MD-Elec: what changed
MD-Elec
Largest movements
- Stocks and contracts +€47,376
up €47,376 (+209%), from €22,632 to €70,008
- Cash -€34,613
down €34,613 (-25.2%), from €137,255 to €102,642
mainly Stocks and contracts (-€47,376) and Receivables within one year (-€34,189)
- Receivables within one year +€34,189
up €34,189 (+43.0%), from €79,536 to €113,725
of which Trade receivables: +€27,395
- Tangible fixed assets -€11,901
down €11,901 (-35.4%), from €33,617 to €21,715
of which Furniture and vehicles: -€11,933
- Trade debts +€20,845
up €20,845 (+50.2%), from €41,537 to €62,382
- Reserves +€18,182
up €18,182 (+978%), from €1,860 to €20,042
of which Distributable reserves: +€18,182
- Tax, wage and social debts +€4,574
up €4,574 (+25.4%), from €18,010 to €22,584
of which Remuneration and social security: +€5,222
- Other debts -€3,494
down €3,494 (-15.4%), from €22,646 to €19,153
- Gross operating margin -€70,325
down €70,325 (-25.9%), from €271,101 to €200,777
- Taxes -€12,301
down €12,301 (-45.4%), from €27,121 to €14,820
- Staff costs -€11,142
down €11,142 (-7.0%), from €159,661 to €148,519
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €276,693 | €315,837 | +€39,143 | +14.1% |
| Fixed assets | 21/28 | €35,967 | €26,745 | -€9,221 | -25.6% |
| Tangible fixed assets | 22/27 | €33,617 | €21,715 | -€11,901 | -35.4% |
| Plant, machinery and equipment | 23 | €1,892 | €1,924 | +€32 | +1.7% |
| Furniture and vehicles | 24 | €31,725 | €19,792 | -€11,933 | -37.6% |
| Financial fixed assets | 28 | €2,350 | €5,030 | +€2,680 | +114% |
| Current assets | 29/58 | €240,726 | €289,091 | +€48,365 | +20.1% |
| Stocks and contracts in progress | 3 | €22,632 | €70,008 | +€47,376 | +209% |
| Stocks | 30/36 | €22,632 | €70,008 | +€47,376 | +209% |
| Amounts receivable within one year | 40/41 | €79,536 | €113,725 | +€34,189 | +43.0% |
| Trade receivables | 40 | €61,714 | €89,109 | +€27,395 | +44.4% |
| Other amounts receivable | 41 | €17,822 | €24,617 | +€6,794 | +38.1% |
| Cash at bank and in hand | 54/58 | €137,255 | €102,642 | -€34,613 | -25.2% |
| Deferred charges and accrued income | 490/1 | €1,304 | €2,715 | +€1,412 | +108% |
| Total equity and liabilities | 10/49 | €276,693 | €315,837 | +€39,143 | +14.1% |
| Equity | 10/15 | €191,195 | €209,604 | +€18,408 | +9.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Share premium | 1100/10 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €20,042 | +€18,182 | +978% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €18,182 | +€18,182 | |
| Profit (loss) carried forward | 14 | €170,735 | €170,962 | +€227 | +0.1% |
| Amounts payable | 17/49 | €85,498 | €106,233 | +€20,735 | +24.3% |
| Amounts payable within one year | 42/48 | €85,498 | €106,233 | +€20,735 | +24.3% |
| Current portion of amounts payable after more than one year | 42 | €1,691 | €2,114 | +€423 | +25.0% |
| Trade debts | 44 | €41,537 | €62,382 | +€20,845 | +50.2% |
| Suppliers | 440/4 | €41,537 | €62,382 | +€20,845 | +50.2% |
| Advances received on contracts in progress | 46 | €1,614 | - | -€1,614 | |
| Taxes, remuneration and social security | 45 | €18,010 | €22,584 | +€4,574 | +25.4% |
| Taxes | 450/3 | €3,482 | €2,835 | -€648 | -18.6% |
| Remuneration and social security | 454/9 | €14,528 | €19,750 | +€5,222 | +35.9% |
| Other amounts payable | 47/48 | €22,646 | €19,153 | -€3,494 | -15.4% |
| Remuneration, social security and pensions | 62 | €159,661 | €148,519 | -€11,142 | -7.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,435 | €14,346 | +€1,911 | +15.4% |
| Other operating charges | 640/8 | €3,370 | €4,959 | +€1,589 | +47.1% |
| Gross operating margin | 9900 | €271,101 | €200,777 | -€70,325 | -25.9% |
| Operating profit (loss) | 9901 | €95,635 | €32,953 | -€62,682 | -65.5% |
| Financial income | 75/76B | €266 | €1,190 | +€924 | +348% |
| Recurring financial income | 75 | €266 | €1,190 | +€924 | +348% |
| Financial charges | 65/66B | €1,563 | €914 | -€649 | -41.5% |
| Recurring financial charges | 65 | €1,563 | €914 | -€649 | -41.5% |
| Profit (loss) for the period before taxes | 9903 | €94,337 | €33,229 | -€61,109 | -64.8% |
| Income taxes | 67/77 | €27,121 | €14,820 | -€12,301 | -45.4% |
| Profit (loss) for the period | 9904 | €67,216 | €18,408 | -€48,808 | -72.6% |
| Profit (loss) for the period to be appropriated | 9905 | €67,216 | €18,408 | -€48,808 | -72.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.