MDL studies: 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.
MDL studies
Largest movements
- Cash +€169,661
up €169,661 (+109.7%), from €154,691 to €324,352
mainly Net result for the year (+€250,179) and Tax, wage and social debts (+€19,619)
- Receivables within one year +€29,820
up €29,820 (+14.8%), from €201,423 to €231,243
of which Trade receivables: +€27,651
- Reserves +€250,179
up €250,179 (+154.3%), from €162,100 to €412,279
- Trade debts -€70,317
down €70,317 (-55.0%), from €127,756 to €57,439
- Tax, wage and social debts +€19,619
up €19,619 (+32.2%), from €61,018 to €80,636
- Gross operating margin +€137,978
up €137,978 (+65.7%), from €210,040 to €348,019
- Taxes +€31,175
up €31,175 (+65.8%), from €47,400 to €78,575
- Staff costs +€18,663
new in 2025: €18,663
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 | €356,114 | €555,594 | +€199,481 | +56.0% |
| Current assets | 29/58 | €356,114 | €555,594 | +€199,481 | +56.0% |
| Amounts receivable within one year | 40/41 | €201,423 | €231,243 | +€29,820 | +14.8% |
| Trade receivables | 40 | €6,049 | €33,700 | +€27,651 | +457.2% |
| Other amounts receivable | 41 | €195,375 | €197,543 | +€2,168 | +1.1% |
| Cash at bank and in hand | 54/58 | €154,691 | €324,352 | +€169,661 | +109.7% |
| Total equity and liabilities | 10/49 | €356,114 | €555,594 | +€199,481 | +56.0% |
| Equity | 10/15 | €167,340 | €417,519 | +€250,179 | +149.5% |
| Contributions | 10/11 | €5,240 | €5,240 | = | 0.0% |
| Reserves | 13 | €162,100 | €412,279 | +€250,179 | +154.3% |
| Distributable reserves | 133 | €162,100 | €412,279 | +€250,179 | +154.3% |
| Amounts payable | 17/49 | €188,773 | €138,075 | -€50,698 | -26.9% |
| Amounts payable within one year | 42/48 | €188,773 | €138,075 | -€50,698 | -26.9% |
| Trade debts | 44 | €127,756 | €57,439 | -€70,317 | -55.0% |
| Suppliers | 440/4 | €127,756 | €57,439 | -€70,317 | -55.0% |
| Taxes, remuneration and social security | 45 | €61,018 | €80,636 | +€19,619 | +32.2% |
| Taxes | 450/3 | €61,018 | €80,636 | +€19,619 | +32.2% |
| Remuneration, social security and pensions | 62 | - | €18,663 | +€18,663 | |
| Other operating charges | 640/8 | €537 | €539 | +€2 | +0.3% |
| Gross operating margin | 9900 | €210,040 | €348,019 | +€137,978 | +65.7% |
| Operating profit (loss) | 9901 | €209,503 | €328,817 | +€119,314 | +57.0% |
| Financial charges | 65/66B | €3 | €63 | +€60 | +2402.8% |
| Recurring financial charges | 65 | €3 | €63 | +€60 | +2402.8% |
| Profit (loss) for the period before taxes | 9903 | €209,500 | €328,754 | +€119,254 | +56.9% |
| Income taxes | 67/77 | €47,400 | €78,575 | +€31,175 | +65.8% |
| Profit (loss) for the period | 9904 | €162,100 | €250,179 | +€88,079 | +54.3% |
| Profit (loss) for the period to be appropriated | 9905 | €162,100 | €250,179 | +€88,079 | +54.3% |
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 11 October 2026 via checked.be.