MD GROUP: what changed
MD GROUP
Largest movements
- Tangible fixed assets +€366,692
up €366,692 (+804%), from €45,599 to €412,290
of which Leasing and similar rights: +€346,223
- Cash +€189,696
up €189,696 (+245%), from €77,365 to €267,061
mainly Debts after one year (+€380,537) and Net result for the year (+€131,368)
- Intangible fixed assets +€42,722
up €42,722 (+7,089%), from €603 to €43,325
- Receivables within one year -€38,559
down €38,559 (-21.8%), from €176,922 to €138,363
of which Trade receivables: -€46,694
- Deferred charges and accrued income -€9,314
down €9,314 (-62.7%), from €14,850 to €5,536
- Debts after one year +€380,537
new in 2025: €380,537
- Reserves +€131,368
up €131,368 (+74.2%), from €177,133 to €308,500
of which Distributable reserves: +€131,368
- Current portion of long-term debt +€32,740
new in 2025: €32,740
- Gross operating margin +€141,873
up €141,873 (+32.3%), from €439,149 to €581,022
- Staff costs +€64,858
up €64,858 (+21.5%), from €301,439 to €366,297
- Taxes +€23,949
up €23,949 (+92.9%), from €25,785 to €49,734
- Depreciation -€6,881
down €6,881 (-23.7%), from €29,068 to €22,187
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 | €323,074 | €876,290 | +€553,217 | +171% |
| Fixed assets | 21/28 | €53,936 | €465,330 | +€411,394 | +763% |
| Intangible fixed assets | 21 | €603 | €43,325 | +€42,722 | +7,089% |
| Tangible fixed assets | 22/27 | €45,599 | €412,290 | +€366,692 | +804% |
| Plant, machinery and equipment | 23 | €23,007 | €35,385 | +€12,378 | +53.8% |
| Furniture and vehicles | 24 | €22,592 | €30,682 | +€8,090 | +35.8% |
| Leasing and similar rights | 25 | - | €346,223 | +€346,223 | |
| Financial fixed assets | 28 | €7,735 | €9,715 | +€1,980 | +25.6% |
| Current assets | 29/58 | €269,138 | €410,961 | +€141,823 | +52.7% |
| Amounts receivable within one year | 40/41 | €176,922 | €138,363 | -€38,559 | -21.8% |
| Trade receivables | 40 | €167,778 | €121,084 | -€46,694 | -27.8% |
| Other amounts receivable | 41 | €9,145 | €17,279 | +€8,135 | +89.0% |
| Cash at bank and in hand | 54/58 | €77,365 | €267,061 | +€189,696 | +245% |
| Deferred charges and accrued income | 490/1 | €14,850 | €5,536 | -€9,314 | -62.7% |
| Total equity and liabilities | 10/49 | €323,074 | €876,290 | +€553,217 | +171% |
| Equity | 10/15 | €195,725 | €327,092 | +€131,368 | +67.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €177,133 | €308,500 | +€131,368 | +74.2% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €175,274 | €306,641 | +€131,368 | +75.0% |
| Amounts payable | 17/49 | €127,349 | €549,198 | +€421,849 | +331% |
| Amounts payable after more than one year | 17 | - | €380,537 | +€380,537 | |
| Financial debts | 170/4 | - | €380,537 | +€380,537 | |
| Amounts payable within one year | 42/48 | €127,349 | €168,661 | +€41,312 | +32.4% |
| Current portion of amounts payable after more than one year | 42 | - | €32,740 | +€32,740 | |
| Trade debts | 44 | €32,077 | €36,434 | +€4,357 | +13.6% |
| Suppliers | 440/4 | €32,077 | €36,434 | +€4,357 | +13.6% |
| Taxes, remuneration and social security | 45 | €94,016 | €98,914 | +€4,899 | +5.2% |
| Taxes | 450/3 | €64,019 | €60,398 | -€3,621 | -5.7% |
| Remuneration and social security | 454/9 | €29,997 | €38,516 | +€8,520 | +28.4% |
| Other amounts payable | 47/48 | €1,257 | €573 | -€684 | -54.4% |
| Non-recurring operating income | 76A | - | €1,193 | +€1,193 | |
| Remuneration, social security and pensions | 62 | €301,439 | €366,297 | +€64,858 | +21.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,068 | €22,187 | -€6,881 | -23.7% |
| Other operating charges | 640/8 | €3,798 | €2,600 | -€1,199 | -31.6% |
| Gross operating margin | 9900 | €439,149 | €581,022 | +€141,873 | +32.3% |
| Operating profit (loss) | 9901 | €104,843 | €189,938 | +€85,094 | +81.2% |
| Financial income | 75/76B | €450 | €1,150 | +€700 | +156% |
| Recurring financial income | 75 | €450 | €1,150 | +€700 | +156% |
| Financial charges | 65/66B | €5,131 | €9,986 | +€4,855 | +94.6% |
| Recurring financial charges | 65 | €5,131 | €9,986 | +€4,855 | +94.6% |
| Profit (loss) for the period before taxes | 9903 | €100,162 | €181,102 | +€80,940 | +80.8% |
| Income taxes | 67/77 | €25,785 | €49,734 | +€23,949 | +92.9% |
| Profit (loss) for the period | 9904 | €74,376 | €131,368 | +€56,991 | +76.6% |
| Profit (loss) for the period to be appropriated | 9905 | €74,376 | €131,368 | +€56,991 | +76.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 1 November 2026 via checked.be.