MDG Construct: 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 Construct
Largest movements
- Stocks and contracts -€12,000
down €12,000 (-41.1%), from €29,200 to €17,200
of which Contracts in progress: -€12,500
- Tangible fixed assets -€10,679
down €10,679 (-55.7%), from €19,181 to €8,502
of which Leasing and similar rights: -€7,550
- Receivables within one year -€5,509
down €5,509 (-9.5%), from €58,129 to €52,620
of which Trade receivables: -€4,885
- Deferred charges and accrued income -€2,122
down €2,122 (-79.3%), from €2,677 to €555
- Profit (loss) carried forward -€27,276
down €27,276 (-292.5%), from -€9,325 to -€36,601
- Trade debts +€15,998
up €15,998 (+25.3%), from €63,203 to €79,202
- Other debts -€12,601
down €12,601 (-36.9%), from €34,162 to €21,561
- Debts after one year -€5,468
no longer reported in 2025 (was €5,468)
- Accrued charges and deferred income +€1,650
new in 2025: €1,650
- Gross operating margin -€31,941
down €31,941, from €16,592 to -€15,349
- Staff costs -€2,594
down €2,594 (-92.2%), from €2,815 to €220
- Depreciation -€1,558
down €1,558 (-12.8%), from €12,205 to €10,647
- Other operating charges -€472
down €472 (-44.7%), from €1,056 to €584
- Financial charges -€213
down €213 (-38.8%), from €549 to €336
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 | €109,807 | €79,478 | -€30,329 | -27.6% |
| Fixed assets | 21/28 | €19,751 | €9,072 | -€10,679 | -54.1% |
| Tangible fixed assets | 22/27 | €19,181 | €8,502 | -€10,679 | -55.7% |
| Land and buildings | 22 | €1,750 | €1,450 | -€300 | -17.1% |
| Plant, machinery and equipment | 23 | €2,883 | €934 | -€1,949 | -67.6% |
| Furniture and vehicles | 24 | €634 | €95 | -€539 | -85.0% |
| Leasing and similar rights | 25 | €11,954 | €4,404 | -€7,550 | -63.2% |
| Other tangible fixed assets | 26 | €1,960 | €1,620 | -€341 | -17.4% |
| Financial fixed assets | 28 | €570 | €570 | = | 0.0% |
| Current assets | 29/58 | €90,056 | €70,405 | -€19,650 | -21.8% |
| Stocks and contracts in progress | 3 | €29,200 | €17,200 | -€12,000 | -41.1% |
| Stocks | 30/36 | €16,700 | €17,200 | +€500 | +3.0% |
| Contracts in progress | 37 | €12,500 | - | -€12,500 | |
| Amounts receivable within one year | 40/41 | €58,129 | €52,620 | -€5,509 | -9.5% |
| Trade receivables | 40 | €55,014 | €50,129 | -€4,885 | -8.9% |
| Other amounts receivable | 41 | €3,115 | €2,490 | -€624 | -20.0% |
| Cash at bank and in hand | 54/58 | €50 | €31 | -€19 | -38.5% |
| Deferred charges and accrued income | 490/1 | €2,677 | €555 | -€2,122 | -79.3% |
| Total equity and liabilities | 10/49 | €109,807 | €79,478 | -€30,329 | -27.6% |
| Equity | 10/15 | -€1,270 | -€28,546 | -€27,276 | -2148.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Outside capital | 11 | €6,200 | €6,200 | = | 0.0% |
| Other | 1109/19 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €1,855 | €1,855 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€9,325 | -€36,601 | -€27,276 | -292.5% |
| Amounts payable | 17/49 | €111,076 | €108,023 | -€3,053 | -2.7% |
| Amounts payable after more than one year | 17 | €5,468 | - | -€5,468 | |
| Financial debts | 170/4 | €5,468 | - | -€5,468 | |
| Amounts payable within one year | 42/48 | €105,609 | €106,373 | +€765 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €6,722 | €5,468 | -€1,254 | -18.7% |
| Trade debts | 44 | €63,203 | €79,202 | +€15,998 | +25.3% |
| Suppliers | 440/4 | €63,203 | €79,202 | +€15,998 | +25.3% |
| Taxes, remuneration and social security | 45 | €1,521 | €142 | -€1,379 | -90.7% |
| Taxes | 450/3 | €871 | €142 | -€729 | -83.7% |
| Remuneration and social security | 454/9 | €650 | - | -€650 | |
| Other amounts payable | 47/48 | €34,162 | €21,561 | -€12,601 | -36.9% |
| Accrued charges and deferred income | 492/3 | - | €1,650 | +€1,650 | |
| Non-recurring operating income | 76A | - | €1,168 | +€1,168 | |
| Remuneration, social security and pensions | 62 | €2,815 | €220 | -€2,594 | -92.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,205 | €10,647 | -€1,558 | -12.8% |
| Other operating charges | 640/8 | €1,056 | €584 | -€472 | -44.7% |
| Gross operating margin | 9900 | €16,592 | -€15,349 | -€31,941 | |
| Operating profit (loss) | 9901 | €516 | -€26,801 | -€27,318 | |
| Financial income | 75/76B | €35 | €1 | -€34 | -97.1% |
| Recurring financial income | 75 | €35 | €1 | -€34 | -97.1% |
| Financial charges | 65/66B | €549 | €336 | -€213 | -38.8% |
| Recurring financial charges | 65 | €549 | €336 | -€213 | -38.8% |
| Profit (loss) for the period before taxes | 9903 | €2 | -€27,136 | -€27,139 | |
| Income taxes | 67/77 | €141 | €140 | -€1 | -1.0% |
| Profit (loss) for the period | 9904 | -€139 | -€27,276 | -€27,137 | -19572.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€139 | -€27,276 | -€27,137 | -19572.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.