MD et M: 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 et M
Largest movements
- Cash +€12,101
up €12,101 (+14.5%), from €83,291 to €95,392
mainly Net result for the year (+€11,817) and Tax, wage and social debts (+€3,039)
- Deferred charges and accrued income +€1,692
up €1,692 (+325%), from €521 to €2,212
- Reserves +€11,817
up €11,817 (+50.5%), from €23,413 to €35,230
of which Distributable reserves: +€11,817
- Tax, wage and social debts +€3,039
up €3,039 (+149%), from €2,042 to €5,081
- Gross operating margin +€5,798
up €5,798 (+59.3%), from €9,782 to €15,580
- Taxes +€2,444
up €2,444 (+62.4%), from €3,919 to €6,363
- Financial income +€1,744
up €1,744 (+151%), from €1,152 to €2,896
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 | €92,878 | €107,339 | +€14,461 | +15.6% |
| Fixed assets | 21/28 | €115 | €115 | = | 0.0% |
| Financial fixed assets | 28 | €115 | €115 | = | 0.0% |
| Current assets | 29/58 | €92,763 | €107,224 | +€14,461 | +15.6% |
| Stocks and contracts in progress | 3 | €750 | €750 | = | 0.0% |
| Stocks | 30/36 | €750 | €750 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €8,201 | €8,870 | +€669 | +8.2% |
| Trade receivables | 40 | €6,089 | €4,913 | -€1,176 | -19.3% |
| Other amounts receivable | 41 | €2,112 | €3,957 | +€1,845 | +87.4% |
| Cash at bank and in hand | 54/58 | €83,291 | €95,392 | +€12,101 | +14.5% |
| Deferred charges and accrued income | 490/1 | €521 | €2,212 | +€1,692 | +325% |
| Total equity and liabilities | 10/49 | €92,878 | €107,339 | +€14,461 | +15.6% |
| Equity | 10/15 | €86,428 | €98,245 | +€11,817 | +13.7% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €23,413 | €35,230 | +€11,817 | +50.5% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €17,213 | €29,030 | +€11,817 | +68.6% |
| Profit (loss) carried forward | 14 | €1,015 | €1,015 | = | 0.0% |
| Amounts payable | 17/49 | €6,450 | €9,095 | +€2,645 | +41.0% |
| Amounts payable within one year | 42/48 | €6,450 | €8,975 | +€2,525 | +39.2% |
| Trade debts | 44 | €4,408 | €3,893 | -€514 | -11.7% |
| Suppliers | 440/4 | €4,408 | €3,893 | -€514 | -11.7% |
| Taxes, remuneration and social security | 45 | €2,042 | €5,081 | +€3,039 | +149% |
| Taxes | 450/3 | €2,042 | €5,081 | +€3,039 | +149% |
| Accrued charges and deferred income | 492/3 | - | €120 | +€120 | |
| Other operating charges | 640/8 | €183 | €186 | +€4 | +2.0% |
| Gross operating margin | 9900 | €9,782 | €15,580 | +€5,798 | +59.3% |
| Operating profit (loss) | 9901 | €9,599 | €15,393 | +€5,794 | +60.4% |
| Financial income | 75/76B | €1,152 | €2,896 | +€1,744 | +151% |
| Recurring financial income | 75 | €1,152 | €2,896 | +€1,744 | +151% |
| Financial charges | 65/66B | €1 | €109 | +€108 | +11,301% |
| Recurring financial charges | 65 | €1 | €109 | +€108 | +11,301% |
| Profit (loss) for the period before taxes | 9903 | €10,751 | €18,180 | +€7,429 | +69.1% |
| Income taxes | 67/77 | €3,919 | €6,363 | +€2,444 | +62.4% |
| Profit (loss) for the period | 9904 | €6,832 | €11,817 | +€4,985 | +73.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,832 | €11,817 | +€4,985 | +73.0% |
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 26 October 2026 via checked.be.