M.J.D.D.: 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.J.D.D.
Largest movements
- Cash -€499,438
down €499,438 (-86.8%), from €575,570 to €76,132
mainly Current investments (-€286,829) and Contributions, distributions and other (-€210,131)
- Current investments +€286,829
up €286,829 (+72.9%), from €393,419 to €680,248
- Tangible fixed assets -€20,500
down €20,500 (-8.5%), from €241,898 to €221,398
of which Other tangible fixed assets: -€21,277
- Reserves -€210,131
down €210,131 (-54.2%), from €387,526 to €177,395
of which Distributable reserves: -€210,131
- Profit (loss) carried forward -€31,283
down €31,283 (-4.0%), from €772,773 to €741,491
- Gross operating margin -€184,110
down €184,110 (-96.0%), from €191,745 to €7,634
- Taxes -€45,930
down €45,930 (-97.3%), from €47,216 to €1,286
- Financial income -€12,774
down €12,774 (-50.7%), from €25,206 to €12,432
- Financial charges +€6,783
up €6,783 (+329.4%), from €2,059 to €8,842
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 | €1,227,918 | €991,297 | -€236,621 | -19.3% |
| Fixed assets | 21/28 | €242,034 | €221,534 | -€20,500 | -8.5% |
| Tangible fixed assets | 22/27 | €241,898 | €221,398 | -€20,500 | -8.5% |
| Land and buildings | 22 | €91,426 | €91,426 | = | 0.0% |
| Furniture and vehicles | 24 | €3,101 | €3,877 | +€777 | +25.1% |
| Other tangible fixed assets | 26 | €147,372 | €126,095 | -€21,277 | -14.4% |
| Financial fixed assets | 28 | €136 | €136 | = | 0.0% |
| Current assets | 29/58 | €985,884 | €769,763 | -€216,121 | -21.9% |
| Amounts receivable within one year | 40/41 | €12,420 | €8,600 | -€3,820 | -30.8% |
| Trade receivables | 40 | €5,705 | €3,600 | -€2,105 | -36.9% |
| Other amounts receivable | 41 | €6,714 | €5,000 | -€1,714 | -25.5% |
| Current investments | 50/53 | €393,419 | €680,248 | +€286,829 | +72.9% |
| Cash at bank and in hand | 54/58 | €575,570 | €76,132 | -€499,438 | -86.8% |
| Deferred charges and accrued income | 490/1 | €4,475 | €4,783 | +€308 | +6.9% |
| Total equity and liabilities | 10/49 | €1,227,918 | €991,297 | -€236,621 | -19.3% |
| Equity | 10/15 | €1,221,800 | €980,386 | -€241,414 | -19.8% |
| 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 | €387,526 | €177,395 | -€210,131 | -54.2% |
| Non-distributable reserves | 130/1 | €12,395 | €12,395 | = | 0.0% |
| Legal reserve | 130 | €12,395 | €12,395 | = | 0.0% |
| Distributable reserves | 133 | €375,131 | €165,000 | -€210,131 | -56.0% |
| Profit (loss) carried forward | 14 | €772,773 | €741,491 | -€31,283 | -4.0% |
| Amounts payable | 17/49 | €6,119 | €10,911 | +€4,793 | +78.3% |
| Amounts payable within one year | 42/48 | €5,461 | €10,524 | +€5,064 | +92.7% |
| Trade debts | 44 | €5,461 | €6,227 | +€767 | +14.0% |
| Suppliers | 440/4 | €5,461 | €6,227 | +€767 | +14.0% |
| Taxes, remuneration and social security | 45 | - | €1,593 | +€1,593 | |
| Taxes | 450/3 | - | €1,593 | +€1,593 | |
| Other amounts payable | 47/48 | - | €2,704 | +€2,704 | |
| Accrued charges and deferred income | 492/3 | €658 | €387 | -€271 | -41.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,546 | €30,840 | -€1,705 | -5.2% |
| Other operating charges | 640/8 | €9,608 | €10,380 | +€772 | +8.0% |
| Gross operating margin | 9900 | €191,745 | €7,634 | -€184,110 | -96.0% |
| Operating profit (loss) | 9901 | €149,591 | -€33,586 | -€183,177 | |
| Financial income | 75/76B | €25,206 | €12,432 | -€12,774 | -50.7% |
| Recurring financial income | 75 | €25,206 | €12,432 | -€12,774 | -50.7% |
| Financial charges | 65/66B | €2,059 | €8,842 | +€6,783 | +329.4% |
| Recurring financial charges | 65 | €2,059 | €8,842 | +€6,783 | +329.4% |
| Profit (loss) for the period before taxes | 9903 | €172,737 | -€29,996 | -€202,733 | |
| Income taxes | 67/77 | €47,216 | €1,286 | -€45,930 | -97.3% |
| Profit (loss) for the period | 9904 | €125,521 | -€31,283 | -€156,803 | |
| Profit (loss) for the period to be appropriated | 9905 | €125,521 | -€31,283 | -€156,803 |
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 10 October 2026 via checked.be.