MD-ASSOCIATES: 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-ASSOCIATES
Largest movements
- Tangible fixed assets -€18,334
down €18,334 (-6.1%), from €301,352 to €283,018
of which Plant, machinery and equipment: -€9,664
- Debts after one year -€40,338
down €40,338 (-9.8%), from €413,004 to €372,666
- Profit (loss) carried forward +€14,660
up €14,660 (+8.2%), from -€178,355 to -€163,695
- Current portion of long-term debt +€6,636
up €6,636 (+11.7%), from €56,825 to €63,461
- Gross operating margin +€12,551
up €12,551 (+31.2%), from €40,285 to €52,836
- Depreciation -€1,410
down €1,410 (-5.2%), from €27,157 to €25,748
- Financial charges -€1,216
down €1,216 (-10.6%), from €11,514 to €10,299
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 | €315,150 | €299,285 | -€15,865 | -5.0% |
| Fixed assets | 21/28 | €301,352 | €283,018 | -€18,334 | -6.1% |
| Tangible fixed assets | 22/27 | €301,352 | €283,018 | -€18,334 | -6.1% |
| Land and buildings | 22 | €226,152 | €221,937 | -€4,215 | -1.9% |
| Plant, machinery and equipment | 23 | €65,707 | €56,043 | -€9,664 | -14.7% |
| Furniture and vehicles | 24 | €2,072 | €0 | -€2,072 | -100.0% |
| Other tangible fixed assets | 26 | €7,421 | €5,038 | -€2,383 | -32.1% |
| Current assets | 29/58 | €13,799 | €16,268 | +€2,469 | +17.9% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €12,409 | €14,782 | +€2,373 | +19.1% |
| Deferred charges and accrued income | 490/1 | €1,389 | €1,485 | +€96 | +6.9% |
| Total equity and liabilities | 10/49 | €315,150 | €299,285 | -€15,865 | -5.0% |
| Equity | 10/15 | -€158,355 | -€143,695 | +€14,660 | +9.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€178,355 | -€163,695 | +€14,660 | +8.2% |
| Amounts payable | 17/49 | €473,506 | €442,981 | -€30,525 | -6.4% |
| Amounts payable after more than one year | 17 | €413,004 | €372,666 | -€40,338 | -9.8% |
| Financial debts | 170/4 | €413,004 | €372,666 | -€40,338 | -9.8% |
| Amounts payable within one year | 42/48 | €58,785 | €68,135 | +€9,350 | +15.9% |
| Current portion of amounts payable after more than one year | 42 | €56,825 | €63,461 | +€6,636 | +11.7% |
| Financial debts | 43 | €46 | €658 | +€612 | +1345.1% |
| Other loans | 439 | €46 | €658 | +€612 | +1345.1% |
| Trade debts | 44 | €358 | €2,071 | +€1,712 | +478.1% |
| Suppliers | 440/4 | €358 | €2,071 | +€1,712 | +478.1% |
| Taxes, remuneration and social security | 45 | €1,407 | €1,947 | +€539 | +38.3% |
| Taxes | 450/3 | €1,407 | €1,947 | +€539 | +38.3% |
| Other amounts payable | 47/48 | €150 | €0 | -€150 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,716 | €2,179 | +€463 | +27.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,157 | €25,748 | -€1,410 | -5.2% |
| Other operating charges | 640/8 | €2,193 | €2,129 | -€64 | -2.9% |
| Gross operating margin | 9900 | €40,285 | €52,836 | +€12,551 | +31.2% |
| Operating profit (loss) | 9901 | €10,934 | €24,959 | +€14,025 | +128.3% |
| Financial income | 75/76B | €0 | €0 | -€0 | -100.0% |
| Recurring financial income | 75 | €0 | €0 | -€0 | -100.0% |
| Financial charges | 65/66B | €11,514 | €10,299 | -€1,216 | -10.6% |
| Recurring financial charges | 65 | €11,514 | €10,299 | -€1,216 | -10.6% |
| Profit (loss) for the period before taxes | 9903 | -€580 | €14,660 | +€15,240 | |
| Profit (loss) for the period | 9904 | -€580 | €14,660 | +€15,240 | |
| Profit (loss) for the period to be appropriated | 9905 | -€580 | €14,660 | +€15,240 |
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 11 October 2026 via checked.be.