MD Europe: what changed
MD Europe
Largest movements
- Cash +€14,701
up €14,701 (+90.2%), from €16,295 to €30,996
mainly Net result for the year (+€20,954) and Trade debts (+€10,827)
- Receivables within one year +€12,858
up €12,858 (+1,584%), from €812 to €13,670
of which Trade receivables: +€12,838
- Tangible fixed assets -€6,862
down €6,862 (-17.7%), from €38,854 to €31,992
of which Furniture and vehicles: -€4,740
- Financial fixed assets +€2,557
up €2,557 (+2,695%), from €95 to €2,652
- Profit (loss) carried forward +€20,954
up €20,954 (+13.6%), from -€154,506 to -€133,552
- Other debts -€10,840
down €10,840 (-6.2%), from €174,818 to €163,978
- Trade debts +€10,827
up €10,827 (+70.9%), from €15,271 to €26,098
- Tax, wage and social debts +€7,740
up €7,740 (+49.5%), from €15,650 to €23,389
- Current portion of long-term debt -€6,873
no longer reported in 2025 (was €6,873)
- Gross operating margin +€10,525
up €10,525 (+26.1%), from €40,372 to €50,897
- Taxes +€4,758
up €4,758 (+69.9%), from €6,810 to €11,568
- Other operating charges -€4,193
down €4,193 (-53.3%), from €7,867 to €3,674
- Financial charges -€2,360
down €2,360 (-32.8%), from €7,203 to €4,843
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 | €88,304 | €110,111 | +€21,807 | +24.7% |
| Fixed assets | 21/28 | €38,948 | €34,644 | -€4,305 | -11.1% |
| Tangible fixed assets | 22/27 | €38,854 | €31,992 | -€6,862 | -17.7% |
| Land and buildings | 22 | €2,192 | €1,945 | -€247 | -11.3% |
| Plant, machinery and equipment | 23 | €5,283 | €3,408 | -€1,874 | -35.5% |
| Furniture and vehicles | 24 | €31,379 | €26,639 | -€4,740 | -15.1% |
| Financial fixed assets | 28 | €95 | €2,652 | +€2,557 | +2,695% |
| Current assets | 29/58 | €49,356 | €75,467 | +€26,112 | +52.9% |
| Stocks and contracts in progress | 3 | €10,561 | €10,166 | -€395 | -3.7% |
| Stocks | 30/36 | €10,561 | €10,166 | -€395 | -3.7% |
| Amounts receivable within one year | 40/41 | €812 | €13,670 | +€12,858 | +1,584% |
| Trade receivables | 40 | €514 | €13,352 | +€12,838 | +2,498% |
| Other amounts receivable | 41 | €298 | €318 | +€21 | +6.9% |
| Current investments | 50/53 | €18,000 | €18,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €16,295 | €30,996 | +€14,701 | +90.2% |
| Deferred charges and accrued income | 490/1 | €3,688 | €2,635 | -€1,052 | -28.5% |
| Total equity and liabilities | 10/49 | €88,304 | €110,111 | +€21,807 | +24.7% |
| Equity | 10/15 | -€124,308 | -€103,354 | +€20,954 | +16.9% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €199 | €199 | = | 0.0% |
| Non-distributable reserves | 130/1 | €199 | €199 | = | 0.0% |
| Reserves not available under the articles | 1311 | €199 | €199 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,506 | -€133,552 | +€20,954 | +13.6% |
| Amounts payable | 17/49 | €212,612 | €213,465 | +€853 | +0.4% |
| Amounts payable within one year | 42/48 | €212,612 | €213,465 | +€853 | +0.4% |
| Current portion of amounts payable after more than one year | 42 | €6,873 | - | -€6,873 | |
| Trade debts | 44 | €15,271 | €26,098 | +€10,827 | +70.9% |
| Suppliers | 440/4 | €15,271 | €26,098 | +€10,827 | +70.9% |
| Taxes, remuneration and social security | 45 | €15,650 | €23,389 | +€7,740 | +49.5% |
| Taxes | 450/3 | €15,650 | €23,389 | +€7,740 | +49.5% |
| Other amounts payable | 47/48 | €174,818 | €163,978 | -€10,840 | -6.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,063 | €9,918 | -€145 | -1.4% |
| Other operating charges | 640/8 | €7,867 | €3,674 | -€4,193 | -53.3% |
| Non-recurring operating charges | 66A | - | €43 | +€43 | |
| Gross operating margin | 9900 | €40,372 | €50,897 | +€10,525 | +26.1% |
| Operating profit (loss) | 9901 | €22,442 | €37,263 | +€14,820 | +66.0% |
| Financial income | 75/76B | €189 | €103 | -€86 | -45.6% |
| Recurring financial income | 75 | €189 | €103 | -€86 | -45.6% |
| Financial charges | 65/66B | €7,203 | €4,843 | -€2,360 | -32.8% |
| Recurring financial charges | 65 | €7,203 | €4,843 | -€2,360 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €15,429 | €32,523 | +€17,094 | +111% |
| Income taxes | 67/77 | €6,810 | €11,568 | +€4,758 | +69.9% |
| Profit (loss) for the period | 9904 | €8,618 | €20,954 | +€12,336 | +143% |
| Profit (loss) for the period to be appropriated | 9905 | €8,618 | €20,954 | +€12,336 | +143% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.