MDM: 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.
MDM
Largest movements
- Current investments -€57,775
down €57,775 (-57.8%), from €100,019 to €42,244
- Cash +€44,984
up €44,984 (+152.8%), from €29,432 to €74,416
mainly Current investments (+€57,775) and Other debts (+€54,610)
- Tangible fixed assets -€3,425
down €3,425 (-55.7%), from €6,151 to €2,726
of which Furniture and vehicles: -€2,392
- Receivables within one year -€1,856
down €1,856 (-17.4%), from €10,665 to €8,809
of which Other amounts receivable: -€2,270
- Reserves -€69,007
down €69,007 (-99.3%), from €69,524 to €517
- Other debts +€54,610
up €54,610 (+102.4%), from €53,339 to €107,950
- Trade debts -€3,166
down €3,166 (-35.9%), from €8,830 to €5,664
- Tax, wage and social debts -€1,954
down €1,954 (-14.1%), from €13,809 to €11,855
- Gross operating margin +€13,152
up €13,152 (+21.1%), from €62,228 to €75,380
- Taxes +€6,458
up €6,458 (+49.2%), from €13,134 to €19,591
- Financial income -€1,569
down €1,569 (-66.8%), from €2,350 to €781
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 | €148,002 | €129,299 | -€18,703 | -12.6% |
| Fixed assets | 21/28 | €6,151 | €2,726 | -€3,425 | -55.7% |
| Tangible fixed assets | 22/27 | €6,151 | €2,726 | -€3,425 | -55.7% |
| Plant, machinery and equipment | 23 | €2,575 | €1,541 | -€1,033 | -40.1% |
| Furniture and vehicles | 24 | €3,577 | €1,185 | -€2,392 | -66.9% |
| Current assets | 29/58 | €141,851 | €126,573 | -€15,278 | -10.8% |
| Amounts receivable within one year | 40/41 | €10,665 | €8,809 | -€1,856 | -17.4% |
| Trade receivables | 40 | €8,396 | €8,809 | +€413 | +4.9% |
| Other amounts receivable | 41 | €2,270 | €0 | -€2,270 | -100.0% |
| Current investments | 50/53 | €100,019 | €42,244 | -€57,775 | -57.8% |
| Cash at bank and in hand | 54/58 | €29,432 | €74,416 | +€44,984 | +152.8% |
| Deferred charges and accrued income | 490/1 | €1,735 | €1,104 | -€630 | -36.3% |
| Total equity and liabilities | 10/49 | €148,002 | €129,299 | -€18,703 | -12.6% |
| Equity | 10/15 | €72,024 | €3,017 | -€69,007 | -95.8% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €69,524 | €517 | -€69,007 | -99.3% |
| Distributable reserves | 133 | €69,524 | €517 | -€69,007 | -99.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €75,979 | €126,282 | +€50,304 | +66.2% |
| Amounts payable within one year | 42/48 | €75,979 | €125,469 | +€49,491 | +65.1% |
| Trade debts | 44 | €8,830 | €5,664 | -€3,166 | -35.9% |
| Suppliers | 440/4 | €8,830 | €5,664 | -€3,166 | -35.9% |
| Taxes, remuneration and social security | 45 | €13,809 | €11,855 | -€1,954 | -14.1% |
| Taxes | 450/3 | €13,809 | €11,855 | -€1,954 | -14.1% |
| Other amounts payable | 47/48 | €53,339 | €107,950 | +€54,610 | +102.4% |
| Accrued charges and deferred income | 492/3 | - | €813 | +€813 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,287 | €3,425 | +€138 | +4.2% |
| Other operating charges | 640/8 | €505 | €520 | +€14 | +2.8% |
| Gross operating margin | 9900 | €62,228 | €75,380 | +€13,152 | +21.1% |
| Operating profit (loss) | 9901 | €58,436 | €71,435 | +€12,999 | +22.2% |
| Financial income | 75/76B | €2,350 | €781 | -€1,569 | -66.8% |
| Recurring financial income | 75 | €2,350 | €781 | -€1,569 | -66.8% |
| Financial charges | 65/66B | €145 | €132 | -€14 | -9.3% |
| Recurring financial charges | 65 | €145 | €132 | -€14 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €60,641 | €72,085 | +€11,444 | +18.9% |
| Income taxes | 67/77 | €13,134 | €19,591 | +€6,458 | +49.2% |
| Profit (loss) for the period | 9904 | €47,507 | €52,493 | +€4,986 | +10.5% |
| Profit (loss) for the period to be appropriated | 9905 | €47,507 | €52,493 | +€4,986 | +10.5% |
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 6 October 2026 via checked.be.