M.L.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.L.D.
Largest movements
- Cash -€107,940
down €107,940 (-92.9%), from €116,199 to €8,260
mainly Investment in fixed assets (net) (-€101,000) and Net result for the year (-€12,798)
- Tangible fixed assets +€92,494
up €92,494 (+203%), from €45,630 to €138,124
- Receivables within one year +€2,464
up €2,464 (+244%), from €1,011 to €3,476
- Profit (loss) carried forward -€12,798
down €12,798 (-16.6%), from €76,977 to €64,179
- Provisions -€4,253
no longer reported in 2025 (was €4,253)
- Financial income -€3,284
down €3,284 (-95.5%), from €3,438 to €154
- Gross operating margin +€2,409
up €2,409 (+73.4%), from -€3,284 to -€874
- Other operating charges +€1,215
up €1,215 (+55.8%), from €2,179 to €3,395
- Depreciation -€499
down €499 (-5.5%), from €9,005 to €8,506
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 | €163,950 | €150,877 | -€13,072 | -8.0% |
| Fixed assets | 21/28 | €45,630 | €138,124 | +€92,494 | +203% |
| Tangible fixed assets | 22/27 | €45,630 | €138,124 | +€92,494 | +203% |
| Land and buildings | 22 | €45,630 | €138,124 | +€92,494 | +203% |
| Current assets | 29/58 | €118,320 | €12,754 | -€105,566 | -89.2% |
| Amounts receivable within one year | 40/41 | €1,011 | €3,476 | +€2,464 | +244% |
| Other amounts receivable | 41 | €1,011 | €3,476 | +€2,464 | +244% |
| Cash at bank and in hand | 54/58 | €116,199 | €8,260 | -€107,940 | -92.9% |
| Deferred charges and accrued income | 490/1 | €1,109 | €1,019 | -€91 | -8.2% |
| Total equity and liabilities | 10/49 | €163,950 | €150,877 | -€13,072 | -8.0% |
| Equity | 10/15 | €157,351 | €144,553 | -€12,798 | -8.1% |
| Contributions | 10/11 | €62,221 | €62,221 | = | 0.0% |
| Capital | 10 | €62,221 | €62,221 | = | 0.0% |
| Issued capital | 100 | €62,221 | €62,221 | = | 0.0% |
| Reserves | 13 | €18,153 | €18,153 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,322 | €6,322 | = | 0.0% |
| Legal reserve | 130 | €6,322 | €6,322 | = | 0.0% |
| Distributable reserves | 133 | €11,830 | €11,830 | = | 0.0% |
| Profit (loss) carried forward | 14 | €76,977 | €64,179 | -€12,798 | -16.6% |
| Provisions and deferred taxes | 16 | €4,253 | €4,253 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €4,253 | €4,253 | = | 0.0% |
| Other liabilities and charges | 164/5 | €4,253 | €4,253 | = | 0.0% |
| Amounts payable | 17/49 | €2,347 | €2,072 | -€275 | -11.7% |
| Amounts payable within one year | 42/48 | €2,347 | €2,072 | -€275 | -11.7% |
| Trade debts | 44 | €847 | €572 | -€275 | -32.4% |
| Suppliers | 440/4 | €847 | €572 | -€275 | -32.4% |
| Other amounts payable | 47/48 | €1,500 | €1,500 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,005 | €8,506 | -€499 | -5.5% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €4,253 | - | -€4,253 | |
| Other operating charges | 640/8 | €2,179 | €3,395 | +€1,215 | +55.8% |
| Gross operating margin | 9900 | -€3,284 | -€874 | +€2,409 | +73.4% |
| Operating profit (loss) | 9901 | -€18,720 | -€12,775 | +€5,946 | +31.8% |
| Financial income | 75/76B | €3,438 | €154 | -€3,284 | -95.5% |
| Recurring financial income | 75 | €3,438 | €154 | -€3,284 | -95.5% |
| Financial charges | 65/66B | €170 | €177 | +€6 | +3.7% |
| Recurring financial charges | 65 | €170 | €177 | +€6 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | -€15,453 | -€12,798 | +€2,655 | +17.2% |
| Profit (loss) for the period | 9904 | -€15,453 | -€12,798 | +€2,655 | +17.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€15,453 | -€12,798 | +€2,655 | +17.2% |
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 15 October 2026 via checked.be.