MDB Projects: 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 Projects
Largest movements
- Cash -€20,893
down €20,893 (-30.6%), from €68,254 to €47,360
mainly Contributions, distributions and other (-€90,046) and Receivables within one year (-€17,056)
- Receivables within one year +€17,056
up €17,056 (+43.6%), from €39,098 to €56,154
of which Other amounts receivable: +€16,999
- Tangible fixed assets -€8,203
down €8,203 (-46.9%), from €17,476 to €9,274
of which Other tangible fixed assets: -€6,298
- Reserves -€71,940
down €71,940 (-48.4%), from €148,714 to €76,773
- Other debts +€56,400
up €56,400 (+167.6%), from €33,646 to €90,046
- Tax, wage and social debts +€2,065
up €2,065 (+33.3%), from €6,196 to €8,262
- Gross operating margin -€15,840
down €15,840 (-31.1%), from €50,884 to €35,044
- Taxes -€3,371
down €3,371 (-27.0%), from €12,502 to €9,131
- Staff costs -€1,300
down €1,300 (-83.9%), from €1,550 to €250
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 | €196,720 | €184,730 | -€11,990 | -6.1% |
| Fixed assets | 21/28 | €17,476 | €9,274 | -€8,203 | -46.9% |
| Tangible fixed assets | 22/27 | €17,476 | €9,274 | -€8,203 | -46.9% |
| Plant, machinery and equipment | 23 | €3,663 | €2,827 | -€836 | -22.8% |
| Furniture and vehicles | 24 | €3,613 | €2,545 | -€1,068 | -29.6% |
| Other tangible fixed assets | 26 | €10,200 | €3,902 | -€6,298 | -61.7% |
| Current assets | 29/58 | €179,244 | €175,456 | -€3,788 | -2.1% |
| Amounts receivable after more than one year | 29 | €71,050 | €71,050 | = | 0.0% |
| Other amounts receivable | 291 | €71,050 | €71,050 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €39,098 | €56,154 | +€17,056 | +43.6% |
| Trade receivables | 40 | - | €57 | +€57 | |
| Other amounts receivable | 41 | €39,098 | €56,096 | +€16,999 | +43.5% |
| Cash at bank and in hand | 54/58 | €68,254 | €47,360 | -€20,893 | -30.6% |
| Deferred charges and accrued income | 490/1 | €842 | €892 | +€50 | +5.9% |
| Total equity and liabilities | 10/49 | €196,720 | €184,730 | -€11,990 | -6.1% |
| Equity | 10/15 | €154,914 | €82,973 | -€71,940 | -46.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €148,714 | €76,773 | -€71,940 | -48.4% |
| Distributable reserves | 133 | €148,714 | €76,773 | -€71,940 | -48.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €41,806 | €101,756 | +€59,950 | +143.4% |
| Amounts payable within one year | 42/48 | €41,806 | €101,756 | +€59,950 | +143.4% |
| Financial debts | 43 | - | €57 | +€57 | |
| Credit institutions | 430/8 | - | €57 | +€57 | |
| Trade debts | 44 | €1,965 | €3,392 | +€1,427 | +72.6% |
| Suppliers | 440/4 | €1,965 | €3,392 | +€1,427 | +72.6% |
| Taxes, remuneration and social security | 45 | €6,196 | €8,262 | +€2,065 | +33.3% |
| Taxes | 450/3 | €6,196 | €8,262 | +€2,065 | +33.3% |
| Other amounts payable | 47/48 | €33,646 | €90,046 | +€56,400 | +167.6% |
| Remuneration, social security and pensions | 62 | €1,550 | €250 | -€1,300 | -83.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,845 | €9,159 | +€313 | +3.5% |
| Other operating charges | 640/8 | €1,954 | €1,660 | -€294 | -15.1% |
| Gross operating margin | 9900 | €50,884 | €35,044 | -€15,840 | -31.1% |
| Operating profit (loss) | 9901 | €38,534 | €23,975 | -€14,559 | -37.8% |
| Financial income | 75/76B | €3,457 | €3,587 | +€130 | +3.8% |
| Recurring financial income | 75 | €3,457 | €3,587 | +€130 | +3.8% |
| Financial charges | 65/66B | €435 | €326 | -€109 | -25.1% |
| Recurring financial charges | 65 | €435 | €326 | -€109 | -25.1% |
| Profit (loss) for the period before taxes | 9903 | €41,556 | €27,236 | -€14,320 | -34.5% |
| Income taxes | 67/77 | €12,502 | €9,131 | -€3,371 | -27.0% |
| Profit (loss) for the period | 9904 | €29,054 | €18,105 | -€10,948 | -37.7% |
| Profit (loss) for the period to be appropriated | 9905 | €29,054 | €18,105 | -€10,948 | -37.7% |
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 5 October 2026 via checked.be.