MD FILTERS: 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 FILTERS
Largest movements
- Receivables within one year -€19,788
down €19,788 (-8.1%), from €245,773 to €225,985
of which Trade receivables: -€71,832
- Cash -€14,579
down €14,579 (-86.6%), from €16,831 to €2,252
mainly Trade debts (-€81,264) and Tax, wage and social debts (-€17,424)
- Stocks and contracts -€14,272
down €14,272 (-10.9%), from €130,506 to €116,234
- Tangible fixed assets -€6,963
down €6,963 (-28.2%), from €24,660 to €17,697
of which Furniture and vehicles: -€6,460
- Trade debts -€81,264
down €81,264 (-35.8%), from €226,835 to €145,570
- Profit (loss) carried forward +€34,396
up €34,396 (+89.2%), from -€38,574 to -€4,177
- Short-term financial debts +€18,690
new in 2025: €18,690
- Tax, wage and social debts -€17,424
down €17,424 (-28.4%), from €61,289 to €43,865
of which Taxes: -€13,962
- Current portion of long-term debt -€10,000
down €10,000 (-10.0%), from €100,000 to €90,000
- Financial income +€12,673
up €12,673 (+3322.8%), from €381 to €13,055
- Write-downs +€12,188
new in 2025: €12,188
- Staff costs -€9,069
down €9,069 (-10.8%), from €84,295 to €75,226
- Other operating charges +€4,460
up €4,460 (+545.1%), from €818 to €5,278
- Depreciation +€2,651
up €2,651 (+61.5%), from €4,312 to €6,963
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.
Cash bridge derived
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 | €418,582 | €362,980 | -€55,602 | -13.3% |
| Fixed assets | 21/28 | €25,472 | €18,509 | -€6,963 | -27.3% |
| Tangible fixed assets | 22/27 | €24,660 | €17,697 | -€6,963 | -28.2% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €1,297 | €794 | -€503 | -38.8% |
| Furniture and vehicles | 24 | €23,364 | €16,903 | -€6,460 | -27.7% |
| Financial fixed assets | 28 | €812 | €812 | = | 0.0% |
| Current assets | 29/58 | €393,110 | €344,471 | -€48,638 | -12.4% |
| Stocks and contracts in progress | 3 | €130,506 | €116,234 | -€14,272 | -10.9% |
| Stocks | 30/36 | €130,506 | €116,234 | -€14,272 | -10.9% |
| Amounts receivable within one year | 40/41 | €245,773 | €225,985 | -€19,788 | -8.1% |
| Trade receivables | 40 | €189,169 | €117,337 | -€71,832 | -38.0% |
| Other amounts receivable | 41 | €56,604 | €108,648 | +€52,044 | +91.9% |
| Cash at bank and in hand | 54/58 | €16,831 | €2,252 | -€14,579 | -86.6% |
| Total equity and liabilities | 10/49 | €418,582 | €362,980 | -€55,602 | -13.3% |
| Equity | 10/15 | €29,814 | €64,210 | +€34,396 | +115.4% |
| Contributions | 10/11 | €66,592 | €66,592 | = | 0.0% |
| Reserves | 13 | €1,795 | €1,795 | = | 0.0% |
| Distributable reserves | 133 | €1,795 | €1,795 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€38,574 | -€4,177 | +€34,396 | +89.2% |
| Amounts payable | 17/49 | €388,768 | €298,770 | -€89,998 | -23.1% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €388,768 | €298,770 | -€89,998 | -23.1% |
| Current portion of amounts payable after more than one year | 42 | €100,000 | €90,000 | -€10,000 | -10.0% |
| Financial debts | 43 | - | €18,690 | +€18,690 | |
| Credit institutions | 430/8 | - | €18,690 | +€18,690 | |
| Trade debts | 44 | €226,835 | €145,570 | -€81,264 | -35.8% |
| Suppliers | 440/4 | €226,835 | €145,570 | -€81,264 | -35.8% |
| Taxes, remuneration and social security | 45 | €61,289 | €43,865 | -€17,424 | -28.4% |
| Taxes | 450/3 | €52,538 | €38,576 | -€13,962 | -26.6% |
| Remuneration and social security | 454/9 | €8,751 | €5,290 | -€3,462 | -39.6% |
| Other amounts payable | 47/48 | €644 | €644 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €84,295 | €75,226 | -€9,069 | -10.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,312 | €6,963 | +€2,651 | +61.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €12,188 | +€12,188 | |
| Other operating charges | 640/8 | €818 | €5,278 | +€4,460 | +545.1% |
| Non-recurring operating charges | 66A | €5,389 | €0 | -€5,389 | -100.0% |
| Gross operating margin | 9900 | €146,553 | €146,405 | -€148 | -0.1% |
| Operating profit (loss) | 9901 | €51,740 | €46,750 | -€4,989 | -9.6% |
| Financial income | 75/76B | €381 | €13,055 | +€12,673 | +3322.8% |
| Recurring financial income | 75 | €381 | €13,055 | +€12,673 | +3322.8% |
| Financial charges | 65/66B | €14,893 | €12,914 | -€1,979 | -13.3% |
| Recurring financial charges | 65 | €14,893 | €12,914 | -€1,979 | -13.3% |
| Profit (loss) for the period before taxes | 9903 | €37,228 | €46,891 | +€9,663 | +26.0% |
| Income taxes | 67/77 | €11,646 | €12,495 | +€849 | +7.3% |
| Profit (loss) for the period | 9904 | €25,582 | €34,396 | +€8,814 | +34.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,582 | €34,396 | +€8,814 | +34.5% |
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 12 October 2026 via checked.be.