MDMD: 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.
MDMD
Largest movements
- Cash +€207,664
up €207,664 (+38.5%), from €539,044 to €746,708
mainly Net result for the year (+€253,014) and Depreciation (+€29,508)
- Deferred charges and accrued income -€27,008
down €27,008 (-69.5%), from €38,869 to €11,861
- Tangible fixed assets -€19,712
down €19,712 (-4.9%), from €398,347 to €378,635
of which Plant, machinery and equipment: -€15,602
- Reserves +€253,014
up €253,014 (+49.1%), from €514,877 to €767,891
- Other debts -€44,654
down €44,654 (-33.2%), from €134,532 to €89,878
- Debts after one year -€20,674
down €20,674 (-7.9%), from €260,371 to €239,696
- Staff costs -€84,643
down €84,643 (-87.0%), from €97,268 to €12,625
- Gross operating margin -€50,331
down €50,331 (-11.6%), from €434,000 to €383,669
- Depreciation -€15,048
down €15,048 (-33.8%), from €44,556 to €29,508
- Taxes +€11,820
up €11,820 (+17.4%), from €67,981 to €79,801
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 | €990,629 | €1,146,619 | +€155,990 | +15.7% |
| Fixed assets | 21/28 | €402,547 | €382,835 | -€19,712 | -4.9% |
| Tangible fixed assets | 22/27 | €398,347 | €378,635 | -€19,712 | -4.9% |
| Land and buildings | 22 | €343,661 | €348,830 | +€5,170 | +1.5% |
| Plant, machinery and equipment | 23 | €21,782 | €6,181 | -€15,602 | -71.6% |
| Furniture and vehicles | 24 | €32,904 | €23,624 | -€9,280 | -28.2% |
| Financial fixed assets | 28 | €4,200 | €4,200 | = | 0.0% |
| Current assets | 29/58 | €588,083 | €763,784 | +€175,701 | +29.9% |
| Amounts receivable within one year | 40/41 | €10,170 | €5,215 | -€4,955 | -48.7% |
| Trade receivables | 40 | €6,848 | - | -€6,848 | |
| Other amounts receivable | 41 | €3,323 | €5,215 | +€1,892 | +57.0% |
| Cash at bank and in hand | 54/58 | €539,044 | €746,708 | +€207,664 | +38.5% |
| Deferred charges and accrued income | 490/1 | €38,869 | €11,861 | -€27,008 | -69.5% |
| Total equity and liabilities | 10/49 | €990,629 | €1,146,619 | +€155,990 | +15.7% |
| Equity | 10/15 | €533,427 | €786,441 | +€253,014 | +47.4% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €514,877 | €767,891 | +€253,014 | +49.1% |
| Distributable reserves | 133 | €514,877 | €767,891 | +€253,014 | +49.1% |
| Amounts payable | 17/49 | €457,202 | €360,177 | -€97,024 | -21.2% |
| Amounts payable after more than one year | 17 | €260,371 | €239,696 | -€20,674 | -7.9% |
| Financial debts | 170/4 | €260,371 | €239,696 | -€20,674 | -7.9% |
| Amounts payable within one year | 42/48 | €193,022 | €120,481 | -€72,541 | -37.6% |
| Current portion of amounts payable after more than one year | 42 | €30,961 | €20,674 | -€10,287 | -33.2% |
| Trade debts | 44 | €15,733 | €6,444 | -€9,289 | -59.0% |
| Suppliers | 440/4 | €15,733 | €6,444 | -€9,289 | -59.0% |
| Taxes, remuneration and social security | 45 | €11,796 | €3,485 | -€8,311 | -70.5% |
| Taxes | 450/3 | €11,796 | €1,369 | -€10,427 | -88.4% |
| Remuneration and social security | 454/9 | - | €2,116 | +€2,116 | |
| Other amounts payable | 47/48 | €134,532 | €89,878 | -€44,654 | -33.2% |
| Accrued charges and deferred income | 492/3 | €3,809 | - | -€3,809 | |
| Non-recurring operating income | 76A | - | €11,120 | +€11,120 | |
| Remuneration, social security and pensions | 62 | €97,268 | €12,625 | -€84,643 | -87.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,556 | €29,508 | -€15,048 | -33.8% |
| Other operating charges | 640/8 | €2,596 | €3,816 | +€1,220 | +47.0% |
| Non-recurring operating charges | 66A | €3,100 | - | -€3,100 | |
| Gross operating margin | 9900 | €434,000 | €383,669 | -€50,331 | -11.6% |
| Operating profit (loss) | 9901 | €286,481 | €337,720 | +€51,239 | +17.9% |
| Financial charges | 65/66B | €5,338 | €4,905 | -€433 | -8.1% |
| Recurring financial charges | 65 | €5,338 | €4,905 | -€433 | -8.1% |
| Profit (loss) for the period before taxes | 9903 | €281,143 | €332,815 | +€51,672 | +18.4% |
| Income taxes | 67/77 | €67,981 | €79,801 | +€11,820 | +17.4% |
| Profit (loss) for the period | 9904 | €213,162 | €253,014 | +€39,852 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €213,162 | €253,014 | +€39,852 | +18.7% |
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 8 October 2026 via checked.be.