M.D. TECHNOLOGY: 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. TECHNOLOGY
Largest movements
- Receivables within one year +€871,218
up €871,218 (+77.6%), from €1.1m to €2.0m
of which Other amounts receivable: +€811,073
- Stocks and contracts -€144,446
down €144,446 (-63.6%), from €226,967 to €82,521
of which Contracts in progress: -€148,416
- Tangible fixed assets +€118,064
up €118,064 (+16.0%), from €735,799 to €853,864
of which Land and buildings: +€90,061
- Cash +€87,230
up €87,230 (+8.9%), from €982,645 to €1.1m
mainly Debts after one year (+€825,072) and Net result for the year (+€611,390)
- Debts after one year +€825,072
up €825,072 (+262.6%), from €314,147 to €1.1m
- Reserves +€213,627
up €213,627 (+18.1%), from €1.2m to €1.4m
of which Distributable reserves: +€213,627
- Short-term financial debts -€180,000
no longer reported in 2025 (was €180,000)
- Tax, wage and social debts +€95,889
up €95,889 (+31.7%), from €302,306 to €398,194
of which Remuneration and social security: +€87,032
- Trade debts -€87,661
down €87,661 (-17.1%), from €514,009 to €426,348
- Gross operating margin -€138,262
down €138,262 (-4.6%), from €3.0m to €2.8m
- Staff costs +€72,163
up €72,163 (+4.2%), from €1.7m to €1.8m
- Taxes -€65,258
down €65,258 (-19.6%), from €332,638 to €267,380
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 | €3,384,376 | €4,313,647 | +€929,270 | +27.5% |
| Fixed assets | 21/28 | €756,634 | €874,401 | +€117,768 | +15.6% |
| Tangible fixed assets | 22/27 | €735,799 | €853,864 | +€118,064 | +16.0% |
| Land and buildings | 22 | €535,508 | €625,569 | +€90,061 | +16.8% |
| Plant, machinery and equipment | 23 | €53,007 | €77,018 | +€24,010 | +45.3% |
| Furniture and vehicles | 24 | €147,284 | €151,277 | +€3,993 | +2.7% |
| Financial fixed assets | 28 | €20,835 | €20,538 | -€297 | -1.4% |
| Current assets | 29/58 | €2,627,742 | €3,439,245 | +€811,503 | +30.9% |
| Stocks and contracts in progress | 3 | €226,967 | €82,521 | -€144,446 | -63.6% |
| Stocks | 30/36 | €78,551 | €82,521 | +€3,970 | +5.1% |
| Contracts in progress | 37 | €148,416 | - | -€148,416 | |
| Amounts receivable within one year | 40/41 | €1,122,324 | €1,993,541 | +€871,218 | +77.6% |
| Trade receivables | 40 | €1,067,399 | €1,127,544 | +€60,145 | +5.6% |
| Other amounts receivable | 41 | €54,924 | €865,997 | +€811,073 | +1476.7% |
| Current investments | 50/53 | €265,000 | €265,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €982,645 | €1,069,875 | +€87,230 | +8.9% |
| Deferred charges and accrued income | 490/1 | €30,807 | €28,309 | -€2,498 | -8.1% |
| Total equity and liabilities | 10/49 | €3,384,376 | €4,313,647 | +€929,270 | +27.5% |
| Equity | 10/15 | €1,326,880 | €1,532,309 | +€205,428 | +15.5% |
| Contributions | 10/11 | €17,079 | €17,079 | = | 0.0% |
| Reserves | 13 | €1,180,169 | €1,393,796 | +€213,627 | +18.1% |
| Non-distributable reserves | 130/1 | €265,000 | €265,000 | = | 0.0% |
| Own shares acquired | 1312 | €265,000 | €265,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €75,000 | €75,000 | = | 0.0% |
| Distributable reserves | 133 | €840,169 | €1,053,796 | +€213,627 | +25.4% |
| Profit (loss) carried forward | 14 | €121,434 | €121,434 | = | 0.0% |
| Investment grants | 15 | €8,198 | - | -€8,198 | |
| Amounts payable | 17/49 | €2,057,496 | €2,781,338 | +€723,842 | +35.2% |
| Amounts payable after more than one year | 17 | €314,147 | €1,139,219 | +€825,072 | +262.6% |
| Financial debts | 170/4 | €314,147 | €1,139,219 | +€825,072 | +262.6% |
| Amounts payable within one year | 42/48 | €1,734,355 | €1,639,084 | -€95,272 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €272,626 | €347,731 | +€75,105 | +27.5% |
| Financial debts | 43 | €180,000 | - | -€180,000 | |
| Credit institutions | 430/8 | €180,000 | - | -€180,000 | |
| Trade debts | 44 | €514,009 | €426,348 | -€87,661 | -17.1% |
| Suppliers | 440/4 | €514,009 | €426,348 | -€87,661 | -17.1% |
| Taxes, remuneration and social security | 45 | €302,306 | €398,194 | +€95,889 | +31.7% |
| Taxes | 450/3 | €141,529 | €150,386 | +€8,857 | +6.3% |
| Remuneration and social security | 454/9 | €160,776 | €247,808 | +€87,032 | +54.1% |
| Other amounts payable | 47/48 | €465,415 | €466,810 | +€1,396 | +0.3% |
| Accrued charges and deferred income | 492/3 | €8,994 | €3,035 | -€5,958 | -66.3% |
| Non-recurring operating income | 76A | €4,132 | - | -€4,132 | |
| Remuneration, social security and pensions | 62 | €1,699,279 | €1,771,442 | +€72,163 | +4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €107,100 | €118,790 | +€11,689 | +10.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€7,066 | - | +€7,066 | |
| Other operating charges | 640/8 | €21,846 | €24,827 | +€2,981 | +13.6% |
| Non-recurring operating charges | 66A | €9,015 | - | -€9,015 | |
| Gross operating margin | 9900 | €2,973,772 | €2,835,510 | -€138,262 | -4.6% |
| Operating profit (loss) | 9901 | €1,143,598 | €920,451 | -€223,147 | -19.5% |
| Financial income | 75/76B | €2,768 | €11,573 | +€8,804 | +318.0% |
| Recurring financial income | 75 | €2,768 | €11,573 | +€8,804 | +318.0% |
| Financial charges | 65/66B | €55,361 | €53,254 | -€2,107 | -3.8% |
| Recurring financial charges | 65 | €55,361 | €53,254 | -€2,107 | -3.8% |
| Profit (loss) for the period before taxes | 9903 | €1,091,005 | €878,770 | -€212,235 | -19.5% |
| Income taxes | 67/77 | €332,638 | €267,380 | -€65,258 | -19.6% |
| Profit (loss) for the period | 9904 | €758,367 | €611,390 | -€146,977 | -19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €758,367 | €611,390 | -€146,977 | -19.4% |
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 6 October 2026 via checked.be.