MDFL: 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.
MDFL
Largest movements
- Receivables within one year +€38,568
up €38,568 (+778.6%), from €4,954 to €43,522
of which Other amounts receivable: +€38,568
- Tangible fixed assets -€11,962
down €11,962 (-9.3%), from €128,982 to €117,020
of which Land and buildings: -€11,607
- Other debts +€36,157
up €36,157 (+29.7%), from €121,931 to €158,088
- Profit (loss) carried forward -€8,507
down €8,507 (-30.8%), from -€27,629 to -€36,136
- Gross operating margin +€15,217
up €15,217, from -€10,522 to €4,695
- Other operating charges -€4,667
down €4,667 (-81.3%), from €5,740 to €1,073
- Depreciation -€1,781
down €1,781 (-17.8%), from €10,032 to €8,250
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 | €136,577 | €163,993 | +€27,416 | +20.1% |
| Fixed assets | 21/28 | €128,982 | €117,020 | -€11,962 | -9.3% |
| Tangible fixed assets | 22/27 | €128,982 | €117,020 | -€11,962 | -9.3% |
| Land and buildings | 22 | €127,250 | €115,643 | -€11,607 | -9.1% |
| Plant, machinery and equipment | 23 | €1,731 | €1,377 | -€354 | -20.5% |
| Current assets | 29/58 | €7,595 | €46,973 | +€39,378 | +518.5% |
| Amounts receivable within one year | 40/41 | €4,954 | €43,522 | +€38,568 | +778.6% |
| Trade receivables | 40 | €0 | - | = | |
| Other amounts receivable | 41 | €4,954 | €43,522 | +€38,568 | +778.6% |
| Cash at bank and in hand | 54/58 | €2,642 | €3,051 | +€410 | +15.5% |
| Deferred charges and accrued income | 490/1 | €0 | €400 | +€400 | |
| Total equity and liabilities | 10/49 | €136,577 | €163,993 | +€27,416 | +20.1% |
| Equity | 10/15 | €12,854 | €4,347 | -€8,507 | -66.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €21,882 | €21,882 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €0 | -€1,860 | -100.0% |
| Reserves not available under the articles | 1311 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €20,022 | €21,882 | +€1,860 | +9.3% |
| Profit (loss) carried forward | 14 | -€27,629 | -€36,136 | -€8,507 | -30.8% |
| Amounts payable | 17/49 | €123,723 | €159,647 | +€35,923 | +29.0% |
| Amounts payable within one year | 42/48 | €123,723 | €159,647 | +€35,923 | +29.0% |
| Trade debts | 44 | €1,549 | €963 | -€586 | -37.8% |
| Suppliers | 440/4 | €1,549 | €963 | -€586 | -37.8% |
| Taxes, remuneration and social security | 45 | €244 | €596 | +€352 | +144.4% |
| Taxes | 450/3 | €244 | €596 | +€352 | +144.4% |
| Other amounts payable | 47/48 | €121,931 | €158,088 | +€36,157 | +29.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,032 | €8,250 | -€1,781 | -17.8% |
| Other operating charges | 640/8 | €5,740 | €1,073 | -€4,667 | -81.3% |
| Non-recurring operating charges | 66A | - | €3,611 | +€3,611 | |
| Gross operating margin | 9900 | -€10,522 | €4,695 | +€15,217 | |
| Operating profit (loss) | 9901 | -€26,294 | -€8,240 | +€18,054 | +68.7% |
| Financial income | 75/76B | - | €34 | +€34 | |
| Recurring financial income | 75 | - | €34 | +€34 | |
| Financial charges | 65/66B | €224 | €301 | +€77 | +34.4% |
| Recurring financial charges | 65 | €224 | €301 | +€77 | +34.4% |
| Profit (loss) for the period before taxes | 9903 | -€26,518 | -€8,507 | +€18,011 | +67.9% |
| Profit (loss) for the period | 9904 | -€26,518 | -€8,507 | +€18,011 | +67.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€26,518 | -€8,507 | +€18,011 | +67.9% |
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 6 October 2026 via checked.be.