MD Xpertise: 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 Xpertise
Largest movements
- Financial fixed assets +€166,056
new in 2025: €166,056
- Receivables within one year -€22,816
down €22,816 (-46.3%), from €49,253 to €26,437
of which Other amounts receivable: -€34,909
- Deferred charges and accrued income +€5,747
up €5,747 (+3,486%), from €165 to €5,912
- Other debts +€76,288
new in 2025: €76,288
- Reserves +€50,303
new in 2025: €50,303
- Tax, wage and social debts +€22,420
up €22,420 (+214%), from €10,464 to €32,884
- Trade debts +€2,652
up €2,652 (+318%), from €833 to €3,485
- Gross operating margin +€30,834
up €30,834 (+65.8%), from €46,842 to €77,677
- Taxes +€15,672
up €15,672 (+160%), from €9,793 to €25,464
- Depreciation +€1,300
up €1,300 (+2,678%), from €49 to €1,348
- Financial income -€981
down €981 (-90.4%), from €1,086 to €105
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 | €50,772 | €202,933 | +€152,161 | +300% |
| Fixed assets | 21/28 | €1,116 | €169,625 | +€168,509 | +15,100% |
| Intangible fixed assets | 21 | - | €1,077 | +€1,077 | |
| Tangible fixed assets | 22/27 | €1,116 | €2,491 | +€1,375 | +123% |
| Furniture and vehicles | 24 | €1,116 | €2,491 | +€1,375 | +123% |
| Financial fixed assets | 28 | - | €166,056 | +€166,056 | |
| Current assets | 29/58 | €49,656 | €33,308 | -€16,347 | -32.9% |
| Amounts receivable within one year | 40/41 | €49,253 | €26,437 | -€22,816 | -46.3% |
| Trade receivables | 40 | €14,069 | €26,162 | +€12,094 | +86.0% |
| Other amounts receivable | 41 | €35,184 | €275 | -€34,909 | -99.2% |
| Cash at bank and in hand | 54/58 | €238 | €960 | +€721 | +303% |
| Deferred charges and accrued income | 490/1 | €165 | €5,912 | +€5,747 | +3,486% |
| Total equity and liabilities | 10/49 | €50,772 | €202,933 | +€152,161 | +300% |
| Equity | 10/15 | €38,975 | €89,278 | +€50,303 | +129% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | - | €50,303 | +€50,303 | |
| Distributable reserves | 133 | - | €50,303 | +€50,303 | |
| Profit (loss) carried forward | 14 | €37,475 | €37,475 | +€0 | 0.0% |
| Amounts payable | 17/49 | €11,797 | €113,655 | +€101,858 | +863% |
| Amounts payable within one year | 42/48 | €11,797 | €113,655 | +€101,858 | +863% |
| Trade debts | 44 | €833 | €3,485 | +€2,652 | +318% |
| Suppliers | 440/4 | €833 | €3,485 | +€2,652 | +318% |
| Advances received on contracts in progress | 46 | €500 | €997 | +€497 | +99.5% |
| Taxes, remuneration and social security | 45 | €10,464 | €32,884 | +€22,420 | +214% |
| Taxes | 450/3 | €10,464 | €32,884 | +€22,420 | +214% |
| Other amounts payable | 47/48 | - | €76,288 | +€76,288 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €49 | €1,348 | +€1,300 | +2,678% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €46,842 | €77,677 | +€30,834 | +65.8% |
| Operating profit (loss) | 9901 | €46,406 | €75,929 | +€29,522 | +63.6% |
| Financial income | 75/76B | €1,086 | €105 | -€981 | -90.4% |
| Recurring financial income | 75 | €1,086 | €105 | -€981 | -90.4% |
| Financial charges | 65/66B | €225 | €266 | +€41 | +18.1% |
| Recurring financial charges | 65 | €225 | €266 | +€41 | +18.1% |
| Profit (loss) for the period before taxes | 9903 | €47,267 | €75,767 | +€28,500 | +60.3% |
| Income taxes | 67/77 | €9,793 | €25,464 | +€15,672 | +160% |
| Profit (loss) for the period | 9904 | €37,475 | €50,303 | +€12,829 | +34.2% |
| Profit (loss) for the period to be appropriated | 9905 | €37,475 | €50,303 | +€12,829 | +34.2% |
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 15 October 2026 via checked.be.