MD WORKS: 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 WORKS
Largest movements
- Receivables within one year +€1,285
up €1,285 (+6.4%), from €20,202 to €21,487
of which Trade receivables: +€994
- Cash +€1,276
up €1,276 (+157%), from €814 to €2,091
mainly Trade debts (+€4,160) and Other debts (+€3,913)
- Profit (loss) carried forward -€5,513
down €5,513 (-4.9%), from -€112,928 to -€118,441
- Trade debts +€4,160
up €4,160 (+16.1%), from €25,873 to €30,033
- Other debts +€3,913
up €3,913 (+5.2%), from €74,596 to €78,509
- Gross operating margin +€480
up €480 (+8.2%), from -€5,882 to -€5,402
- Other operating charges -€462
no longer reported in 2025 (was €462)
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 | €21,910 | €24,470 | +€2,561 | +11.7% |
| Fixed assets | 21/28 | €393 | €393 | = | 0.0% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €1 | €1 | = | 0.0% |
| Plant, machinery and equipment | 23 | €1 | €1 | = | 0.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | 0.0% |
| Financial fixed assets | 28 | €392 | €392 | = | 0.0% |
| Current assets | 29/58 | €21,516 | €24,077 | +€2,561 | +11.9% |
| Amounts receivable within one year | 40/41 | €20,202 | €21,487 | +€1,285 | +6.4% |
| Trade receivables | 40 | €15,745 | €16,739 | +€994 | +6.3% |
| Other amounts receivable | 41 | €4,457 | €4,748 | +€291 | +6.5% |
| Cash at bank and in hand | 54/58 | €814 | €2,091 | +€1,276 | +157% |
| Deferred charges and accrued income | 490/1 | €500 | €500 | = | 0.0% |
| Total equity and liabilities | 10/49 | €21,910 | €24,470 | +€2,561 | +11.7% |
| Equity | 10/15 | -€86,059 | -€91,572 | -€5,513 | -6.4% |
| Contributions | 10/11 | €22,000 | €22,000 | = | 0.0% |
| Reserves | 13 | €4,869 | €4,869 | = | 0.0% |
| Tax-exempt reserves | 132 | €4,869 | €4,869 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€112,928 | -€118,441 | -€5,513 | -4.9% |
| Amounts payable | 17/49 | €107,969 | €116,042 | +€8,073 | +7.5% |
| Amounts payable after more than one year | 17 | €7,500 | €7,500 | = | 0.0% |
| Other amounts payable | 178/9 | €7,500 | €7,500 | = | 0.0% |
| Amounts payable within one year | 42/48 | €100,469 | €108,542 | +€8,073 | +8.0% |
| Trade debts | 44 | €25,873 | €30,033 | +€4,160 | +16.1% |
| Suppliers | 440/4 | €25,873 | €30,033 | +€4,160 | +16.1% |
| Taxes, remuneration and social security | 45 | €0 | €0 | = | |
| Taxes | 450/3 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €74,596 | €78,509 | +€3,913 | +5.2% |
| Other operating charges | 640/8 | €462 | - | -€462 | |
| Gross operating margin | 9900 | -€5,882 | -€5,402 | +€480 | +8.2% |
| Operating profit (loss) | 9901 | -€6,344 | -€5,402 | +€943 | +14.9% |
| Financial charges | 65/66B | €124 | €111 | -€12 | -10.1% |
| Recurring financial charges | 65 | €124 | €111 | -€12 | -10.1% |
| Profit (loss) for the period before taxes | 9903 | -€6,468 | -€5,513 | +€955 | +14.8% |
| Profit (loss) for the period | 9904 | -€6,468 | -€5,513 | +€955 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,468 | -€5,513 | +€955 | +14.8% |
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 16 October 2026 via checked.be.