MD sourcing: 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 sourcing
Largest movements
- Cash +€61,293
up €61,293 (+210.7%), from €29,089 to €90,383
mainly Net result for the year (+€84,097) and Receivables within one year (+€10,174)
- Receivables within one year -€10,174
down €10,174 (-4.6%), from €223,048 to €212,874
of which Other amounts receivable: -€50,537
- Profit (loss) carried forward +€84,097
up €84,097 (+66.9%), from €125,790 to €209,886
- Trade debts -€36,556
down €36,556 (-51.6%), from €70,874 to €34,319
- Gross operating margin +€14,184
up €14,184 (+14.1%), from €100,657 to €114,841
- Other operating charges +€3,416
up €3,416 (+326.5%), from €1,046 to €4,462
- Taxes +€1,203
up €1,203 (+5.1%), from €23,797 to €25,000
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 | €252,829 | €303,257 | +€50,428 | +19.9% |
| Fixed assets | 21/28 | €665 | - | -€665 | |
| Tangible fixed assets | 22/27 | €665 | - | -€665 | |
| Furniture and vehicles | 24 | €665 | - | -€665 | |
| Current assets | 29/58 | €252,165 | €303,257 | +€51,092 | +20.3% |
| Amounts receivable within one year | 40/41 | €223,048 | €212,874 | -€10,174 | -4.6% |
| Trade receivables | 40 | €172,512 | €212,874 | +€40,363 | +23.4% |
| Other amounts receivable | 41 | €50,537 | - | -€50,537 | |
| Cash at bank and in hand | 54/58 | €29,089 | €90,383 | +€61,293 | +210.7% |
| Deferred charges and accrued income | 490/1 | €27 | - | -€27 | |
| Total equity and liabilities | 10/49 | €252,829 | €303,257 | +€50,428 | +19.9% |
| Equity | 10/15 | €126,290 | €210,386 | +€84,097 | +66.6% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €125,790 | €209,886 | +€84,097 | +66.9% |
| Amounts payable | 17/49 | €126,539 | €92,870 | -€33,669 | -26.6% |
| Amounts payable within one year | 42/48 | €126,539 | €92,870 | -€33,669 | -26.6% |
| Trade debts | 44 | €70,874 | €34,319 | -€36,556 | -51.6% |
| Suppliers | 440/4 | €70,874 | €34,319 | -€36,556 | -51.6% |
| Taxes, remuneration and social security | 45 | €55,665 | €58,552 | +€2,887 | +5.2% |
| Taxes | 450/3 | €55,665 | €58,552 | +€2,887 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €812 | €665 | -€147 | -18.1% |
| Other operating charges | 640/8 | €1,046 | €4,462 | +€3,416 | +326.5% |
| Gross operating margin | 9900 | €100,657 | €114,841 | +€14,184 | +14.1% |
| Operating profit (loss) | 9901 | €98,799 | €109,715 | +€10,916 | +11.0% |
| Financial charges | 65/66B | €504 | €618 | +€114 | +22.7% |
| Recurring financial charges | 65 | €504 | €618 | +€114 | +22.7% |
| Profit (loss) for the period before taxes | 9903 | €98,295 | €109,097 | +€10,801 | +11.0% |
| Income taxes | 67/77 | €23,797 | €25,000 | +€1,203 | +5.1% |
| Profit (loss) for the period | 9904 | €74,498 | €84,097 | +€9,599 | +12.9% |
| Profit (loss) for the period to be appropriated | 9905 | €74,498 | €84,097 | +€9,599 | +12.9% |
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 5 October 2026 via checked.be.