MD-TRANS: what changed
MD-TRANS
Largest movements
- Receivables within one year -€33,132
down €33,132 (-45.8%), from €72,304 to €39,173
of which Other amounts receivable: -€23,924
- Cash -€2,506
down €2,506 (-72.8%), from €3,443 to €937
mainly Trade debts (-€19,648) and Accrued charges and deferred income (-€18,327)
- Deferred charges and accrued income -€2,155
down €2,155 (-13.9%), from €15,534 to €13,378
- Tangible fixed assets +€2,135
up €2,135 (+32.2%), from €6,628 to €8,763
- Trade debts -€19,648
down €19,648 (-45.9%), from €42,847 to €23,199
- Accrued charges and deferred income -€18,327
down €18,327 (-89.2%), from €20,556 to €2,229
- Reserves +€8,945
up €8,945 (+31.6%), from €28,344 to €37,289
- Current portion of long-term debt -€6,418
down €6,418 (-87.2%), from €7,360 to €942
- Tax, wage and social debts -€2,427
down €2,427 (-13.5%), from €17,920 to €15,492
- Gross operating margin -€7,961
down €7,961 (-21.7%), from €36,689 to €28,728
- Other operating charges -€3,800
down €3,800 (-44.0%), from €8,634 to €4,834
- Taxes +€1,122
up €1,122 (+21.2%), from €5,290 to €6,412
- Depreciation -€612
down €612 (-21.0%), from €2,915 to €2,304
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €107,440 | €71,782 | -€35,658 | -33.2% |
| Fixed assets | 21/28 | €16,158 | €18,293 | +€2,135 | +13.2% |
| Tangible fixed assets | 22/27 | €6,628 | €8,763 | +€2,135 | +32.2% |
| Furniture and vehicles | 24 | €6,628 | €8,763 | +€2,135 | +32.2% |
| Financial fixed assets | 28 | €9,530 | €9,530 | = | 0.0% |
| Current assets | 29/58 | €91,282 | €53,488 | -€37,793 | -41.4% |
| Amounts receivable within one year | 40/41 | €72,304 | €39,173 | -€33,132 | -45.8% |
| Trade receivables | 40 | €28,094 | €18,886 | -€9,208 | -32.8% |
| Other amounts receivable | 41 | €44,210 | €20,286 | -€23,924 | -54.1% |
| Cash at bank and in hand | 54/58 | €3,443 | €937 | -€2,506 | -72.8% |
| Deferred charges and accrued income | 490/1 | €15,534 | €13,378 | -€2,155 | -13.9% |
| Total equity and liabilities | 10/49 | €107,440 | €71,782 | -€35,658 | -33.2% |
| Equity | 10/15 | €10,923 | €19,868 | +€8,945 | +81.9% |
| Reserves | 13 | €28,344 | €37,289 | +€8,945 | +31.6% |
| Distributable reserves | 133 | €28,344 | €37,289 | +€8,945 | +31.6% |
| Profit (loss) carried forward | 14 | -€17,421 | -€17,421 | = | 0.0% |
| Amounts payable | 17/49 | €96,517 | €51,914 | -€44,603 | -46.2% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €75,961 | €49,685 | -€26,276 | -34.6% |
| Current portion of amounts payable after more than one year | 42 | €7,360 | €942 | -€6,418 | -87.2% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €42,847 | €23,199 | -€19,648 | -45.9% |
| Suppliers | 440/4 | €42,847 | €23,199 | -€19,648 | -45.9% |
| Advances received on contracts in progress | 46 | €7,834 | €10,051 | +€2,217 | +28.3% |
| Taxes, remuneration and social security | 45 | €17,920 | €15,492 | -€2,427 | -13.5% |
| Taxes | 450/3 | €17,920 | €15,492 | -€2,427 | -13.5% |
| Accrued charges and deferred income | 492/3 | €20,556 | €2,229 | -€18,327 | -89.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,915 | €2,304 | -€612 | -21.0% |
| Other operating charges | 640/8 | €8,634 | €4,834 | -€3,800 | -44.0% |
| Non-recurring operating charges | 66A | €2,003 | €2,789 | +€786 | +39.3% |
| Gross operating margin | 9900 | €36,689 | €28,728 | -€7,961 | -21.7% |
| Operating profit (loss) | 9901 | €23,137 | €18,801 | -€4,335 | -18.7% |
| Financial income | 75/76B | €0 | €20 | +€20 | +197,900% |
| Recurring financial income | 75 | €0 | €20 | +€20 | +197,900% |
| Financial charges | 65/66B | €3,748 | €3,464 | -€284 | -7.6% |
| Recurring financial charges | 65 | €3,748 | €3,464 | -€284 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €19,389 | €15,357 | -€4,032 | -20.8% |
| Income taxes | 67/77 | €5,290 | €6,412 | +€1,122 | +21.2% |
| Profit (loss) for the period | 9904 | €14,099 | €8,945 | -€5,154 | -36.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,099 | €8,945 | -€5,154 | -36.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.