MD systems: 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 systems
Largest movements
- Receivables within one year -€30,131
down €30,131 (-92.4%), from €32,619 to €2,487
of which Trade receivables: -€28,234
- Intangible fixed assets -€28,298
down €28,298 (-32.7%), from €86,542 to €58,243
- Cash +€10,112
up €10,112 (+249.9%), from €4,047 to €14,159
mainly Depreciation (+€51,190) and Receivables within one year (+€30,131)
- Tangible fixed assets +€5,077
up €5,077 (+6.3%), from €81,063 to €86,140
of which Furniture and vehicles: +€6,469
- Advances received -€20,603
no longer reported in 2025 (was €20,603)
- Trade debts -€10,497
down €10,497 (-84.2%), from €12,469 to €1,972
- Other debts -€6,122
down €6,122 (-4.6%), from €131,843 to €125,722
- Debts after one year -€4,512
down €4,512 (-9.2%), from €49,151 to €44,639
- Current portion of long-term debt -€3,847
down €3,847 (-15.2%), from €25,239 to €21,392
- Write-downs -€12,977
no longer reported in 2025 (was €12,977)
- Gross operating margin -€10,358
down €10,358 (-14.9%), from €69,591 to €59,233
- Depreciation +€9,268
up €9,268 (+22.1%), from €41,922 to €51,190
- Other operating charges +€937
up €937 (+239.4%), from €392 to €1,329
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 | €327,949 | €286,504 | -€41,445 | -12.6% |
| Fixed assets | 21/28 | €167,605 | €144,384 | -€23,222 | -13.9% |
| Intangible fixed assets | 21 | €86,542 | €58,243 | -€28,298 | -32.7% |
| Tangible fixed assets | 22/27 | €81,063 | €86,140 | +€5,077 | +6.3% |
| Plant, machinery and equipment | 23 | €2,982 | €3,018 | +€36 | +1.2% |
| Furniture and vehicles | 24 | €69,910 | €76,379 | +€6,469 | +9.3% |
| Other tangible fixed assets | 26 | €8,172 | €6,744 | -€1,428 | -17.5% |
| Current assets | 29/58 | €160,344 | €142,120 | -€18,224 | -11.4% |
| Stocks and contracts in progress | 3 | €121,317 | €122,252 | +€935 | +0.8% |
| Stocks | 30/36 | €121,317 | €122,252 | +€935 | +0.8% |
| Amounts receivable within one year | 40/41 | €32,619 | €2,487 | -€30,131 | -92.4% |
| Trade receivables | 40 | €30,218 | €1,984 | -€28,234 | -93.4% |
| Other amounts receivable | 41 | €2,401 | €503 | -€1,898 | -79.0% |
| Cash at bank and in hand | 54/58 | €4,047 | €14,159 | +€10,112 | +249.9% |
| Deferred charges and accrued income | 490/1 | €2,361 | €3,222 | +€860 | +36.4% |
| Total equity and liabilities | 10/49 | €327,949 | €286,504 | -€41,445 | -12.6% |
| Equity | 10/15 | €87,880 | €89,147 | +€1,266 | +1.4% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €1,819 | €1,819 | = | 0.0% |
| Distributable reserves | 133 | €1,819 | €1,819 | = | 0.0% |
| Profit (loss) carried forward | 14 | €65,601 | €66,868 | +€1,266 | +1.9% |
| Amounts payable | 17/49 | €240,068 | €197,357 | -€42,712 | -17.8% |
| Amounts payable after more than one year | 17 | €49,151 | €44,639 | -€4,512 | -9.2% |
| Financial debts | 170/4 | €49,151 | €44,639 | -€4,512 | -9.2% |
| Amounts payable within one year | 42/48 | €190,918 | €152,718 | -€38,200 | -20.0% |
| Current portion of amounts payable after more than one year | 42 | €25,239 | €21,392 | -€3,847 | -15.2% |
| Trade debts | 44 | €12,469 | €1,972 | -€10,497 | -84.2% |
| Suppliers | 440/4 | €12,469 | €1,972 | -€10,497 | -84.2% |
| Advances received on contracts in progress | 46 | €20,603 | - | -€20,603 | |
| Taxes, remuneration and social security | 45 | €764 | €3,633 | +€2,869 | +375.7% |
| Taxes | 450/3 | €764 | €3,633 | +€2,869 | +375.7% |
| Other amounts payable | 47/48 | €131,843 | €125,722 | -€6,122 | -4.6% |
| Non-recurring operating income | 76A | €18,000 | - | -€18,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,922 | €51,190 | +€9,268 | +22.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €12,977 | - | -€12,977 | |
| Other operating charges | 640/8 | €392 | €1,329 | +€937 | +239.4% |
| Gross operating margin | 9900 | €69,591 | €59,233 | -€10,358 | -14.9% |
| Operating profit (loss) | 9901 | €14,300 | €6,714 | -€7,586 | -53.0% |
| Financial charges | 65/66B | €4,175 | €4,800 | +€624 | +15.0% |
| Recurring financial charges | 65 | €4,175 | €4,800 | +€624 | +15.0% |
| Profit (loss) for the period before taxes | 9903 | €10,125 | €1,915 | -€8,210 | -81.1% |
| Income taxes | 67/77 | €764 | €648 | -€115 | -15.1% |
| Profit (loss) for the period | 9904 | €9,361 | €1,266 | -€8,095 | -86.5% |
| Profit (loss) for the period to be appropriated | 9905 | €9,361 | €1,266 | -€8,095 | -86.5% |
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 8 October 2026 via checked.be.