MDN: 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.
MDN
Largest movements
- Tangible fixed assets -€24,781
down €24,781 (-9.2%), from €268,710 to €243,929
of which Land and buildings: -€19,467
- Receivables within one year -€5,622
down €5,622 (-36.7%), from €15,329 to €9,707
of which Trade receivables: -€6,516
- Cash +€4,966
up €4,966 (+14.7%), from €33,677 to €38,643
mainly Depreciation (+€42,495) and Net result for the year (+€8,817)
- Stocks and contracts +€4,500
up €4,500 (+15.8%), from €28,500 to €33,000
- Debts after one year -€28,052
down €28,052 (-16.6%), from €169,345 to €141,292
- Reserves +€8,817
up €8,817 (+22.0%), from €40,000 to €48,817
- Current portion of long-term debt -€4,158
down €4,158 (-12.0%), from €34,631 to €30,473
- Gross operating margin -€9,640
down €9,640 (-13.4%), from €72,067 to €62,426
- Financial income -€3,996
down €3,996 (-99.5%), from €4,015 to €20
of which Non-recurring financial income: -€4,015
- Depreciation +€2,262
up €2,262 (+5.6%), from €40,233 to €42,495
- Taxes -€2,014
down €2,014 (-37.5%), from €5,367 to €3,353
- Other operating charges +€1,378
up €1,378 (+76.4%), from €1,805 to €3,183
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.
Derived cash bridge
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 | €347,135 | €326,214 | -€20,921 | -6.0% |
| Fixed assets | 21/28 | €268,710 | €243,929 | -€24,781 | -9.2% |
| Tangible fixed assets | 22/27 | €268,710 | €243,929 | -€24,781 | -9.2% |
| Land and buildings | 22 | €218,523 | €199,057 | -€19,467 | -8.9% |
| Plant, machinery and equipment | 23 | €16,690 | €25,946 | +€9,256 | +55.5% |
| Furniture and vehicles | 24 | €33,496 | €18,926 | -€14,570 | -43.5% |
| Current assets | 29/58 | €78,425 | €82,285 | +€3,860 | +4.9% |
| Stocks and contracts in progress | 3 | €28,500 | €33,000 | +€4,500 | +15.8% |
| Stocks | 30/36 | €28,500 | €33,000 | +€4,500 | +15.8% |
| Amounts receivable within one year | 40/41 | €15,329 | €9,707 | -€5,622 | -36.7% |
| Trade receivables | 40 | €14,576 | €8,060 | -€6,516 | -44.7% |
| Other amounts receivable | 41 | €753 | €1,647 | +€894 | +119% |
| Cash at bank and in hand | 54/58 | €33,677 | €38,643 | +€4,966 | +14.7% |
| Deferred charges and accrued income | 490/1 | €919 | €935 | +€16 | +1.7% |
| Total equity and liabilities | 10/49 | €347,135 | €326,214 | -€20,921 | -6.0% |
| Equity | 10/15 | €141,390 | €150,207 | +€8,817 | +6.2% |
| Contributions | 10/11 | €8,060 | €8,060 | = | 0.0% |
| Reserves | 13 | €40,000 | €48,817 | +€8,817 | +22.0% |
| Distributable reserves | 133 | €40,000 | €48,817 | +€8,817 | +22.0% |
| Profit (loss) carried forward | 14 | €93,330 | €93,330 | = | 0.0% |
| Amounts payable | 17/49 | €205,745 | €176,007 | -€29,738 | -14.5% |
| Amounts payable after more than one year | 17 | €169,345 | €141,292 | -€28,052 | -16.6% |
| Financial debts | 170/4 | €169,345 | €141,292 | -€28,052 | -16.6% |
| Amounts payable within one year | 42/48 | €36,400 | €34,714 | -€1,686 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €34,631 | €30,473 | -€4,158 | -12.0% |
| Trade debts | 44 | €855 | €2,357 | +€1,502 | +176% |
| Suppliers | 440/4 | €855 | €2,357 | +€1,502 | +176% |
| Taxes, remuneration and social security | 45 | €873 | €1,885 | +€1,011 | +116% |
| Taxes | 450/3 | €873 | €1,885 | +€1,011 | +116% |
| Other amounts payable | 47/48 | €41 | €0 | -€41 | -100% |
| Non-recurring operating income | 76A | €8,264 | €0 | -€8,264 | -100% |
| Remuneration, social security and pensions | 62 | €713 | €671 | -€42 | -5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,233 | €42,495 | +€2,262 | +5.6% |
| Other operating charges | 640/8 | €1,805 | €3,183 | +€1,378 | +76.4% |
| Gross operating margin | 9900 | €72,067 | €62,426 | -€9,640 | -13.4% |
| Operating profit (loss) | 9901 | €29,316 | €16,078 | -€13,238 | -45.2% |
| Financial income | 75/76B | €4,015 | €20 | -€3,996 | -99.5% |
| Recurring financial income | 75 | €0 | €20 | +€19 | +97,400% |
| Non-recurring financial income | 76B | €4,015 | €0 | -€4,015 | -100% |
| Financial charges | 65/66B | €3,945 | €3,927 | -€18 | -0.5% |
| Recurring financial charges | 65 | €3,945 | €3,927 | -€18 | -0.5% |
| Profit (loss) for the period before taxes | 9903 | €29,386 | €12,170 | -€17,216 | -58.6% |
| Income taxes | 67/77 | €5,367 | €3,353 | -€2,014 | -37.5% |
| Profit (loss) for the period | 9904 | €24,019 | €8,817 | -€15,202 | -63.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,019 | €8,817 | -€15,202 | -63.3% |
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 15 October 2026 via checked.be.