MD-CONSULT: 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-CONSULT
Largest movements
- Receivables after one year +€250,000
new in 2025: €250,000
- Cash -€181,801
down €181,801 (-45.3%), from €401,768 to €219,967
mainly Receivables after one year (-€250,000) and Smaller working-capital items (-€26)
- Reserves +€63,408
up €63,408 (+18.7%), from €339,632 to €403,041
of which Distributable reserves: +€63,408
- Financial income +€4,269
up €4,269 (+3760.3%), from €114 to €4,382
- Taxes +€1,501
up €1,501 (+5.3%), from €28,163 to €29,664
- Gross operating margin +€1,018
up €1,018 (+1.1%), from €89,843 to €90,862
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 | €421,200 | €487,660 | +€66,460 | +15.8% |
| Fixed assets | 21/28 | €4,956 | €3,630 | -€1,326 | -26.7% |
| Tangible fixed assets | 22/27 | €4,956 | €3,630 | -€1,326 | -26.7% |
| Furniture and vehicles | 24 | €4,956 | €3,630 | -€1,326 | -26.7% |
| Current assets | 29/58 | €416,244 | €484,029 | +€67,786 | +16.3% |
| Amounts receivable after more than one year | 29 | - | €250,000 | +€250,000 | |
| Other amounts receivable | 291 | - | €250,000 | +€250,000 | |
| Amounts receivable within one year | 40/41 | €14,334 | €14,062 | -€272 | -1.9% |
| Trade receivables | 40 | €9,680 | €9,680 | = | 0.0% |
| Other amounts receivable | 41 | €4,654 | €4,382 | -€272 | -5.8% |
| Cash at bank and in hand | 54/58 | €401,768 | €219,967 | -€181,801 | -45.3% |
| Deferred charges and accrued income | 490/1 | €141 | €0 | -€141 | -100.0% |
| Total equity and liabilities | 10/49 | €421,200 | €487,660 | +€66,460 | +15.8% |
| Equity | 10/15 | €404,502 | €467,910 | +€63,408 | +15.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €339,632 | €403,041 | +€63,408 | +18.7% |
| Tax-exempt reserves | 132 | €983 | €983 | = | 0.0% |
| Distributable reserves | 133 | €338,650 | €402,058 | +€63,408 | +18.7% |
| Profit (loss) carried forward | 14 | €52,469 | €52,469 | = | 0.0% |
| Amounts payable | 17/49 | €16,698 | €19,750 | +€3,052 | +18.3% |
| Amounts payable within one year | 42/48 | €16,698 | €19,750 | +€3,052 | +18.3% |
| Trade debts | 44 | €253 | €268 | +€15 | +6.0% |
| Suppliers | 440/4 | €253 | €268 | +€15 | +6.0% |
| Taxes, remuneration and social security | 45 | €13,071 | €16,562 | +€3,491 | +26.7% |
| Taxes | 450/3 | €13,071 | €16,562 | +€3,491 | +26.7% |
| Other amounts payable | 47/48 | €3,373 | €2,919 | -€454 | -13.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €854 | €1,326 | +€471 | +55.1% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €89,843 | €90,862 | +€1,018 | +1.1% |
| Operating profit (loss) | 9901 | €88,484 | €89,016 | +€533 | +0.6% |
| Financial income | 75/76B | €114 | €4,382 | +€4,269 | +3760.3% |
| Recurring financial income | 75 | €114 | €4,382 | +€4,269 | +3760.3% |
| Financial charges | 65/66B | €337 | €326 | -€11 | -3.3% |
| Recurring financial charges | 65 | €337 | €326 | -€11 | -3.3% |
| Profit (loss) for the period before taxes | 9903 | €88,260 | €93,072 | +€4,813 | +5.5% |
| Income taxes | 67/77 | €28,163 | €29,664 | +€1,501 | +5.3% |
| Profit (loss) for the period | 9904 | €60,097 | €63,408 | +€3,312 | +5.5% |
| Profit (loss) for the period to be appropriated | 9905 | €60,097 | €63,408 | +€3,312 | +5.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.