MDN Consultancy: 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 Consultancy
Largest movements
- Financial fixed assets -€375,000
down €375,000 (-50.5%), from €742,500 to €367,500
- Cash +€146,705
up €146,705 (+26,393%), from €556 to €147,261
mainly Investment in fixed assets (net) (+€331,510) and Current portion of long-term debt (+€7,433)
- Receivables within one year +€134,853
up €134,853 (+244%), from €55,265 to €190,118
of which Other amounts receivable: +€189,591
- Tangible fixed assets +€38,082
up €38,082 (+1,719%), from €2,215 to €40,297
- Current investments +€10,000
new in 2025: €10,000
- Debts after one year -€27,433
down €27,433 (-5.0%), from €553,738 to €526,305
- Other debts -€12,388
down €12,388 (-80.5%), from €15,390 to €3,002
- Accrued charges and deferred income -€12,030
no longer reported in 2025 (was €12,030)
- Gross operating margin -€76,902
down €76,902 (-85.2%), from €90,269 to €13,367
- Financial charges -€11,958
down €11,958 (-98.5%), from €12,144 to €185
- Taxes -€10,100
down €10,100 (-63.4%), from €15,925 to €5,825
- Depreciation +€2,828
up €2,828 (+110%), from €2,580 to €5,408
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 | €800,536 | €756,614 | -€43,923 | -5.5% |
| Fixed assets | 21/28 | €744,715 | €407,797 | -€336,918 | -45.2% |
| Tangible fixed assets | 22/27 | €2,215 | €40,297 | +€38,082 | +1,719% |
| Furniture and vehicles | 24 | €2,215 | €40,297 | +€38,082 | +1,719% |
| Financial fixed assets | 28 | €742,500 | €367,500 | -€375,000 | -50.5% |
| Current assets | 29/58 | €55,821 | €348,817 | +€292,996 | +525% |
| Amounts receivable within one year | 40/41 | €55,265 | €190,118 | +€134,853 | +244% |
| Trade receivables | 40 | €54,989 | €250 | -€54,738 | -99.5% |
| Other amounts receivable | 41 | €276 | €189,868 | +€189,591 | +68,605% |
| Current investments | 50/53 | - | €10,000 | +€10,000 | |
| Cash at bank and in hand | 54/58 | €556 | €147,261 | +€146,705 | +26,393% |
| Deferred charges and accrued income | 490/1 | - | €1,438 | +€1,438 | |
| Total equity and liabilities | 10/49 | €800,536 | €756,614 | -€43,923 | -5.5% |
| Equity | 10/15 | €213,754 | €215,390 | +€1,636 | +0.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €201,354 | €202,990 | +€1,636 | +0.8% |
| Distributable reserves | 133 | €201,354 | €202,990 | +€1,636 | +0.8% |
| Amounts payable | 17/49 | €586,783 | €541,224 | -€45,559 | -7.8% |
| Amounts payable after more than one year | 17 | €553,738 | €526,305 | -€27,433 | -5.0% |
| Financial debts | 170/4 | €553,738 | €526,305 | -€27,433 | -5.0% |
| Amounts payable within one year | 42/48 | €21,015 | €14,919 | -€6,096 | -29.0% |
| Current portion of amounts payable after more than one year | 42 | - | €7,433 | +€7,433 | |
| Trade debts | 44 | €1,200 | €60 | -€1,141 | -95.0% |
| Suppliers | 440/4 | €1,200 | €60 | -€1,141 | -95.0% |
| Taxes, remuneration and social security | 45 | €4,425 | €4,425 | = | 0.0% |
| Taxes | 450/3 | €4,425 | €4,425 | = | 0.0% |
| Other amounts payable | 47/48 | €15,390 | €3,002 | -€12,388 | -80.5% |
| Accrued charges and deferred income | 492/3 | €12,030 | - | -€12,030 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,580 | €5,408 | +€2,828 | +110% |
| Other operating charges | 640/8 | €598 | €1,170 | +€572 | +95.5% |
| Gross operating margin | 9900 | €90,269 | €13,367 | -€76,902 | -85.2% |
| Operating profit (loss) | 9901 | €87,091 | €6,789 | -€80,302 | -92.2% |
| Financial income | 75/76B | - | €858 | +€858 | |
| Recurring financial income | 75 | - | €858 | +€858 | |
| Financial charges | 65/66B | €12,144 | €185 | -€11,958 | -98.5% |
| Recurring financial charges | 65 | €12,144 | €185 | -€11,958 | -98.5% |
| Profit (loss) for the period before taxes | 9903 | €74,947 | €7,461 | -€67,486 | -90.0% |
| Income taxes | 67/77 | €15,925 | €5,825 | -€10,100 | -63.4% |
| Profit (loss) for the period | 9904 | €59,022 | €1,636 | -€57,386 | -97.2% |
| Profit (loss) for the period to be appropriated | 9905 | €59,022 | €1,636 | -€57,386 | -97.2% |
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 13 October 2026 via checked.be.