MD-CaMa: 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.
MD-CaMa
Largest movements
- Tangible fixed assets +€474,425
up €474,425 (+4762.4%), from €9,962 to €484,386
of which Other tangible fixed assets: +€438,420
- Cash -€346,597
down €346,597 (-80.7%), from €429,316 to €82,719
mainly Investment in fixed assets (net) (-€566,820) and Receivables within one year (-€11,131)
- Financial fixed assets +€75,000
up €75,000 (+25000.0%), from €300 to €75,300
- Receivables within one year +€11,131
up €11,131 (+11.7%), from €95,309 to €106,440
of which Trade receivables: +€6,300
- Reserves +€152,649
up €152,649 (+44.8%), from €340,912 to €493,562
- Trade debts +€34,692
up €34,692 (+121.5%), from €28,551 to €63,243
- Tax, wage and social debts +€26,574
up €26,574 (+173.3%), from €15,335 to €41,909
- Gross operating margin +€64,276
up €64,276 (+37.8%), from €169,934 to €234,210
- Taxes +€18,643
up €18,643 (+43.4%), from €42,931 to €61,574
- Depreciation +€15,162
up €15,162 (+495.8%), from €3,058 to €18,220
- Other operating charges -€5,592
down €5,592 (-77.8%), from €7,188 to €1,596
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 | €543,781 | €757,696 | +€213,916 | +39.3% |
| Fixed assets | 21/28 | €16,040 | €564,639 | +€548,599 | +3420.3% |
| Intangible fixed assets | 21 | €5,778 | €4,952 | -€825 | -14.3% |
| Tangible fixed assets | 22/27 | €9,962 | €484,386 | +€474,425 | +4762.4% |
| Land and buildings | 22 | - | €23,137 | +€23,137 | |
| Furniture and vehicles | 24 | €9,962 | €22,830 | +€12,868 | +129.2% |
| Other tangible fixed assets | 26 | - | €438,420 | +€438,420 | |
| Financial fixed assets | 28 | €300 | €75,300 | +€75,000 | +25000.0% |
| Current assets | 29/58 | €527,741 | €193,057 | -€334,684 | -63.4% |
| Amounts receivable within one year | 40/41 | €95,309 | €106,440 | +€11,131 | +11.7% |
| Trade receivables | 40 | €20,750 | €27,050 | +€6,300 | +30.4% |
| Other amounts receivable | 41 | €74,559 | €79,390 | +€4,831 | +6.5% |
| Cash at bank and in hand | 54/58 | €429,316 | €82,719 | -€346,597 | -80.7% |
| Deferred charges and accrued income | 490/1 | €3,117 | €3,899 | +€782 | +25.1% |
| Total equity and liabilities | 10/49 | €543,781 | €757,696 | +€213,916 | +39.3% |
| Equity | 10/15 | €499,096 | €651,745 | +€152,649 | +30.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Capital | 10 | €5,000 | €5,000 | = | 0.0% |
| Issued capital | 100 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €340,912 | €493,562 | +€152,649 | +44.8% |
| Distributable reserves | 133 | €340,912 | €493,562 | +€152,649 | +44.8% |
| Profit (loss) carried forward | 14 | €153,183 | €153,183 | = | 0.0% |
| Amounts payable | 17/49 | €44,685 | €105,951 | +€61,266 | +137.1% |
| Amounts payable within one year | 42/48 | €44,685 | €105,951 | +€61,266 | +137.1% |
| Trade debts | 44 | €28,551 | €63,243 | +€34,692 | +121.5% |
| Suppliers | 440/4 | €28,551 | €63,243 | +€34,692 | +121.5% |
| Taxes, remuneration and social security | 45 | €15,335 | €41,909 | +€26,574 | +173.3% |
| Taxes | 450/3 | €15,335 | €41,909 | +€26,574 | +173.3% |
| Other amounts payable | 47/48 | €800 | €800 | = | 0.0% |
| Non-recurring operating income | 76A | €4,516 | - | -€4,516 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,058 | €18,220 | +€15,162 | +495.8% |
| Other operating charges | 640/8 | €7,188 | €1,596 | -€5,592 | -77.8% |
| Gross operating margin | 9900 | €169,934 | €234,210 | +€64,276 | +37.8% |
| Operating profit (loss) | 9901 | €159,688 | €214,394 | +€54,706 | +34.3% |
| Financial charges | 65/66B | €658 | €170 | -€488 | -74.1% |
| Recurring financial charges | 65 | €658 | €170 | -€488 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | €159,030 | €214,224 | +€55,194 | +34.7% |
| Income taxes | 67/77 | €42,931 | €61,574 | +€18,643 | +43.4% |
| Profit (loss) for the period | 9904 | €116,098 | €152,649 | +€36,551 | +31.5% |
| Profit (loss) for the period to be appropriated | 9905 | €116,098 | €152,649 | +€36,551 | +31.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.