MD Factory: 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 Factory
Largest movements
- Cash -€82,350
down €82,350 (-34.8%), from €236,631 to €154,281
mainly Net result for the year (-€104,831) and Other debts (-€22,155)
- Tangible fixed assets -€58,751
down €58,751 (-17.4%), from €338,204 to €279,453
of which Land and buildings: -€33,892
- Receivables within one year -€33,841
down €33,841 (-32.6%), from €103,680 to €69,838
of which Other amounts receivable: -€19,247
- Profit (loss) carried forward -€75,800
new in 2025: -€75,800
- Reserves -€29,031
down €29,031 (-5.2%), from €557,679 to €528,648
- Other debts -€22,155
down €22,155 (-63.2%), from €35,048 to €12,893
- Tax, wage and social debts -€14,358
down €14,358 (-74.0%), from €19,411 to €5,053
- Debts after one year -€13,334
down €13,334 (-65.8%), from €20,255 to €6,922
- Gross operating margin -€111,003
down €111,003, from €88,139 to -€22,863
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 | €679,077 | €504,146 | -€174,932 | -25.8% |
| Fixed assets | 21/28 | €338,204 | €279,453 | -€58,751 | -17.4% |
| Tangible fixed assets | 22/27 | €338,204 | €279,453 | -€58,751 | -17.4% |
| Land and buildings | 22 | €237,899 | €204,008 | -€33,892 | -14.2% |
| Plant, machinery and equipment | 23 | €90,278 | €74,035 | -€16,243 | -18.0% |
| Furniture and vehicles | 24 | €10,026 | €1,410 | -€8,616 | -85.9% |
| Current assets | 29/58 | €340,874 | €224,693 | -€116,181 | -34.1% |
| Amounts receivable within one year | 40/41 | €103,680 | €69,838 | -€33,841 | -32.6% |
| Trade receivables | 40 | €71,063 | €56,468 | -€14,595 | -20.5% |
| Other amounts receivable | 41 | €32,617 | €13,370 | -€19,247 | -59.0% |
| Cash at bank and in hand | 54/58 | €236,631 | €154,281 | -€82,350 | -34.8% |
| Deferred charges and accrued income | 490/1 | €563 | €573 | +€11 | +1.9% |
| Total equity and liabilities | 10/49 | €679,077 | €504,146 | -€174,932 | -25.8% |
| Equity | 10/15 | €566,548 | €461,716 | -€104,831 | -18.5% |
| Contributions | 10/11 | €8,868 | €8,868 | = | 0.0% |
| Reserves | 13 | €557,679 | €528,648 | -€29,031 | -5.2% |
| Distributable reserves | 133 | €557,679 | €528,648 | -€29,031 | -5.2% |
| Profit (loss) carried forward | 14 | - | -€75,800 | -€75,800 | |
| Amounts payable | 17/49 | €112,530 | €42,429 | -€70,101 | -62.3% |
| Amounts payable after more than one year | 17 | €20,255 | €6,922 | -€13,334 | -65.8% |
| Financial debts | 170/4 | €20,255 | €6,922 | -€13,334 | -65.8% |
| Amounts payable within one year | 42/48 | €92,274 | €35,507 | -€56,767 | -61.5% |
| Current portion of amounts payable after more than one year | 42 | €23,455 | €13,334 | -€10,122 | -43.2% |
| Trade debts | 44 | €14,360 | €4,228 | -€10,132 | -70.6% |
| Suppliers | 440/4 | €14,360 | €4,228 | -€10,132 | -70.6% |
| Taxes, remuneration and social security | 45 | €19,411 | €5,053 | -€14,358 | -74.0% |
| Taxes | 450/3 | €19,411 | €5,053 | -€14,358 | -74.0% |
| Other amounts payable | 47/48 | €35,048 | €12,893 | -€22,155 | -63.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,688 | €59,851 | +€163 | +0.3% |
| Other operating charges | 640/8 | €14,108 | €14,289 | +€181 | +1.3% |
| Gross operating margin | 9900 | €88,139 | -€22,863 | -€111,003 | |
| Operating profit (loss) | 9901 | €14,343 | -€97,003 | -€111,347 | |
| Financial income | 75/76B | €9 | €0 | -€9 | -99.7% |
| Recurring financial income | 75 | €9 | €0 | -€9 | -99.7% |
| Financial charges | 65/66B | €4,069 | €4,753 | +€684 | +16.8% |
| Recurring financial charges | 65 | €4,069 | €4,753 | +€684 | +16.8% |
| Profit (loss) for the period before taxes | 9903 | €10,284 | -€101,756 | -€112,040 | |
| Income taxes | 67/77 | €2,491 | €3,075 | +€584 | +23.5% |
| Profit (loss) for the period | 9904 | €7,793 | -€104,831 | -€112,625 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,793 | -€104,831 | -€112,625 |
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 23 October 2026 via checked.be.