MDelec: 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.
MDelec
Largest movements
- Tangible fixed assets +€59,556
up €59,556 (+11.5%), from €518,157 to €577,713
of which Furniture and vehicles: +€35,730
- Cash -€40,120
down €40,120 (-14.4%), from €278,343 to €238,223
mainly Investment in fixed assets (net) (-€111,204) and Trade debts (-€60,861)
- Receivables within one year +€29,063
up €29,063 (+55.9%), from €52,007 to €81,070
of which Trade receivables: +€43,694
- Deferred charges and accrued income +€22,624
up €22,624 (+17744.7%), from €128 to €22,752
- Trade debts -€60,861
down €60,861 (-81.1%), from €75,015 to €14,154
- Debts after one year +€49,653
up €49,653 (+12.4%), from €400,296 to €449,949
- Other debts +€45,729
up €45,729 (+113.3%), from €40,352 to €86,082
- Investment grants +€12,825
new in 2025: €12,825
- Current portion of long-term debt +€10,638
up €10,638 (+40.4%), from €26,316 to €36,954
- Gross operating margin +€40,689
up €40,689 (+16.9%), from €241,284 to €281,973
- Staff costs +€34,827
up €34,827 (+49.7%), from €70,032 to €104,859
- Financial charges +€17,852
up €17,852 (+237.5%), from €7,517 to €25,369
of which Financial charges: +€17,012
- Taxes +€3,439
up €3,439 (+15.1%), from €22,701 to €26,140
- Depreciation -€3,124
down €3,124 (-5.5%), from €56,406 to €53,282
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 | €870,650 | €933,508 | +€62,858 | +7.2% |
| Fixed assets | 21/28 | €520,541 | €578,462 | +€57,921 | +11.1% |
| Intangible fixed assets | 21 | €2,167 | €532 | -€1,635 | -75.5% |
| Tangible fixed assets | 22/27 | €518,157 | €577,713 | +€59,556 | +11.5% |
| Land and buildings | 22 | €496,676 | €518,764 | +€22,088 | +4.4% |
| Plant, machinery and equipment | 23 | €6,729 | €8,467 | +€1,738 | +25.8% |
| Furniture and vehicles | 24 | €14,751 | €50,482 | +€35,730 | +242.2% |
| Financial fixed assets | 28 | €218 | €218 | = | 0.0% |
| Current assets | 29/58 | €350,109 | €355,045 | +€4,937 | +1.4% |
| Stocks and contracts in progress | 3 | €19,632 | €13,000 | -€6,632 | -33.8% |
| Stocks | 30/36 | €19,632 | €13,000 | -€6,632 | -33.8% |
| Amounts receivable within one year | 40/41 | €52,007 | €81,070 | +€29,063 | +55.9% |
| Trade receivables | 40 | €32,487 | €76,181 | +€43,694 | +134.5% |
| Other amounts receivable | 41 | €19,520 | €4,889 | -€14,631 | -75.0% |
| Cash at bank and in hand | 54/58 | €278,343 | €238,223 | -€40,120 | -14.4% |
| Deferred charges and accrued income | 490/1 | €128 | €22,752 | +€22,624 | +17744.7% |
| Total equity and liabilities | 10/49 | €870,650 | €933,508 | +€62,858 | +7.2% |
| Equity | 10/15 | €299,709 | €320,908 | +€21,199 | +7.1% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €288,500 | €296,500 | +€8,000 | +2.8% |
| Distributable reserves | 133 | €288,500 | €296,500 | +€8,000 | +2.8% |
| Profit (loss) carried forward | 14 | €1,209 | €1,583 | +€374 | +31.0% |
| Investment grants | 15 | - | €12,825 | +€12,825 | |
| Amounts payable | 17/49 | €570,941 | €612,600 | +€41,659 | +7.3% |
| Amounts payable after more than one year | 17 | €400,296 | €449,949 | +€49,653 | +12.4% |
| Financial debts | 170/4 | €400,296 | €449,949 | +€49,653 | +12.4% |
| Amounts payable within one year | 42/48 | €170,645 | €159,027 | -€11,618 | -6.8% |
| Current portion of amounts payable after more than one year | 42 | €26,316 | €36,954 | +€10,638 | +40.4% |
| Trade debts | 44 | €75,015 | €14,154 | -€60,861 | -81.1% |
| Suppliers | 440/4 | €75,015 | €14,154 | -€60,861 | -81.1% |
| Taxes, remuneration and social security | 45 | €28,962 | €21,837 | -€7,125 | -24.6% |
| Taxes | 450/3 | €23,917 | €12,511 | -€11,406 | -47.7% |
| Remuneration and social security | 454/9 | €5,045 | €9,326 | +€4,281 | +84.9% |
| Other amounts payable | 47/48 | €40,352 | €86,082 | +€45,729 | +113.3% |
| Accrued charges and deferred income | 492/3 | - | €3,624 | +€3,624 | |
| Non-recurring operating income | 76A | €10,256 | €37,023 | +€26,767 | +261.0% |
| Remuneration, social security and pensions | 62 | €70,032 | €104,859 | +€34,827 | +49.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €56,406 | €53,282 | -€3,124 | -5.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €1,749 | +€1,749 | |
| Other operating charges | 640/8 | €690 | €569 | -€121 | -17.5% |
| Non-recurring operating charges | 66A | €10,996 | - | -€10,996 | |
| Gross operating margin | 9900 | €241,284 | €281,973 | +€40,689 | +16.9% |
| Operating profit (loss) | 9901 | €103,160 | €121,514 | +€18,353 | +17.8% |
| Financial income | 75/76B | €1,476 | €3,869 | +€2,394 | +162.2% |
| Recurring financial income | 75 | €1,476 | €3,869 | +€2,394 | +162.2% |
| Financial charges | 65/66B | €7,517 | €25,369 | +€17,852 | +237.5% |
| Recurring financial charges | 65 | €7,517 | €24,529 | +€17,012 | +226.3% |
| Non-recurring financial charges | 66B | - | €840 | +€840 | |
| Profit (loss) for the period before taxes | 9903 | €97,119 | €100,014 | +€2,895 | +3.0% |
| Income taxes | 67/77 | €22,701 | €26,140 | +€3,439 | +15.1% |
| Profit (loss) for the period | 9904 | €74,418 | €73,874 | -€544 | -0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €74,418 | €73,874 | -€544 | -0.7% |
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 8 October 2026 via checked.be.