MDG: 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.
MDG
Largest movements
- Current investments +€405,589
new in 2025: €405,589
- Cash -€164,018
down €164,018 (-70.6%), from €232,331 to €68,313
mainly Current investments (-€405,589) and Other debts (-€10,618)
- Financial fixed assets -€100,050
down €100,050 (-98.9%), from €101,187 to €1,137
- Reserves +€140,596
up €140,596 (+55.0%), from €255,556 to €396,153
of which Distributable reserves: +€140,596
- Other debts -€10,618
down €10,618 (-28.7%), from €36,953 to €26,335
- Tax, wage and social debts +€10,284
up €10,284 (+136.2%), from €7,550 to €17,835
of which Taxes: +€10,284
- Financial income +€119,926
up €119,926 (+16598.0%), from €723 to €120,648
- Other operating charges -€20,424
down €20,424 (-95.3%), from €21,420 to €996
- Taxes +€15,913
up €15,913 (+118.1%), from €13,471 to €29,383
- Gross operating margin -€9,337
down €9,337 (-15.4%), from €60,611 to €51,274
- Financial charges -€650
down €650 (-62.1%), from €1,046 to €396
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 | €355,620 | €496,566 | +€140,945 | +39.6% |
| Fixed assets | 21/28 | €102,531 | €1,931 | -€100,600 | -98.1% |
| Tangible fixed assets | 22/27 | €1,344 | €794 | -€550 | -41.0% |
| Furniture and vehicles | 24 | €1,344 | €794 | -€550 | -41.0% |
| Financial fixed assets | 28 | €101,187 | €1,137 | -€100,050 | -98.9% |
| Current assets | 29/58 | €253,090 | €494,635 | +€241,545 | +95.4% |
| Amounts receivable within one year | 40/41 | €15,753 | €15,633 | -€120 | -0.8% |
| Trade receivables | 40 | €11,491 | €11,441 | -€50 | -0.4% |
| Other amounts receivable | 41 | €4,262 | €4,192 | -€70 | -1.6% |
| Current investments | 50/53 | - | €405,589 | +€405,589 | |
| Cash at bank and in hand | 54/58 | €232,331 | €68,313 | -€164,018 | -70.6% |
| Deferred charges and accrued income | 490/1 | €5,006 | €5,100 | +€94 | +1.9% |
| Total equity and liabilities | 10/49 | €355,620 | €496,566 | +€140,945 | +39.6% |
| Equity | 10/15 | €303,735 | €444,332 | +€140,596 | +46.3% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €255,556 | €396,153 | +€140,596 | +55.0% |
| Tax-exempt reserves | 132 | €8,417 | €8,417 | = | 0.0% |
| Distributable reserves | 133 | €247,140 | €387,736 | +€140,596 | +56.9% |
| Profit (loss) carried forward | 14 | €29,587 | €29,587 | = | 0.0% |
| Amounts payable | 17/49 | €51,885 | €52,234 | +€349 | +0.7% |
| Amounts payable within one year | 42/48 | €51,302 | €51,067 | -€234 | -0.5% |
| Financial debts | 43 | €4,319 | €5,000 | +€681 | +15.8% |
| Credit institutions | 430/8 | €4,319 | €5,000 | +€681 | +15.8% |
| Trade debts | 44 | €2,480 | €1,898 | -€582 | -23.5% |
| Suppliers | 440/4 | €2,480 | €1,898 | -€582 | -23.5% |
| Taxes, remuneration and social security | 45 | €7,550 | €17,835 | +€10,284 | +136.2% |
| Taxes | 450/3 | €7,550 | €17,835 | +€10,284 | +136.2% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €36,953 | €26,335 | -€10,618 | -28.7% |
| Accrued charges and deferred income | 492/3 | €583 | €1,167 | +€583 | +100.0% |
| Non-recurring operating income | 76A | - | €985 | +€985 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €550 | €550 | = | 0.0% |
| Other operating charges | 640/8 | €21,420 | €996 | -€20,424 | -95.3% |
| Gross operating margin | 9900 | €60,611 | €51,274 | -€9,337 | -15.4% |
| Operating profit (loss) | 9901 | €38,641 | €49,727 | +€11,086 | +28.7% |
| Financial income | 75/76B | €723 | €120,648 | +€119,926 | +16598.0% |
| Recurring financial income | 75 | €723 | €120,648 | +€119,926 | +16598.0% |
| Financial charges | 65/66B | €1,046 | €396 | -€650 | -62.1% |
| Recurring financial charges | 65 | €1,046 | €396 | -€650 | -62.1% |
| Profit (loss) for the period before taxes | 9903 | €38,318 | €169,980 | +€131,662 | +343.6% |
| Income taxes | 67/77 | €13,471 | €29,383 | +€15,913 | +118.1% |
| Profit (loss) for the period | 9904 | €24,847 | €140,596 | +€115,749 | +465.8% |
| Profit (loss) for the period to be appropriated | 9905 | €24,847 | €140,596 | +€115,749 | +465.8% |
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 4 October 2026 via checked.be.