MDM Construct: 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 Construct
Largest movements
- Deferred charges and accrued income +€34,998
new in 2025: €34,998
- Cash +€20,353
up €20,353 (+27.6%), from €73,610 to €93,963
mainly Net result for the year (+€71,077) and Tax, wage and social debts (+€4,376)
- Receivables within one year +€14,163
new in 2025: €14,163
of which Trade receivables: +€14,157
- Tangible fixed assets +€6,372
up €6,372 (+185.8%), from €3,429 to €9,801
of which Other tangible fixed assets: +€7,959
- Reserves +€71,077
up €71,077 (+129.1%), from €55,065 to €126,142
- Tax, wage and social debts +€4,376
up €4,376 (+22.6%), from €19,358 to €23,734
- Gross operating margin +€20,367
up €20,367 (+28.0%), from €72,646 to €93,013
- Taxes +€4,086
up €4,086 (+26.7%), from €15,285 to €19,371
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 | €77,039 | €152,924 | +€75,885 | +98.5% |
| Fixed assets | 21/28 | €3,429 | €9,801 | +€6,372 | +185.8% |
| Tangible fixed assets | 22/27 | €3,429 | €9,801 | +€6,372 | +185.8% |
| Furniture and vehicles | 24 | €3,429 | €1,842 | -€1,587 | -46.3% |
| Other tangible fixed assets | 26 | - | €7,959 | +€7,959 | |
| Current assets | 29/58 | €73,610 | €143,123 | +€69,513 | +94.4% |
| Amounts receivable within one year | 40/41 | - | €14,163 | +€14,163 | |
| Trade receivables | 40 | - | €14,157 | +€14,157 | |
| Other amounts receivable | 41 | - | €6 | +€6 | |
| Cash at bank and in hand | 54/58 | €73,610 | €93,963 | +€20,353 | +27.6% |
| Deferred charges and accrued income | 490/1 | - | €34,998 | +€34,998 | |
| Total equity and liabilities | 10/49 | €77,039 | €152,924 | +€75,885 | +98.5% |
| Equity | 10/15 | €56,065 | €127,142 | +€71,077 | +126.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €55,065 | €126,142 | +€71,077 | +129.1% |
| Distributable reserves | 133 | €55,065 | €126,142 | +€71,077 | +129.1% |
| Amounts payable | 17/49 | €20,974 | €25,782 | +€4,808 | +22.9% |
| Amounts payable within one year | 42/48 | €20,749 | €25,782 | +€5,033 | +24.3% |
| Trade debts | 44 | €1,135 | €1,750 | +€615 | +54.2% |
| Suppliers | 440/4 | €1,135 | €1,750 | +€615 | +54.2% |
| Taxes, remuneration and social security | 45 | €19,358 | €23,734 | +€4,376 | +22.6% |
| Taxes | 450/3 | €19,358 | €23,734 | +€4,376 | +22.6% |
| Other amounts payable | 47/48 | €256 | €298 | +€42 | +16.5% |
| Accrued charges and deferred income | 492/3 | €225 | €0 | -€225 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,333 | €1,994 | +€661 | +49.6% |
| Other operating charges | 640/8 | €871 | €502 | -€369 | -42.4% |
| Gross operating margin | 9900 | €72,646 | €93,013 | +€20,367 | +28.0% |
| Operating profit (loss) | 9901 | €70,441 | €90,517 | +€20,075 | +28.5% |
| Financial charges | 65/66B | €91 | €68 | -€23 | -25.0% |
| Recurring financial charges | 65 | €91 | €68 | -€23 | -25.0% |
| Profit (loss) for the period before taxes | 9903 | €70,351 | €90,449 | +€20,098 | +28.6% |
| Income taxes | 67/77 | €15,285 | €19,371 | +€4,086 | +26.7% |
| Profit (loss) for the period | 9904 | €55,065 | €71,077 | +€16,012 | +29.1% |
| Profit (loss) for the period to be appropriated | 9905 | €55,065 | €71,077 | +€16,012 | +29.1% |
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 1 October 2026 via checked.be.