MDES Managment: 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.
MDES Managment
Largest movements
- Cash -€44,342
down €44,342 (-25.2%), from €176,223 to €131,882
mainly Contributions, distributions and other (-€51,000) and Tax, wage and social debts (-€32,153)
- Tangible fixed assets +€5,518
up €5,518 (+133%), from €4,137 to €9,655
- Deferred charges and accrued income +€4,974
up €4,974 (+5,302%), from €94 to €5,068
- Tax, wage and social debts -€32,153
down €32,153 (-95.8%), from €33,554 to €1,401
- Other debts +€19,204
up €19,204 (+153%), from €12,528 to €31,732
- Profit (loss) carried forward -€17,115
down €17,115 (-12.0%), from €142,307 to €125,192
- Trade debts -€3,422
down €3,422 (-50.7%), from €6,745 to €3,324
- Accrued charges and deferred income -€2,170
down €2,170 (-100%), from €2,170 to €0
- Financial income -€49,000
down €49,000 (-50.0%), from €98,000 to €49,000
- Gross operating margin -€41,817
down €41,817, from €29,780 to -€12,037
- Taxes -€7,822
down €7,822, from €7,674 to -€148
- Depreciation +€1,246
up €1,246 (+214%), from €583 to €1,829
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 | €207,304 | €171,648 | -€35,656 | -17.2% |
| Fixed assets | 21/28 | €16,637 | €22,155 | +€5,518 | +33.2% |
| Tangible fixed assets | 22/27 | €4,137 | €9,655 | +€5,518 | +133% |
| Furniture and vehicles | 24 | €4,137 | €9,655 | +€5,518 | +133% |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €190,668 | €149,493 | -€41,175 | -21.6% |
| Amounts receivable within one year | 40/41 | €14,351 | €12,543 | -€1,807 | -12.6% |
| Trade receivables | 40 | €14,351 | €7,895 | -€6,455 | -45.0% |
| Other amounts receivable | 41 | - | €4,648 | +€4,648 | |
| Cash at bank and in hand | 54/58 | €176,223 | €131,882 | -€44,342 | -25.2% |
| Deferred charges and accrued income | 490/1 | €94 | €5,068 | +€4,974 | +5,302% |
| Total equity and liabilities | 10/49 | €207,304 | €171,648 | -€35,656 | -17.2% |
| Equity | 10/15 | €152,307 | €135,192 | -€17,115 | -11.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,307 | €125,192 | -€17,115 | -12.0% |
| Amounts payable | 17/49 | €54,998 | €36,456 | -€18,541 | -33.7% |
| Amounts payable within one year | 42/48 | €52,828 | €36,456 | -€16,372 | -31.0% |
| Trade debts | 44 | €6,745 | €3,324 | -€3,422 | -50.7% |
| Suppliers | 440/4 | €6,745 | €3,324 | -€3,422 | -50.7% |
| Taxes, remuneration and social security | 45 | €33,554 | €1,401 | -€32,153 | -95.8% |
| Taxes | 450/3 | €33,554 | €1,401 | -€32,153 | -95.8% |
| Other amounts payable | 47/48 | €12,528 | €31,732 | +€19,204 | +153% |
| Accrued charges and deferred income | 492/3 | €2,170 | €0 | -€2,170 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €583 | €1,829 | +€1,246 | +214% |
| Other operating charges | 640/8 | €920 | €700 | -€220 | -23.9% |
| Gross operating margin | 9900 | €29,780 | -€12,037 | -€41,817 | |
| Operating profit (loss) | 9901 | €28,277 | -€14,566 | -€42,843 | |
| Financial income | 75/76B | €98,000 | €49,000 | -€49,000 | -50.0% |
| Recurring financial income | 75 | €98,000 | €49,000 | -€49,000 | -50.0% |
| Financial charges | 65/66B | €841 | €697 | -€144 | -17.1% |
| Recurring financial charges | 65 | €841 | €697 | -€144 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €125,436 | €33,737 | -€91,699 | -73.1% |
| Income taxes | 67/77 | €7,674 | -€148 | -€7,822 | |
| Profit (loss) for the period | 9904 | €117,762 | €33,885 | -€83,877 | -71.2% |
| Profit (loss) for the period to be appropriated | 9905 | €117,762 | €33,885 | -€83,877 | -71.2% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.