MD & D: 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 & D
Largest movements
- Receivables within one year +€7,981
up €7,981 (+455.9%), from €1,751 to €9,731
- Deferred charges and accrued income -€4,380
down €4,380 (-22.7%), from €19,284 to €14,904
- Cash +€1,227
up €1,227 (+60.0%), from €2,046 to €3,273
mainly Net result for the year (+€10,188) and Deferred charges and accrued income (+€4,380)
- Tangible fixed assets -€818
down €818 (-14.8%), from €5,530 to €4,713
of which Furniture and vehicles: -€2,028
- Reserves +€10,188
up €10,188 (+80.6%), from €12,644 to €22,832
of which Distributable reserves: +€10,188
- Other debts -€8,958
no longer reported in 2025 (was €8,958)
- Tax, wage and social debts +€2,039
up €2,039 (+39.4%), from €5,171 to €7,210
- Trade debts +€1,241
up €1,241 (+344.8%), from €360 to €1,601
- Accrued charges and deferred income -€500
no longer reported in 2025 (was €500)
- Gross operating margin +€8,049
up €8,049 (+80.5%), from €9,999 to €18,048
- Taxes -€3,012
down €3,012 (-42.7%), from €7,059 to €4,047
- Other operating charges -€1,202
down €1,202 (-80.1%), from €1,499 to €298
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 | €28,610 | €32,621 | +€4,010 | +14.0% |
| Fixed assets | 21/28 | €5,530 | €4,713 | -€818 | -14.8% |
| Tangible fixed assets | 22/27 | €5,530 | €4,713 | -€818 | -14.8% |
| Plant, machinery and equipment | 23 | €777 | €1,987 | +€1,210 | +155.8% |
| Furniture and vehicles | 24 | €4,754 | €2,726 | -€2,028 | -42.7% |
| Current assets | 29/58 | €23,080 | €27,908 | +€4,828 | +20.9% |
| Amounts receivable within one year | 40/41 | €1,751 | €9,731 | +€7,981 | +455.9% |
| Other amounts receivable | 41 | €1,751 | €9,731 | +€7,981 | +455.9% |
| Cash at bank and in hand | 54/58 | €2,046 | €3,273 | +€1,227 | +60.0% |
| Deferred charges and accrued income | 490/1 | €19,284 | €14,904 | -€4,380 | -22.7% |
| Total equity and liabilities | 10/49 | €28,610 | €32,621 | +€4,010 | +14.0% |
| Equity | 10/15 | €13,621 | €23,809 | +€10,188 | +74.8% |
| Contributions | 10/11 | €625 | €625 | = | 0.0% |
| Capital | 10 | €625 | €625 | = | 0.0% |
| Issued capital | 100 | €625 | €625 | = | 0.0% |
| Reserves | 13 | €12,644 | €22,832 | +€10,188 | +80.6% |
| Non-distributable reserves | 130/1 | €63 | €63 | = | 0.0% |
| Legal reserve | 130 | €63 | €63 | = | 0.0% |
| Distributable reserves | 133 | €12,581 | €22,769 | +€10,188 | +81.0% |
| Profit (loss) carried forward | 14 | €353 | €353 | = | 0.0% |
| Amounts payable | 17/49 | €14,989 | €8,811 | -€6,177 | -41.2% |
| Amounts payable within one year | 42/48 | €14,489 | €8,811 | -€5,677 | -39.2% |
| Trade debts | 44 | €360 | €1,601 | +€1,241 | +344.8% |
| Suppliers | 440/4 | €360 | €1,601 | +€1,241 | +344.8% |
| Taxes, remuneration and social security | 45 | €5,171 | €7,210 | +€2,039 | +39.4% |
| Taxes | 450/3 | €5,171 | €7,210 | +€2,039 | +39.4% |
| Other amounts payable | 47/48 | €8,958 | - | -€8,958 | |
| Accrued charges and deferred income | 492/3 | €500 | - | -€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,937 | €2,924 | -€13 | -0.5% |
| Other operating charges | 640/8 | €1,499 | €298 | -€1,202 | -80.1% |
| Gross operating margin | 9900 | €9,999 | €18,048 | +€8,049 | +80.5% |
| Operating profit (loss) | 9901 | €5,562 | €14,826 | +€9,264 | +166.6% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €413 | €591 | +€179 | +43.3% |
| Recurring financial charges | 65 | €413 | €591 | +€179 | +43.3% |
| Profit (loss) for the period before taxes | 9903 | €5,150 | €14,235 | +€9,086 | +176.4% |
| Income taxes | 67/77 | €7,059 | €4,047 | -€3,012 | -42.7% |
| Profit (loss) for the period | 9904 | -€1,909 | €10,188 | +€12,097 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,909 | €10,188 | +€12,097 |
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 3 October 2026 via checked.be.