MD MANAGEMENT: 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 MANAGEMENT
Largest movements
- Current investments -€110,000
no longer reported in 2025 (was €110,000)
- Cash +€108,173
up €108,173 (+770%), from €14,051 to €122,224
mainly Current investments (+€110,000) and Net result for the year (+€2,126)
- Receivables within one year -€2,030
down €2,030 (-48.2%), from €4,214 to €2,184
of which Other amounts receivable: -€2,239
- Other debts -€5,267
down €5,267 (-15.9%), from €33,083 to €27,816
- Profit (loss) carried forward +€2,126
up €2,126 (+20.9%), from €10,180 to €12,306
- Gross operating margin -€3,782
down €3,782, from €3,762 to -€20
- Financial income -€721
down €721 (-17.9%), from €4,021 to €3,300
- Depreciation -€121
down €121 (-47.0%), from €258 to €137
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 | €132,603 | €128,639 | -€3,964 | -3.0% |
| Fixed assets | 21/28 | €417 | €280 | -€137 | -32.7% |
| Tangible fixed assets | 22/27 | €287 | €150 | -€137 | -47.6% |
| Furniture and vehicles | 24 | €287 | €150 | -€137 | -47.6% |
| Financial fixed assets | 28 | €130 | €130 | = | 0.0% |
| Current assets | 29/58 | €132,186 | €128,359 | -€3,827 | -2.9% |
| Stocks and contracts in progress | 3 | €3,600 | €3,600 | = | 0.0% |
| Stocks | 30/36 | €3,600 | €3,600 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €4,214 | €2,184 | -€2,030 | -48.2% |
| Trade receivables | 40 | - | €209 | +€209 | |
| Other amounts receivable | 41 | €4,214 | €1,975 | -€2,239 | -53.1% |
| Current investments | 50/53 | €110,000 | - | -€110,000 | |
| Cash at bank and in hand | 54/58 | €14,051 | €122,224 | +€108,173 | +770% |
| Deferred charges and accrued income | 490/1 | €321 | €352 | +€30 | +9.4% |
| Total equity and liabilities | 10/49 | €132,603 | €128,639 | -€3,964 | -3.0% |
| Equity | 10/15 | €72,298 | €74,424 | +€2,126 | +2.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €43,519 | €43,519 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,659 | €4,659 | = | 0.0% |
| Distributable reserves | 133 | €38,860 | €38,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,180 | €12,306 | +€2,126 | +20.9% |
| Amounts payable | 17/49 | €60,305 | €54,215 | -€6,090 | -10.1% |
| Amounts payable after more than one year | 17 | €25,000 | €25,000 | = | 0.0% |
| Financial debts | 170/4 | €25,000 | €25,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €34,305 | €28,715 | -€5,590 | -16.3% |
| Trade debts | 44 | €559 | €587 | +€28 | +5.0% |
| Suppliers | 440/4 | €559 | €587 | +€28 | +5.0% |
| Taxes, remuneration and social security | 45 | €662 | €312 | -€351 | -52.9% |
| Taxes | 450/3 | €662 | €312 | -€351 | -52.9% |
| Other amounts payable | 47/48 | €33,083 | €27,816 | -€5,267 | -15.9% |
| Accrued charges and deferred income | 492/3 | €1,000 | €500 | -€500 | -50.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €258 | €137 | -€121 | -47.0% |
| Other operating charges | 640/8 | €384 | €387 | +€3 | +0.8% |
| Gross operating margin | 9900 | €3,762 | -€20 | -€3,782 | |
| Operating profit (loss) | 9901 | €3,120 | -€544 | -€3,664 | |
| Financial income | 75/76B | €4,021 | €3,300 | -€721 | -17.9% |
| Recurring financial income | 75 | €4,021 | €3,300 | -€721 | -17.9% |
| Financial charges | 65/66B | €564 | €572 | +€8 | +1.4% |
| Recurring financial charges | 65 | €564 | €572 | +€8 | +1.4% |
| Profit (loss) for the period before taxes | 9903 | €6,577 | €2,184 | -€4,393 | -66.8% |
| Income taxes | 67/77 | €58 | €58 | -€0 | -0.1% |
| Profit (loss) for the period | 9904 | €6,519 | €2,126 | -€4,393 | -67.4% |
| Profit (loss) for the period to be appropriated | 9905 | €6,519 | €2,126 | -€4,393 | -67.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.