MD VISION: 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.
What changed
MD VISION
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€1,013
2024 · -€1,890+€877
Equity
€360,560
2024 · €361,573-€1,013
Cash
€11,933
2024 · €9,765+€2,169
Balance sheet total
€584,686
2024 · €605,993-€21,307
Largest movements
Assets
- Tangible fixed assets -€23,327
down €23,327 (-9.9%), from €235,998 to €212,670
of which Land and buildings: -€20,856
Equity and liabilities
- Debts after one year -€20,854
down €20,854 (-9.7%), from €214,947 to €194,093
Income statement
- Gross operating margin +€526
up €526 (+1.7%), from €31,118 to €31,644
- Financial charges -€519
down €519 (-7.9%), from €6,567 to €6,048
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.
Result 2024
-€1,890
Gross operating margin
+€526
Depreciation
+€0
Other operating charges
-€149
Financial charges
+€519
Taxes
-€19
Result 2025
-€1,013
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.
From operations
+€22,494
Investment
€0
Financing
-€20,325
Cash 2024
€9,765
From operations (derived)
+€22,494
Net result for the year
-€1,013
Depreciation
+€23,327
Receivables within one year
-€92
Deferred charges and accrued income
+€240
Trade debts
-€887
Tax, wage and social debts
-€641
Other debts
+€1,559
Financing
-€20,325
Debts after one year
-€20,854
Current portion of long-term debt
+€529
Cash 2025
€11,933
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €605,993 | €584,686 | -€21,307 | -3.5% |
| Fixed assets | 21/28 | €586,892 | €563,564 | -€23,327 | -4.0% |
| Tangible fixed assets | 22/27 | €235,998 | €212,670 | -€23,327 | -9.9% |
| Land and buildings | 22 | €233,411 | €212,555 | -€20,856 | -8.9% |
| Furniture and vehicles | 24 | €2,587 | €115 | -€2,472 | -95.5% |
| Financial fixed assets | 28 | €350,894 | €350,894 | = | 0.0% |
| Current assets | 29/58 | €19,102 | €21,122 | +€2,020 | +10.6% |
| Amounts receivable within one year | 40/41 | €7,835 | €7,927 | +€92 | +1.2% |
| Trade receivables | 40 | €7,606 | €7,656 | +€49 | +0.6% |
| Other amounts receivable | 41 | €229 | €271 | +€43 | +18.7% |
| Cash at bank and in hand | 54/58 | €9,765 | €11,933 | +€2,169 | +22.2% |
| Deferred charges and accrued income | 490/1 | €1,502 | €1,262 | -€240 | -16.0% |
| Total equity and liabilities | 10/49 | €605,993 | €584,686 | -€21,307 | -3.5% |
| Equity | 10/15 | €361,573 | €360,560 | -€1,013 | -0.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €342,973 | €341,960 | -€1,013 | -0.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €342,973 | €341,960 | -€1,013 | -0.3% |
| Amounts payable | 17/49 | €244,420 | €224,126 | -€20,295 | -8.3% |
| Amounts payable after more than one year | 17 | €214,947 | €194,093 | -€20,854 | -9.7% |
| Financial debts | 170/4 | €214,947 | €194,093 | -€20,854 | -9.7% |
| Amounts payable within one year | 42/48 | €29,474 | €30,033 | +€559 | +1.9% |
| Current portion of amounts payable after more than one year | 42 | €20,325 | €20,854 | +€529 | +2.6% |
| Trade debts | 44 | €3,847 | €2,960 | -€887 | -23.1% |
| Suppliers | 440/4 | €3,847 | €2,960 | -€887 | -23.1% |
| Taxes, remuneration and social security | 45 | €1,028 | €386 | -€641 | -62.4% |
| Taxes | 450/3 | €1,028 | €386 | -€641 | -62.4% |
| Other amounts payable | 47/48 | €4,274 | €5,833 | +€1,559 | +36.5% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,327 | €23,327 | -€0 | 0.0% |
| Other operating charges | 640/8 | €2,745 | €2,894 | +€149 | +5.4% |
| Gross operating margin | 9900 | €31,118 | €31,644 | +€526 | +1.7% |
| Operating profit (loss) | 9901 | €5,045 | €5,422 | +€377 | +7.5% |
| Financial charges | 65/66B | €6,567 | €6,048 | -€519 | -7.9% |
| Recurring financial charges | 65 | €6,567 | €6,048 | -€519 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | -€1,522 | -€626 | +€896 | +58.9% |
| Income taxes | 67/77 | €368 | €386 | +€19 | +5.1% |
| Profit (loss) for the period | 9904 | -€1,890 | -€1,013 | +€877 | +46.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,890 | -€1,013 | +€877 | +46.4% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.