M-DAK: 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-DAK
Largest movements
- Cash +€76,909
up €76,909 (+74.6%), from €103,033 to €179,942
mainly Net result for the year (+€57,985) and Receivables within one year (+€39,377)
- Receivables within one year -€39,377
down €39,377 (-70.3%), from €56,021 to €16,644
of which Trade receivables: -€33,745
- Tangible fixed assets -€23,249
down €23,249 (-22.3%), from €104,037 to €80,789
of which Furniture and vehicles: -€21,917
- Deferred charges and accrued income -€4,826
down €4,826 (-100%), from €4,826 to €0
- Reserves +€57,985
up €57,985 (+35.8%), from €161,849 to €219,834
of which Distributable reserves: +€57,985
- Trade debts -€29,348
down €29,348 (-80.3%), from €36,560 to €7,211
- Other debts -€20,293
down €20,293 (-28.2%), from €72,026 to €51,733
- Tax, wage and social debts +€3,544
up €3,544 (+69.8%), from €5,077 to €8,621
of which Remuneration and social security: +€2,296
- Gross operating margin +€14,102
up €14,102 (+9.5%), from €147,900 to €162,002
- Depreciation +€14,044
up €14,044 (+153%), from €9,205 to €23,249
- Staff costs +€7,103
up €7,103 (+13.9%), from €51,173 to €58,276
- Taxes -€5,563
down €5,563 (-22.9%), from €24,254 to €18,691
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 | €275,611 | €287,499 | +€11,888 | +4.3% |
| Fixed assets | 21/28 | €104,172 | €80,924 | -€23,249 | -22.3% |
| Tangible fixed assets | 22/27 | €104,037 | €80,789 | -€23,249 | -22.3% |
| Plant, machinery and equipment | 23 | €1,957 | €626 | -€1,331 | -68.0% |
| Furniture and vehicles | 24 | €102,080 | €80,163 | -€21,917 | -21.5% |
| Financial fixed assets | 28 | €135 | €135 | = | 0.0% |
| Current assets | 29/58 | €171,439 | €206,576 | +€35,137 | +20.5% |
| Stocks and contracts in progress | 3 | €7,558 | €9,990 | +€2,432 | +32.2% |
| Stocks | 30/36 | €7,558 | €2,490 | -€5,068 | -67.1% |
| Contracts in progress | 37 | €0 | €7,500 | +€7,500 | |
| Amounts receivable within one year | 40/41 | €56,021 | €16,644 | -€39,377 | -70.3% |
| Trade receivables | 40 | €46,302 | €12,557 | -€33,745 | -72.9% |
| Other amounts receivable | 41 | €9,719 | €4,087 | -€5,632 | -57.9% |
| Cash at bank and in hand | 54/58 | €103,033 | €179,942 | +€76,909 | +74.6% |
| Deferred charges and accrued income | 490/1 | €4,826 | €0 | -€4,826 | -100% |
| Total equity and liabilities | 10/49 | €275,611 | €287,499 | +€11,888 | +4.3% |
| Equity | 10/15 | €161,949 | €219,934 | +€57,985 | +35.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Reserves | 13 | €161,849 | €219,834 | +€57,985 | +35.8% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €161,849 | €219,834 | +€57,985 | +35.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €113,662 | €67,566 | -€46,096 | -40.6% |
| Amounts payable within one year | 42/48 | €113,662 | €67,566 | -€46,096 | -40.6% |
| Trade debts | 44 | €36,560 | €7,211 | -€29,348 | -80.3% |
| Suppliers | 440/4 | €36,560 | €7,211 | -€29,348 | -80.3% |
| Taxes, remuneration and social security | 45 | €5,077 | €8,621 | +€3,544 | +69.8% |
| Taxes | 450/3 | €3,600 | €4,848 | +€1,248 | +34.7% |
| Remuneration and social security | 454/9 | €1,477 | €3,773 | +€2,296 | +155% |
| Other amounts payable | 47/48 | €72,026 | €51,733 | -€20,293 | -28.2% |
| Non-recurring operating income | 76A | - | €11,765 | +€11,765 | |
| Remuneration, social security and pensions | 62 | €51,173 | €58,276 | +€7,103 | +13.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,205 | €23,249 | +€14,044 | +153% |
| Other operating charges | 640/8 | €2,905 | €2,064 | -€842 | -29.0% |
| Gross operating margin | 9900 | €147,900 | €162,002 | +€14,102 | +9.5% |
| Operating profit (loss) | 9901 | €84,617 | €78,414 | -€6,203 | -7.3% |
| Financial income | 75/76B | €811 | €1,495 | +€684 | +84.4% |
| Recurring financial income | 75 | €811 | €1,495 | +€684 | +84.4% |
| Financial charges | 65/66B | €2,086 | €3,233 | +€1,147 | +55.0% |
| Recurring financial charges | 65 | €2,086 | €3,233 | +€1,147 | +55.0% |
| Profit (loss) for the period before taxes | 9903 | €83,342 | €76,676 | -€6,666 | -8.0% |
| Income taxes | 67/77 | €24,254 | €18,691 | -€5,563 | -22.9% |
| Profit (loss) for the period | 9904 | €59,088 | €57,985 | -€1,103 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €59,088 | €57,985 | -€1,103 | -1.9% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.