MD-VET: 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-VET
Largest movements
- Tangible fixed assets -€41,601
down €41,601 (-6.9%), from €604,594 to €562,993
of which Land and buildings: -€32,843
- Cash -€21,403
down €21,403 (-43.8%), from €48,821 to €27,418
mainly Contributions, distributions and other (-€61,094) and Debts after one year (-€51,603)
- Debts after one year -€51,603
down €51,603 (-20.0%), from €257,603 to €206,000
- Reserves -€9,564
down €9,564 (-3.4%), from €281,167 to €271,603
- Gross operating margin -€11,368
down €11,368 (-7.9%), from €144,465 to €133,097
- Depreciation +€6,246
up €6,246 (+17.7%), from €35,355 to €41,601
- Taxes -€5,097
down €5,097 (-16.9%), from €30,077 to €24,981
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.
Derived cash bridge
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 | €733,711 | €666,901 | -€66,810 | -9.1% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €604,624 | €563,023 | -€41,601 | -6.9% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €604,594 | €562,993 | -€41,601 | -6.9% |
| Land and buildings | 22 | €563,793 | €530,951 | -€32,843 | -5.8% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €40,800 | €32,042 | -€8,758 | -21.5% |
| Financial fixed assets | 28 | €30 | €30 | = | 0.0% |
| Current assets | 29/58 | €129,088 | €103,878 | -€25,210 | -19.5% |
| Stocks and contracts in progress | 3 | €15,140 | €8,674 | -€6,466 | -42.7% |
| Stocks | 30/36 | €15,140 | €8,674 | -€6,466 | -42.7% |
| Amounts receivable within one year | 40/41 | €58,505 | €61,237 | +€2,732 | +4.7% |
| Trade receivables | 40 | €58,505 | €60,590 | +€2,084 | +3.6% |
| Other amounts receivable | 41 | - | €647 | +€647 | |
| Cash at bank and in hand | 54/58 | €48,821 | €27,418 | -€21,403 | -43.8% |
| Deferred charges and accrued income | 490/1 | €6,621 | €6,549 | -€72 | -1.1% |
| Total equity and liabilities | 10/49 | €733,711 | €666,901 | -€66,810 | -9.1% |
| Equity | 10/15 | €293,567 | €284,003 | -€9,564 | -3.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €281,167 | €271,603 | -€9,564 | -3.4% |
| Distributable reserves | 133 | €281,167 | €271,603 | -€9,564 | -3.4% |
| Amounts payable | 17/49 | €440,144 | €382,898 | -€57,246 | -13.0% |
| Amounts payable after more than one year | 17 | €257,603 | €206,000 | -€51,603 | -20.0% |
| Financial debts | 170/4 | €257,603 | €206,000 | -€51,603 | -20.0% |
| Amounts payable within one year | 42/48 | €180,735 | €175,786 | -€4,950 | -2.7% |
| Current portion of amounts payable after more than one year | 42 | €50,329 | €51,603 | +€1,274 | +2.5% |
| Financial debts | 43 | €6,753 | €11,706 | +€4,953 | +73.3% |
| Credit institutions | 430/8 | - | €4,955 | +€4,955 | |
| Other loans | 439 | €6,753 | €6,751 | -€2 | 0.0% |
| Trade debts | 44 | €7,503 | €5,748 | -€1,755 | -23.4% |
| Suppliers | 440/4 | €7,503 | €5,748 | -€1,755 | -23.4% |
| Taxes, remuneration and social security | 45 | €33,446 | €28,158 | -€5,288 | -15.8% |
| Taxes | 450/3 | €31,196 | €23,158 | -€8,038 | -25.8% |
| Remuneration and social security | 454/9 | €2,250 | €5,000 | +€2,750 | +122% |
| Other amounts payable | 47/48 | €82,704 | €78,571 | -€4,134 | -5.0% |
| Accrued charges and deferred income | 492/3 | €1,806 | €1,113 | -€694 | -38.4% |
| Non-recurring operating income | 76A | €6,410 | - | -€6,410 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,355 | €41,601 | +€6,246 | +17.7% |
| Other operating charges | 640/8 | €5,736 | €6,643 | +€907 | +15.8% |
| Gross operating margin | 9900 | €144,465 | €133,097 | -€11,368 | -7.9% |
| Operating profit (loss) | 9901 | €103,374 | €84,854 | -€18,521 | -17.9% |
| Financial income | 75/76B | €6 | €2 | -€4 | -64.7% |
| Recurring financial income | 75 | €6 | €2 | -€4 | -64.7% |
| Financial charges | 65/66B | €8,973 | €8,345 | -€628 | -7.0% |
| Recurring financial charges | 65 | €8,973 | €8,345 | -€628 | -7.0% |
| Profit (loss) for the period before taxes | 9903 | €94,407 | €76,511 | -€17,897 | -19.0% |
| Income taxes | 67/77 | €30,077 | €24,981 | -€5,097 | -16.9% |
| Profit (loss) for the period | 9904 | €64,330 | €51,530 | -€12,800 | -19.9% |
| Profit (loss) for the period to be appropriated | 9905 | €64,330 | €51,530 | -€12,800 | -19.9% |
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 25 October 2026 via checked.be.