M-DIGITAL: 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-DIGITAL
Largest movements
- Receivables within one year +€56,586
up €56,586 (+11.7%), from €484,078 to €540,664
of which Trade receivables: +€123,980
- Cash +€34,158
up €34,158 (+113.2%), from €30,169 to €64,327
mainly Net result for the year (+€84,205) and Other debts (+€82,000)
- Tangible fixed assets -€24,807
down €24,807 (-33.5%), from €74,094 to €49,287
- Deferred charges and accrued income +€8,175
up €8,175 (+70.1%), from €11,661 to €19,836
- Reserves -€97,795
down €97,795 (-31.3%), from €312,423 to €214,628
of which Distributable reserves: -€97,795
- Other debts +€82,000
up €82,000 (+82.0%), from €100,000 to €182,000
- Trade debts +€66,547
up €66,547 (+203.9%), from €32,633 to €99,181
- Tax, wage and social debts +€23,360
up €23,360 (+25.0%), from €93,445 to €116,806
of which Taxes: +€28,951
- Gross operating margin -€114,436
down €114,436 (-13.5%), from €849,085 to €734,650
- Staff costs -€38,363
down €38,363 (-5.9%), from €645,443 to €607,079
- Taxes -€17,741
down €17,741 (-40.1%), from €44,200 to €26,459
- Financial income +€12,115
up €12,115 (+33173.5%), from €37 to €12,151
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 | €600,002 | €674,114 | +€74,112 | +12.4% |
| Fixed assets | 21/28 | €74,094 | €49,287 | -€24,807 | -33.5% |
| Intangible fixed assets | 21 | - | €0 | = | |
| Tangible fixed assets | 22/27 | €74,094 | €49,287 | -€24,807 | -33.5% |
| Furniture and vehicles | 24 | €74,094 | €49,287 | -€24,807 | -33.5% |
| Current assets | 29/58 | €525,908 | €624,828 | +€98,920 | +18.8% |
| Amounts receivable within one year | 40/41 | €484,078 | €540,664 | +€56,586 | +11.7% |
| Trade receivables | 40 | €203,553 | €327,533 | +€123,980 | +60.9% |
| Other amounts receivable | 41 | €280,525 | €213,131 | -€67,394 | -24.0% |
| Cash at bank and in hand | 54/58 | €30,169 | €64,327 | +€34,158 | +113.2% |
| Deferred charges and accrued income | 490/1 | €11,661 | €19,836 | +€8,175 | +70.1% |
| Total equity and liabilities | 10/49 | €600,002 | €674,114 | +€74,112 | +12.4% |
| Equity | 10/15 | €373,923 | €276,128 | -€97,795 | -26.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €312,423 | €214,628 | -€97,795 | -31.3% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €306,273 | €208,478 | -€97,795 | -31.9% |
| Amounts payable | 17/49 | €226,079 | €397,986 | +€171,908 | +76.0% |
| Amounts payable within one year | 42/48 | €226,079 | €397,986 | +€171,908 | +76.0% |
| Trade debts | 44 | €32,633 | €99,181 | +€66,547 | +203.9% |
| Suppliers | 440/4 | €32,633 | €99,181 | +€66,547 | +203.9% |
| Taxes, remuneration and social security | 45 | €93,445 | €116,806 | +€23,360 | +25.0% |
| Taxes | 450/3 | €20,837 | €49,788 | +€28,951 | +138.9% |
| Remuneration and social security | 454/9 | €72,608 | €67,018 | -€5,590 | -7.7% |
| Other amounts payable | 47/48 | €100,000 | €182,000 | +€82,000 | +82.0% |
| Remuneration, social security and pensions | 62 | €645,443 | €607,079 | -€38,363 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,479 | €24,807 | +€1,328 | +5.7% |
| Other operating charges | 640/8 | €4,886 | €1,512 | -€3,374 | -69.1% |
| Gross operating margin | 9900 | €849,085 | €734,650 | -€114,436 | -13.5% |
| Operating profit (loss) | 9901 | €175,277 | €101,251 | -€74,027 | -42.2% |
| Financial income | 75/76B | €37 | €12,151 | +€12,115 | +33173.5% |
| Recurring financial income | 75 | €37 | €12,151 | +€12,115 | +33173.5% |
| Financial charges | 65/66B | €2,628 | €2,739 | +€111 | +4.2% |
| Recurring financial charges | 65 | €2,628 | €2,739 | +€111 | +4.2% |
| Profit (loss) for the period before taxes | 9903 | €172,686 | €110,663 | -€62,023 | -35.9% |
| Income taxes | 67/77 | €44,200 | €26,459 | -€17,741 | -40.1% |
| Profit (loss) for the period | 9904 | €128,486 | €84,205 | -€44,281 | -34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €128,486 | €84,205 | -€44,281 | -34.5% |
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 2 October 2026 via checked.be.