MDAB: 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.
MDAB
Largest movements
- Receivables within one year +€134,212
up €134,212 (+906%), from €14,810 to €149,022
of which Trade receivables: +€69,759
- Stocks and contracts -€19,777
down €19,777 (-66.1%), from €29,942 to €10,165
- Cash +€7,981
up €7,981 (+44.9%), from €17,765 to €25,746
mainly Net result for the year (+€54,028) and Tax, wage and social debts (+€39,270)
- Tangible fixed assets +€2,941
up €2,941 (+15.2%), from €19,355 to €22,296
of which Furniture and vehicles: +€1,565
- Profit (loss) carried forward +€54,028
up €54,028, from -€17,796 to €36,231
- Tax, wage and social debts +€39,270
up €39,270 (+238%), from €16,528 to €55,798
of which Remuneration and social security: +€25,621
- Trade debts +€21,809
up €21,809 (+23.6%), from €92,508 to €114,317
- Advances received +€8,723
new in 2024: €8,723
- Gross operating margin +€65,654
up €65,654 (+41.8%), from €157,107 to €222,761
- Staff costs +€14,471
up €14,471 (+11.7%), from €123,652 to €138,122
- Other operating charges -€8,708
down €8,708 (-41.2%), from €21,140 to €12,432
- Depreciation +€2,987
up €2,987 (+41.0%), from €7,293 to €10,280
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €99,773 | €223,130 | +€123,357 | +124% |
| Fixed assets | 21/28 | €37,255 | €38,196 | +€941 | +2.5% |
| Intangible fixed assets | 21 | €8,000 | €6,000 | -€2,000 | -25.0% |
| Tangible fixed assets | 22/27 | €19,355 | €22,296 | +€2,941 | +15.2% |
| Plant, machinery and equipment | 23 | €7,331 | €8,467 | +€1,137 | +15.5% |
| Furniture and vehicles | 24 | €3,347 | €4,913 | +€1,565 | +46.8% |
| Other tangible fixed assets | 26 | €8,677 | €8,916 | +€239 | +2.8% |
| Financial fixed assets | 28 | €9,900 | €9,900 | = | 0.0% |
| Current assets | 29/58 | €62,518 | €184,934 | +€122,416 | +196% |
| Stocks and contracts in progress | 3 | €29,942 | €10,165 | -€19,777 | -66.1% |
| Stocks | 30/36 | €29,942 | €10,165 | -€19,777 | -66.1% |
| Amounts receivable within one year | 40/41 | €14,810 | €149,022 | +€134,212 | +906% |
| Trade receivables | 40 | €13,946 | €83,705 | +€69,759 | +500% |
| Other amounts receivable | 41 | €864 | €65,318 | +€64,454 | +7,457% |
| Cash at bank and in hand | 54/58 | €17,765 | €25,746 | +€7,981 | +44.9% |
| Total equity and liabilities | 10/49 | €99,773 | €223,130 | +€123,357 | +124% |
| Equity | 10/15 | -€9,736 | €44,291 | +€54,028 | |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,796 | €36,231 | +€54,028 | |
| Amounts payable | 17/49 | €109,509 | €178,838 | +€69,329 | +63.3% |
| Amounts payable within one year | 42/48 | €109,509 | €178,838 | +€69,329 | +63.3% |
| Trade debts | 44 | €92,508 | €114,317 | +€21,809 | +23.6% |
| Suppliers | 440/4 | €92,508 | €114,317 | +€21,809 | +23.6% |
| Advances received on contracts in progress | 46 | - | €8,723 | +€8,723 | |
| Taxes, remuneration and social security | 45 | €16,528 | €55,798 | +€39,270 | +238% |
| Taxes | 450/3 | €2,688 | €16,337 | +€13,649 | +508% |
| Remuneration and social security | 454/9 | €13,840 | €39,461 | +€25,621 | +185% |
| Other amounts payable | 47/48 | €473 | - | -€473 | |
| Remuneration, social security and pensions | 62 | €123,652 | €138,122 | +€14,471 | +11.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,293 | €10,280 | +€2,987 | +41.0% |
| Other operating charges | 640/8 | €21,140 | €12,432 | -€8,708 | -41.2% |
| Gross operating margin | 9900 | €157,107 | €222,761 | +€65,654 | +41.8% |
| Operating profit (loss) | 9901 | €5,022 | €61,927 | +€56,905 | +1,133% |
| Financial income | 75/76B | €205 | €1,848 | +€1,643 | +803% |
| Recurring financial income | 75 | €205 | €1,848 | +€1,643 | +803% |
| Financial charges | 65/66B | €9,280 | €9,570 | +€289 | +3.1% |
| Recurring financial charges | 65 | €9,280 | €9,570 | +€289 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | -€4,054 | €54,204 | +€58,258 | |
| Income taxes | 67/77 | €1,022 | €177 | -€845 | -82.7% |
| Profit (loss) for the period | 9904 | -€5,076 | €54,028 | +€59,103 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,076 | €54,028 | +€59,103 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.