M²DG: 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.
What changed
M²DG
NACE 68.110, Buying and selling of own real estate
fiscal year 2023 against 2024filed annual accounts (NBB)
Net result for the year
€51,479
2023 · €48,641+€2,838
Equity
€322,829
2023 · €341,350-€18,521
Cash
€177,494
2023 · €111,256+€66,238
Balance sheet total
€520,530
2023 · €507,726+€12,804
Largest movements
Assets
- Cash +€66,238
up €66,238 (+59.5%), from €111,256 to €177,494
mainly Net result for the year (+€51,479) and Other debts (+€35,706)
- Tangible fixed assets -€34,660
down €34,660 (-26.5%), from €130,624 to €95,964
of which Furniture and vehicles: -€23,739
- Receivables within one year -€19,258
down €19,258 (-12.0%), from €160,717 to €141,459
of which Trade receivables: -€17,842
Equity and liabilities
- Other debts +€35,706
up €35,706 (+35.7%), from €100,000 to €135,706
- Debts after one year -€20,713
down €20,713 (-90.9%), from €22,791 to €2,078
- Profit (loss) carried forward -€18,521
down €18,521 (-5.6%), from €333,290 to €314,769
- Trade debts +€9,040
up €9,040 (+78.8%), from €11,474 to €20,514
- Tax, wage and social debts +€8,803
up €8,803 (+110.4%), from €7,976 to €16,779
of which Taxes: +€8,613
Income statement
- Purchases and services +€54,176
up €54,176 (+11.9%), from €454,668 to €508,844
- Gross operating margin -€42,345
down €42,345 (-25.6%), from €165,306 to €122,961
- Staff costs -€29,171
down €29,171 (-51.4%), from €56,722 to €27,551
- Depreciation -€8,043
down €8,043 (-23.2%), from €34,646 to €26,603
- Taxes -€4,112
down €4,112 (-23.4%), from €17,588 to €13,476
From the 2023 result to the 2024 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.
Result 2023
€48,641
Gross operating margin
-€42,345
Staff costs
+€29,171
Depreciation
+€8,043
Write-downs
+€3,334
Provisions
-€1,235
Other operating charges
+€799
Financial income
+€308
Financial charges
+€651
Taxes
+€4,112
Result 2024
€51,479
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€149,619
Investment
+€8,115
Financing
-€91,496
Cash 2023
€111,256
From operations (derived)
+€149,619
Net result for the year
+€51,479
Depreciation
+€26,603
Receivables after one year
-€1,800
Stocks and contracts
+€235
Receivables within one year
+€19,258
Deferred charges and accrued income
+€1,023
Provisions
-€299
Trade debts
+€9,040
Tax, wage and social debts
+€8,803
Other debts
+€35,706
Accrued charges and deferred income
-€429
Investment (derived)
+€8,115
Investment in fixed assets (net)
+€8,115
Financing
-€91,496
Debts after one year
-€20,713
Current portion of long-term debt
-€783
Contributions, distributions and other
-€70,000
Cash 2024
€177,494
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €507,726 | €520,530 | +€12,804 | +2.5% |
| Formation expenses | 20 | €628 | €628 | = | 0.0% |
| Fixed assets | 21/28 | €131,012 | €96,294 | -€34,718 | -26.5% |
| Intangible fixed assets | 21 | €58 | €0 | -€58 | -100.0% |
| Tangible fixed assets | 22/27 | €130,624 | €95,964 | -€34,660 | -26.5% |
| Land and buildings | 22 | €7,518 | €5,639 | -€1,879 | -25.0% |
| Plant, machinery and equipment | 23 | €37,693 | €31,750 | -€5,943 | -15.8% |
| Furniture and vehicles | 24 | €77,974 | €54,235 | -€23,739 | -30.4% |
| Other tangible fixed assets | 26 | €5,439 | €4,340 | -€1,099 | -20.2% |
| Assets under construction and advance payments | 27 | €2,000 | - | -€2,000 | |
| Financial fixed assets | 28 | €330 | €330 | = | 0.0% |
| Current assets | 29/58 | €376,086 | €423,608 | +€47,522 | +12.6% |
