MD LOGIC: 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 LOGIC
Largest movements
- Tangible fixed assets +€218,926
up €218,926 (+243.6%), from €89,866 to €308,792
of which Land and buildings: +€237,108
- Receivables within one year +€58,723
up €58,723 (+147.9%), from €39,702 to €98,424
of which Trade receivables: +€40,626
- Cash -€14,714
down €14,714 (-75.8%), from €19,401 to €4,687
mainly Investment in fixed assets (net) (-€242,727) and Contributions, distributions and other (-€95,944)
- Deferred charges and accrued income -€7,126
down €7,126 (-59.4%), from €11,988 to €4,862
- Debts after one year +€184,488
up €184,488 (+249.3%), from €74,014 to €258,502
- Other debts +€95,944
up €95,944, from €0 to €95,944
- Reserves -€79,973
down €79,973 (-100.0%), from €79,973 to €0
- Trade debts +€38,937
up €38,937 (+2271.8%), from €1,714 to €40,651
- Current portion of long-term debt +€11,000
up €11,000 (+77.9%), from €14,118 to €25,118
- Depreciation +€22,758
up €22,758 (+2181.5%), from €1,043 to €23,801
- Gross operating margin +€5,927
up €5,927 (+11.6%), from €51,014 to €56,941
- Financial charges +€5,479
up €5,479 (+164.7%), from €3,327 to €8,806
- Taxes -€1,386
down €1,386 (-17.6%), from €7,891 to €6,504
- Other operating charges -€1,075
down €1,075 (-28.6%), from €3,761 to €2,686
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 | €180,787 | €434,120 | +€253,333 | +140.1% |
| Fixed assets | 21/28 | €89,866 | €308,792 | +€218,926 | +243.6% |
| Tangible fixed assets | 22/27 | €89,866 | €308,792 | +€218,926 | +243.6% |
| Land and buildings | 22 | - | €237,108 | +€237,108 | |
| Leasing and similar rights | 25 | €89,866 | €71,684 | -€18,182 | -20.2% |
| Current assets | 29/58 | €90,921 | €125,328 | +€34,406 | +37.8% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €39,702 | €98,424 | +€58,723 | +147.9% |
| Trade receivables | 40 | €24,200 | €64,826 | +€40,626 | +167.9% |
| Other amounts receivable | 41 | €15,502 | €33,598 | +€18,097 | +116.7% |
| Current investments | 50/53 | €19,830 | €17,354 | -€2,477 | -12.5% |
| Cash at bank and in hand | 54/58 | €19,401 | €4,687 | -€14,714 | -75.8% |
| Deferred charges and accrued income | 490/1 | €11,988 | €4,862 | -€7,126 | -59.4% |
| Total equity and liabilities | 10/49 | €180,787 | €434,120 | +€253,333 | +140.1% |
| Equity | 10/15 | €84,973 | €5,000 | -€79,973 | -94.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,973 | €0 | -€79,973 | -100.0% |
| Distributable reserves | 133 | €79,973 | €0 | -€79,973 | -100.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €95,815 | €429,120 | +€333,305 | +347.9% |
| Amounts payable after more than one year | 17 | €74,014 | €258,502 | +€184,488 | +249.3% |
| Financial debts | 170/4 | €74,014 | €258,502 | +€184,488 | +249.3% |
| Amounts payable within one year | 42/48 | €21,471 | €170,618 | +€149,147 | +694.7% |
| Current portion of amounts payable after more than one year | 42 | €14,118 | €25,118 | +€11,000 | +77.9% |
| Trade debts | 44 | €1,714 | €40,651 | +€38,937 | +2271.8% |
| Suppliers | 440/4 | €1,714 | €40,651 | +€38,937 | +2271.8% |
| Taxes, remuneration and social security | 45 | €5,639 | €8,905 | +€3,266 | +57.9% |
| Taxes | 450/3 | €5,639 | €5,305 | -€334 | -5.9% |
| Remuneration and social security | 454/9 | €0 | €3,600 | +€3,600 | |
| Other amounts payable | 47/48 | €0 | €95,944 | +€95,944 | |
| Accrued charges and deferred income | 492/3 | €330 | €0 | -€330 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,043 | €23,801 | +€22,758 | +2181.5% |
| Other operating charges | 640/8 | €3,761 | €2,686 | -€1,075 | -28.6% |
| Non-recurring operating charges | 66A | €9,113 | €0 | -€9,113 | -100.0% |
| Gross operating margin | 9900 | €51,014 | €56,941 | +€5,927 | +11.6% |
| Operating profit (loss) | 9901 | €37,098 | €30,454 | -€6,644 | -17.9% |
| Financial income | 75/76B | €217 | €827 | +€610 | +280.5% |
| Recurring financial income | 75 | €217 | €827 | +€610 | +280.5% |
| Financial charges | 65/66B | €3,327 | €8,806 | +€5,479 | +164.7% |
| Recurring financial charges | 65 | €3,327 | €8,806 | +€5,479 | +164.7% |
| Profit (loss) for the period before taxes | 9903 | €33,988 | €22,476 | -€11,512 | -33.9% |
| Income taxes | 67/77 | €7,891 | €6,504 | -€1,386 | -17.6% |
| Profit (loss) for the period | 9904 | €26,097 | €15,971 | -€10,126 | -38.8% |
| Profit (loss) for the period to be appropriated | 9905 | €26,097 | €15,971 | -€10,126 | -38.8% |
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 4 October 2026 via checked.be.