MDB: 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.
MDB
Largest movements
- Receivables within one year -€68,389
down €68,389 (-60.5%), from €113,000 to €44,611
of which Trade receivables: -€81,652
- Cash +€32,210
up €32,210 (+2166.8%), from €1,487 to €33,697
mainly Receivables within one year (+€68,389) and Depreciation (+€50,167)
- Tangible fixed assets +€20,885
up €20,885 (+6.7%), from €310,380 to €331,264
of which Leasing and similar rights: +€50,947
- Stocks and contracts -€18,955
down €18,955 (-44.3%), from €42,805 to €23,850
- Trade debts -€50,522
down €50,522 (-70.4%), from €71,800 to €21,278
- Debts after one year +€16,141
up €16,141 (+7.0%), from €230,006 to €246,147
- Current portion of long-term debt +€12,115
up €12,115 (+53.4%), from €22,700 to €34,815
- Tax, wage and social debts -€12,038
no longer reported in 2025 (was €12,038)
- Other debts +€9,330
up €9,330 (+242.7%), from €3,844 to €13,173
- Purchases and services +€93,306
up €93,306 (+39.8%), from €234,662 to €327,968
- Turnover +€66,865
up €66,865 (+21.5%), from €310,753 to €377,618
- Write-downs -€37,500
no longer reported in 2025 (was €37,500)
- Gross operating margin -€23,874
down €23,874 (-31.3%), from €76,307 to €52,433
- Depreciation +€15,601
up €15,601 (+45.1%), from €34,566 to €50,167
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 | €468,228 | €434,896 | -€33,332 | -7.1% |
| Fixed assets | 21/28 | €310,936 | €331,821 | +€20,885 | +6.7% |
| Tangible fixed assets | 22/27 | €310,380 | €331,264 | +€20,885 | +6.7% |
| Land and buildings | 22 | €267,598 | €257,238 | -€10,361 | -3.9% |
| Plant, machinery and equipment | 23 | €38,667 | €23,080 | -€15,587 | -40.3% |
| Furniture and vehicles | 24 | €4,115 | - | -€4,115 | |
| Leasing and similar rights | 25 | - | €50,947 | +€50,947 | |
| Financial fixed assets | 28 | €556 | €556 | = | 0.0% |
| Current assets | 29/58 | €157,291 | €103,075 | -€54,216 | -34.5% |
| Stocks and contracts in progress | 3 | €42,805 | €23,850 | -€18,955 | -44.3% |
| Stocks | 30/36 | €42,805 | €23,850 | -€18,955 | -44.3% |
| Amounts receivable within one year | 40/41 | €113,000 | €44,611 | -€68,389 | -60.5% |
| Trade receivables | 40 | €112,406 | €30,754 | -€81,652 | -72.6% |
| Other amounts receivable | 41 | €594 | €13,857 | +€13,263 | +2233.9% |
| Cash at bank and in hand | 54/58 | €1,487 | €33,697 | +€32,210 | +2166.8% |
| Deferred charges and accrued income | 490/1 | - | €917 | +€917 | |
| Total equity and liabilities | 10/49 | €468,228 | €434,896 | -€33,332 | -7.1% |
| Equity | 10/15 | €119,126 | €110,767 | -€8,358 | -7.0% |
| Contributions | 10/11 | €10 | €10 | = | 0.0% |
| Reserves | 13 | €121,000 | €121,000 | = | 0.0% |
| Distributable reserves | 133 | €121,000 | €121,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,884 | -€10,243 | -€8,358 | -443.5% |
| Amounts payable | 17/49 | €349,102 | €324,128 | -€24,974 | -7.2% |
| Amounts payable after more than one year | 17 | €230,006 | €246,147 | +€16,141 | +7.0% |
| Financial debts | 170/4 | €230,006 | €246,147 | +€16,141 | +7.0% |
| Amounts payable within one year | 42/48 | €110,381 | €69,267 | -€41,115 | -37.2% |
| Current portion of amounts payable after more than one year | 42 | €22,700 | €34,815 | +€12,115 | +53.4% |
| Trade debts | 44 | €71,800 | €21,278 | -€50,522 | -70.4% |
| Suppliers | 440/4 | €71,800 | €21,278 | -€50,522 | -70.4% |
| Taxes, remuneration and social security | 45 | €12,038 | - | -€12,038 | |
| Taxes | 450/3 | €12,038 | - | -€12,038 | |
| Other amounts payable | 47/48 | €3,844 | €13,173 | +€9,330 | +242.7% |
| Accrued charges and deferred income | 492/3 | €8,715 | €8,715 | = | 0.0% |
| Turnover | 70 | €310,753 | €377,618 | +€66,865 | +21.5% |
| Goods, raw materials, services and sundry goods | 60/61 | €234,662 | €327,968 | +€93,306 | +39.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,566 | €50,167 | +€15,601 | +45.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €37,500 | - | -€37,500 | |
| Other operating charges | 640/8 | €2,136 | €1,558 | -€578 | -27.0% |
| Gross operating margin | 9900 | €76,307 | €52,433 | -€23,874 | -31.3% |
| Operating profit (loss) | 9901 | €2,105 | €707 | -€1,397 | -66.4% |
| Financial income | 75/76B | €219 | €870 | +€651 | +297.1% |
| Recurring financial income | 75 | €219 | €870 | +€651 | +297.1% |
| Financial charges | 65/66B | €7,558 | €9,730 | +€2,172 | +28.7% |
| Recurring financial charges | 65 | €7,558 | €9,730 | +€2,172 | +28.7% |
| Profit (loss) for the period before taxes | 9903 | -€5,235 | -€8,153 | -€2,918 | -55.7% |
| Income taxes | 67/77 | - | €205 | +€205 | |
| Profit (loss) for the period | 9904 | -€5,235 | -€8,358 | -€3,124 | -59.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€5,235 | -€8,358 | -€3,124 | -59.7% |
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.