Mdek: 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.
Mdek
Largest movements
- Receivables within one year -€18,927
down €18,927 (-42.2%), from €44,849 to €25,923
of which Trade receivables: -€23,955
- Tangible fixed assets +€9,198
up €9,198 (+2.5%), from €367,889 to €377,087
of which Leasing and similar rights: +€31,947
- Deferred charges and accrued income -€5,817
down €5,817 (-98.8%), from €5,888 to €71
- Trade debts -€43,924
down €43,924 (-61.6%), from €71,350 to €27,426
- Profit (loss) carried forward +€13,808
no longer reported in 2025 (was -€13,808)
- Current portion of long-term debt +€7,724
up €7,724 (+36.9%), from €20,925 to €28,649
- Gross operating margin +€30,145
up €30,145 (+121.5%), from €24,816 to €54,960
- Depreciation +€3,629
up €3,629 (+16.2%), from €22,389 to €26,018
- Taxes +€2,113
new in 2025: €2,113
- Financial charges -€1,942
down €1,942 (-16.4%), from €11,816 to €9,874
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 | €476,994 | €459,099 | -€17,894 | -3.8% |
| Fixed assets | 21/28 | €367,889 | €377,087 | +€9,198 | +2.5% |
| Tangible fixed assets | 22/27 | €367,889 | €377,087 | +€9,198 | +2.5% |
| Land and buildings | 22 | €339,281 | €326,644 | -€12,637 | -3.7% |
| Plant, machinery and equipment | 23 | €4,076 | €1,945 | -€2,131 | -52.3% |
| Furniture and vehicles | 24 | €24,533 | €16,552 | -€7,981 | -32.5% |
| Leasing and similar rights | 25 | - | €31,947 | +€31,947 | |
| Current assets | 29/58 | €109,105 | €82,012 | -€27,092 | -24.8% |
| Stocks and contracts in progress | 3 | €4,574 | €4,574 | = | 0.0% |
| Stocks | 30/36 | €4,574 | €4,574 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €44,849 | €25,923 | -€18,927 | -42.2% |
| Trade receivables | 40 | €36,855 | €12,900 | -€23,955 | -65.0% |
| Other amounts receivable | 41 | €7,995 | €13,023 | +€5,028 | +62.9% |
| Current investments | 50/53 | €34,000 | €34,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €19,793 | €17,444 | -€2,349 | -11.9% |
| Deferred charges and accrued income | 490/1 | €5,888 | €71 | -€5,817 | -98.8% |
| Total equity and liabilities | 10/49 | €476,994 | €459,099 | -€17,894 | -3.8% |
| Equity | 10/15 | €89,909 | €104,252 | +€14,343 | +16.0% |
| Contributions | 10/11 | €500 | €500 | = | 0.0% |
| Reserves | 13 | €103,217 | €103,752 | +€534 | +0.5% |
| Non-distributable reserves | 130/1 | €34,000 | €34,000 | = | 0.0% |
| Own shares acquired | 1312 | €34,000 | €34,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,360 | €11,360 | = | 0.0% |
| Distributable reserves | 133 | €57,857 | €58,392 | +€534 | +0.9% |
| Profit (loss) carried forward | 14 | -€13,808 | - | +€13,808 | |
| Amounts payable | 17/49 | €387,085 | €354,848 | -€32,237 | -8.3% |
| Amounts payable after more than one year | 17 | €292,053 | €291,811 | -€242 | -0.1% |
| Financial debts | 170/4 | €292,053 | €291,811 | -€242 | -0.1% |
| Amounts payable within one year | 42/48 | €95,032 | €63,037 | -€31,995 | -33.7% |
| Current portion of amounts payable after more than one year | 42 | €20,925 | €28,649 | +€7,724 | +36.9% |
| Trade debts | 44 | €71,350 | €27,426 | -€43,924 | -61.6% |
| Suppliers | 440/4 | €71,350 | €27,426 | -€43,924 | -61.6% |
| Advances received on contracts in progress | 46 | - | €1,431 | +€1,431 | |
| Taxes, remuneration and social security | 45 | €2,757 | €5,532 | +€2,775 | +100.6% |
| Taxes | 450/3 | €2,757 | €5,532 | +€2,775 | +100.6% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,389 | €26,018 | +€3,629 | +16.2% |
| Other operating charges | 640/8 | €2,753 | €2,345 | -€409 | -14.9% |
| Non-recurring operating charges | 66A | - | €133 | +€133 | |
| Gross operating margin | 9900 | €24,816 | €54,960 | +€30,145 | +121.5% |
| Operating profit (loss) | 9901 | -€327 | €25,965 | +€26,292 | |
| Financial income | 75/76B | - | €365 | +€365 | |
| Recurring financial income | 75 | - | €365 | +€365 | |
| Financial charges | 65/66B | €11,816 | €9,874 | -€1,942 | -16.4% |
| Recurring financial charges | 65 | €11,816 | €9,874 | -€1,942 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | -€12,143 | €16,456 | +€28,599 | |
| Income taxes | 67/77 | - | €2,113 | +€2,113 | |
| Profit (loss) for the period | 9904 | -€12,143 | €14,343 | +€26,485 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,143 | €14,343 | +€26,485 |
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 2 October 2026 via checked.be.