MD Market Development: 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 Market Development
Largest movements
- Current investments +€90,000
new in 2025: €90,000
- Receivables within one year -€61,903
down €61,903 (-53.5%), from €115,779 to €53,876
of which Other amounts receivable: -€71,011
- Tangible fixed assets -€11,667
down €11,667 (-5.2%), from €223,234 to €211,567
of which Land and buildings: -€8,002
- Cash -€7,856
down €7,856 (-35.4%), from €22,188 to €14,332
mainly Current investments (-€90,000) and Debts after one year (-€12,442)
- Reserves +€16,900
up €16,900 (+26.7%), from €63,360 to €80,260
of which Distributable reserves: +€16,900
- Debts after one year -€12,442
down €12,442 (-8.7%), from €142,232 to €129,790
- Gross operating margin -€27,944
down €27,944 (-39.4%), from €70,919 to €42,975
- Taxes -€6,683
down €6,683 (-45.5%), from €14,680 to €7,997
- Other operating charges -€2,495
down €2,495 (-67.9%), from €3,677 to €1,182
- Depreciation -€2,187
down €2,187 (-14.4%), from €15,233 to €13,046
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 | €361,246 | €369,820 | +€8,574 | +2.4% |
| Fixed assets | 21/28 | €223,279 | €211,612 | -€11,667 | -5.2% |
| Tangible fixed assets | 22/27 | €223,234 | €211,567 | -€11,667 | -5.2% |
| Land and buildings | 22 | €214,934 | €206,932 | -€8,002 | -3.7% |
| Furniture and vehicles | 24 | €2,202 | €842 | -€1,360 | -61.8% |
| Leasing and similar rights | 25 | €408 | - | -€408 | |
| Other tangible fixed assets | 26 | €5,690 | €3,793 | -€1,897 | -33.3% |
| Financial fixed assets | 28 | €45 | €45 | = | 0.0% |
| Current assets | 29/58 | €137,967 | €158,208 | +€20,241 | +14.7% |
| Amounts receivable within one year | 40/41 | €115,779 | €53,876 | -€61,903 | -53.5% |
| Trade receivables | 40 | €24,024 | €33,132 | +€9,108 | +37.9% |
| Other amounts receivable | 41 | €91,755 | €20,744 | -€71,011 | -77.4% |
| Current investments | 50/53 | - | €90,000 | +€90,000 | |
| Cash at bank and in hand | 54/58 | €22,188 | €14,332 | -€7,856 | -35.4% |
| Total equity and liabilities | 10/49 | €361,246 | €369,820 | +€8,574 | +2.4% |
| Equity | 10/15 | €180,627 | €197,580 | +€16,953 | +9.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €63,360 | €80,260 | +€16,900 | +26.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €61,500 | €78,400 | +€16,900 | +27.5% |
| Profit (loss) carried forward | 14 | €104,867 | €104,920 | +€53 | +0.1% |
| Amounts payable | 17/49 | €180,619 | €172,240 | -€8,379 | -4.6% |
| Amounts payable after more than one year | 17 | €142,232 | €129,790 | -€12,442 | -8.7% |
| Financial debts | 170/4 | €142,232 | €129,790 | -€12,442 | -8.7% |
| Amounts payable within one year | 42/48 | €38,387 | €42,450 | +€4,063 | +10.6% |
| Current portion of amounts payable after more than one year | 42 | €12,203 | €12,442 | +€239 | +2.0% |
| Trade debts | 44 | €5,438 | €7,253 | +€1,815 | +33.4% |
| Suppliers | 440/4 | €5,438 | €7,253 | +€1,815 | +33.4% |
| Taxes, remuneration and social security | 45 | €20,746 | €22,755 | +€2,009 | +9.7% |
| Taxes | 450/3 | €20,746 | €22,755 | +€2,009 | +9.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,233 | €13,046 | -€2,187 | -14.4% |
| Other operating charges | 640/8 | €3,677 | €1,182 | -€2,495 | -67.9% |
| Gross operating margin | 9900 | €70,919 | €42,975 | -€27,944 | -39.4% |
| Operating profit (loss) | 9901 | €52,009 | €28,747 | -€23,262 | -44.7% |
| Financial income | 75/76B | €12 | - | -€12 | |
| Recurring financial income | 75 | €12 | - | -€12 | |
| Financial charges | 65/66B | €3,223 | €3,797 | +€574 | +17.8% |
| Recurring financial charges | 65 | €3,223 | €3,797 | +€574 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €48,798 | €24,950 | -€23,848 | -48.9% |
| Income taxes | 67/77 | €14,680 | €7,997 | -€6,683 | -45.5% |
| Profit (loss) for the period | 9904 | €34,118 | €16,953 | -€17,165 | -50.3% |
| Profit (loss) for the period to be appropriated | 9905 | €34,118 | €16,953 | -€17,165 | -50.3% |
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 19 October 2026 via checked.be.