MDA Projects: 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 Projects
Largest movements
- Receivables within one year -€224,184
down €224,184 (-97.7%), from €229,367 to €5,183
of which Trade receivables: -€215,066
- Stocks and contracts +€170,741
up €170,741 (+82.5%), from €207,000 to €377,741
- Trade debts -€219,073
down €219,073 (-89.9%), from €243,627 to €24,553
- Short-term financial debts +€133,875
up €133,875 (+95.1%), from €140,750 to €274,625
- Other debts +€31,691
up €31,691 (+67.8%), from €46,726 to €78,417
- Financial charges +€10,297
up €10,297 (+415.6%), from €2,477 to €12,775
- Other operating charges -€10,021
down €10,021 (-89.2%), from €11,229 to €1,208
- Gross operating margin -€8,716
down €8,716 (-43.2%), from €20,158 to €11,441
- Taxes -€1,379
no longer reported in 2025 (was €1,379)
- Staff costs +€730
new in 2025: €730
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 | €440,564 | €383,789 | -€56,775 | -12.9% |
| Current assets | 29/58 | €440,564 | €383,789 | -€56,775 | -12.9% |
| Stocks and contracts in progress | 3 | €207,000 | €377,741 | +€170,741 | +82.5% |
| Stocks | 30/36 | €207,000 | €377,741 | +€170,741 | +82.5% |
| Amounts receivable within one year | 40/41 | €229,367 | €5,183 | -€224,184 | -97.7% |
| Trade receivables | 40 | €218,666 | €3,600 | -€215,066 | -98.4% |
| Other amounts receivable | 41 | €10,701 | €1,583 | -€9,118 | -85.2% |
| Cash at bank and in hand | 54/58 | €3,633 | €584 | -€3,049 | -83.9% |
| Deferred charges and accrued income | 490/1 | €564 | €281 | -€283 | -50.2% |
| Total equity and liabilities | 10/49 | €440,564 | €383,789 | -€56,775 | -12.9% |
| Equity | 10/15 | €8,083 | €4,815 | -€3,267 | -40.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,083 | €1,815 | -€3,267 | -64.3% |
| Amounts payable | 17/49 | €432,481 | €378,974 | -€53,507 | -12.4% |
| Amounts payable within one year | 42/48 | €432,481 | €378,974 | -€53,507 | -12.4% |
| Financial debts | 43 | €140,750 | €274,625 | +€133,875 | +95.1% |
| Credit institutions | 430/8 | €140,750 | €274,625 | +€133,875 | +95.1% |
| Trade debts | 44 | €243,627 | €24,553 | -€219,073 | -89.9% |
| Suppliers | 440/4 | €243,627 | €24,553 | -€219,073 | -89.9% |
| Taxes, remuneration and social security | 45 | €1,379 | €1,379 | = | 0.0% |
| Taxes | 450/3 | €1,379 | €1,379 | = | 0.0% |
| Other amounts payable | 47/48 | €46,726 | €78,417 | +€31,691 | +67.8% |
| Non-recurring operating income | 76A | - | €0 | +€0 | |
| Remuneration, social security and pensions | 62 | - | €730 | +€730 | |
| Other operating charges | 640/8 | €11,229 | €1,208 | -€10,021 | -89.2% |
| Gross operating margin | 9900 | €20,158 | €11,441 | -€8,716 | -43.2% |
| Operating profit (loss) | 9901 | €8,929 | €9,503 | +€575 | +6.4% |
| Financial income | 75/76B | €10 | €4 | -€6 | -58.9% |
| Recurring financial income | 75 | €10 | €4 | -€6 | -58.9% |
| Financial charges | 65/66B | €2,477 | €12,775 | +€10,297 | +415.6% |
| Recurring financial charges | 65 | €2,477 | €12,775 | +€10,297 | +415.6% |
| Profit (loss) for the period before taxes | 9903 | €6,461 | -€3,267 | -€9,729 | |
| Income taxes | 67/77 | €1,379 | - | -€1,379 | |
| Profit (loss) for the period | 9904 | €5,083 | -€3,267 | -€8,350 | |
| Profit (loss) for the period to be appropriated | 9905 | €5,083 | -€3,267 | -€8,350 |
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.