MD SQUARE: 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 SQUARE
Largest movements
- Current investments +€21,830
new in 2025: €21,830
- Cash -€3,724
no longer reported in 2025 (was €3,724)
mainly Current investments (-€21,830) and Trade debts (-€699)
- Receivables within one year -€1,640
down €1,640 (-77.1%), from €2,127 to €488
of which Other amounts receivable: -€1,997
- Profit (loss) carried forward +€14,530
up €14,530, from -€6,455 to €8,075
- Tax, wage and social debts +€2,979
up €2,979 (+450.0%), from €662 to €3,641
- Trade debts -€699
down €699 (-76.1%), from €919 to €220
- Other debts -€329
down €329 (-12.7%), from €2,593 to €2,264
- Gross operating margin +€23,486
up €23,486, from -€2,150 to €21,335
- Taxes +€3,641
new in 2025: €3,641
- Other operating charges +€545
up €545 (+120.9%), from €451 to €996
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 | €6,194 | €22,675 | +€16,481 | +266.1% |
| Current assets | 29/58 | €6,194 | €22,675 | +€16,481 | +266.1% |
| Amounts receivable within one year | 40/41 | €2,127 | €488 | -€1,640 | -77.1% |
| Trade receivables | 40 | - | €357 | +€357 | |
| Other amounts receivable | 41 | €2,127 | €131 | -€1,997 | -93.9% |
| Current investments | 50/53 | - | €21,830 | +€21,830 | |
| Cash at bank and in hand | 54/58 | €3,724 | - | -€3,724 | |
| Deferred charges and accrued income | 490/1 | €343 | €357 | +€14 | +4.2% |
| Total equity and liabilities | 10/49 | €6,194 | €22,675 | +€16,481 | +266.1% |
| Equity | 10/15 | €2,019 | €16,549 | +€14,530 | +719.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,274 | €2,274 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,274 | €1,274 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,274 | €1,274 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,455 | €8,075 | +€14,530 | |
| Amounts payable | 17/49 | €4,174 | €6,125 | +€1,951 | +46.7% |
| Amounts payable within one year | 42/48 | €4,174 | €6,125 | +€1,951 | +46.7% |
| Trade debts | 44 | €919 | €220 | -€699 | -76.1% |
| Suppliers | 440/4 | €919 | €220 | -€699 | -76.1% |
| Taxes, remuneration and social security | 45 | €662 | €3,641 | +€2,979 | +450.0% |
| Taxes | 450/3 | €662 | €3,641 | +€2,979 | +450.0% |
| Other amounts payable | 47/48 | €2,593 | €2,264 | -€329 | -12.7% |
| Other operating charges | 640/8 | €451 | €996 | +€545 | +120.9% |
| Non-recurring operating charges | 66A | - | €2,122 | +€2,122 | |
| Gross operating margin | 9900 | -€2,150 | €21,335 | +€23,486 | |
| Operating profit (loss) | 9901 | -€2,602 | €18,217 | +€20,819 | |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €40 | €46 | +€6 | +14.9% |
| Recurring financial charges | 65 | €40 | €46 | +€6 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | -€2,641 | €18,171 | +€20,813 | |
| Income taxes | 67/77 | - | €3,641 | +€3,641 | |
| Profit (loss) for the period | 9904 | -€2,641 | €14,530 | +€17,172 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,641 | €14,530 | +€17,172 |
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 4 October 2026 via checked.be.