MDCF: 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.
MDCF
Largest movements
- Tangible fixed assets -€29,223
down €29,223 (-8.6%), from €340,221 to €310,999
of which Land and buildings: -€18,378
- Cash -€20,632
down €20,632 (-57.7%), from €35,783 to €15,152
mainly Trade debts (-€45,337) and Debts after one year (-€26,400)
- Receivables within one year +€6,866
up €6,866 (+2.3%), from €296,152 to €303,018
of which Other amounts receivable: +€26,062
- Trade debts -€45,337
down €45,337 (-47.0%), from €96,414 to €51,077
- Reserves +€28,032
up €28,032 (+10.6%), from €264,033 to €292,065
of which Distributable reserves: +€28,032
- Debts after one year -€26,400
down €26,400 (-10.8%), from €243,989 to €217,590
- Gross operating margin +€56,183
up €56,183 (+76.7%), from €73,253 to €129,437
- Write-downs +€45,000
new in 2025: €45,000
- Taxes +€7,450
up €7,450 (+93.0%), from €8,015 to €15,466
- Depreciation -€5,426
down €5,426 (-16.5%), from €32,843 to €27,417
- Financial income +€2,158
up €2,158 (+6,744%), from €32 to €2,190
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 | €673,516 | €631,951 | -€41,565 | -6.2% |
| Fixed assets | 21/28 | €340,621 | €311,799 | -€28,823 | -8.5% |
| Tangible fixed assets | 22/27 | €340,221 | €310,999 | -€29,223 | -8.6% |
| Land and buildings | 22 | €324,889 | €306,511 | -€18,378 | -5.7% |
| Plant, machinery and equipment | 23 | €5,415 | €2,832 | -€2,584 | -47.7% |
| Furniture and vehicles | 24 | €5,991 | €1,656 | -€4,335 | -72.4% |
| Leasing and similar rights | 25 | €3,926 | - | -€3,926 | |
| Financial fixed assets | 28 | €400 | €800 | +€400 | +100% |
| Current assets | 29/58 | €332,895 | €320,152 | -€12,742 | -3.8% |
| Amounts receivable within one year | 40/41 | €296,152 | €303,018 | +€6,866 | +2.3% |
| Trade receivables | 40 | €251,233 | €232,037 | -€19,196 | -7.6% |
| Other amounts receivable | 41 | €44,919 | €70,981 | +€26,062 | +58.0% |
| Cash at bank and in hand | 54/58 | €35,783 | €15,152 | -€20,632 | -57.7% |
| Deferred charges and accrued income | 490/1 | €960 | €1,983 | +€1,023 | +107% |
| Total equity and liabilities | 10/49 | €673,516 | €631,951 | -€41,565 | -6.2% |
| Equity | 10/15 | €289,053 | €317,085 | +€28,032 | +9.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €264,033 | €292,065 | +€28,032 | +10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €262,173 | €290,205 | +€28,032 | +10.7% |
| Profit (loss) carried forward | 14 | €6,420 | €6,420 | +€0 | 0.0% |
| Amounts payable | 17/49 | €384,463 | €314,866 | -€69,597 | -18.1% |
| Amounts payable after more than one year | 17 | €243,989 | €217,590 | -€26,400 | -10.8% |
| Financial debts | 170/4 | €243,989 | €217,590 | -€26,400 | -10.8% |
| Amounts payable within one year | 42/48 | €140,474 | €94,463 | -€46,011 | -32.8% |
| Current portion of amounts payable after more than one year | 42 | €30,089 | €26,400 | -€3,690 | -12.3% |
| Trade debts | 44 | €96,414 | €51,077 | -€45,337 | -47.0% |
| Suppliers | 440/4 | €96,414 | €51,077 | -€45,337 | -47.0% |
| Taxes, remuneration and social security | 45 | €13,707 | €16,507 | +€2,800 | +20.4% |
| Taxes | 450/3 | €13,707 | €16,507 | +€2,800 | +20.4% |
| Other amounts payable | 47/48 | €264 | €480 | +€216 | +81.7% |
| Accrued charges and deferred income | 492/3 | - | €2,813 | +€2,813 | |
| Non-recurring operating income | 76A | - | €11,899 | +€11,899 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,843 | €27,417 | -€5,426 | -16.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €45,000 | +€45,000 | |
| Other operating charges | 640/8 | €2,632 | €3,013 | +€381 | +14.5% |
| Gross operating margin | 9900 | €73,253 | €129,437 | +€56,183 | +76.7% |
| Operating profit (loss) | 9901 | €37,778 | €54,007 | +€16,228 | +43.0% |
| Financial income | 75/76B | €32 | €2,190 | +€2,158 | +6,744% |
| Recurring financial income | 75 | €32 | €2,190 | +€2,158 | +6,744% |
| Financial charges | 65/66B | €13,825 | €12,699 | -€1,125 | -8.1% |
| Recurring financial charges | 65 | €13,825 | €11,182 | -€2,643 | -19.1% |
| Non-recurring financial charges | 66B | - | €1,517 | +€1,517 | |
| Profit (loss) for the period before taxes | 9903 | €23,986 | €43,498 | +€19,512 | +81.3% |
| Income taxes | 67/77 | €8,015 | €15,466 | +€7,450 | +93.0% |
| Profit (loss) for the period | 9904 | €15,971 | €28,032 | +€12,061 | +75.5% |
| Profit (loss) for the period to be appropriated | 9905 | €15,971 | €28,032 | +€12,061 | +75.5% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.