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
- Current investments +€145,000
new in 2025: €145,000
- Cash -€65,520
down €65,520 (-98.6%), from €66,432 to €911
mainly Current investments (-€145,000) and Receivables within one year (-€2,928)
- Tangible fixed assets -€3,024
down €3,024 (-10.7%), from €28,268 to €25,244
of which Other tangible fixed assets: -€2,361
- Receivables within one year +€2,928
up €2,928 (+25.0%), from €11,702 to €14,630
- Reserves +€59,394
up €59,394 (+77.6%), from €76,573 to €135,967
- Tax, wage and social debts +€18,562
up €18,562 (+68.6%), from €27,072 to €45,633
- Gross operating margin -€18,881
down €18,881 (-18.8%), from €100,413 to €81,532
- Taxes -€4,817
down €4,817 (-23.5%), from €20,470 to €15,653
- Depreciation +€2,868
up €2,868 (+122%), from €2,344 to €5,212
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 | €106,402 | €186,218 | +€79,816 | +75.0% |
| Fixed assets | 21/28 | €28,268 | €25,244 | -€3,024 | -10.7% |
| Tangible fixed assets | 22/27 | €28,268 | €25,244 | -€3,024 | -10.7% |
| Plant, machinery and equipment | 23 | €4,465 | €4,056 | -€409 | -9.2% |
| Furniture and vehicles | 24 | €741 | €486 | -€255 | -34.4% |
| Other tangible fixed assets | 26 | €23,063 | €20,703 | -€2,361 | -10.2% |
| Current assets | 29/58 | €78,134 | €160,974 | +€82,840 | +106% |
| Amounts receivable within one year | 40/41 | €11,702 | €14,630 | +€2,928 | +25.0% |
| Trade receivables | 40 | €11,702 | €14,630 | +€2,928 | +25.0% |
| Current investments | 50/53 | - | €145,000 | +€145,000 | |
| Cash at bank and in hand | 54/58 | €66,432 | €911 | -€65,520 | -98.6% |
| Deferred charges and accrued income | 490/1 | - | €433 | +€433 | |
| Total equity and liabilities | 10/49 | €106,402 | €186,218 | +€79,816 | +75.0% |
| Equity | 10/15 | €78,573 | €137,967 | +€59,394 | +75.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €76,573 | €135,967 | +€59,394 | +77.6% |
| Distributable reserves | 133 | €76,573 | €135,967 | +€59,394 | +77.6% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €27,830 | €48,251 | +€20,422 | +73.4% |
| Amounts payable within one year | 42/48 | €27,830 | €48,251 | +€20,422 | +73.4% |
| Trade debts | 44 | €168 | €1,351 | +€1,183 | +702% |
| Suppliers | 440/4 | €168 | €1,351 | +€1,183 | +702% |
| Taxes, remuneration and social security | 45 | €27,072 | €45,633 | +€18,562 | +68.6% |
| Taxes | 450/3 | €27,072 | €45,633 | +€18,562 | +68.6% |
| Other amounts payable | 47/48 | €590 | €1,267 | +€677 | +115% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,344 | €5,212 | +€2,868 | +122% |
| Other operating charges | 640/8 | €148 | €400 | +€252 | +170% |
| Gross operating margin | 9900 | €100,413 | €81,532 | -€18,881 | -18.8% |
| Operating profit (loss) | 9901 | €97,921 | €75,920 | -€22,001 | -22.5% |
| Financial charges | 65/66B | €45 | €40 | -€4 | -10.0% |
| Recurring financial charges | 65 | €45 | €40 | -€4 | -10.0% |
| Profit (loss) for the period before taxes | 9903 | €97,876 | €75,880 | -€21,996 | -22.5% |
| Income taxes | 67/77 | €20,470 | €15,653 | -€4,817 | -23.5% |
| Profit (loss) for the period | 9904 | €77,406 | €60,227 | -€17,179 | -22.2% |
| Profit (loss) for the period to be appropriated | 9905 | €77,406 | €60,227 | -€17,179 | -22.2% |
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 15 October 2026 via checked.be.