MDO GROUP: 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.
MDO GROUP
Largest movements
- Financial fixed assets -€129,767
down €129,767 (-25.7%), from €505,186 to €375,419
- Tangible fixed assets -€99,890
down €99,890 (-4.8%), from €2.1m to €2.0m
of which Land and buildings: -€52,879
- Receivables within one year +€98,981
up €98,981 (+17.9%), from €552,696 to €651,677
of which Trade receivables: +€124,713
- Debts after one year -€218,772
down €218,772 (-14.9%), from €1.5m to €1.2m
of which Financial debts: -€218,772
- Accrued charges and deferred income +€109,868
up €109,868 (+1156.8%), from €9,498 to €119,366
- Other debts -€86,610
down €86,610 (-23.4%), from €369,692 to €283,083
- Reserves +€62,489
up €62,489 (+17.2%), from €363,877 to €426,366
- Tax, wage and social debts -€34,884
down €34,884 (-31.6%), from €110,246 to €75,362
of which Taxes: -€32,403
- Gross operating margin -€132,465
down €132,465 (-15.3%), from €866,613 to €734,148
- Financial charges -€94,456
down €94,456 (-43.5%), from €217,360 to €122,904
of which Non-recurring financial charges: -€82,551
- Depreciation -€40,515
down €40,515 (-21.6%), from €187,655 to €147,140
- Financial income +€18,424
up €18,424 (+8.1%), from €227,934 to €246,358
- Staff costs -€15,471
down €15,471 (-3.8%), from €405,806 to €390,335
From the 31-12-2024 result to the 31-12-2025 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 31-12-2024 and 31-12-2025 balance sheets and the 31-12-2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 31-12-2024 | 31-12-2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,348,814 | €3,189,615 | -€159,199 | -4.8% |
| Formation expenses | 20 | €8,029 | €2,470 | -€5,558 | -69.2% |
| Fixed assets | 21/28 | €2,609,706 | €2,375,168 | -€234,538 | -9.0% |
| Intangible fixed assets | 21 | €10,059 | €5,179 | -€4,880 | -48.5% |
| Tangible fixed assets | 22/27 | €2,094,461 | €1,994,571 | -€99,890 | -4.8% |
| Land and buildings | 22 | €1,958,355 | €1,905,476 | -€52,879 | -2.7% |
| Plant, machinery and equipment | 23 | €26,826 | €20,985 | -€5,841 | -21.8% |
| Furniture and vehicles | 24 | €54,091 | €22,972 | -€31,119 | -57.5% |
| Leasing and similar rights | 25 | €55,189 | €45,137 | -€10,051 | -18.2% |
| Financial fixed assets | 28 | €505,186 | €375,419 | -€129,767 | -25.7% |
| Current assets | 29/58 | €731,079 | €811,976 | +€80,898 | +11.1% |
| Amounts receivable within one year | 40/41 | €552,696 | €651,677 | +€98,981 | +17.9% |
| Trade receivables | 40 | €415,095 | €539,808 | +€124,713 | +30.0% |
| Other amounts receivable | 41 | €137,601 | €111,869 | -€25,732 | -18.7% |
| Cash at bank and in hand | 54/58 | €126,420 | €124,775 | -€1,645 | -1.3% |
| Deferred charges and accrued income | 490/1 | €51,963 | €35,524 | -€16,438 | -31.6% |
| Total equity and liabilities | 10/49 | €3,348,814 | €3,189,615 | -€159,199 | -4.8% |
| Equity | 10/15 | €998,792 | €1,061,281 | +€62,489 | +6.3% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Revaluation surpluses | 12 | €616,365 | €616,365 | = | 0.0% |
| Reserves | 13 | €363,877 | €426,366 | +€62,489 | +17.2% |
| Distributable reserves | 133 | €363,877 | €426,366 | +€62,489 | +17.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €2,350,021 | €2,128,333 | -€221,688 | -9.4% |
| Amounts payable after more than one year | 17 | €1,465,607 | €1,246,835 | -€218,772 | -14.9% |
| Financial debts | 170/4 | €1,465,607 | €1,246,835 | -€218,772 | -14.9% |
| Other amounts payable | 178/9 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €874,916 | €762,133 | -€112,784 | -12.9% |
| Current portion of amounts payable after more than one year | 42 | €223,899 | €217,977 | -€5,922 | -2.6% |
| Financial debts | 43 | €56,015 | €51,851 | -€4,164 | -7.4% |
| Credit institutions | 430/8 | €56,015 | €51,851 | -€4,164 | -7.4% |
| Trade debts | 44 | €115,064 | €133,860 | +€18,795 | +16.3% |
| Suppliers | 440/4 | €115,064 | €133,860 | +€18,795 | +16.3% |
| Taxes, remuneration and social security | 45 | €110,246 | €75,362 | -€34,884 | -31.6% |
| Taxes | 450/3 | €43,709 | €11,306 | -€32,403 | -74.1% |
| Remuneration and social security | 454/9 | €66,537 | €64,056 | -€2,481 | -3.7% |
| Other amounts payable | 47/48 | €369,692 | €283,083 | -€86,610 | -23.4% |
| Accrued charges and deferred income | 492/3 | €9,498 | €119,366 | +€109,868 | +1156.8% |
| Non-recurring operating income | 76A | €11,500 | €20,819 | +€9,319 | +81.0% |
| Remuneration, social security and pensions | 62 | €405,806 | €390,335 | -€15,471 | -3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €187,655 | €147,140 | -€40,515 | -21.6% |
| Other operating charges | 640/8 | €29,084 | €27,132 | -€1,952 | -6.7% |
| Non-recurring operating charges | 66A | €0 | €2,920 | +€2,920 | |
| Gross operating margin | 9900 | €866,613 | €734,148 | -€132,465 | -15.3% |
| Operating profit (loss) | 9901 | €244,068 | €166,621 | -€77,446 | -31.7% |
| Financial income | 75/76B | €227,934 | €246,358 | +€18,424 | +8.1% |
| Recurring financial income | 75 | €227,934 | €246,358 | +€18,424 | +8.1% |
| Financial charges | 65/66B | €217,360 | €122,904 | -€94,456 | -43.5% |
| Recurring financial charges | 65 | €64,168 | €52,263 | -€11,905 | -18.6% |
| Non-recurring financial charges | 66B | €153,192 | €70,641 | -€82,551 | -53.9% |
| Profit (loss) for the period before taxes | 9903 | €254,642 | €290,075 | +€35,433 | +13.9% |
| Income taxes | 67/77 | €49,810 | €37,585 | -€12,225 | -24.5% |
| Profit (loss) for the period | 9904 | €204,831 | €252,489 | +€47,658 | +23.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,831 | €252,489 | +€47,658 | +23.3% |
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.