| Amounts receivable after more than one year | 29 | €40,000 | €41,800 | +€1,800 | +4.5% |
| Other amounts receivable | 291 | €40,000 | €41,800 | +€1,800 | +4.5% |
| Stocks and contracts in progress | 3 | €55,311 | €55,076 | -€235 | -0.4% |
| Stocks | 30/36 | €55,311 | €55,076 | -€235 | -0.4% |
| Amounts receivable within one year | 40/41 | €160,717 | €141,459 | -€19,258 | -12.0% |
| Trade receivables | 40 | €143,265 | €125,423 | -€17,842 | -12.5% |
| Other amounts receivable | 41 | €17,452 | €16,036 | -€1,416 | -8.1% |
| Cash at bank and in hand | 54/58 | €111,256 | €177,494 | +€66,238 | +59.5% |
| Deferred charges and accrued income | 490/1 | €8,802 | €7,779 | -€1,023 | -11.6% |
| Total equity and liabilities | 10/49 | €507,726 | €520,530 | +€12,804 | +2.5% |
| Equity | 10/15 | €341,350 | €322,829 | -€18,521 | -5.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | - | -€6,200 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €333,290 | €314,769 | -€18,521 | -5.6% |
| Provisions and deferred taxes | 16 | €1,200 | €901 | -€299 | -24.9% |
| Provisions for liabilities and charges | 160/5 | €1,200 | €901 | -€299 | -24.9% |
| Other liabilities and charges | 164/5 | €1,200 | €901 | -€299 | -24.9% |
| Amounts payable | 17/49 | €165,176 | €196,800 | +€31,624 | +19.1% |
| Amounts payable after more than one year | 17 | €22,791 | €2,078 | -€20,713 | -90.9% |
| Financial debts | 170/4 | €22,791 | €2,078 | -€20,713 | -90.9% |
| Amounts payable within one year | 42/48 | €141,956 | €194,722 | +€52,766 | +37.2% |
| Current portion of amounts payable after more than one year | 42 | €22,506 | €21,723 | -€783 | -3.5% |
| Trade debts | 44 | €11,474 | €20,514 | +€9,040 | +78.8% |
| Suppliers | 440/4 | €11,474 | €20,514 | +€9,040 | +78.8% |
| Taxes, remuneration and social security | 45 | €7,976 | €16,779 | +€8,803 | +110.4% |
| Taxes | 450/3 | €2,950 | €11,563 | +€8,613 | +292.0% |
| Remuneration and social security | 454/9 | €5,026 | €5,216 | +€190 | +3.8% |
| Other amounts payable | 47/48 | €100,000 | €135,706 | +€35,706 | +35.7% |
| Accrued charges and deferred income | 492/3 | €429 | - | -€429 | |
| Non-recurring operating income | 76A | €14,014 | €10,946 | -€3,068 | -21.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €454,668 | €508,844 | +€54,176 | +11.9% |
| Remuneration, social security and pensions | 62 | €56,722 | €27,551 | -€29,171 | -51.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,646 | €26,603 | -€8,043 | -23.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €5,002 | €1,668 | -€3,334 | -66.7% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€1,534 | -€299 | +€1,235 | +80.5% |
| Other operating charges | 640/8 | €3,534 | €2,735 | -€799 | -22.6% |
| Gross operating margin | 9900 | €165,306 | €122,961 | -€42,345 | -25.6% |
| Operating profit (loss) | 9901 | €66,936 | €64,703 | -€2,233 | -3.3% |
| Financial income | 75/76B | €1,855 | €2,163 | +€308 | +16.6% |
| Recurring financial income | 75 | €1,855 | €2,163 | +€308 | +16.6% |
| Financial charges | 65/66B | €2,562 | €1,911 | -€651 | -25.4% |
| Recurring financial charges | 65 | €2,499 | €1,911 | -€588 | -23.5% |
| Non-recurring financial charges | 66B | €63 | - | -€63 | |
| Profit (loss) for the period before taxes | 9903 | €66,229 | €64,955 | -€1,274 | -1.9% |
| Income taxes | 67/77 | €17,588 | €13,476 | -€4,112 | -23.4% |
| Profit (loss) for the period | 9904 | €48,641 | €51,479 | +€2,838 | +5.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,641 | €51,479 | +€2,838 | +5.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.