MDG DEVELOPMENT: 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.
MDG DEVELOPMENT
Largest movements
- Receivables within one year +€14,342
up €14,342 (+94.2%), from €15,220 to €29,563
of which Trade receivables: +€17,623
- Stocks and contracts -€14,159
down €14,159 (-85.0%), from €16,659 to €2,500
- Cash +€13,529
up €13,529 (+35.7%), from €37,891 to €51,420
mainly Net result for the year (+€27,987) and Tax, wage and social debts (+€15,057)
- Tangible fixed assets -€3,014
down €3,014 (-49.3%), from €6,119 to €3,105
- Deferred charges and accrued income +€1,482
up €1,482 (+463.6%), from €320 to €1,802
- Profit (loss) carried forward +€27,987
up €27,987 (+216.1%), from €12,954 to €40,941
- Tax, wage and social debts +€15,057
up €15,057 (+24704.2%), from €61 to €15,118
- Trade debts -€13,250
down €13,250 (-54.8%), from €24,194 to €10,945
- Advances received -€9,988
down €9,988 (-100.0%), from €9,988 to €0
- Current portion of long-term debt -€8,000
down €8,000 (-100.0%), from €8,000 to €0
- Gross operating margin +€22,385
up €22,385 (+104.3%), from €21,471 to €43,857
- Taxes +€5,106
up €5,106 (+111.5%), from €4,580 to €9,686
- Write-downs +€2,970
new in 2025: €2,970
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 | €76,209 | €88,389 | +€12,180 | +16.0% |
| Fixed assets | 21/28 | €6,119 | €3,105 | -€3,014 | -49.3% |
| Tangible fixed assets | 22/27 | €6,119 | €3,105 | -€3,014 | -49.3% |
| Plant, machinery and equipment | 23 | €6,119 | €3,105 | -€3,014 | -49.3% |
| Current assets | 29/58 | €70,090 | €85,284 | +€15,194 | +21.7% |
| Stocks and contracts in progress | 3 | €16,659 | €2,500 | -€14,159 | -85.0% |
| Stocks | 30/36 | €16,659 | €2,500 | -€14,159 | -85.0% |
| Amounts receivable within one year | 40/41 | €15,220 | €29,563 | +€14,342 | +94.2% |
| Trade receivables | 40 | €8,515 | €26,138 | +€17,623 | +207.0% |
| Other amounts receivable | 41 | €6,705 | €3,425 | -€3,280 | -48.9% |
| Cash at bank and in hand | 54/58 | €37,891 | €51,420 | +€13,529 | +35.7% |
| Deferred charges and accrued income | 490/1 | €320 | €1,802 | +€1,482 | +463.6% |
| Total equity and liabilities | 10/49 | €76,209 | €88,389 | +€12,180 | +16.0% |
| Equity | 10/15 | €32,954 | €60,941 | +€27,987 | +84.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €12,954 | €40,941 | +€27,987 | +216.1% |
| Amounts payable | 17/49 | €43,256 | €27,449 | -€15,807 | -36.5% |
| Amounts payable within one year | 42/48 | €43,256 | €27,449 | -€15,807 | -36.5% |
| Current portion of amounts payable after more than one year | 42 | €8,000 | €0 | -€8,000 | -100.0% |
| Trade debts | 44 | €24,194 | €10,945 | -€13,250 | -54.8% |
| Suppliers | 440/4 | €24,194 | €10,945 | -€13,250 | -54.8% |
| Advances received on contracts in progress | 46 | €9,988 | €0 | -€9,988 | -100.0% |
| Taxes, remuneration and social security | 45 | €61 | €15,118 | +€15,057 | +24704.2% |
| Taxes | 450/3 | €61 | €15,118 | +€15,057 | +24704.2% |
| Other amounts payable | 47/48 | €1,012 | €1,386 | +€373 | +36.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,756 | €3,014 | +€259 | +9.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €2,970 | +€2,970 | |
| Other operating charges | 640/8 | €250 | €0 | -€250 | -100.0% |
| Gross operating margin | 9900 | €21,471 | €43,857 | +€22,385 | +104.3% |
| Operating profit (loss) | 9901 | €18,466 | €37,872 | +€19,406 | +105.1% |
| Financial income | 75/76B | €3 | €0 | -€3 | -100.0% |
| Recurring financial income | 75 | €3 | €0 | -€3 | -100.0% |
| Financial charges | 65/66B | €106 | €199 | +€93 | +87.4% |
| Recurring financial charges | 65 | €106 | €199 | +€93 | +87.4% |
| Profit (loss) for the period before taxes | 9903 | €18,363 | €37,673 | +€19,311 | +105.2% |
| Income taxes | 67/77 | €4,580 | €9,686 | +€5,106 | +111.5% |
| Profit (loss) for the period | 9904 | €13,783 | €27,987 | +€14,204 | +103.1% |
| Profit (loss) for the period to be appropriated | 9905 | €13,783 | €27,987 | +€14,204 | +103.1% |
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 9 October 2026 via checked.be.