M.D.V.: 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.V.
Largest movements
- Receivables after one year +€140,360
new in 2025: €140,360
- Receivables within one year -€72,628
down €72,628 (-30.0%), from €242,184 to €169,556
of which Trade receivables: -€58,605
- Reserves +€112,378
up €112,378 (+10.1%), from €1.1m to €1.2m
- Debts after one year -€90,000
down €90,000 (-3.2%), from €2.8m to €2.7m
- Other debts +€60,397
up €60,397 (+30.8%), from €195,844 to €256,241
- Financial charges +€5,979
up €5,979 (+84.7%), from €7,063 to €13,043
- Gross operating margin +€3,090
up €3,090 (+1.8%), from €168,535 to €171,625
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 | €4,321,945 | €4,391,367 | +€69,422 | +1.6% |
| Fixed assets | 21/28 | €4,078,000 | €4,078,000 | = | 0.0% |
| Financial fixed assets | 28 | €4,078,000 | €4,078,000 | = | 0.0% |
| Current assets | 29/58 | €243,945 | €313,367 | +€69,422 | +28.5% |
| Amounts receivable after more than one year | 29 | - | €140,360 | +€140,360 | |
| Other amounts receivable | 291 | - | €140,360 | +€140,360 | |
| Amounts receivable within one year | 40/41 | €242,184 | €169,556 | -€72,628 | -30.0% |
| Trade receivables | 40 | €187,080 | €128,475 | -€58,605 | -31.3% |
| Other amounts receivable | 41 | €55,104 | €41,081 | -€14,023 | -25.4% |
| Cash at bank and in hand | 54/58 | €1,761 | €3,452 | +€1,691 | +96.0% |
| Total equity and liabilities | 10/49 | €4,321,945 | €4,391,367 | +€69,422 | +1.6% |
| Equity | 10/15 | €1,159,408 | €1,271,786 | +€112,378 | +9.7% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,109,408 | €1,221,786 | +€112,378 | +10.1% |
| Distributable reserves | 133 | €1,109,408 | €1,221,786 | +€112,378 | +10.1% |
| Amounts payable | 17/49 | €3,162,536 | €3,119,581 | -€42,955 | -1.4% |
| Amounts payable after more than one year | 17 | €2,803,864 | €2,713,864 | -€90,000 | -3.2% |
| Financial debts | 170/4 | €2,803,864 | €2,713,864 | -€90,000 | -3.2% |
| Amounts payable within one year | 42/48 | €314,872 | €353,925 | +€39,052 | +12.4% |
| Current portion of amounts payable after more than one year | 42 | €43,333 | €13,334 | -€30,000 | -69.2% |
| Financial debts | 43 | €25,603 | €27,278 | +€1,676 | +6.5% |
| Credit institutions | 430/8 | €25,603 | €27,278 | +€1,676 | +6.5% |
| Trade debts | 44 | €12,563 | €19,740 | +€7,178 | +57.1% |
| Suppliers | 440/4 | €12,563 | €19,740 | +€7,178 | +57.1% |
| Taxes, remuneration and social security | 45 | €37,530 | €37,332 | -€198 | -0.5% |
| Taxes | 450/3 | €37,530 | €37,332 | -€198 | -0.5% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €195,844 | €256,241 | +€60,397 | +30.8% |
| Accrued charges and deferred income | 492/3 | €43,800 | €51,792 | +€7,992 | +18.2% |
| Other operating charges | 640/8 | €1,120 | €1,136 | +€16 | +1.4% |
| Gross operating margin | 9900 | €168,535 | €171,625 | +€3,090 | +1.8% |
| Operating profit (loss) | 9901 | €167,415 | €170,489 | +€3,074 | +1.8% |
| Financial income | 75/76B | €363 | €907 | +€545 | +150% |
| Recurring financial income | 75 | €363 | €907 | +€545 | +150% |
| Financial charges | 65/66B | €7,063 | €13,043 | +€5,979 | +84.7% |
| Recurring financial charges | 65 | €7,063 | €13,043 | +€5,979 | +84.7% |
| Profit (loss) for the period before taxes | 9903 | €160,715 | €158,354 | -€2,361 | -1.5% |
| Income taxes | 67/77 | €46,664 | €45,976 | -€688 | -1.5% |
| Profit (loss) for the period | 9904 | €114,051 | €112,378 | -€1,673 | -1.5% |
| Profit (loss) for the period to be appropriated | 9905 | €114,051 | €112,378 | -€1,673 | -1.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.