MD ADVISORS: 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 ADVISORS
Largest movements
- Cash +€62,503
up €62,503 (+187%), from €33,391 to €95,894
mainly Net result for the year (+€105,057) and Other debts (+€35,740)
- Receivables within one year +€34,935
up €34,935 (+4,746%), from €736 to €35,671
of which Trade receivables: +€32,625
- Current investments +€7,265
new in 2025: €7,265
- Profit (loss) carried forward +€40,057
new in 2025: €40,057
- Other debts +€35,740
up €35,740 (+217%), from €16,490 to €52,230
- Tax, wage and social debts +€29,505
up €29,505 (+225%), from €13,085 to €42,589
- Gross operating margin +€106,123
up €106,123 (+358%), from €29,684 to €135,807
- Taxes +€23,571
up €23,571 (+392%), from €6,018 to €29,589
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 | €34,127 | €140,211 | +€106,084 | +311% |
| Fixed assets | 21/28 | - | €483 | +€483 | |
| Tangible fixed assets | 22/27 | - | €483 | +€483 | |
| Furniture and vehicles | 24 | - | €483 | +€483 | |
| Current assets | 29/58 | €34,127 | €139,728 | +€105,601 | +309% |
| Amounts receivable within one year | 40/41 | €736 | €35,671 | +€34,935 | +4,746% |
| Trade receivables | 40 | - | €32,625 | +€32,625 | |
| Other amounts receivable | 41 | €736 | €3,046 | +€2,310 | +314% |
| Current investments | 50/53 | - | €7,265 | +€7,265 | |
| Cash at bank and in hand | 54/58 | €33,391 | €95,894 | +€62,503 | +187% |
| Deferred charges and accrued income | 490/1 | - | €899 | +€899 | |
| Total equity and liabilities | 10/49 | €34,127 | €140,211 | +€106,084 | +311% |
| Equity | 10/15 | €3,000 | €43,057 | +€40,057 | +1,335% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €40,057 | +€40,057 | |
| Amounts payable | 17/49 | €31,127 | €97,154 | +€66,027 | +212% |
| Amounts payable within one year | 42/48 | €31,127 | €97,154 | +€66,027 | +212% |
| Trade debts | 44 | €1,553 | €2,335 | +€782 | +50.4% |
| Suppliers | 440/4 | €1,553 | €2,335 | +€782 | +50.4% |
| Taxes, remuneration and social security | 45 | €13,085 | €42,589 | +€29,505 | +225% |
| Taxes | 450/3 | €13,085 | €42,589 | +€29,505 | +225% |
| Other amounts payable | 47/48 | €16,490 | €52,230 | +€35,740 | +217% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €117 | +€117 | |
| Other operating charges | 640/8 | - | €175 | +€175 | |
| Gross operating margin | 9900 | €29,684 | €135,807 | +€106,123 | +358% |
| Operating profit (loss) | 9901 | €29,684 | €135,515 | +€105,831 | +357% |
| Financial charges | 65/66B | €110 | €869 | +€759 | +690% |
| Recurring financial charges | 65 | €110 | €869 | +€759 | +690% |
| Profit (loss) for the period before taxes | 9903 | €29,574 | €134,646 | +€105,072 | +355% |
| Income taxes | 67/77 | €6,018 | €29,589 | +€23,571 | +392% |
| Profit (loss) for the period | 9904 | €23,556 | €105,057 | +€81,501 | +346% |
| Profit (loss) for the period to be appropriated | 9905 | €23,556 | €105,057 | +€81,501 | +346% |
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 25 October 2026 via checked.be.