MD CONSTRUCT: 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 CONSTRUCT
Largest movements
- Deferred charges and accrued income +€40,019
up €40,019 (+258%), from €15,485 to €55,503
- Stocks and contracts -€18,103
no longer reported in 2026 (was €18,103)
- Receivables within one year -€12,679
down €12,679 (-36.2%), from €34,994 to €22,315
of which Trade receivables: -€8,681
- Tangible fixed assets +€4,535
new in 2026: €4,535
- Cash -€956
down €956 (-9.4%), from €10,160 to €9,204
mainly Deferred charges and accrued income (-€40,019) and Investment in fixed assets (net) (-€4,948)
- Trade debts +€8,153
up €8,153 (+25.8%), from €31,603 to €39,755
- Short-term financial debts +€3,850
new in 2026: €3,850
- Debts after one year +€1,334
new in 2026: €1,334
- Gross operating margin -€10,711
down €10,711, from €8,322 to -€2,389
- Other operating charges -€7,409
down €7,409 (-98.6%), from €7,514 to €105
- Taxes -€2,247
down €2,247 (-97.9%), from €2,296 to €48
- Financial income +€1,424
up €1,424 (+84.1%), from €1,694 to €3,117
of which Non-recurring financial income: +€3,117
- Depreciation +€412
up €412, from €0 to €412
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €78,741 | €91,558 | +€12,817 | +16.3% |
| Fixed assets | 21/28 | - | €4,535 | +€4,535 | |
| Tangible fixed assets | 22/27 | - | €4,535 | +€4,535 | |
| Furniture and vehicles | 24 | - | €4,535 | +€4,535 | |
| Current assets | 29/58 | €78,741 | €87,022 | +€8,281 | +10.5% |
| Stocks and contracts in progress | 3 | €18,103 | - | -€18,103 | |
| Stocks | 30/36 | €18,103 | - | -€18,103 | |
| Amounts receivable within one year | 40/41 | €34,994 | €22,315 | -€12,679 | -36.2% |
| Trade receivables | 40 | €29,544 | €20,863 | -€8,681 | -29.4% |
| Other amounts receivable | 41 | €5,450 | €1,452 | -€3,998 | -73.4% |
| Cash at bank and in hand | 54/58 | €10,160 | €9,204 | -€956 | -9.4% |
| Deferred charges and accrued income | 490/1 | €15,485 | €55,503 | +€40,019 | +258% |
| Total equity and liabilities | 10/49 | €78,741 | €91,558 | +€12,817 | +16.3% |
| Equity | 10/15 | €34,774 | €34,846 | +€73 | +0.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,714 | €26,786 | +€73 | +0.3% |
| Amounts payable | 17/49 | €43,967 | €56,711 | +€12,744 | +29.0% |
| Amounts payable after more than one year | 17 | - | €1,334 | +€1,334 | |
| Financial debts | 170/4 | - | €1,334 | +€1,334 | |
| Amounts payable within one year | 42/48 | €43,967 | €55,377 | +€11,410 | +26.0% |
| Financial debts | 43 | - | €3,850 | +€3,850 | |
| Credit institutions | 430/8 | - | €3,850 | +€3,850 | |
| Trade debts | 44 | €31,603 | €39,755 | +€8,153 | +25.8% |
| Suppliers | 440/4 | €31,603 | €39,755 | +€8,153 | +25.8% |
| Taxes, remuneration and social security | 45 | €2,296 | €2,344 | +€48 | +2.1% |
| Taxes | 450/3 | €2,296 | €2,344 | +€48 | +2.1% |
| Other amounts payable | 47/48 | €10,069 | €9,428 | -€641 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €412 | +€412 | |
| Other operating charges | 640/8 | €7,514 | €105 | -€7,409 | -98.6% |
| Gross operating margin | 9900 | €8,322 | -€2,389 | -€10,711 | |
| Operating profit (loss) | 9901 | €808 | -€2,906 | -€3,714 | |
| Financial income | 75/76B | €1,694 | €3,117 | +€1,424 | +84.1% |
| Recurring financial income | 75 | €1,694 | €0 | -€1,694 | -100% |
| Non-recurring financial income | 76B | - | €3,117 | +€3,117 | |
| Financial charges | 65/66B | €97 | €90 | -€7 | -6.9% |
| Recurring financial charges | 65 | €97 | €90 | -€7 | -6.9% |
| Profit (loss) for the period before taxes | 9903 | €2,405 | €121 | -€2,284 | -95.0% |
| Income taxes | 67/77 | €2,296 | €48 | -€2,247 | -97.9% |
| Profit (loss) for the period | 9904 | €109 | €73 | -€36 | -33.4% |
| Profit (loss) for the period to be appropriated | 9905 | €109 | €73 | -€36 | -33.4% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.