MDLT: 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.
MDLT
Largest movements
- Tangible fixed assets +€3.1m
up €3.1m (+12451.0%), from €24,822 to €3.1m
of which Land and buildings: +€3.1m
- Receivables within one year -€264,125
down €264,125 (-53.8%), from €490,999 to €226,874
- Cash -€239,491
down €239,491 (-54.3%), from €441,075 to €201,584
mainly Investment in fixed assets (net) (-€3.2m)
- Debts after one year +€2.1m
new in 2025: €2.1m
- Profit (loss) carried forward +€303,206
up €303,206 (+39.7%), from €763,494 to €1.1m
- Current portion of long-term debt +€209,220
new in 2025: €209,220
- Gross operating margin +€197,651
up €197,651 (+52.9%), from €373,595 to €571,247
- Depreciation +€77,443
up €77,443 (+1090.7%), from €7,100 to €84,543
- Financial charges +€70,001
new in 2025: €70,001
- Taxes +€11,881
up €11,881 (+13.3%), from €89,385 to €101,265
- Financial income -€11,133
down €11,133 (-95.6%), from €11,643 to €510
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 | €957,708 | €3,543,934 | +€2.6m | +270.0% |
| Fixed assets | 21/28 | €24,822 | €3,115,457 | +€3.1m | +12451.0% |
| Tangible fixed assets | 22/27 | €24,822 | €3,115,457 | +€3.1m | +12451.0% |
| Land and buildings | 22 | - | €3,115,457 | +€3.1m | |
| Furniture and vehicles | 24 | €24,822 | €0 | -€24,822 | -100.0% |
| Current assets | 29/58 | €932,886 | €428,477 | -€504,409 | -54.1% |
| Amounts receivable within one year | 40/41 | €490,999 | €226,874 | -€264,125 | -53.8% |
| Trade receivables | 40 | €490,999 | €226,874 | -€264,125 | -53.8% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €441,075 | €201,584 | -€239,491 | -54.3% |
| Deferred charges and accrued income | 490/1 | €812 | €19 | -€793 | -97.7% |
| Total equity and liabilities | 10/49 | €957,708 | €3,543,934 | +€2.6m | +270.0% |
| Equity | 10/15 | €768,494 | €1,071,700 | +€303,206 | +39.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €763,494 | €1,066,700 | +€303,206 | +39.7% |
| Amounts payable | 17/49 | €189,214 | €2,472,233 | +€2.3m | +1206.6% |
| Amounts payable after more than one year | 17 | - | €2,055,260 | +€2.1m | |
| Financial debts | 170/4 | - | €2,055,260 | +€2.1m | |
| Amounts payable within one year | 42/48 | €189,214 | €416,973 | +€227,759 | +120.4% |
| Current portion of amounts payable after more than one year | 42 | - | €209,220 | +€209,220 | |
| Trade debts | 44 | €522 | €575 | +€53 | +10.1% |
| Suppliers | 440/4 | €522 | €575 | +€53 | +10.1% |
| Taxes, remuneration and social security | 45 | €188,692 | €207,179 | +€18,487 | +9.8% |
| Taxes | 450/3 | €183,292 | €201,779 | +€18,487 | +10.1% |
| Remuneration and social security | 454/9 | €5,400 | €5,400 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,100 | €84,543 | +€77,443 | +1090.7% |
| Other operating charges | 640/8 | €600 | €8,580 | +€7,980 | +1329.7% |
| Non-recurring operating charges | 66A | - | €4,161 | +€4,161 | |
| Gross operating margin | 9900 | €373,595 | €571,247 | +€197,651 | +52.9% |
| Operating profit (loss) | 9901 | €365,895 | €473,963 | +€108,067 | +29.5% |
| Financial income | 75/76B | €11,643 | €510 | -€11,133 | -95.6% |
| Recurring financial income | 75 | €11,643 | €510 | -€11,133 | -95.6% |
| Financial charges | 65/66B | - | €70,001 | +€70,001 | |
| Recurring financial charges | 65 | - | €70,001 | +€70,001 | |
| Profit (loss) for the period before taxes | 9903 | €377,539 | €404,472 | +€26,933 | +7.1% |
| Income taxes | 67/77 | €89,385 | €101,265 | +€11,881 | +13.3% |
| Profit (loss) for the period | 9904 | €288,154 | €303,206 | +€15,052 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €288,154 | €303,206 | +€15,052 | +5.2% |
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 28 September 2026 via checked.be.