MDD Construct: 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.
MDD Construct
Largest movements
- Receivables within one year +€106,260
up €106,260 (+46.9%), from €226,581 to €332,840
of which Trade receivables: +€94,558
- Cash -€72,162
down €72,162 (-99.4%), from €72,601 to €439
mainly Receivables within one year (-€106,260) and Tax, wage and social debts (-€8,289)
- Tangible fixed assets -€7,344
down €7,344 (-34.7%), from €21,143 to €13,799
of which Plant, machinery and equipment: -€4,497
- Trade debts +€24,022
up €24,022 (+11.4%), from €210,847 to €234,869
- Advances received +€13,980
up €13,980 (+28.4%), from €49,271 to €63,251
- Tax, wage and social debts -€8,289
down €8,289 (-48.2%), from €17,201 to €8,912
of which Remuneration and social security: -€6,400
- Reserves -€4,478
down €4,478 (-12.1%), from €37,096 to €32,618
- Gross operating margin -€12,653
down €12,653 (-46.8%), from €27,018 to €14,365
- Taxes -€4,390
down €4,390 (-84.8%), from €5,175 to €785
- Other operating charges +€2,023
up €2,023 (+59.3%), from €3,412 to €5,435
- Financial charges +€1,406
up €1,406 (+55.1%), from €2,553 to €3,959
of which Financial charges: +€826
- Financial income -€664
down €664 (-48.5%), from €1,369 to €705
of which Financial income: -€1,246
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 | €320,324 | €347,078 | +€26,753 | +8.4% |
| Fixed assets | 21/28 | €21,143 | €13,799 | -€7,344 | -34.7% |
| Tangible fixed assets | 22/27 | €21,143 | €13,799 | -€7,344 | -34.7% |
| Plant, machinery and equipment | 23 | €14,129 | €9,632 | -€4,497 | -31.8% |
| Furniture and vehicles | 24 | €7,014 | €4,166 | -€2,847 | -40.6% |
| Current assets | 29/58 | €299,182 | €333,279 | +€34,097 | +11.4% |
| Amounts receivable within one year | 40/41 | €226,581 | €332,840 | +€106,260 | +46.9% |
| Trade receivables | 40 | €220,681 | €315,239 | +€94,558 | +42.8% |
| Other amounts receivable | 41 | €5,900 | €17,602 | +€11,702 | +198.3% |
| Cash at bank and in hand | 54/58 | €72,601 | €439 | -€72,162 | -99.4% |
| Total equity and liabilities | 10/49 | €320,324 | €347,078 | +€26,753 | +8.4% |
| Equity | 10/15 | €39,096 | €34,618 | -€4,478 | -11.5% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €37,096 | €32,618 | -€4,478 | -12.1% |
| Distributable reserves | 133 | €37,096 | €32,618 | -€4,478 | -12.1% |
| Amounts payable | 17/49 | €281,228 | €312,460 | +€31,231 | +11.1% |
| Amounts payable within one year | 42/48 | €281,228 | €312,460 | +€31,231 | +11.1% |
| Trade debts | 44 | €210,847 | €234,869 | +€24,022 | +11.4% |
| Suppliers | 440/4 | €210,847 | €234,869 | +€24,022 | +11.4% |
| Advances received on contracts in progress | 46 | €49,271 | €63,251 | +€13,980 | +28.4% |
| Taxes, remuneration and social security | 45 | €17,201 | €8,912 | -€8,289 | -48.2% |
| Taxes | 450/3 | €9,752 | €7,863 | -€1,889 | -19.4% |
| Remuneration and social security | 454/9 | €7,449 | €1,049 | -€6,400 | -85.9% |
| Other amounts payable | 47/48 | €3,909 | €5,428 | +€1,519 | +38.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,997 | €9,369 | +€371 | +4.1% |
| Other operating charges | 640/8 | €3,412 | €5,435 | +€2,023 | +59.3% |
| Gross operating margin | 9900 | €27,018 | €14,365 | -€12,653 | -46.8% |
| Operating profit (loss) | 9901 | €14,609 | -€439 | -€15,048 | |
| Financial income | 75/76B | €1,369 | €705 | -€664 | -48.5% |
| Recurring financial income | 75 | €1,246 | €0 | -€1,246 | -100.0% |
| Non-recurring financial income | 76B | €123 | €705 | +€582 | +471.8% |
| Financial charges | 65/66B | €2,553 | €3,959 | +€1,406 | +55.1% |
| Recurring financial charges | 65 | €358 | €1,184 | +€826 | +230.9% |
| Non-recurring financial charges | 66B | €2,195 | €2,775 | +€579 | +26.4% |
| Profit (loss) for the period before taxes | 9903 | €13,425 | -€3,693 | -€17,118 | |
| Income taxes | 67/77 | €5,175 | €785 | -€4,390 | -84.8% |
| Profit (loss) for the period | 9904 | €8,250 | -€4,478 | -€12,728 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,250 | -€4,478 | -€12,728 |
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 1 October 2026 via checked.be.