MDM: 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.
MDM
Largest movements
- Stocks and contracts +€9,666
up €9,666 (+980.2%), from €986 to €10,652
- Tangible fixed assets -€9,571
down €9,571 (-13.3%), from €71,846 to €62,275
of which Other tangible fixed assets: -€7,477
- Cash -€7,246
down €7,246 (-74.6%), from €9,708 to €2,462
mainly Other debts (-€13,940) and Debts after one year (-€13,281)
- Receivables within one year -€1,676
down €1,676 (-100.0%), from €1,676 to €0
- Deferred charges and accrued income +€1,016
up €1,016 (+133.6%), from €761 to €1,777
- Profit (loss) carried forward +€20,250
up €20,250 (+21.0%), from -€96,257 to -€76,007
- Other debts -€13,940
down €13,940 (-78.8%), from €17,688 to €3,749
- Debts after one year -€13,281
down €13,281 (-10.4%), from €127,829 to €114,548
of which Financial debts: -€6,781
- Trade debts -€1,297
down €1,297 (-52.4%), from €2,476 to €1,179
- Gross operating margin +€29,917
up €29,917 (+80.1%), from €37,332 to €67,250
- Staff costs +€9,539
up €9,539 (+77.7%), from €12,283 to €21,821
- Other operating charges -€3,268
down €3,268 (-60.0%), from €5,446 to €2,178
- Taxes -€2,000
down €2,000 (-85.4%), from €2,341 to €342
- Depreciation +€877
up €877 (+4.4%), from €19,897 to €20,774
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 | €84,977 | €77,166 | -€7,811 | -9.2% |
| Formation expenses | 20 | €0 | - | = | |
| Fixed assets | 21/28 | €71,846 | €62,275 | -€9,571 | -13.3% |
| Tangible fixed assets | 22/27 | €71,846 | €62,275 | -€9,571 | -13.3% |
| Plant, machinery and equipment | 23 | €3,608 | €1,438 | -€2,170 | -60.1% |
| Furniture and vehicles | 24 | €38,330 | €38,405 | +€76 | +0.2% |
| Other tangible fixed assets | 26 | €29,908 | €22,431 | -€7,477 | -25.0% |
| Current assets | 29/58 | €13,131 | €14,891 | +€1,760 | +13.4% |
| Stocks and contracts in progress | 3 | €986 | €10,652 | +€9,666 | +980.2% |
| Stocks | 30/36 | €986 | €10,652 | +€9,666 | +980.2% |
| Amounts receivable within one year | 40/41 | €1,676 | €0 | -€1,676 | -100.0% |
| Other amounts receivable | 41 | €1,676 | €0 | -€1,676 | -100.0% |
| Cash at bank and in hand | 54/58 | €9,708 | €2,462 | -€7,246 | -74.6% |
| Deferred charges and accrued income | 490/1 | €761 | €1,777 | +€1,016 | +133.6% |
| Total equity and liabilities | 10/49 | €84,977 | €77,166 | -€7,811 | -9.2% |
| Equity | 10/15 | -€77,657 | -€57,407 | +€20,250 | +26.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€96,257 | -€76,007 | +€20,250 | +21.0% |
| Amounts payable | 17/49 | €162,634 | €134,573 | -€28,061 | -17.3% |
| Amounts payable after more than one year | 17 | €127,829 | €114,548 | -€13,281 | -10.4% |
| Financial debts | 170/4 | €21,329 | €14,548 | -€6,781 | -31.8% |
| Other amounts payable | 178/9 | €106,500 | €100,000 | -€6,500 | -6.1% |
| Amounts payable within one year | 42/48 | €34,806 | €20,025 | -€14,780 | -42.5% |
| Current portion of amounts payable after more than one year | 42 | €6,279 | €6,781 | +€502 | +8.0% |
| Trade debts | 44 | €2,476 | €1,179 | -€1,297 | -52.4% |
| Suppliers | 440/4 | €2,476 | €1,179 | -€1,297 | -52.4% |
| Advances received on contracts in progress | 46 | €484 | €0 | -€484 | -100.0% |
| Taxes, remuneration and social security | 45 | €7,878 | €8,317 | +€439 | +5.6% |
| Taxes | 450/3 | €6,986 | €6,894 | -€91 | -1.3% |
| Remuneration and social security | 454/9 | €892 | €1,422 | +€530 | +59.4% |
| Other amounts payable | 47/48 | €17,688 | €3,749 | -€13,940 | -78.8% |
| Remuneration, social security and pensions | 62 | €12,283 | €21,821 | +€9,539 | +77.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,897 | €20,774 | +€877 | +4.4% |
| Other operating charges | 640/8 | €5,446 | €2,178 | -€3,268 | -60.0% |
| Gross operating margin | 9900 | €37,332 | €67,250 | +€29,917 | +80.1% |
| Operating profit (loss) | 9901 | -€293 | €22,476 | +€22,769 | |
| Financial income | 75/76B | €1,146 | €560 | -€587 | -51.2% |
| Recurring financial income | 75 | €1,146 | €560 | -€587 | -51.2% |
| Financial charges | 65/66B | €2,723 | €2,444 | -€279 | -10.2% |
| Recurring financial charges | 65 | €2,723 | €2,444 | -€279 | -10.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,869 | €20,591 | +€22,461 | |
| Income taxes | 67/77 | €2,341 | €342 | -€2,000 | -85.4% |
| Profit (loss) for the period | 9904 | -€4,211 | €20,250 | +€24,460 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,211 | €20,250 | +€24,460 |
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 12 October 2026 via checked.be.