MD SERVICES: 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 SERVICES
Largest movements
- Receivables within one year +€20,539
up €20,539 (+24.3%), from €84,406 to €104,946
of which Other amounts receivable: +€59,294
- Cash -€11,641
down €11,641 (-98.5%), from €11,816 to €175
mainly Current portion of long-term debt (-€49,677) and Trade debts (-€25,408)
- Tangible fixed assets -€10,623
down €10,623 (-22.2%), from €47,872 to €37,249
of which Furniture and vehicles: -€10,242
- Stocks and contracts -€3,100
no longer reported in 2025 (was €3,100)
- Current portion of long-term debt -€49,677
down €49,677 (-81.3%), from €61,084 to €11,407
- Profit (loss) carried forward +€35,832
up €35,832, from -€418 to €35,414
- Tax, wage and social debts +€27,202
up €27,202 (+130.7%), from €20,819 to €48,021
of which Remuneration and social security: +€18,788
- Trade debts -€25,408
down €25,408 (-76.9%), from €33,028 to €7,620
- Short-term financial debts +€16,500
new in 2025: €16,500
- Turnover +€562,817
new in 2025: €562,817
- Purchases and services +€323,470
new in 2025: €323,470
- Gross operating margin +€211,634
up €211,634 (+382.6%), from €55,314 to €266,948
- Staff costs +€162,613
up €162,613 (+407.1%), from €39,942 to €202,555
- Taxes +€8,252
up €8,252 (+1370.0%), from €602 to €8,854
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 | €147,194 | €142,370 | -€4,824 | -3.3% |
| Fixed assets | 21/28 | €47,872 | €37,249 | -€10,623 | -22.2% |
| Tangible fixed assets | 22/27 | €47,872 | €37,249 | -€10,623 | -22.2% |
| Plant, machinery and equipment | 23 | €950 | €569 | -€381 | -40.1% |
| Furniture and vehicles | 24 | €46,922 | €36,680 | -€10,242 | -21.8% |
| Current assets | 29/58 | €99,322 | €105,121 | +€5,799 | +5.8% |
| Stocks and contracts in progress | 3 | €3,100 | - | -€3,100 | |
| Stocks | 30/36 | €3,100 | - | -€3,100 | |
| Amounts receivable within one year | 40/41 | €84,406 | €104,946 | +€20,539 | +24.3% |
| Trade receivables | 40 | €84,240 | €45,485 | -€38,755 | -46.0% |
| Other amounts receivable | 41 | €166 | €59,460 | +€59,294 | +35734.6% |
| Cash at bank and in hand | 54/58 | €11,816 | €175 | -€11,641 | -98.5% |
| Total equity and liabilities | 10/49 | €147,194 | €142,370 | -€4,824 | -3.3% |
| Equity | 10/15 | €4,582 | €40,414 | +€35,832 | +782.0% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€418 | €35,414 | +€35,832 | |
| Amounts payable | 17/49 | €142,612 | €101,956 | -€40,656 | -28.5% |
| Amounts payable after more than one year | 17 | €25,201 | €14,481 | -€10,720 | -42.5% |
| Financial debts | 170/4 | €25,201 | €14,481 | -€10,720 | -42.5% |
| Amounts payable within one year | 42/48 | €117,412 | €87,475 | -€29,936 | -25.5% |
| Current portion of amounts payable after more than one year | 42 | €61,084 | €11,407 | -€49,677 | -81.3% |
| Financial debts | 43 | - | €16,500 | +€16,500 | |
| Credit institutions | 430/8 | - | €16,500 | +€16,500 | |
| Trade debts | 44 | €33,028 | €7,620 | -€25,408 | -76.9% |
| Suppliers | 440/4 | €33,028 | €7,620 | -€25,408 | -76.9% |
| Taxes, remuneration and social security | 45 | €20,819 | €48,021 | +€27,202 | +130.7% |
| Taxes | 450/3 | €15,900 | €24,314 | +€8,414 | +52.9% |
| Remuneration and social security | 454/9 | €4,919 | €23,707 | +€18,788 | +382.0% |
| Other amounts payable | 47/48 | €2,480 | €3,928 | +€1,447 | +58.4% |
| Turnover | 70 | - | €562,817 | +€562,817 | |
| Non-recurring operating income | 76A | - | €27,601 | +€27,601 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €323,470 | +€323,470 | |
| Remuneration, social security and pensions | 62 | €39,942 | €202,555 | +€162,613 | +407.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,277 | €9,958 | +€681 | +7.3% |
| Other operating charges | 640/8 | €2,639 | €4,062 | +€1,423 | +53.9% |
| Non-recurring operating charges | 66A | - | €494 | +€494 | |
| Gross operating margin | 9900 | €55,314 | €266,948 | +€211,634 | +382.6% |
| Operating profit (loss) | 9901 | €3,457 | €49,879 | +€46,422 | +1343.0% |
| Financial income | 75/76B | - | €90 | +€90 | |
| Recurring financial income | 75 | - | €90 | +€90 | |
| Financial charges | 65/66B | €3,272 | €5,283 | +€2,011 | +61.5% |
| Recurring financial charges | 65 | €3,272 | €5,283 | +€2,011 | +61.5% |
| Profit (loss) for the period before taxes | 9903 | €184 | €44,686 | +€44,501 | +24141.0% |
| Income taxes | 67/77 | €602 | €8,854 | +€8,252 | +1370.0% |
| Profit (loss) for the period | 9904 | -€418 | €35,832 | +€36,250 | |
| Profit (loss) for the period to be appropriated | 9905 | -€418 | €35,832 | +€36,250 |
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 11 October 2026 via checked.be.