MDK: 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.
MDK
Largest movements
- Tangible fixed assets -€45,949
down €45,949 (-13.7%), from €334,320 to €288,371
of which Land and buildings: -€47,520
- Receivables within one year +€22,735
up €22,735 (+54.1%), from €42,040 to €64,775
of which Trade receivables: +€18,133
- Cash +€5,483
up €5,483 (+960.0%), from €571 to €6,054
mainly Depreciation (+€51,199) and Current portion of long-term debt (+€6,609)
- Profit (loss) carried forward -€20,641
down €20,641 (-47.7%), from €43,271 to €22,630
- Other debts -€7,152
down €7,152 (-85.0%), from €8,412 to €1,261
- Current portion of long-term debt +€6,609
up €6,609 (+27.5%), from €24,000 to €30,609
- Gross operating margin -€26,178
down €26,178 (-43.8%), from €59,771 to €33,593
- Financial charges -€6,484
down €6,484 (-77.6%), from €8,357 to €1,873
- Depreciation -€1,421
down €1,421 (-2.7%), from €52,620 to €51,199
- Other operating charges +€785
up €785 (+209.1%), from €376 to €1,161
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 | €397,731 | €377,400 | -€20,331 | -5.1% |
| Fixed assets | 21/28 | €355,120 | €306,571 | -€48,549 | -13.7% |
| Intangible fixed assets | 21 | €20,800 | €18,200 | -€2,600 | -12.5% |
| Tangible fixed assets | 22/27 | €334,320 | €288,371 | -€45,949 | -13.7% |
| Land and buildings | 22 | €333,904 | €286,384 | -€47,520 | -14.2% |
| Plant, machinery and equipment | 23 | - | €1,987 | +€1,987 | |
| Furniture and vehicles | 24 | €417 | €0 | -€417 | -100.0% |
| Current assets | 29/58 | €42,611 | €70,829 | +€28,218 | +66.2% |
| Amounts receivable within one year | 40/41 | €42,040 | €64,775 | +€22,735 | +54.1% |
| Trade receivables | 40 | €39,063 | €57,196 | +€18,133 | +46.4% |
| Other amounts receivable | 41 | €2,977 | €7,579 | +€4,602 | +154.6% |
| Cash at bank and in hand | 54/58 | €571 | €6,054 | +€5,483 | +960.0% |
| Total equity and liabilities | 10/49 | €397,731 | €377,400 | -€20,331 | -5.1% |
| Equity | 10/15 | €45,271 | €24,630 | -€20,641 | -45.6% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,271 | €22,630 | -€20,641 | -47.7% |
| Amounts payable | 17/49 | €352,461 | €352,770 | +€310 | +0.1% |
| Amounts payable after more than one year | 17 | €221,809 | €221,809 | = | 0.0% |
| Financial debts | 170/4 | €221,809 | €221,809 | = | 0.0% |
| Amounts payable within one year | 42/48 | €51,651 | €51,961 | +€310 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €24,000 | €30,609 | +€6,609 | +27.5% |
| Financial debts | 43 | €1,491 | €1,491 | = | 0.0% |
| Credit institutions | 430/8 | €1,491 | €1,491 | = | 0.0% |
| Trade debts | 44 | €2,186 | €0 | -€2,186 | -100.0% |
| Suppliers | 440/4 | €2,186 | €0 | -€2,186 | -100.0% |
| Taxes, remuneration and social security | 45 | €15,561 | €18,600 | +€3,038 | +19.5% |
| Taxes | 450/3 | €15,561 | €18,600 | +€3,038 | +19.5% |
| Remuneration and social security | 454/9 | - | €0 | = | |
| Other amounts payable | 47/48 | €8,412 | €1,261 | -€7,152 | -85.0% |
| Accrued charges and deferred income | 492/3 | €79,000 | €79,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €54 | - | -€54 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,620 | €51,199 | -€1,421 | -2.7% |
| Other operating charges | 640/8 | €376 | €1,161 | +€785 | +209.1% |
| Gross operating margin | 9900 | €59,771 | €33,593 | -€26,178 | -43.8% |
| Operating profit (loss) | 9901 | €6,722 | -€18,767 | -€25,489 | |
| Financial charges | 65/66B | €8,357 | €1,873 | -€6,484 | -77.6% |
| Recurring financial charges | 65 | €8,357 | €1,873 | -€6,484 | -77.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,635 | -€20,641 | -€19,005 | -1162.2% |
| Income taxes | 67/77 | €334 | - | -€334 | |
| Profit (loss) for the period | 9904 | -€1,969 | -€20,641 | -€18,672 | -948.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,969 | -€20,641 | -€18,672 | -948.2% |
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 7 October 2026 via checked.be.