MD IMMO: what changed
Two fiscal 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 IMMO
Largest movements
- Tangible fixed assets -€19,498
down €19,498 (-6.2%), from €315,938 to €296,439
of which Land and buildings: -€22,500
- Cash -€10,286
down €10,286 (-14.5%), from €71,168 to €60,882
mainly Debts after one year (-€28,668) and Other debts (-€20,235)
- Debts after one year -€28,668
down €28,668 (-13.0%), from €220,857 to €192,189
- Reserves +€23,200
up €23,200 (+26.3%), from €88,100 to €111,300
- Other debts -€20,235
no longer reported in 2025 (was €20,235)
- Tax, wage and social debts -€4,341
down €4,341 (-55.6%), from €7,811 to €3,470
- Gross operating margin +€1,500
up €1,500 (+2.4%), from €63,798 to €65,298
- Taxes +€702
up €702 (+6.7%), from €10,486 to €11,188
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 | €387,105 | €357,321 | -€29,784 | -7.7% |
| Fixed assets | 21/28 | €315,938 | €296,439 | -€19,498 | -6.2% |
| Tangible fixed assets | 22/27 | €315,938 | €296,439 | -€19,498 | -6.2% |
| Land and buildings | 22 | €315,938 | €293,438 | -€22,500 | -7.1% |
| Furniture and vehicles | 24 | - | €3,002 | +€3,002 | |
| Current assets | 29/58 | €71,168 | €60,882 | -€10,286 | -14.5% |
| Cash at bank and in hand | 54/58 | €71,168 | €60,882 | -€10,286 | -14.5% |
| Total equity and liabilities | 10/49 | €387,105 | €357,321 | -€29,784 | -7.7% |
| Equity | 10/15 | €109,670 | €132,995 | +€23,325 | +21.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €88,100 | €111,300 | +€23,200 | +26.3% |
| Distributable reserves | 133 | €88,100 | €111,300 | +€23,200 | +26.3% |
| Profit (loss) carried forward | 14 | €1,570 | €1,695 | +€125 | +7.9% |
| Amounts payable | 17/49 | €277,436 | €224,327 | -€53,109 | -19.1% |
| Amounts payable after more than one year | 17 | €220,857 | €192,189 | -€28,668 | -13.0% |
| Financial debts | 170/4 | €220,857 | €192,189 | -€28,668 | -13.0% |
| Amounts payable within one year | 42/48 | €56,579 | €32,138 | -€24,441 | -43.2% |
| Current portion of amounts payable after more than one year | 42 | €28,333 | €28,668 | +€335 | +1.2% |
| Trade debts | 44 | €200 | - | -€200 | |
| Suppliers | 440/4 | €200 | - | -€200 | |
| Taxes, remuneration and social security | 45 | €7,811 | €3,470 | -€4,341 | -55.6% |
| Taxes | 450/3 | €7,811 | €3,470 | -€4,341 | -55.6% |
| Other amounts payable | 47/48 | €20,235 | - | -€20,235 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,500 | €22,698 | +€198 | +0.9% |
| Other operating charges | 640/8 | €5,060 | €5,168 | +€109 | +2.1% |
| Gross operating margin | 9900 | €63,798 | €65,298 | +€1,500 | +2.4% |
| Operating profit (loss) | 9901 | €36,238 | €37,431 | +€1,193 | +3.3% |
| Financial charges | 65/66B | €3,254 | €2,919 | -€336 | -10.3% |
| Recurring financial charges | 65 | €3,254 | €2,919 | -€336 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €32,984 | €34,512 | +€1,528 | +4.6% |
| Income taxes | 67/77 | €10,486 | €11,188 | +€702 | +6.7% |
| Profit (loss) for the period | 9904 | €22,498 | €23,325 | +€827 | +3.7% |
| Profit (loss) for the period to be appropriated | 9905 | €22,498 | €23,325 | +€827 | +3.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.