MD LIFTING: 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 LIFTING
Largest movements
- Tangible fixed assets +€320,520
up €320,520 (+622%), from €51,534 to €372,054
of which Leasing and similar rights: +€329,048
- Receivables within one year -€41,108
down €41,108 (-40.0%), from €102,820 to €61,712
of which Trade receivables: -€56,536
- Cash -€10,181
down €10,181 (-30.6%), from €33,266 to €23,085
mainly Investment in fixed assets (net) (-€404,412) and Trade debts (-€39,061)
- Deferred charges and accrued income +€9,939
up €9,939 (+407%), from €2,440 to €12,379
- Financial fixed assets +€5,135
up €5,135 (+57.1%), from €9,000 to €14,135
- Debts after one year +€255,043
new in 2025: €255,043
- Current portion of long-term debt +€76,552
new in 2025: €76,552
- Trade debts -€39,061
down €39,061 (-40.2%), from €97,114 to €58,053
- Other debts -€22,000
no longer reported in 2025 (was €22,000)
- Reserves +€15,669
up €15,669 (+40.9%), from €38,286 to €53,955
- Gross operating margin +€79,168
up €79,168 (+59.8%), from €132,415 to €211,584
- Depreciation +€70,229
up €70,229 (+824%), from €8,528 to €78,757
- Staff costs +€28,866
up €28,866 (+46.5%), from €62,095 to €90,961
- Taxes -€13,908
down €13,908 (-99.6%), from €13,969 to €61
- Financial charges +€13,086
up €13,086 (+3,942%), from €332 to €13,418
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.
Derived cash bridge
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 | €199,061 | €483,366 | +€284,305 | +143% |
| Fixed assets | 21/28 | €60,534 | €386,189 | +€325,655 | +538% |
| Tangible fixed assets | 22/27 | €51,534 | €372,054 | +€320,520 | +622% |
| Plant, machinery and equipment | 23 | €37,518 | €29,473 | -€8,045 | -21.4% |
| Furniture and vehicles | 24 | €14,017 | €13,533 | -€483 | -3.4% |
| Leasing and similar rights | 25 | - | €329,048 | +€329,048 | |
| Financial fixed assets | 28 | €9,000 | €14,135 | +€5,135 | +57.1% |
| Current assets | 29/58 | €138,527 | €97,177 | -€41,350 | -29.8% |
| Amounts receivable within one year | 40/41 | €102,820 | €61,712 | -€41,108 | -40.0% |
| Trade receivables | 40 | €102,820 | €46,284 | -€56,536 | -55.0% |
| Other amounts receivable | 41 | - | €15,428 | +€15,428 | |
| Cash at bank and in hand | 54/58 | €33,266 | €23,085 | -€10,181 | -30.6% |
| Deferred charges and accrued income | 490/1 | €2,440 | €12,379 | +€9,939 | +407% |
| Total equity and liabilities | 10/49 | €199,061 | €483,366 | +€284,305 | +143% |
| Equity | 10/15 | €53,286 | €68,955 | +€15,669 | +29.4% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | €38,286 | €53,955 | +€15,669 | +40.9% |
| Distributable reserves | 133 | €38,286 | €53,955 | +€15,669 | +40.9% |
| Amounts payable | 17/49 | €145,776 | €414,411 | +€268,636 | +184% |
| Amounts payable after more than one year | 17 | - | €255,043 | +€255,043 | |
| Financial debts | 170/4 | - | €255,043 | +€255,043 | |
| Amounts payable within one year | 42/48 | €145,776 | €159,368 | +€13,593 | +9.3% |
| Current portion of amounts payable after more than one year | 42 | - | €76,552 | +€76,552 | |
| Financial debts | 43 | - | €6,263 | +€6,263 | |
| Credit institutions | 430/8 | - | €6,263 | +€6,263 | |
| Trade debts | 44 | €97,114 | €58,053 | -€39,061 | -40.2% |
| Suppliers | 440/4 | €97,114 | €58,053 | -€39,061 | -40.2% |
| Taxes, remuneration and social security | 45 | €26,662 | €18,500 | -€8,162 | -30.6% |
| Taxes | 450/3 | €24,738 | €12,229 | -€12,508 | -50.6% |
| Remuneration and social security | 454/9 | €1,924 | €6,271 | +€4,346 | +226% |
| Other amounts payable | 47/48 | €22,000 | - | -€22,000 | |
| Remuneration, social security and pensions | 62 | €62,095 | €90,961 | +€28,866 | +46.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,528 | €78,757 | +€70,229 | +824% |
| Other operating charges | 640/8 | €4,776 | €12,731 | +€7,955 | +167% |
| Gross operating margin | 9900 | €132,415 | €211,584 | +€79,168 | +59.8% |
| Operating profit (loss) | 9901 | €57,016 | €29,135 | -€27,881 | -48.9% |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €332 | €13,418 | +€13,086 | +3,942% |
| Recurring financial charges | 65 | €332 | €13,418 | +€13,086 | +3,942% |
| Profit (loss) for the period before taxes | 9903 | €56,684 | €15,730 | -€40,954 | -72.2% |
| Income taxes | 67/77 | €13,969 | €61 | -€13,908 | -99.6% |
| Profit (loss) for the period | 9904 | €42,716 | €15,669 | -€27,046 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €42,716 | €15,669 | -€27,046 | -63.3% |
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 17 October 2026 via checked.be.