MDA PROJECT: what changed
Two fiscal 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.
MDA PROJECT
Largest movements
- Tangible fixed assets +€127,274
up €127,274 (+269.7%), from €47,189 to €174,463
of which Furniture and vehicles: +€71,205
- Stocks and contracts +€20,188
new in 2025: €20,188
- Receivables within one year +€13,859
up €13,859 (+10.1%), from €137,425 to €151,284
of which Trade receivables: +€24,688
- Cash -€9,109
down €9,109 (-14.1%), from €64,526 to €55,417
mainly Investment in fixed assets (net) (-€153,338) and Stocks and contracts (-€20,188)
- Deferred charges and accrued income -€6,349
down €6,349 (-41.1%), from €15,437 to €9,088
- Debts after one year +€93,492
up €93,492 (+4674.6%), from €2,000 to €95,492
- Trade debts +€42,837
up €42,837 (+77.9%), from €54,965 to €97,802
- Current portion of long-term debt +€16,352
up €16,352 (+164.0%), from €9,968 to €26,320
- Gross operating margin -€55,229
down €55,229 (-64.2%), from €85,979 to €30,750
- Taxes -€12,435
down €12,435 (-90.4%), from €13,757 to €1,322
- Financial charges +€3,340
up €3,340 (+234.6%), from €1,424 to €4,764
- Depreciation -€1,520
down €1,520 (-5.5%), from €27,584 to €26,064
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,577 | €410,440 | +€145,863 | +55.1% |
| Fixed assets | 21/28 | €47,189 | €174,463 | +€127,274 | +269.7% |
| Tangible fixed assets | 22/27 | €47,189 | €174,463 | +€127,274 | +269.7% |
| Plant, machinery and equipment | 23 | €8,494 | €7,018 | -€1,476 | -17.4% |
| Furniture and vehicles | 24 | €32,771 | €103,976 | +€71,205 | +217.3% |
| Leasing and similar rights | 25 | €5,924 | €63,469 | +€57,545 | +971.4% |
| Current assets | 29/58 | €217,388 | €235,977 | +€18,589 | +8.6% |
| Stocks and contracts in progress | 3 | - | €20,188 | +€20,188 | |
| Stocks | 30/36 | - | €20,188 | +€20,188 | |
| Amounts receivable within one year | 40/41 | €137,425 | €151,284 | +€13,859 | +10.1% |
| Trade receivables | 40 | €124,289 | €148,977 | +€24,688 | +19.9% |
| Other amounts receivable | 41 | €13,136 | €2,307 | -€10,829 | -82.4% |
| Cash at bank and in hand | 54/58 | €64,526 | €55,417 | -€9,109 | -14.1% |
| Deferred charges and accrued income | 490/1 | €15,437 | €9,088 | -€6,349 | -41.1% |
| Total equity and liabilities | 10/49 | €264,577 | €410,440 | +€145,863 | +55.1% |
| Equity | 10/15 | €168,253 | €164,691 | -€3,562 | -2.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €159,553 | €155,991 | -€3,562 | -2.2% |
| Amounts payable | 17/49 | €96,324 | €245,749 | +€149,425 | +155.1% |
| Amounts payable after more than one year | 17 | €2,000 | €95,492 | +€93,492 | +4674.6% |
| Financial debts | 170/4 | €2,000 | €95,492 | +€93,492 | +4674.6% |
| Amounts payable within one year | 42/48 | €90,857 | €148,832 | +€57,975 | +63.8% |
| Current portion of amounts payable after more than one year | 42 | €9,968 | €26,320 | +€16,352 | +164.0% |
| Trade debts | 44 | €54,965 | €97,802 | +€42,837 | +77.9% |
| Suppliers | 440/4 | €54,965 | €97,802 | +€42,837 | +77.9% |
| Taxes, remuneration and social security | 45 | €18,102 | €19,244 | +€1,142 | +6.3% |
| Taxes | 450/3 | €14,046 | €15,528 | +€1,482 | +10.6% |
| Remuneration and social security | 454/9 | €4,056 | €3,716 | -€340 | -8.4% |
| Other amounts payable | 47/48 | €7,822 | €5,466 | -€2,356 | -30.1% |
| Accrued charges and deferred income | 492/3 | €3,467 | €1,425 | -€2,042 | -58.9% |
| Non-recurring operating income | 76A | €21,090 | €36,680 | +€15,590 | +73.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,584 | €26,064 | -€1,520 | -5.5% |
| Other operating charges | 640/8 | €1,699 | €1,503 | -€196 | -11.5% |
| Non-recurring operating charges | 66A | - | €686 | +€686 | |
| Gross operating margin | 9900 | €85,979 | €30,750 | -€55,229 | -64.2% |
| Operating profit (loss) | 9901 | €56,696 | €2,497 | -€54,199 | -95.6% |
| Financial income | 75/76B | - | €27 | +€27 | |
| Recurring financial income | 75 | - | €27 | +€27 | |
| Financial charges | 65/66B | €1,424 | €4,764 | +€3,340 | +234.6% |
| Recurring financial charges | 65 | €1,424 | €4,764 | +€3,340 | +234.6% |
| Profit (loss) for the period before taxes | 9903 | €55,272 | -€2,240 | -€57,512 | |
| Income taxes | 67/77 | €13,757 | €1,322 | -€12,435 | -90.4% |
| Profit (loss) for the period | 9904 | €41,515 | -€3,562 | -€45,077 | |
| Profit (loss) for the period to be appropriated | 9905 | €41,515 | -€3,562 | -€45,077 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.