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 -€17,621
down €17,621 (-6.4%), from €275,537 to €257,916
of which Land and buildings: -€19,522
- Receivables within one year +€16,174
up €16,174 (+56.2%), from €28,770 to €44,944
- Receivables after one year -€15,299
no longer reported in 2025 (was €15,299)
- Cash +€13,041
up €13,041 (+110.6%), from €11,787 to €24,828
mainly Tax, wage and social debts (+€43,008) and Depreciation (+€37,864)
- Tax, wage and social debts +€43,008
up €43,008 (+150.5%), from €28,568 to €71,576
of which Taxes: +€42,701
- Debts after one year -€30,362
down €30,362 (-18.4%), from €164,881 to €134,519
- Trade debts -€15,875
down €15,875 (-71.7%), from €22,126 to €6,251
- Staff costs -€15,193
down €15,193 (-46.5%), from €32,654 to €17,461
- Taxes +€10,762
up €10,762 (+261.8%), from €4,110 to €14,872
- Financial charges +€6,399
up €6,399 (+88.7%), from €7,218 to €13,617
- Gross operating margin +€2,621
up €2,621 (+2.6%), from €101,263 to €103,884
- Depreciation +€1,624
up €1,624 (+4.5%), from €36,240 to €37,864
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 | €334,492 | €330,657 | -€3,835 | -1.1% |
| Fixed assets | 21/28 | €278,506 | €260,885 | -€17,621 | -6.3% |
| Tangible fixed assets | 22/27 | €275,537 | €257,916 | -€17,621 | -6.4% |
| Land and buildings | 22 | €267,952 | €248,430 | -€19,522 | -7.3% |
| Furniture and vehicles | 24 | €7,585 | €9,486 | +€1,901 | +25.1% |
| Financial fixed assets | 28 | €2,969 | €2,969 | = | 0.0% |
| Current assets | 29/58 | €55,986 | €69,772 | +€13,786 | +24.6% |
| Amounts receivable after more than one year | 29 | €15,299 | - | -€15,299 | |
| Trade receivables | 290 | €15,299 | - | -€15,299 | |
| Amounts receivable within one year | 40/41 | €28,770 | €44,944 | +€16,174 | +56.2% |
| Trade receivables | 40 | €28,770 | €44,944 | +€16,174 | +56.2% |
| Cash at bank and in hand | 54/58 | €11,787 | €24,828 | +€13,041 | +110.6% |
| Deferred charges and accrued income | 490/1 | €130 | - | -€130 | |
| Total equity and liabilities | 10/49 | €334,492 | €330,657 | -€3,835 | -1.1% |
| Equity | 10/15 | €87,348 | €86,832 | -€516 | -0.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €73,088 | €72,572 | -€516 | -0.7% |
| Amounts payable | 17/49 | €247,144 | €243,825 | -€3,319 | -1.3% |
| Amounts payable after more than one year | 17 | €164,881 | €134,519 | -€30,362 | -18.4% |
| Financial debts | 170/4 | €164,881 | €134,519 | -€30,362 | -18.4% |
| Amounts payable within one year | 42/48 | €82,263 | €109,306 | +€27,043 | +32.9% |
| Current portion of amounts payable after more than one year | 42 | €31,569 | €31,016 | -€553 | -1.8% |
| Financial debts | 43 | - | €463 | +€463 | |
| Other loans | 439 | - | €463 | +€463 | |
| Trade debts | 44 | €22,126 | €6,251 | -€15,875 | -71.7% |
| Suppliers | 440/4 | €22,126 | €6,251 | -€15,875 | -71.7% |
| Taxes, remuneration and social security | 45 | €28,568 | €71,576 | +€43,008 | +150.5% |
| Taxes | 450/3 | €20,863 | €63,564 | +€42,701 | +204.7% |
| Remuneration and social security | 454/9 | €7,705 | €8,012 | +€307 | +4.0% |
| Remuneration, social security and pensions | 62 | €32,654 | €17,461 | -€15,193 | -46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €36,240 | €37,864 | +€1,624 | +4.5% |
| Other operating charges | 640/8 | €3,171 | €2,728 | -€443 | -14.0% |
| Gross operating margin | 9900 | €101,263 | €103,884 | +€2,621 | +2.6% |
| Operating profit (loss) | 9901 | €29,198 | €45,831 | +€16,633 | +57.0% |
| Financial income | 75/76B | €1,433 | €110 | -€1,323 | -92.3% |
| Recurring financial income | 75 | €1,433 | €110 | -€1,323 | -92.3% |
| Financial charges | 65/66B | €7,218 | €13,617 | +€6,399 | +88.7% |
| Recurring financial charges | 65 | €7,218 | €13,617 | +€6,399 | +88.7% |
| Profit (loss) for the period before taxes | 9903 | €23,413 | €32,324 | +€8,911 | +38.1% |
| Income taxes | 67/77 | €4,110 | €14,872 | +€10,762 | +261.8% |
| Profit (loss) for the period | 9904 | €19,303 | €17,452 | -€1,851 | -9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €19,303 | €17,452 | -€1,851 | -9.6% |
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 5 October 2026 via checked.be.