MD³: 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.
MD³
Largest movements
- Receivables within one year +€322,686
up €322,686 (+182.5%), from €176,833 to €499,519
of which Other amounts receivable: +€197,051
- Financial fixed assets +€70,000
up €70,000 (+7000.0%), from €1,000 to €71,000
- Profit (loss) carried forward +€368,287
up €368,287 (+123.6%), from €297,873 to €666,160
- Tax, wage and social debts +€27,178
up €27,178 (+104.3%), from €26,065 to €53,243
of which Taxes: +€27,178
- Gross operating margin +€194,856
up €194,856 (+79.5%), from €245,252 to €440,108
- Financial income +€107,005
up €107,005, from €0 to €107,005
- Taxes +€48,531
up €48,531 (+84.5%), from €57,424 to €105,955
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 | €399,133 | €790,841 | +€391,708 | +98.1% |
| Fixed assets | 21/28 | €68,662 | €140,878 | +€72,216 | +105.2% |
| Tangible fixed assets | 22/27 | €67,662 | €69,878 | +€2,216 | +3.3% |
| Land and buildings | 22 | €49,116 | €42,124 | -€6,992 | -14.2% |
| Plant, machinery and equipment | 23 | €17,307 | €14,781 | -€2,525 | -14.6% |
| Furniture and vehicles | 24 | €1,239 | €12,972 | +€11,733 | +947.0% |
| Financial fixed assets | 28 | €1,000 | €71,000 | +€70,000 | +7000.0% |
| Current assets | 29/58 | €330,471 | €649,963 | +€319,492 | +96.7% |
| Amounts receivable within one year | 40/41 | €176,833 | €499,519 | +€322,686 | +182.5% |
| Trade receivables | 40 | €26,833 | €152,468 | +€125,635 | +468.2% |
| Other amounts receivable | 41 | €150,000 | €347,051 | +€197,051 | +131.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €145,667 | €144,314 | -€1,352 | -0.9% |
| Deferred charges and accrued income | 490/1 | €7,970 | €6,129 | -€1,841 | -23.1% |
| Total equity and liabilities | 10/49 | €399,133 | €790,841 | +€391,708 | +98.1% |
| Equity | 10/15 | €316,473 | €684,760 | +€368,287 | +116.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €297,873 | €666,160 | +€368,287 | +123.6% |
| Amounts payable | 17/49 | €82,660 | €106,081 | +€23,421 | +28.3% |
| Amounts payable within one year | 42/48 | €82,660 | €106,081 | +€23,421 | +28.3% |
| Financial debts | 43 | €894 | €593 | -€302 | -33.7% |
| Credit institutions | 430/8 | €894 | €593 | -€302 | -33.7% |
| Trade debts | 44 | €10,086 | €2,245 | -€7,841 | -77.7% |
| Suppliers | 440/4 | €10,086 | €2,245 | -€7,841 | -77.7% |
| Taxes, remuneration and social security | 45 | €26,065 | €53,243 | +€27,178 | +104.3% |
| Taxes | 450/3 | €26,065 | €53,243 | +€27,178 | +104.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €45,615 | €50,000 | +€4,385 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,476 | €10,197 | -€279 | -2.7% |
| Other operating charges | 640/8 | €1,575 | €1,021 | -€554 | -35.2% |
| Non-recurring operating charges | 66A | €0 | €26 | +€26 | |
| Gross operating margin | 9900 | €245,252 | €440,108 | +€194,856 | +79.5% |
| Operating profit (loss) | 9901 | €233,201 | €428,864 | +€195,663 | +83.9% |
| Financial income | 75/76B | €0 | €107,005 | +€107,005 | |
| Recurring financial income | 75 | €0 | €107,005 | +€107,005 | |
| Financial charges | 65/66B | €1,117 | €2,803 | +€1,686 | +151.0% |
| Recurring financial charges | 65 | €1,117 | €2,803 | +€1,686 | +151.0% |
| Profit (loss) for the period before taxes | 9903 | €232,084 | €533,065 | +€300,981 | +129.7% |
| Income taxes | 67/77 | €57,424 | €105,955 | +€48,531 | +84.5% |
| Profit (loss) for the period | 9904 | €174,661 | €427,111 | +€252,450 | +144.5% |
| Profit (loss) for the period to be appropriated | 9905 | €174,661 | €427,111 | +€252,450 | +144.5% |
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 6 October 2026 via checked.be.