MD84 management: 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.
MD84 management
Largest movements
- Receivables within one year +€52,613
up €52,613 (+75.2%), from €70,007 to €122,620
of which Other amounts receivable: +€70,287
- Tangible fixed assets +€37,824
up €37,824 (+50.2%), from €75,388 to €113,212
- Cash -€8,474
down €8,474 (-67.9%), from €12,476 to €4,002
mainly Investment in fixed assets (net) (-€54,559) and Receivables within one year (-€52,613)
- Reserves +€54,684
up €54,684 (+72.4%), from €75,519 to €130,203
- Debts after one year +€28,391
up €28,391 (+160%), from €17,718 to €46,109
- Trade debts -€16,618
down €16,618 (-100%), from €16,618 to €0
- Tax, wage and social debts +€11,460
up €11,460 (+45.0%), from €25,453 to €36,913
- Current portion of long-term debt +€5,453
up €5,453 (+33.8%), from €16,156 to €21,609
- Gross operating margin -€13,407
down €13,407 (-13.8%), from €97,082 to €83,675
- Depreciation +€10,901
up €10,901 (+187%), from €5,834 to €16,735
- Financial charges -€6,096
down €6,096 (-76.7%), from €7,944 to €1,848
- Financial income +€4,411
new in 2025: €4,411
- Taxes -€3,100
down €3,100 (-18.2%), from €17,000 to €13,900
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 | €157,871 | €239,834 | +€81,963 | +51.9% |
| Fixed assets | 21/28 | €75,388 | €113,212 | +€37,824 | +50.2% |
| Tangible fixed assets | 22/27 | €75,388 | €113,212 | +€37,824 | +50.2% |
| Furniture and vehicles | 24 | €75,388 | €113,212 | +€37,824 | +50.2% |
| Current assets | 29/58 | €82,483 | €126,622 | +€44,139 | +53.5% |
| Amounts receivable within one year | 40/41 | €70,007 | €122,620 | +€52,613 | +75.2% |
| Trade receivables | 40 | €17,674 | €0 | -€17,674 | -100% |
| Other amounts receivable | 41 | €52,333 | €122,620 | +€70,287 | +134% |
| Cash at bank and in hand | 54/58 | €12,476 | €4,002 | -€8,474 | -67.9% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €157,871 | €239,834 | +€81,963 | +51.9% |
| Equity | 10/15 | €80,519 | €135,203 | +€54,684 | +67.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €75,519 | €130,203 | +€54,684 | +72.4% |
| Distributable reserves | 133 | €75,519 | €130,203 | +€54,684 | +72.4% |
| Amounts payable | 17/49 | €77,351 | €104,631 | +€27,279 | +35.3% |
| Amounts payable after more than one year | 17 | €17,718 | €46,109 | +€28,391 | +160% |
| Financial debts | 170/4 | €17,718 | €46,109 | +€28,391 | +160% |
| Amounts payable within one year | 42/48 | €59,634 | €58,521 | -€1,112 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €16,156 | €21,609 | +€5,453 | +33.8% |
| Financial debts | 43 | €1,407 | €0 | -€1,407 | -100% |
| Credit institutions | 430/8 | €1,407 | €0 | -€1,407 | -100% |
| Trade debts | 44 | €16,618 | €0 | -€16,618 | -100% |
| Suppliers | 440/4 | €16,618 | €0 | -€16,618 | -100% |
| Taxes, remuneration and social security | 45 | €25,453 | €36,913 | +€11,460 | +45.0% |
| Taxes | 450/3 | €25,453 | €36,913 | +€11,460 | +45.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,834 | €16,735 | +€10,901 | +187% |
| Other operating charges | 640/8 | €182 | €918 | +€737 | +406% |
| Gross operating margin | 9900 | €97,082 | €83,675 | -€13,407 | -13.8% |
| Operating profit (loss) | 9901 | €91,066 | €66,021 | -€25,045 | -27.5% |
| Financial income | 75/76B | - | €4,411 | +€4,411 | |
| Recurring financial income | 75 | - | €4,411 | +€4,411 | |
| Financial charges | 65/66B | €7,944 | €1,848 | -€6,096 | -76.7% |
| Recurring financial charges | 65 | €7,944 | €1,848 | -€6,096 | -76.7% |
| Profit (loss) for the period before taxes | 9903 | €83,122 | €68,584 | -€14,538 | -17.5% |
| Income taxes | 67/77 | €17,000 | €13,900 | -€3,100 | -18.2% |
| Profit (loss) for the period | 9904 | €66,122 | €54,684 | -€11,438 | -17.3% |
| Profit (loss) for the period to be appropriated | 9905 | €66,122 | €54,684 | -€11,438 | -17.3% |
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 13 October 2026 via checked.be.