MBDM: 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.
MBDM
Largest movements
- Cash -€31,842
down €31,842 (-67.4%), from €47,230 to €15,388
mainly Debts after one year (-€69,680) and Investment in fixed assets (net) (-€3,040)
- Tangible fixed assets -€18,720
down €18,720 (-3.9%), from €478,048 to €459,328
- Debts after one year -€69,680
down €69,680 (-13.3%), from €524,044 to €454,365
- Profit (loss) carried forward +€17,251
up €17,251 (+37.9%), from -€45,498 to -€28,247
- Gross operating margin -€4,000
down €4,000 (-7.4%), from €53,734 to €49,734
- Depreciation -€1,910
down €1,910 (-8.1%), from €23,670 to €21,760
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 | €527,156 | €475,404 | -€51,752 | -9.8% |
| Fixed assets | 21/28 | €478,048 | €459,328 | -€18,720 | -3.9% |
| Tangible fixed assets | 22/27 | €478,048 | €459,328 | -€18,720 | -3.9% |
| Land and buildings | 22 | €478,048 | €459,328 | -€18,720 | -3.9% |
| Current assets | 29/58 | €49,108 | €16,076 | -€33,032 | -67.3% |
| Cash at bank and in hand | 54/58 | €47,230 | €15,388 | -€31,842 | -67.4% |
| Deferred charges and accrued income | 490/1 | €1,879 | €688 | -€1,190 | -63.4% |
| Total equity and liabilities | 10/49 | €527,156 | €475,404 | -€51,752 | -9.8% |
| Equity | 10/15 | -€15,498 | €1,753 | +€17,251 | |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,498 | -€28,247 | +€17,251 | +37.9% |
| Amounts payable | 17/49 | €542,654 | €473,651 | -€69,003 | -12.7% |
| Amounts payable after more than one year | 17 | €524,044 | €454,365 | -€69,680 | -13.3% |
| Financial debts | 170/4 | €524,044 | €454,365 | -€69,680 | -13.3% |
| Amounts payable within one year | 42/48 | €18,522 | €18,725 | +€203 | +1.1% |
| Current portion of amounts payable after more than one year | 42 | €18,264 | €18,716 | +€451 | +2.5% |
| Trade debts | 44 | €183 | €9 | -€174 | -95.1% |
| Suppliers | 440/4 | €183 | €9 | -€174 | -95.1% |
| Other amounts payable | 47/48 | €75 | - | -€75 | |
| Accrued charges and deferred income | 492/3 | €87 | €561 | +€474 | +544.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,670 | €21,760 | -€1,910 | -8.1% |
| Other operating charges | 640/8 | €2,506 | €2,584 | +€78 | +3.1% |
| Gross operating margin | 9900 | €53,734 | €49,734 | -€4,000 | -7.4% |
| Operating profit (loss) | 9901 | €27,557 | €25,389 | -€2,168 | -7.9% |
| Financial charges | 65/66B | €8,189 | €8,138 | -€51 | -0.6% |
| Recurring financial charges | 65 | €8,189 | €8,138 | -€51 | -0.6% |
| Profit (loss) for the period before taxes | 9903 | €19,368 | €17,251 | -€2,118 | -10.9% |
| Profit (loss) for the period | 9904 | €19,368 | €17,251 | -€2,118 | -10.9% |
| Profit (loss) for the period to be appropriated | 9905 | €19,368 | €17,251 | -€2,118 | -10.9% |
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 30 September 2026 via checked.be.