MDCD: 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
MDCD
NACE 64.210, Activities of holding companies
financial year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€5,332
2024 · €50,695-€45,363
Equity
€4.0m
2024 · €4.0m+€5,332
Cash
€11,044
2024 · €943+€10,101
Balance sheet total
€6.5m
2024 · €6.5m-€84,495
Largest movements
Assets
- Receivables after one year -€75,000
down €75,000 (-9.8%), from €765,486 to €690,486
Equity and liabilities
- Accrued charges and deferred income -€75,313
down €75,313 (-44.0%), from €171,130 to €95,817
Income statement
- Gross operating margin -€59,892
down €59,892 (-33.5%), from €178,687 to €118,795
- Taxes -€15,770
down €15,770 (-80.6%), from €19,554 to €3,784
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
€50,695
Gross operating margin
-€59,892
Other operating charges
-€193
Financial charges
-€1,048
Taxes
+€15,770
Result 2025
€5,332
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.
From operations
+€24,483
Investment
€0
Financing
-€14,381
Cash 2024
€943
From operations (derived)
+€24,483
Net result for the year
+€5,332
Depreciation
+€11,258
Receivables after one year
+€75,000
Receivables within one year
+€8,338
Trade debts
+€76
Tax, wage and social debts
-€208
Accrued charges and deferred income
-€75,313
Financing
-€14,381
Debts after one year
-€7,597
Current portion of long-term debt
-€6,784
Cash 2025
€11,044
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,545,584 | €6,461,089 | -€84,495 | -1.3% |
| Fixed assets | 21/28 | €5,766,182 | €5,754,924 | -€11,258 | -0.2% |
| Tangible fixed assets | 22/27 | €14,312 | €3,054 | -€11,258 | -78.7% |
| Furniture and vehicles | 24 | €14,312 | €3,054 | -€11,258 | -78.7% |
| Financial fixed assets | 28 | €5,751,870 | €5,751,870 | = | 0.0% |
| Current assets | 29/58 | €779,402 | €706,166 | -€73,237 | -9.4% |
| Amounts receivable after more than one year | 29 | €765,486 | €690,486 | -€75,000 | -9.8% |
| Other amounts receivable | 291 | €765,486 | €690,486 | -€75,000 | -9.8% |
| Amounts receivable within one year | 40/41 | €12,974 | €4,636 | -€8,338 | -64.3% |
| Trade receivables | 40 | €2,420 | €2,420 | = | 0.0% |
| Other amounts receivable | 41 | €10,554 | €2,216 | -€8,338 | -79.0% |
| Cash at bank and in hand | 54/58 | €943 | €11,044 | +€10,101 | +1071.8% |
| Total equity and liabilities | 10/49 | €6,545,584 | €6,461,089 | -€84,495 | -1.3% |
| Equity | 10/15 | €4,014,944 | €4,020,275 | +€5,332 | +0.1% |
| Contributions | 10/11 | €3,994,700 | €3,994,700 | = | 0.0% |
| Reserves | 13 | €20,244 | €25,575 | +€5,332 | +26.3% |
| Distributable reserves | 133 | €20,244 | €25,575 | +€5,332 | +26.3% |
| Amounts payable | 17/49 | €2,530,640 | €2,440,814 | -€89,827 | -3.5% |
| Amounts payable after more than one year | 17 | €2,340,245 | €2,332,648 | -€7,597 | -0.3% |
| Financial debts | 170/4 | €3,438 | €0 | -€3,438 | -100.0% |
| Other amounts payable | 178/9 | €2,336,807 | €2,332,648 | -€4,159 | -0.2% |
| Amounts payable within one year | 42/48 | €19,265 | €12,349 | -€6,916 | -35.9% |
| Current portion of amounts payable after more than one year | 42 | €10,222 | €3,438 | -€6,784 | -66.4% |
| Trade debts | 44 | €227 | €303 | +€76 | +33.3% |
| Suppliers | 440/4 | €227 | €303 | +€76 | +33.3% |
| Taxes, remuneration and social security | 45 | €8,816 | €8,609 | -€208 | -2.4% |
| Taxes | 450/3 | €8,816 | €8,609 | -€208 | -2.4% |
| Accrued charges and deferred income | 492/3 | €171,130 | €95,817 | -€75,313 | -44.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,258 | €11,258 | = | 0.0% |
| Other operating charges | 640/8 | €2,089 | €2,282 | +€193 | +9.2% |
| Gross operating margin | 9900 | €178,687 | €118,795 | -€59,892 | -33.5% |
| Operating profit (loss) | 9901 | €165,340 | €105,255 | -€60,085 | -36.3% |
| Financial charges | 65/66B | €95,091 | €96,139 | +€1,048 | +1.1% |
| Recurring financial charges | 65 | €95,091 | €96,139 | +€1,048 | +1.1% |
| Profit (loss) for the period before taxes | 9903 | €70,249 | €9,116 | -€61,133 | -87.0% |
| Income taxes | 67/77 | €19,554 | €3,784 | -€15,770 | -80.6% |
| Profit (loss) for the period | 9904 | €50,695 | €5,332 | -€45,363 | -89.5% |
| Profit (loss) for the period to be appropriated | 9905 | €50,695 | €5,332 | -€45,363 | -89.5% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.