MDG LAW: 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 LAW
Largest movements
- Receivables within one year +€14,036
up €14,036 (+2,816%), from €498 to €14,534
of which Trade receivables: +€14,036
- Current investments -€11,948
down €11,948 (-31.3%), from €38,133 to €26,185
- Cash -€5,235
down €5,235 (-13.2%), from €39,546 to €34,311
mainly Receivables within one year (-€14,036) and Contributions, distributions and other (-€9,733)
- Other debts -€5,243
down €5,243 (-21.6%), from €24,283 to €19,040
- Tax, wage and social debts +€2,577
up €2,577 (+31.5%), from €8,179 to €10,756
- Gross operating margin -€18,418
down €18,418 (-56.6%), from €32,524 to €14,106
- Taxes -€4,291
down €4,291 (-50.6%), from €8,482 to €4,190
- Financial income +€385
up €385 (+66.8%), from €577 to €962
- Financial charges -€338
down €338 (-37.7%), from €896 to €558
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 | €79,159 | €76,594 | -€2,565 | -3.2% |
| Fixed assets | 21/28 | - | €773 | +€773 | |
| Tangible fixed assets | 22/27 | - | €773 | +€773 | |
| Furniture and vehicles | 24 | - | €773 | +€773 | |
| Current assets | 29/58 | €79,159 | €75,820 | -€3,339 | -4.2% |
| Amounts receivable within one year | 40/41 | €498 | €14,534 | +€14,036 | +2,816% |
| Trade receivables | 40 | - | €14,036 | +€14,036 | |
| Other amounts receivable | 41 | €498 | €498 | -€0 | 0.0% |
| Current investments | 50/53 | €38,133 | €26,185 | -€11,948 | -31.3% |
| Cash at bank and in hand | 54/58 | €39,546 | €34,311 | -€5,235 | -13.2% |
| Deferred charges and accrued income | 490/1 | €981 | €790 | -€191 | -19.5% |
| Total equity and liabilities | 10/49 | €79,159 | €76,594 | -€2,565 | -3.2% |
| Equity | 10/15 | €46,543 | €46,543 | = | 0.0% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €44,543 | €44,543 | = | 0.0% |
| Distributable reserves | 133 | €44,543 | €44,543 | = | 0.0% |
| Amounts payable | 17/49 | €32,616 | €30,051 | -€2,565 | -7.9% |
| Amounts payable within one year | 42/48 | €32,616 | €30,044 | -€2,572 | -7.9% |
| Trade debts | 44 | €154 | €247 | +€94 | +60.9% |
| Suppliers | 440/4 | €154 | €247 | +€94 | +60.9% |
| Taxes, remuneration and social security | 45 | €8,179 | €10,756 | +€2,577 | +31.5% |
| Taxes | 450/3 | €8,179 | €10,756 | +€2,577 | +31.5% |
| Other amounts payable | 47/48 | €24,283 | €19,040 | -€5,243 | -21.6% |
| Accrued charges and deferred income | 492/3 | - | €6 | +€6 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €187 | +€187 | |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €32,524 | €14,106 | -€18,418 | -56.6% |
| Operating profit (loss) | 9901 | €32,137 | €13,520 | -€18,617 | -57.9% |
| Financial income | 75/76B | €577 | €962 | +€385 | +66.8% |
| Recurring financial income | 75 | €577 | €962 | +€385 | +66.8% |
| Financial charges | 65/66B | €896 | €558 | -€338 | -37.7% |
| Recurring financial charges | 65 | €896 | €558 | -€338 | -37.7% |
| Profit (loss) for the period before taxes | 9903 | €31,817 | €13,923 | -€17,894 | -56.2% |
| Income taxes | 67/77 | €8,482 | €4,190 | -€4,291 | -50.6% |
| Profit (loss) for the period | 9904 | €23,336 | €9,733 | -€13,603 | -58.3% |
| Profit (loss) for the period to be appropriated | 9905 | €23,336 | €9,733 | -€13,603 | -58.3% |
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 22 October 2026 via checked.be.