MD Evolution: 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 Evolution
Largest movements
- Cash +€25,659
up €25,659 (+22.6%), from €113,571 to €139,230
mainly Net result for the year (+€70,109) and Other debts (+€19,590)
- Receivables within one year +€2,942
up €2,942 (+19.6%), from €14,980 to €17,922
- Other debts +€19,590
up €19,590 (+57.6%), from €34,000 to €53,590
- Tax, wage and social debts +€4,074
up €4,074 (+67.9%), from €6,000 to €10,074
- Profit (loss) carried forward +€2,948
up €2,948 (+4.4%), from €67,161 to €70,109
- Trade debts +€1,953
up €1,953 (+183%), from €1,065 to €3,017
- Gross operating margin +€26,379
up €26,379 (+38.5%), from €68,458 to €94,837
- Taxes +€6,765
up €6,765 (+38.7%), from €17,481 to €24,246
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 | €128,686 | €157,251 | +€28,565 | +22.2% |
| Fixed assets | 21/28 | - | €100 | +€100 | |
| Financial fixed assets | 28 | - | €100 | +€100 | |
| Current assets | 29/58 | €128,686 | €157,151 | +€28,465 | +22.1% |
| Amounts receivable within one year | 40/41 | €14,980 | €17,922 | +€2,942 | +19.6% |
| Other amounts receivable | 41 | €14,980 | €17,922 | +€2,942 | +19.6% |
| Cash at bank and in hand | 54/58 | €113,571 | €139,230 | +€25,659 | +22.6% |
| Deferred charges and accrued income | 490/1 | €135 | - | -€135 | |
| Total equity and liabilities | 10/49 | €128,686 | €157,251 | +€28,565 | +22.2% |
| Equity | 10/15 | €87,621 | €90,569 | +€2,948 | +3.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €67,161 | €70,109 | +€2,948 | +4.4% |
| Amounts payable | 17/49 | €41,065 | €66,682 | +€25,617 | +62.4% |
| Amounts payable within one year | 42/48 | €41,065 | €66,682 | +€25,617 | +62.4% |
| Trade debts | 44 | €1,065 | €3,017 | +€1,953 | +183% |
| Suppliers | 440/4 | €1,065 | €3,017 | +€1,953 | +183% |
| Taxes, remuneration and social security | 45 | €6,000 | €10,074 | +€4,074 | +67.9% |
| Taxes | 450/3 | €6,000 | €10,074 | +€4,074 | +67.9% |
| Other amounts payable | 47/48 | €34,000 | €53,590 | +€19,590 | +57.6% |
| Non-recurring operating income | 76A | €5,676 | - | -€5,676 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €769 | - | -€769 | |
| Other operating charges | 640/8 | €549 | €604 | +€55 | +10.1% |
| Gross operating margin | 9900 | €68,458 | €94,837 | +€26,379 | +38.5% |
| Operating profit (loss) | 9901 | €67,140 | €94,233 | +€27,092 | +40.4% |
| Financial income | 75/76B | €639 | €164 | -€474 | -74.3% |
| Recurring financial income | 75 | €639 | €164 | -€474 | -74.3% |
| Financial charges | 65/66B | €183 | €42 | -€141 | -77.0% |
| Recurring financial charges | 65 | €183 | €42 | -€141 | -77.0% |
| Profit (loss) for the period before taxes | 9903 | €67,596 | €94,355 | +€26,759 | +39.6% |
| Income taxes | 67/77 | €17,481 | €24,246 | +€6,765 | +38.7% |
| Profit (loss) for the period | 9904 | €50,115 | €70,109 | +€19,994 | +39.9% |
| Profit (loss) for the period to be appropriated | 9905 | €50,115 | €70,109 | +€19,994 | +39.9% |
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 20 October 2026 via checked.be.