MD Management: 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 Management
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Cash +€48,109
up €48,109 (+85.4%), from €56,327 to €104,436
mainly Net result for the year (+€142,770) and Current investments (+€50,000)
- Deferred charges and accrued income +€18,779
up €18,779 (+883.1%), from €2,127 to €20,905
- Receivables within one year -€15,959
down €15,959 (-13.5%), from €118,136 to €102,176
- Other debts +€10,859
up €10,859 (+8.3%), from €131,000 to €141,859
- Debts after one year -€10,409
down €10,409 (-25.8%), from €40,361 to €29,951
- Gross operating margin +€8,292
up €8,292 (+4.6%), from €178,453 to €186,745
- Financial income +€4,338
up €4,338 (+135.5%), from €3,201 to €7,538
- Taxes +€3,577
up €3,577 (+9.0%), from €39,573 to €43,151
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 | €261,033 | €259,616 | -€1,417 | -0.5% |
| Fixed assets | 21/28 | €34,444 | €32,099 | -€2,345 | -6.8% |
| Tangible fixed assets | 22/27 | €34,444 | €32,099 | -€2,345 | -6.8% |
| Other tangible fixed assets | 26 | €34,444 | €32,099 | -€2,345 | -6.8% |
| Current assets | 29/58 | €226,589 | €227,517 | +€929 | +0.4% |
| Amounts receivable within one year | 40/41 | €118,136 | €102,176 | -€15,959 | -13.5% |
| Other amounts receivable | 41 | €118,136 | €102,176 | -€15,959 | -13.5% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €56,327 | €104,436 | +€48,109 | +85.4% |
| Deferred charges and accrued income | 490/1 | €2,127 | €20,905 | +€18,779 | +883.1% |
| Total equity and liabilities | 10/49 | €261,033 | €259,616 | -€1,417 | -0.5% |
| Equity | 10/15 | €28,112 | €29,023 | +€911 | +3.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,652 | €8,563 | +€911 | +11.9% |
| Amounts payable | 17/49 | €232,921 | €230,593 | -€2,328 | -1.0% |
| Amounts payable after more than one year | 17 | €40,361 | €29,951 | -€10,409 | -25.8% |
| Financial debts | 170/4 | €40,361 | €29,951 | -€10,409 | -25.8% |
| Amounts payable within one year | 42/48 | €192,175 | €200,242 | +€8,066 | +4.2% |
| Current portion of amounts payable after more than one year | 42 | €49,754 | €47,209 | -€2,545 | -5.1% |
| Trade debts | 44 | €1,156 | €960 | -€196 | -16.9% |
| Suppliers | 440/4 | €1,156 | €960 | -€196 | -16.9% |
| Taxes, remuneration and social security | 45 | €10,266 | €10,214 | -€52 | -0.5% |
| Taxes | 450/3 | €10,266 | €10,214 | -€52 | -0.5% |
| Other amounts payable | 47/48 | €131,000 | €141,859 | +€10,859 | +8.3% |
| Accrued charges and deferred income | 492/3 | €384 | €400 | +€15 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,645 | €3,645 | = | 0.0% |
| Other operating charges | 640/8 | €1,240 | €563 | -€676 | -54.5% |
| Gross operating margin | 9900 | €178,453 | €186,745 | +€8,292 | +4.6% |
| Operating profit (loss) | 9901 | €173,568 | €182,536 | +€8,968 | +5.2% |
| Financial income | 75/76B | €3,201 | €7,538 | +€4,338 | +135.5% |
| Recurring financial income | 75 | €3,201 | €7,538 | +€4,338 | +135.5% |
| Financial charges | 65/66B | €5,992 | €4,154 | -€1,838 | -30.7% |
| Recurring financial charges | 65 | €5,992 | €4,154 | -€1,838 | -30.7% |
| Profit (loss) for the period before taxes | 9903 | €170,777 | €185,921 | +€15,144 | +8.9% |
| Income taxes | 67/77 | €39,573 | €43,151 | +€3,577 | +9.0% |
| Profit (loss) for the period | 9904 | €131,203 | €142,770 | +€11,567 | +8.8% |
| Profit (loss) for the period to be appropriated | 9905 | €131,203 | €142,770 | +€11,567 | +8.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.