M-Dak: what changed
M-Dak
Largest movements
- Cash -€19,973
down €19,973 (-24.3%), from €82,270 to €62,296
mainly Deferred charges and accrued income (-€13,569) and Investment in fixed assets (net) (-€6,048)
- Deferred charges and accrued income +€13,569
new in 2025: €13,569
- Receivables within one year +€5,878
up €5,878 (+34.5%), from €17,018 to €22,896
of which Trade receivables: +€4,437
- Tangible fixed assets +€2,910
up €2,910 (+194%), from €1,504 to €4,414
- Profit (loss) carried forward +€7,300
up €7,300 (+10.3%), from €71,148 to €78,449
- Trade debts -€4,468
down €4,468 (-68.6%), from €6,514 to €2,047
- Gross operating margin -€37,902
down €37,902 (-75.6%), from €50,115 to €12,212
- Taxes -€7,585
down €7,585 (-80.0%), from €9,478 to €1,893
- Staff costs -€2,019
no longer reported in 2025 (was €2,019)
- Depreciation +€1,387
up €1,387 (+179%), from €775 to €2,163
- Financial income -€577
down €577 (-99.5%), from €580 to €3
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €100,791 | €104,150 | +€3,359 | +3.3% |
| Fixed assets | 21/28 | €1,504 | €5,389 | +€3,885 | +258% |
| Tangible fixed assets | 22/27 | €1,504 | €4,414 | +€2,910 | +194% |
| Furniture and vehicles | 24 | €1,504 | €4,414 | +€2,910 | +194% |
| Financial fixed assets | 28 | - | €975 | +€975 | |
| Current assets | 29/58 | €99,288 | €98,762 | -€526 | -0.5% |
| Amounts receivable within one year | 40/41 | €17,018 | €22,896 | +€5,878 | +34.5% |
| Trade receivables | 40 | €8,867 | €13,304 | +€4,437 | +50.0% |
| Other amounts receivable | 41 | €8,151 | €9,592 | +€1,441 | +17.7% |
| Cash at bank and in hand | 54/58 | €82,270 | €62,296 | -€19,973 | -24.3% |
| Deferred charges and accrued income | 490/1 | - | €13,569 | +€13,569 | |
| Total equity and liabilities | 10/49 | €100,791 | €104,150 | +€3,359 | +3.3% |
| Equity | 10/15 | €73,148 | €80,449 | +€7,300 | +10.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €71,148 | €78,449 | +€7,300 | +10.3% |
| Amounts payable | 17/49 | €27,643 | €23,702 | -€3,941 | -14.3% |
| Amounts payable within one year | 42/48 | €27,643 | €23,702 | -€3,941 | -14.3% |
| Trade debts | 44 | €6,514 | €2,047 | -€4,468 | -68.6% |
| Suppliers | 440/4 | €6,514 | €2,047 | -€4,468 | -68.6% |
| Taxes, remuneration and social security | 45 | €21,129 | €21,121 | -€8 | 0.0% |
| Taxes | 450/3 | €21,129 | €14,371 | -€6,758 | -32.0% |
| Remuneration and social security | 454/9 | - | €6,750 | +€6,750 | |
| Other amounts payable | 47/48 | - | €534 | +€534 | |
| Remuneration, social security and pensions | 62 | €2,019 | - | -€2,019 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €775 | €2,163 | +€1,387 | +179% |
| Other operating charges | 640/8 | €1,099 | €669 | -€430 | -39.1% |
| Gross operating margin | 9900 | €50,115 | €12,212 | -€37,902 | -75.6% |
| Operating profit (loss) | 9901 | €46,221 | €9,381 | -€36,841 | -79.7% |
| Financial income | 75/76B | €580 | €3 | -€577 | -99.5% |
| Recurring financial income | 75 | €580 | €3 | -€577 | -99.5% |
| Financial charges | 65/66B | €389 | €190 | -€199 | -51.1% |
| Recurring financial charges | 65 | €389 | €190 | -€199 | -51.1% |
| Profit (loss) for the period before taxes | 9903 | €46,412 | €9,193 | -€37,219 | -80.2% |
| Income taxes | 67/77 | €9,478 | €1,893 | -€7,585 | -80.0% |
| Profit (loss) for the period | 9904 | €36,934 | €7,300 | -€29,634 | -80.2% |
| Profit (loss) for the period to be appropriated | 9905 | €36,934 | €7,300 | -€29,634 | -80.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.