MDB: 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.
What changed
MDB
NACE 63.910, Web portal activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€407
2024 · €3,939-€3,532
Equity
€85,303
2024 · €84,895+€407
Cash
€40,247
2024 · €10,931+€29,317
Balance sheet total
€1.4m
2024 · €1.4m-€35,120
Largest movements
Assets
- Tangible fixed assets -€61,449
down €61,449 (-4.7%), from €1.3m to €1.2m
of which Land and buildings: -€50,591
- Cash +€29,317
up €29,317 (+268%), from €10,931 to €40,247
mainly Depreciation (+€61,690) and Trade debts (+€28,318)
Equity and liabilities
- Debts after one year -€85,618
down €85,618 (-7.2%), from €1.2m to €1.1m
of which Financial debts: -€85,618
- Trade debts +€28,318
up €28,318 (+100%), from €28,261 to €56,579
Income statement
- Financial charges -€18,187
down €18,187 (-29.7%), from €61,281 to €43,094
- Staff costs -€5,095
down €5,095 (-9.2%), from €55,119 to €50,024
- Other operating charges -€3,709
down €3,709 (-25.2%), from €14,726 to €11,017
- Gross operating margin -€2,953
down €2,953 (-1.5%), from €201,489 to €198,536
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.
Result 2024
€3,939
Gross operating margin
-€2,953
Staff costs
+€5,095
Depreciation
-€67
Write-downs
+€273
Other operating charges
+€3,709
Other operating items
-€29,939
Financial income
+€194
Financial charges
+€18,187
Taxes
+€1,968
Result 2025
€407
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€103,380
Investment
€0
Financing
-€74,063
Cash 2024
€10,931
From operations (derived)
+€103,380
Net result for the year
+€407
Depreciation
+€61,690
Stocks and contracts
+€80
Receivables within one year
+€1,474
Deferred charges and accrued income
+€1,194
Trade debts
+€28,318
Tax, wage and social debts
+€9,706
Other debts
-€1,775
Accrued charges and deferred income
+€2,286
Financing
-€74,063
Debts after one year
-€85,618
Current portion of long-term debt
+€3,555
Short-term financial debts
+€8,000
Cash 2025
€40,247
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,425,096 | €1,389,976 | -€35,120 | -2.5% |
| Fixed assets | 21/28 | €1,376,949 | €1,315,259 | -€61,690 | -4.5% |
| Intangible fixed assets | 21 | €650 | €409 | -€241 | -37.0% |
| Tangible fixed assets | 22/27 | €1,302,482 | €1,241,033 | -€61,449 | -4.7% |
| Land and buildings | 22 | €1,186,638 | €1,136,046 | -€50,591 | -4.3% |
| Plant, machinery and equipment | 23 | €56,933 | €46,900 | -€10,033 | -17.6% |
| Furniture and vehicles | 24 | €1,485 | €660 | -€825 | -55.5% |
| Assets under construction and advance payments | 27 | €57,426 | €57,426 | = | 0.0% |
| Financial fixed assets | 28 | €73,817 | €73,817 | = | 0.0% |
| Current assets | 29/58 | €48,147 | €74,717 | +€26,570 | +55.2% |
| Stocks and contracts in progress | 3 | €1,695 | €1,615 | -€80 | -4.7% |
| Stocks | 30/36 | €1,695 | €1,615 | -€80 | -4.7% |
| Amounts receivable within one year | 40/41 | €27,359 | €25,885 | -€1,474 | -5.4% |
| Trade receivables | 40 | €21,741 | €19,132 | -€2,609 | -12.0% |
| Other amounts receivable | 41 | €5,618 | €6,753 | +€1,135 | +20.2% |
| Cash at bank and in hand | 54/58 | €10,931 | €40,247 | +€29,317 | +268% |
| Deferred charges and accrued income | 490/1 | €8,163 | €6,969 | -€1,194 | -14.6% |
| Total equity and liabilities | 10/49 | €1,425,096 | €1,389,976 | -€35,120 | -2.5% |
| Equity | 10/15 | €84,895 | €85,303 | +€407 | +0.5% |
| Contributions | 10/11 | €80,000 | €80,000 | = | 0.0% |
| Reserves | 13 | €11,711 | €11,711 | = | 0.0% |
| Distributable reserves | 133 | €11,711 | €11,711 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€6,816 | -€6,408 | +€407 | +6.0% |
| Amounts payable | 17/49 | €1,340,201 | €1,304,673 | -€35,527 | -2.7% |
| Amounts payable after more than one year | 17 | €1,189,528 | €1,103,910 | -€85,618 | -7.2% |
| Financial debts | 170/4 | €1,044,528 | €958,910 | -€85,618 | -8.2% |
| Other amounts payable | 178/9 | €145,000 | €145,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €149,525 | €197,329 | +€47,804 | +32.0% |
| Current portion of amounts payable after more than one year | 42 | €82,063 | €85,618 | +€3,555 | +4.3% |
| Financial debts | 43 | - | €8,000 | +€8,000 | |
| Credit institutions | 430/8 | - | €8,000 | +€8,000 | |
| Trade debts | 44 | €28,261 | €56,579 | +€28,318 | +100% |
| Suppliers | 440/4 | €28,261 | €56,579 | +€28,318 | +100% |
| Advances received on contracts in progress | 46 | €1,725 | €1,725 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €20,566 | €30,273 | +€9,706 | +47.2% |
| Taxes | 450/3 | €13,284 | €26,334 | +€13,050 | +98.2% |
| Remuneration and social security | 454/9 | €7,282 | €3,939 | -€3,343 | -45.9% |
| Other amounts payable | 47/48 | €16,910 | €15,134 | -€1,775 | -10.5% |
| Accrued charges and deferred income | 492/3 | €1,148 | €3,434 | +€2,286 | +199% |
| Non-recurring operating income | 76A | - | €40,519 | +€40,519 | |
| Remuneration, social security and pensions | 62 | €55,119 | €50,024 | -€5,095 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €61,623 | €61,690 | +€67 | +0.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €273 | - | -€273 | |
| Other operating charges | 640/8 | €14,726 | €11,017 | -€3,709 | -25.2% |
| Non-recurring operating charges | 66A | €1,081 | €31,020 | +€29,939 | +2,770% |
| Gross operating margin | 9900 | €201,489 | €198,536 | -€2,953 | -1.5% |
| Operating profit (loss) | 9901 | €68,667 | €44,785 | -€23,881 | -34.8% |
| Financial income | 75/76B | €0 | €194 | +€194 | +970,450% |
| Recurring financial income | 75 | €0 | €134 | +€134 | +670,450% |
| Non-recurring financial income | 76B | - | €60 | +€60 | |
| Financial charges | 65/66B | €61,281 | €43,094 | -€18,187 | -29.7% |
| Recurring financial charges | 65 | €61,281 | €43,094 | -€18,187 | -29.7% |
| Profit (loss) for the period before taxes | 9903 | €7,385 | €1,885 | -€5,500 | -74.5% |
| Income taxes | 67/77 | €3,446 | €1,478 | -€1,968 | -57.1% |
| Profit (loss) for the period | 9904 | €3,939 | €407 | -€3,532 | -89.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,939 | €407 | -€3,532 | -89.7% |
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 15 October 2026 via checked.be.