MD LAW: 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 LAW
Largest movements
- Current investments +€60,000
new in 2025: €60,000
- Cash -€50,221
down €50,221 (-71.4%), from €70,355 to €20,133
mainly Current investments (-€60,000) and Contributions, distributions and other (-€29,000)
- Receivables after one year -€21,625
down €21,625 (-62.9%), from €34,400 to €12,775
- Tangible fixed assets -€6,844
down €6,844 (-47.1%), from €14,543 to €7,699
- Deferred charges and accrued income +€3,574
up €3,574 (+348.9%), from €1,025 to €4,599
- Tax, wage and social debts -€10,608
down €10,608 (-49.5%), from €21,417 to €10,810
- Reserves +€6,371
up €6,371 (+6.4%), from €100,300 to €106,671
- Debts after one year -€6,037
down €6,037 (-92.2%), from €6,544 to €507
- Trade debts -€2,335
down €2,335 (-94.2%), from €2,479 to €144
- Taxes +€3,782
up €3,782 (+29.6%), from €12,788 to €16,570
- Gross operating margin -€1,209
down €1,209 (-2.0%), from €61,353 to €60,144
- Depreciation -€649
down €649 (-8.7%), from €7,493 to €6,844
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 | €139,800 | €127,274 | -€12,525 | -9.0% |
| Fixed assets | 21/28 | €14,543 | €7,699 | -€6,844 | -47.1% |
| Tangible fixed assets | 22/27 | €14,543 | €7,699 | -€6,844 | -47.1% |
| Furniture and vehicles | 24 | €14,543 | €7,699 | -€6,844 | -47.1% |
| Current assets | 29/58 | €125,257 | €119,575 | -€5,682 | -4.5% |
| Amounts receivable after more than one year | 29 | €34,400 | €12,775 | -€21,625 | -62.9% |
| Other amounts receivable | 291 | €34,400 | €12,775 | -€21,625 | -62.9% |
| Amounts receivable within one year | 40/41 | €19,477 | €22,068 | +€2,591 | +13.3% |
| Trade receivables | 40 | €18,238 | €22,068 | +€3,830 | +21.0% |
| Other amounts receivable | 41 | €1,239 | - | -€1,239 | |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €70,355 | €20,133 | -€50,221 | -71.4% |
| Deferred charges and accrued income | 490/1 | €1,025 | €4,599 | +€3,574 | +348.9% |
| Total equity and liabilities | 10/49 | €139,800 | €127,274 | -€12,525 | -9.0% |
| Equity | 10/15 | €103,406 | €109,776 | +€6,371 | +6.2% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €100,300 | €106,671 | +€6,371 | +6.4% |
| Distributable reserves | 133 | €100,300 | €106,671 | +€6,371 | +6.4% |
| Profit (loss) carried forward | 14 | €3,105 | €3,105 | = | 0.0% |
| Amounts payable | 17/49 | €36,394 | €17,498 | -€18,896 | -51.9% |
| Amounts payable after more than one year | 17 | €6,544 | €507 | -€6,037 | -92.2% |
| Financial debts | 170/4 | €6,544 | €507 | -€6,037 | -92.2% |
| Amounts payable within one year | 42/48 | €29,850 | €16,991 | -€12,859 | -43.1% |
| Current portion of amounts payable after more than one year | 42 | €5,949 | €6,037 | +€88 | +1.5% |
| Trade debts | 44 | €2,479 | €144 | -€2,335 | -94.2% |
| Suppliers | 440/4 | €2,479 | €144 | -€2,335 | -94.2% |
| Taxes, remuneration and social security | 45 | €21,417 | €10,810 | -€10,608 | -49.5% |
| Taxes | 450/3 | €21,417 | €10,810 | -€10,608 | -49.5% |
| Other amounts payable | 47/48 | €4 | - | -€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,493 | €6,844 | -€649 | -8.7% |
| Other operating charges | 640/8 | €799 | €1,161 | +€363 | +45.4% |
| Gross operating margin | 9900 | €61,353 | €60,144 | -€1,209 | -2.0% |
| Operating profit (loss) | 9901 | €53,061 | €52,139 | -€922 | -1.7% |
| Financial income | 75/76B | €867 | €784 | -€83 | -9.5% |
| Recurring financial income | 75 | €867 | €784 | -€83 | -9.5% |
| Financial charges | 65/66B | €741 | €983 | +€242 | +32.6% |
| Recurring financial charges | 65 | €741 | €983 | +€242 | +32.6% |
| Profit (loss) for the period before taxes | 9903 | €53,187 | €51,941 | -€1,246 | -2.3% |
| Income taxes | 67/77 | €12,788 | €16,570 | +€3,782 | +29.6% |
| Profit (loss) for the period | 9904 | €40,399 | €35,371 | -€5,028 | -12.4% |
| Profit (loss) for the period to be appropriated | 9905 | €40,399 | €35,371 | -€5,028 | -12.4% |
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.