M-DES: 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-DES
Largest movements
- Cash -€20,378
down €20,378 (-67.3%), from €30,270 to €9,892
mainly Debts after one year (-€14,153) and Tax, wage and social debts (-€12,389)
- Tangible fixed assets -€12,903
down €12,903 (-14.2%), from €90,902 to €77,999
of which Other tangible fixed assets: -€7,522
- Deferred charges and accrued income +€5,912
up €5,912 (+206.8%), from €2,858 to €8,771
- Receivables within one year -€5,609
down €5,609 (-13.8%), from €40,592 to €34,982
of which Trade receivables: -€10,784
- Debts after one year -€14,153
down €14,153 (-27.9%), from €50,716 to €36,563
- Tax, wage and social debts -€12,389
down €12,389 (-94.6%), from €13,102 to €713
of which Remuneration and social security: -€12,136
- Trade debts -€6,723
down €6,723 (-45.8%), from €14,681 to €7,959
- Turnover -€253,262
no longer reported in 2025 (was €253,262)
- Purchases and services -€174,271
no longer reported in 2025 (was €174,271)
- Staff costs +€38,497
up €38,497 (+64.3%), from €59,896 to €98,393
- Gross operating margin +€36,472
up €36,472 (+41.3%), from €88,379 to €124,850
- Other operating charges -€4,950
down €4,950 (-59.3%), from €8,349 to €3,398
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 | €164,782 | €131,804 | -€32,979 | -20.0% |
| Fixed assets | 21/28 | €91,062 | €78,159 | -€12,903 | -14.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €90,902 | €77,999 | -€12,903 | -14.2% |
| Plant, machinery and equipment | 23 | €4,331 | €2,896 | -€1,435 | -33.1% |
| Furniture and vehicles | 24 | €25,749 | €21,803 | -€3,946 | -15.3% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €60,823 | €53,300 | -€7,522 | -12.4% |
| Financial fixed assets | 28 | €160 | €160 | = | 0.0% |
| Current assets | 29/58 | €73,720 | €53,644 | -€20,076 | -27.2% |
| Amounts receivable within one year | 40/41 | €40,592 | €34,982 | -€5,609 | -13.8% |
| Trade receivables | 40 | €39,657 | €28,873 | -€10,784 | -27.2% |
| Other amounts receivable | 41 | €935 | €6,109 | +€5,174 | +553.6% |
| Cash at bank and in hand | 54/58 | €30,270 | €9,892 | -€20,378 | -67.3% |
| Deferred charges and accrued income | 490/1 | €2,858 | €8,771 | +€5,912 | +206.8% |
| Total equity and liabilities | 10/49 | €164,782 | €131,804 | -€32,979 | -20.0% |
| Equity | 10/15 | €72,514 | €72,066 | -€448 | -0.6% |
| Contributions | 10/11 | €14,200 | €14,200 | = | 0.0% |
| Outside capital | 11 | €14,200 | - | -€14,200 | |
| Other | 1109/19 | €14,200 | - | -€14,200 | |
| Reserves | 13 | €14,877 | €14,877 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €3,017 | €3,017 | = | 0.0% |
| Distributable reserves | 133 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,437 | €42,989 | -€448 | -1.0% |
| Amounts payable | 17/49 | €92,268 | €59,738 | -€32,531 | -35.3% |
| Amounts payable after more than one year | 17 | €50,716 | €36,563 | -€14,153 | -27.9% |
| Financial debts | 170/4 | €50,716 | €36,563 | -€14,153 | -27.9% |
| Amounts payable within one year | 42/48 | €41,552 | €23,175 | -€18,377 | -44.2% |
| Current portion of amounts payable after more than one year | 42 | €13,555 | €14,153 | +€598 | +4.4% |
| Trade debts | 44 | €14,681 | €7,959 | -€6,723 | -45.8% |
| Suppliers | 440/4 | €14,681 | €7,959 | -€6,723 | -45.8% |
| Taxes, remuneration and social security | 45 | €13,102 | €713 | -€12,389 | -94.6% |
| Taxes | 450/3 | €253 | - | -€253 | |
| Remuneration and social security | 454/9 | €12,849 | €713 | -€12,136 | -94.5% |
| Other amounts payable | 47/48 | €214 | €350 | +€136 | +63.5% |
| Turnover | 70 | €253,262 | - | -€253,262 | |
| Goods, raw materials, services and sundry goods | 60/61 | €174,271 | - | -€174,271 | |
| Remuneration, social security and pensions | 62 | €59,896 | €98,393 | +€38,497 | +64.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,106 | €17,519 | +€412 | +2.4% |
| Other operating charges | 640/8 | €8,349 | €3,398 | -€4,950 | -59.3% |
| Gross operating margin | 9900 | €88,379 | €124,850 | +€36,472 | +41.3% |
| Operating profit (loss) | 9901 | €3,027 | €5,540 | +€2,512 | +83.0% |
| Financial income | 75/76B | €5 | €3 | -€2 | -34.9% |
| Recurring financial income | 75 | €5 | €3 | -€2 | -34.9% |
| Financial charges | 65/66B | €6,081 | €4,798 | -€1,283 | -21.1% |
| Recurring financial charges | 65 | €6,081 | €4,798 | -€1,283 | -21.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,049 | €745 | +€3,794 | |
| Income taxes | 67/77 | €3,007 | €1,193 | -€1,814 | -60.3% |
| Profit (loss) for the period | 9904 | -€6,056 | -€448 | +€5,608 | +92.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,056 | -€448 | +€5,608 | +92.6% |
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 5 October 2026 via checked.be.