MDAC IMMO: 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.
MDAC IMMO
Largest movements
- Receivables within one year -€59,086
down €59,086 (-88.3%), from €66,920 to €7,834
of which Other amounts receivable: -€59,086
- Tangible fixed assets -€6,384
down €6,384 (-5.1%), from €125,935 to €119,551
of which Land and buildings: -€6,384
- Reserves -€96,376
down €96,376 (-94.0%), from €102,576 to €6,200
of which Tax-exempt reserves: -€96,376
- Profit (loss) carried forward +€32,819
up €32,819, from -€5,124 to €27,695
- Provisions -€32,126
no longer reported in 2025 (was €32,126)
- Other debts +€30,000
new in 2025: €30,000
- Financial income -€2,729
no longer reported in 2025 (was €2,729)
- Other operating charges -€2,233
down €2,233 (-52.0%), from €4,294 to €2,061
- Gross operating margin +€1,319
up €1,319 (+38.5%), from €3,425 to €4,744
- Taxes +€296
new in 2025: €296
From the 2023 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
A cash bridge needs two consecutive fiscal years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €195,165 | €129,844 | -€65,321 | -33.5% |
| Fixed assets | 21/28 | €125,935 | €119,551 | -€6,384 | -5.1% |
| Tangible fixed assets | 22/27 | €125,935 | €119,551 | -€6,384 | -5.1% |
| Land and buildings | 22 | €95,935 | €89,551 | -€6,384 | -6.7% |
| Other tangible fixed assets | 26 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €69,230 | €10,293 | -€58,937 | -85.1% |
| Amounts receivable within one year | 40/41 | €66,920 | €7,834 | -€59,086 | -88.3% |
| Trade receivables | 40 | €7,161 | €7,161 | = | 0.0% |
| Other amounts receivable | 41 | €59,759 | €673 | -€59,086 | -98.9% |
| Cash at bank and in hand | 54/58 | €52 | €62 | +€10 | +19.2% |
| Deferred charges and accrued income | 490/1 | €2,258 | €2,397 | +€139 | +6.2% |
| Total equity and liabilities | 10/49 | €195,165 | €129,844 | -€65,321 | -33.5% |
| Equity | 10/15 | €159,452 | €95,895 | -€63,557 | -39.9% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €102,576 | €6,200 | -€96,376 | -94.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €96,376 | - | -€96,376 | |
| Profit (loss) carried forward | 14 | -€5,124 | €27,695 | +€32,819 | |
| Provisions and deferred taxes | 16 | €32,126 | - | -€32,126 | |
| Deferred taxes | 168 | €32,126 | - | -€32,126 | |
| Amounts payable | 17/49 | €3,587 | €33,949 | +€30,362 | +846.4% |
| Amounts payable within one year | 42/48 | €3,587 | €33,949 | +€30,362 | +846.4% |
| Trade debts | 44 | €3,587 | €2,151 | -€1,436 | -40.0% |
| Suppliers | 440/4 | €3,587 | €2,151 | -€1,436 | -40.0% |
| Taxes, remuneration and social security | 45 | - | €1,798 | +€1,798 | |
| Taxes | 450/3 | - | €1,798 | +€1,798 | |
| Other amounts payable | 47/48 | - | €30,000 | +€30,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,192 | €3,192 | = | 0.0% |
| Other operating charges | 640/8 | €4,294 | €2,061 | -€2,233 | -52.0% |
| Gross operating margin | 9900 | €3,425 | €4,744 | +€1,319 | +38.5% |
| Operating profit (loss) | 9901 | -€4,061 | -€509 | +€3,552 | +87.5% |
| Financial income | 75/76B | €2,729 | - | -€2,729 | |
| Recurring financial income | 75 | €2,729 | - | -€2,729 | |
| Financial charges | 65/66B | €48 | €63 | +€15 | +31.3% |
| Recurring financial charges | 65 | €48 | €63 | +€15 | +31.3% |
| Profit (loss) for the period before taxes | 9903 | -€1,380 | -€572 | +€808 | +58.6% |
| Income taxes | 67/77 | - | €296 | +€296 | |
| Profit (loss) for the period | 9904 | -€1,380 | -€868 | +€512 | +37.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,380 | -€868 | +€512 | +37.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.