MD CONSULT: 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 CONSULT
Largest movements
- Tangible fixed assets +€6.9m
up €6.9m (+303%), from €2.3m to €9.2m
of which Land and buildings: +€6.9m
- Receivables within one year -€935,606
down €935,606 (-92.4%), from €1.0m to €77,357
of which Trade receivables: -€779,509
- Current investments -€399,637
down €399,637 (-80.0%), from €499,637 to €100,000
- Deferred charges and accrued income -€343,428
down €343,428 (-98.1%), from €350,020 to €6,592
- Financial fixed assets +€337,000
new in 2025: €337,000
- Debts after one year +€3.9m
new in 2025: €3.9m
- Other debts +€2.4m
new in 2025: €2.4m
- Reserves -€492,380
down €492,380 (-12.2%), from €4.0m to €3.6m
of which Distributable reserves: -€492,380
- Trade debts -€161,754
down €161,754 (-89.2%), from €181,347 to €19,593
- Depreciation +€456,507
up €456,507 (+225%), from €203,266 to €659,773
- Gross operating margin -€58,761
down €58,761 (-17.7%), from €331,601 to €272,840
- Financial charges +€57,191
up €57,191 (+3,182%), from €1,797 to €58,989
- Other operating charges +€40,606
up €40,606 (+234%), from €17,360 to €57,967
- Taxes -€31,520
down €31,520 (-94.9%), from €33,222 to €1,701
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 | €4,275,313 | €9,805,711 | +€5.5m | +129% |
| Fixed assets | 21/28 | €2,292,816 | €9,573,783 | +€7.3m | +318% |
| Tangible fixed assets | 22/27 | €2,292,816 | €9,236,783 | +€6.9m | +303% |
| Land and buildings | 22 | €1,887,131 | €8,747,973 | +€6.9m | +364% |
| Plant, machinery and equipment | 23 | €2,410 | €4,637 | +€2,227 | +92.4% |
| Furniture and vehicles | 24 | €144,775 | €225,673 | +€80,898 | +55.9% |
| Other tangible fixed assets | 26 | €258,500 | €258,500 | = | 0.0% |
| Financial fixed assets | 28 | - | €337,000 | +€337,000 | |
| Current assets | 29/58 | €1,982,498 | €231,928 | -€1.8m | -88.3% |
| Amounts receivable within one year | 40/41 | €1,012,963 | €77,357 | -€935,606 | -92.4% |
| Trade receivables | 40 | €829,214 | €49,706 | -€779,509 | -94.0% |
| Other amounts receivable | 41 | €183,749 | €27,651 | -€156,098 | -85.0% |
| Current investments | 50/53 | €499,637 | €100,000 | -€399,637 | -80.0% |
| Cash at bank and in hand | 54/58 | €119,878 | €47,980 | -€71,899 | -60.0% |
| Deferred charges and accrued income | 490/1 | €350,020 | €6,592 | -€343,428 | -98.1% |
| Total equity and liabilities | 10/49 | €4,275,313 | €9,805,711 | +€5.5m | +129% |
| Equity | 10/15 | €4,055,536 | €3,563,156 | -€492,380 | -12.1% |
| Contributions | 10/11 | €7,000 | €7,000 | = | 0.0% |
| Reserves | 13 | €4,048,536 | €3,556,156 | -€492,380 | -12.2% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €4,029,786 | €3,537,406 | -€492,380 | -12.2% |
| Amounts payable | 17/49 | €219,777 | €6,242,555 | +€6.0m | +2,740% |
| Amounts payable after more than one year | 17 | - | €3,850,000 | +€3.9m | |
| Financial debts | 170/4 | - | €3,850,000 | +€3.9m | |
| Amounts payable within one year | 42/48 | €219,777 | €2,392,555 | +€2.2m | +989% |
| Trade debts | 44 | €181,347 | €19,593 | -€161,754 | -89.2% |
| Suppliers | 440/4 | €181,347 | €19,593 | -€161,754 | -89.2% |
| Taxes, remuneration and social security | 45 | €38,430 | €13,947 | -€24,483 | -63.7% |
| Taxes | 450/3 | €38,430 | €13,947 | -€24,483 | -63.7% |
| Other amounts payable | 47/48 | - | €2,359,015 | +€2.4m | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €203,266 | €659,773 | +€456,507 | +225% |
| Other operating charges | 640/8 | €17,360 | €57,967 | +€40,606 | +234% |
| Gross operating margin | 9900 | €331,601 | €272,840 | -€58,761 | -17.7% |
| Operating profit (loss) | 9901 | €110,974 | -€444,900 | -€555,874 | |
| Financial income | 75/76B | €16,776 | €13,210 | -€3,566 | -21.3% |
| Recurring financial income | 75 | €16,776 | €9,361 | -€7,415 | -44.2% |
| Non-recurring financial income | 76B | - | €3,849 | +€3,849 | |
| Financial charges | 65/66B | €1,797 | €58,989 | +€57,191 | +3,182% |
| Recurring financial charges | 65 | €1,797 | €58,989 | +€57,191 | +3,182% |
| Profit (loss) for the period before taxes | 9903 | €125,953 | -€490,679 | -€616,632 | |
| Income taxes | 67/77 | €33,222 | €1,701 | -€31,520 | -94.9% |
| Profit (loss) for the period | 9904 | €92,732 | -€492,380 | -€585,112 | |
| Profit (loss) for the period to be appropriated | 9905 | €92,732 | -€492,380 | -€585,112 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.