MD ACCOUNTING: 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.
MD ACCOUNTING
Largest movements
- Tangible fixed assets +€301,398
up €301,398 (+48.9%), from €616,025 to €917,423
of which Assets under construction and advance payments: +€196,356
- Current investments +€150,000
up €150,000 (+75.0%), from €200,000 to €350,000
- Cash +€40,411
up €40,411 (+7.6%), from €530,078 to €570,489
mainly Other debts (+€323,744) and Net result for the year (+€236,144)
- Receivables within one year -€20,199
down €20,199 (-49.3%), from €40,970 to €20,771
- Other debts +€323,744
up €323,744 (+285%), from €113,552 to €437,296
- Reserves +€151,890
up €151,890 (+17.9%), from €850,901 to €1.0m
of which Tax-exempt reserves: +€203,689
- Accrued charges and deferred income +€21,512
up €21,512 (+101,278%), from €21 to €21,533
- Tax, wage and social debts -€19,947
down €19,947 (-39.2%), from €50,860 to €30,913
of which Taxes: -€22,890
- Gross operating margin +€63,493
up €63,493 (+23.0%), from €275,874 to €339,367
- Financial income +€57,431
up €57,431 (+1,326%), from €4,332 to €61,764
of which Non-recurring financial income: +€53,757
- Staff costs +€17,443
new in 2025: €17,443
- Other operating charges +€10,381
up €10,381 (+322%), from €3,224 to €13,606
- Taxes +€9,651
up €9,651 (+14.3%), from €67,325 to €76,976
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 | €1,391,382 | €1,861,330 | +€469,948 | +33.8% |
| Fixed assets | 21/28 | €616,425 | €918,073 | +€301,648 | +48.9% |
| Tangible fixed assets | 22/27 | €616,025 | €917,423 | +€301,398 | +48.9% |
| Land and buildings | 22 | €595,196 | €642,835 | +€47,639 | +8.0% |
| Plant, machinery and equipment | 23 | €6,000 | €7,462 | +€1,462 | +24.4% |
| Furniture and vehicles | 24 | €14,114 | €70,055 | +€55,941 | +396% |
| Assets under construction and advance payments | 27 | €715 | €197,071 | +€196,356 | +27,462% |
| Financial fixed assets | 28 | €400 | €650 | +€250 | +62.5% |
| Current assets | 29/58 | €774,957 | €943,258 | +€168,301 | +21.7% |
| Amounts receivable within one year | 40/41 | €40,970 | €20,771 | -€20,199 | -49.3% |
| Other amounts receivable | 41 | €40,970 | €20,771 | -€20,199 | -49.3% |
| Current investments | 50/53 | €200,000 | €350,000 | +€150,000 | +75.0% |
| Cash at bank and in hand | 54/58 | €530,078 | €570,489 | +€40,411 | +7.6% |
| Deferred charges and accrued income | 490/1 | €3,909 | €1,998 | -€1,911 | -48.9% |
| Total equity and liabilities | 10/49 | €1,391,382 | €1,861,330 | +€469,948 | +33.8% |
| Equity | 10/15 | €874,399 | €1,026,289 | +€151,890 | +17.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €850,901 | €1,002,791 | +€151,890 | +17.9% |
| Tax-exempt reserves | 132 | €196,961 | €400,651 | +€203,689 | +103% |
| Distributable reserves | 133 | €653,940 | €602,140 | -€51,800 | -7.9% |
| Profit (loss) carried forward | 14 | €11,098 | €11,098 | = | 0.0% |
| Provisions and deferred taxes | 16 | €8,191 | €17,013 | +€8,822 | +108% |
| Deferred taxes | 168 | €8,191 | €17,013 | +€8,822 | +108% |
| Amounts payable | 17/49 | €508,792 | €818,028 | +€309,236 | +60.8% |
| Amounts payable after more than one year | 17 | €270,335 | €255,677 | -€14,658 | -5.4% |
| Financial debts | 170/4 | €270,335 | €255,677 | -€14,658 | -5.4% |
| Amounts payable within one year | 42/48 | €238,435 | €540,818 | +€302,383 | +127% |
| Current portion of amounts payable after more than one year | 42 | €39,028 | €44,506 | +€5,478 | +14.0% |
| Financial debts | 43 | €20,000 | €20,000 | = | 0.0% |
| Credit institutions | 430/8 | €20,000 | €20,000 | = | 0.0% |
| Trade debts | 44 | €14,995 | €8,103 | -€6,892 | -46.0% |
| Suppliers | 440/4 | €14,995 | €8,103 | -€6,892 | -46.0% |
| Taxes, remuneration and social security | 45 | €50,860 | €30,913 | -€19,947 | -39.2% |
| Taxes | 450/3 | €50,860 | €27,970 | -€22,890 | -45.0% |
| Remuneration and social security | 454/9 | - | €2,943 | +€2,943 | |
| Other amounts payable | 47/48 | €113,552 | €437,296 | +€323,744 | +285% |
| Accrued charges and deferred income | 492/3 | €21 | €21,533 | +€21,512 | +101,278% |
| Remuneration, social security and pensions | 62 | - | €17,443 | +€17,443 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,301 | €36,386 | -€3,915 | -9.7% |
| Other operating charges | 640/8 | €3,224 | €13,606 | +€10,381 | +322% |
| Gross operating margin | 9900 | €275,874 | €339,367 | +€63,493 | +23.0% |
| Operating profit (loss) | 9901 | €232,349 | €271,933 | +€39,584 | +17.0% |
| Financial income | 75/76B | €4,332 | €61,764 | +€57,431 | +1,326% |
| Recurring financial income | 75 | €4,332 | €8,007 | +€3,675 | +84.8% |
| Non-recurring financial income | 76B | - | €53,757 | +€53,757 | |
| Financial charges | 65/66B | €13,085 | €11,462 | -€1,623 | -12.4% |
| Recurring financial charges | 65 | €12,853 | €11,345 | -€1,508 | -11.7% |
| Non-recurring financial charges | 66B | €231 | €117 | -€114 | -49.4% |
| Profit (loss) for the period before taxes | 9903 | €223,596 | €322,234 | +€98,638 | +44.1% |
| Transfer from deferred taxes | 780 | €293 | €1,636 | +€1,344 | +459% |
| Transfer to deferred taxes | 680 | - | €10,751 | +€10,751 | |
| Income taxes | 67/77 | €67,325 | €76,976 | +€9,651 | +14.3% |
| Profit (loss) for the period | 9904 | €156,564 | €236,144 | +€79,579 | +50.8% |
| Transfer from tax-exempt reserves | 789 | €1,170 | €6,546 | +€5,376 | +459% |
| Transfer to tax-exempt reserves | 689 | €84,200 | €127,205 | +€43,005 | +51.1% |
| Profit (loss) for the period to be appropriated | 9905 | €73,534 | €115,484 | +€41,950 | +57.0% |
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 29 October 2026 via checked.be.