MD IMPACT: 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 IMPACT
Largest movements
- Cash +€529,145
up €529,145 (+312.6%), from €169,292 to €698,437
mainly Net result for the year (+€1.1m) and Other debts (+€776,956)
- Current investments +€252,409
new in 2025: €252,409
- Receivables within one year +€40,780
up €40,780 (+29.9%), from €136,375 to €177,154
- Other debts +€776,956
up €776,956 (+248.0%), from €313,290 to €1.1m
- Tax, wage and social debts +€34,869
up €34,869 (+96.1%), from €36,270 to €71,139
- Gross operating margin +€1.0m
up €1.0m (+240.9%), from €428,316 to €1.5m
- Taxes +€259,243
up €259,243 (+243.0%), from €106,692 to €365,936
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 | €356,043 | €1,172,865 | +€816,822 | +229.4% |
| Fixed assets | 21/28 | €47,956 | €42,504 | -€5,451 | -11.4% |
| Tangible fixed assets | 22/27 | €47,866 | €42,414 | -€5,451 | -11.4% |
| Plant, machinery and equipment | 23 | - | €1,008 | +€1,008 | |
| Furniture and vehicles | 24 | €47,866 | €41,406 | -€6,459 | -13.5% |
| Financial fixed assets | 28 | €90 | €90 | = | 0.0% |
| Current assets | 29/58 | €308,087 | €1,130,361 | +€822,274 | +266.9% |
| Amounts receivable within one year | 40/41 | €136,375 | €177,154 | +€40,780 | +29.9% |
| Other amounts receivable | 41 | €136,375 | €177,154 | +€40,780 | +29.9% |
| Current investments | 50/53 | - | €252,409 | +€252,409 | |
| Cash at bank and in hand | 54/58 | €169,292 | €698,437 | +€529,145 | +312.6% |
| Deferred charges and accrued income | 490/1 | €2,421 | €2,361 | -€60 | -2.5% |
| Total equity and liabilities | 10/49 | €356,043 | €1,172,865 | +€816,822 | +229.4% |
| Equity | 10/15 | €5,000 | €5,000 | = | 0.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Amounts payable | 17/49 | €351,043 | €1,167,865 | +€816,822 | +232.7% |
| Amounts payable within one year | 42/48 | €351,043 | €1,167,865 | +€816,822 | +232.7% |
| Trade debts | 44 | €1,484 | €6,480 | +€4,997 | +336.8% |
| Suppliers | 440/4 | €1,484 | €6,480 | +€4,997 | +336.8% |
| Taxes, remuneration and social security | 45 | €36,270 | €71,139 | +€34,869 | +96.1% |
| Taxes | 450/3 | €36,270 | €71,139 | +€34,869 | +96.1% |
| Other amounts payable | 47/48 | €313,290 | €1,090,246 | +€776,956 | +248.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,979 | €6,606 | +€4,627 | +233.9% |
| Other operating charges | 640/8 | €8,352 | €4,362 | -€3,990 | -47.8% |
| Gross operating margin | 9900 | €428,316 | €1,460,175 | +€1.0m | +240.9% |
| Operating profit (loss) | 9901 | €417,986 | €1,449,207 | +€1.0m | +246.7% |
| Financial income | 75/76B | €3,900 | €12,383 | +€8,483 | +217.5% |
| Recurring financial income | 75 | €3,900 | €12,383 | +€8,483 | +217.5% |
| Financial charges | 65/66B | €1,904 | €5,409 | +€3,504 | +184.0% |
| Recurring financial charges | 65 | €1,904 | €5,409 | +€3,504 | +184.0% |
| Profit (loss) for the period before taxes | 9903 | €419,982 | €1,456,182 | +€1.0m | +246.7% |
| Income taxes | 67/77 | €106,692 | €365,936 | +€259,243 | +243.0% |
| Profit (loss) for the period | 9904 | €313,290 | €1,090,246 | +€776,956 | +248.0% |
| Profit (loss) for the period to be appropriated | 9905 | €313,290 | €1,090,246 | +€776,956 | +248.0% |
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 10 October 2026 via checked.be.