | 170/4 | €204,644 | €15,528 | -€189,116 | -92.4% |
| Amounts payable within one year | 42/48 | €182,608 | €105,791 | -€76,816 | -42.1% |
| Current portion of amounts payable after more than one year | 42 | €27,241 | €12,062 | -€15,178 | -55.7% |
| Trade debts | 44 | - | €121 | +€121 | |
| Suppliers | 440/4 | - | €121 | +€121 | |
| Taxes, remuneration and social security | 45 | €18,242 | €1,941 | -€16,301 | -89.4% |
| Taxes | 450/3 | €18,242 | €1,941 | -€16,301 | -89.4% |
| Other amounts payable | 47/48 | €137,125 | €91,667 | -€45,458 | -33.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,217 | €17,006 | -€5,211 | -23.5% |
| Other operating charges | 640/8 | €23,640 | €1,885 | -€21,755 | -92.0% |
| Gross operating margin | 9900 | €117,613 | €3,829 | -€113,784 | -96.7% |
| Operating profit (loss) | 9901 | €71,756 | -€15,062 | -€86,818 | |
| Financial income | 75/76B | €107 | - | -€107 | |
| Recurring financial income | 75 | €107 | - | -€107 | |
| Financial charges | 65/66B | €4,433 | €4,046 | -€387 | -8.7% |
| Recurring financial charges | 65 | €4,433 | €4,046 | -€387 | -8.7% |
| Profit (loss) for the period before taxes | 9903 | €67,430 | -€19,109 | -€86,538 | |
| Transfer from deferred taxes | 780 | €161 | €2,640 | +€2,479 | +1540.8% |
| Transfer to deferred taxes | 680 | €29,621 | - | -€29,621 | |
| Income taxes | 67/77 | €996 | €945 | -€51 | -5.1% |
| Profit (loss) for the period | 9904 | €36,974 | -€17,414 | -€54,388 | |
| Transfer from tax-exempt reserves | 789 | €483 | €7,919 | +€7,436 | +1540.8% |
| Transfer to tax-exempt reserves | 689 | €88,862 | - | -€88,862 | |
| Profit (loss) for the period to be appropriated | 9905 | -€51,405 | -€9,495 | +€41,910 | +81.5% |
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.