MD-X: 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-X
Largest movements
- Tangible fixed assets +€43,680
up €43,680 (+430%), from €10,156 to €53,836
- Cash -€16,556
down €16,556 (-42.4%), from €39,061 to €22,505
mainly Investment in fixed assets (net) (-€51,114) and Other debts (-€32,569)
- Receivables after one year -€14,000
down €14,000 (-100%), from €14,000 to €0
- Deferred charges and accrued income +€7,210
up €7,210 (+73.7%), from €9,776 to €16,986
- Receivables within one year +€2,394
up €2,394 (+24.4%), from €9,814 to €12,208
- Reserves +€54,682
up €54,682 (+6,460%), from €847 to €55,529
of which Distributable reserves: +€54,682
- Other debts -€32,569
down €32,569 (-54.1%), from €60,163 to €27,594
- Gross operating margin +€45,817
up €45,817 (+132%), from €34,785 to €80,601
- Taxes +€9,176
up €9,176 (+135%), from €6,816 to €15,991
- Depreciation -€2,394
down €2,394 (-24.4%), from €9,828 to €7,434
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 | €82,807 | €105,535 | +€22,728 | +27.4% |
| Fixed assets | 21/28 | €10,156 | €53,836 | +€43,680 | +430% |
| Tangible fixed assets | 22/27 | €10,156 | €53,836 | +€43,680 | +430% |
| Furniture and vehicles | 24 | €10,156 | €53,836 | +€43,680 | +430% |
| Current assets | 29/58 | €72,651 | €51,699 | -€20,952 | -28.8% |
| Amounts receivable after more than one year | 29 | €14,000 | €0 | -€14,000 | -100% |
| Other amounts receivable | 291 | €14,000 | €0 | -€14,000 | -100% |
| Amounts receivable within one year | 40/41 | €9,814 | €12,208 | +€2,394 | +24.4% |
| Other amounts receivable | 41 | €9,814 | €12,208 | +€2,394 | +24.4% |
| Cash at bank and in hand | 54/58 | €39,061 | €22,505 | -€16,556 | -42.4% |
| Deferred charges and accrued income | 490/1 | €9,776 | €16,986 | +€7,210 | +73.7% |
| Total equity and liabilities | 10/49 | €82,807 | €105,535 | +€22,728 | +27.4% |
| Equity | 10/15 | €19,447 | €74,129 | +€54,682 | +281% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €847 | €55,529 | +€54,682 | +6,460% |
| Tax-exempt reserves | 132 | €155 | €155 | = | 0.0% |
| Distributable reserves | 133 | €691 | €55,373 | +€54,682 | +7,912% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €63,360 | €31,406 | -€31,954 | -50.4% |
| Amounts payable within one year | 42/48 | €63,360 | €31,007 | -€32,354 | -51.1% |
| Trade debts | 44 | €197 | €412 | +€215 | +109% |
| Suppliers | 440/4 | €197 | €412 | +€215 | +109% |
| Taxes, remuneration and social security | 45 | €3,000 | €3,000 | = | 0.0% |
| Taxes | 450/3 | €3,000 | €3,000 | = | 0.0% |
| Other amounts payable | 47/48 | €60,163 | €27,594 | -€32,569 | -54.1% |
| Accrued charges and deferred income | 492/3 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,828 | €7,434 | -€2,394 | -24.4% |
| Other operating charges | 640/8 | €969 | €999 | +€31 | +3.2% |
| Gross operating margin | 9900 | €34,785 | €80,601 | +€45,817 | +132% |
| Operating profit (loss) | 9901 | €23,988 | €72,169 | +€48,180 | +201% |
| Financial income | 75/76B | €379 | €379 | = | 0.0% |
| Recurring financial income | 75 | €379 | €379 | = | 0.0% |
| Financial charges | 65/66B | €196 | €154 | -€42 | -21.3% |
| Recurring financial charges | 65 | €196 | €154 | -€42 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €24,172 | €72,394 | +€48,222 | +199% |
| Income taxes | 67/77 | €6,816 | €15,991 | +€9,176 | +135% |
| Profit (loss) for the period | 9904 | €17,356 | €56,402 | +€39,047 | +225% |
| Profit (loss) for the period to be appropriated | 9905 | €17,356 | €56,402 | +€39,047 | +225% |
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 14 October 2026 via checked.be.