MD&DM: 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&DM
Largest movements
- Cash +€47,656
up €47,656 (+120%), from €39,700 to €87,357
mainly Net result for the year (+€44,569) and Tax, wage and social debts (+€16,319)
- Receivables within one year +€12,722
up €12,722 (+193%), from €6,595 to €19,317
of which Other amounts receivable: +€10,980
- Tangible fixed assets -€10,333
down €10,333 (-35.0%), from €29,528 to €19,195
- Reserves +€43,000
up €43,000 (+148%), from €29,000 to €72,000
- Tax, wage and social debts +€16,319
up €16,319 (+193%), from €8,454 to €24,772
- Debts after one year -€5,977
down €5,977 (-23.7%), from €25,231 to €19,253
- Accrued charges and deferred income -€2,685
down €2,685 (-99.4%), from €2,701 to €17
- Gross operating margin +€26,365
up €26,365 (+62.1%), from €42,451 to €68,816
- Depreciation +€8,861
up €8,861 (+602%), from €1,472 to €10,333
- Taxes +€4,715
up €4,715 (+55.8%), from €8,454 to €13,169
- Financial charges +€997
up €997 (+783%), from €127 to €1,124
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 | €77,141 | €127,753 | +€50,611 | +65.6% |
| Fixed assets | 21/28 | €29,528 | €19,195 | -€10,333 | -35.0% |
| Tangible fixed assets | 22/27 | €29,528 | €19,195 | -€10,333 | -35.0% |
| Furniture and vehicles | 24 | €29,528 | €19,195 | -€10,333 | -35.0% |
| Current assets | 29/58 | €47,614 | €108,558 | +€60,945 | +128% |
| Amounts receivable within one year | 40/41 | €6,595 | €19,317 | +€12,722 | +193% |
| Trade receivables | 40 | - | €1,742 | +€1,742 | |
| Other amounts receivable | 41 | €6,595 | €17,575 | +€10,980 | +166% |
| Cash at bank and in hand | 54/58 | €39,700 | €87,357 | +€47,656 | +120% |
| Deferred charges and accrued income | 490/1 | €1,318 | €1,884 | +€567 | +43.0% |
| Total equity and liabilities | 10/49 | €77,141 | €127,753 | +€50,611 | +65.6% |
| Equity | 10/15 | €32,896 | €75,765 | +€42,869 | +130% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €29,000 | €72,000 | +€43,000 | +148% |
| Distributable reserves | 133 | €29,000 | €72,000 | +€43,000 | +148% |
| Profit (loss) carried forward | 14 | €896 | €765 | -€131 | -14.7% |
| Amounts payable | 17/49 | €44,245 | €51,988 | +€7,743 | +17.5% |
| Amounts payable after more than one year | 17 | €25,231 | €19,253 | -€5,977 | -23.7% |
| Financial debts | 170/4 | €25,231 | €19,253 | -€5,977 | -23.7% |
| Amounts payable within one year | 42/48 | €16,313 | €32,718 | +€16,404 | +101% |
| Current portion of amounts payable after more than one year | 42 | €5,769 | €5,977 | +€208 | +3.6% |
| Trade debts | 44 | €390 | €268 | -€122 | -31.3% |
| Suppliers | 440/4 | €390 | €268 | -€122 | -31.3% |
| Taxes, remuneration and social security | 45 | €8,454 | €24,772 | +€16,319 | +193% |
| Taxes | 450/3 | €8,454 | €24,772 | +€16,319 | +193% |
| Other amounts payable | 47/48 | €1,700 | €1,700 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €2,701 | €17 | -€2,685 | -99.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,472 | €10,333 | +€8,861 | +602% |
| Other operating charges | 640/8 | €880 | €263 | -€617 | -70.1% |
| Gross operating margin | 9900 | €42,451 | €68,816 | +€26,365 | +62.1% |
| Operating profit (loss) | 9901 | €40,099 | €58,220 | +€18,121 | +45.2% |
| Financial income | 75/76B | €78 | €641 | +€563 | +720% |
| Recurring financial income | 75 | €78 | €641 | +€563 | +720% |
| Financial charges | 65/66B | €127 | €1,124 | +€997 | +783% |
| Recurring financial charges | 65 | €127 | €1,124 | +€997 | +783% |
| Profit (loss) for the period before taxes | 9903 | €40,050 | €57,737 | +€17,687 | +44.2% |
| Income taxes | 67/77 | €8,454 | €13,169 | +€4,715 | +55.8% |
| Profit (loss) for the period | 9904 | €31,596 | €44,569 | +€12,972 | +41.1% |
| Profit (loss) for the period to be appropriated | 9905 | €31,596 | €44,569 | +€12,972 | +41.1% |
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 17 October 2026 via checked.be.