MDAD: 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.
MDAD
Largest movements
- Cash -€7,944
down €7,944 (-16.7%), from €47,672 to €39,728
mainly Trade debts (-€11,005) and Other debts (-€10,163)
- Receivables within one year -€5,015
down €5,015 (-21.2%), from €23,653 to €18,638
of which Trade receivables: -€5,360
- Tangible fixed assets -€3,669
down €3,669 (-20.2%), from €18,178 to €14,509
of which Plant, machinery and equipment: -€2,229
- Trade debts -€11,005
down €11,005 (-47.1%), from €23,360 to €12,354
- Other debts -€10,163
down €10,163 (-43.9%), from €23,134 to €12,971
- Accrued charges and deferred income +€6,200
new in 2025: €6,200
- Profit (loss) carried forward +€5,136
up €5,136 (+55.0%), from -€9,343 to -€4,207
- Debts after one year -€4,941
no longer reported in 2025 (was €4,941)
- Gross operating margin +€9,328
up €9,328 (+10.2%), from €91,252 to €100,579
- Staff costs -€3,426
down €3,426 (-3.8%), from €90,809 to €87,383
- Depreciation +€1,292
up €1,292 (+54.3%), from €2,378 to €3,669
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 | €107,616 | €90,991 | -€16,625 | -15.4% |
| Fixed assets | 21/28 | €18,991 | €15,326 | -€3,665 | -19.3% |
| Tangible fixed assets | 22/27 | €18,178 | €14,509 | -€3,669 | -20.2% |
| Plant, machinery and equipment | 23 | €10,289 | €8,060 | -€2,229 | -21.7% |
| Furniture and vehicles | 24 | €1,423 | €849 | -€574 | -40.3% |
| Other tangible fixed assets | 26 | €6,466 | €5,600 | -€867 | -13.4% |
| Financial fixed assets | 28 | €813 | €817 | +€4 | +0.5% |
| Current assets | 29/58 | €88,625 | €75,666 | -€12,959 | -14.6% |
| Stocks and contracts in progress | 3 | €15,300 | €15,300 | = | 0.0% |
| Stocks | 30/36 | €15,300 | €15,300 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €23,653 | €18,638 | -€5,015 | -21.2% |
| Trade receivables | 40 | €13,653 | €8,293 | -€5,360 | -39.3% |
| Other amounts receivable | 41 | €10,000 | €10,345 | +€345 | +3.5% |
| Cash at bank and in hand | 54/58 | €47,672 | €39,728 | -€7,944 | -16.7% |
| Deferred charges and accrued income | 490/1 | €2,000 | €2,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €107,616 | €90,991 | -€16,625 | -15.4% |
| Equity | 10/15 | €38,870 | €44,005 | +€5,136 | +13.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €29,613 | €29,613 | = | 0.0% |
| Distributable reserves | 133 | €29,613 | €29,613 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,343 | -€4,207 | +€5,136 | +55.0% |
| Amounts payable | 17/49 | €68,746 | €46,986 | -€21,760 | -31.7% |
| Amounts payable after more than one year | 17 | €4,941 | - | -€4,941 | |
| Financial debts | 170/4 | €4,941 | - | -€4,941 | |
| Amounts payable within one year | 42/48 | €63,805 | €40,786 | -€23,019 | -36.1% |
| Current portion of amounts payable after more than one year | 42 | €5,407 | €4,941 | -€466 | -8.6% |
| Trade debts | 44 | €23,360 | €12,354 | -€11,005 | -47.1% |
| Suppliers | 440/4 | €23,360 | €12,354 | -€11,005 | -47.1% |
| Advances received on contracts in progress | 46 | €120 | - | -€120 | |
| Taxes, remuneration and social security | 45 | €11,784 | €10,519 | -€1,265 | -10.7% |
| Taxes | 450/3 | €2,153 | €911 | -€1,242 | -57.7% |
| Remuneration and social security | 454/9 | €9,631 | €9,609 | -€22 | -0.2% |
| Other amounts payable | 47/48 | €23,134 | €12,971 | -€10,163 | -43.9% |
| Accrued charges and deferred income | 492/3 | - | €6,200 | +€6,200 | |
| Remuneration, social security and pensions | 62 | €90,809 | €87,383 | -€3,426 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,378 | €3,669 | +€1,292 | +54.3% |
| Other operating charges | 640/8 | €804 | €867 | +€63 | +7.8% |
| Gross operating margin | 9900 | €91,252 | €100,579 | +€9,328 | +10.2% |
| Operating profit (loss) | 9901 | -€2,739 | €8,660 | +€11,399 | |
| Financial income | 75/76B | €13 | €22 | +€9 | +68.4% |
| Recurring financial income | 75 | €13 | €22 | +€9 | +68.4% |
| Financial charges | 65/66B | €2,853 | €3,546 | +€693 | +24.3% |
| Recurring financial charges | 65 | €2,853 | €3,546 | +€693 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | -€5,579 | €5,136 | +€10,715 | |
| Profit (loss) for the period | 9904 | -€5,579 | €5,136 | +€10,715 | |
| Profit (loss) for the period to be appropriated | 9905 | -€5,579 | €5,136 | +€10,715 |
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.