MDO Move: 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.
MDO Move
Largest movements
- Receivables within one year +€106,738
up €106,738 (+34.9%), from €305,516 to €412,255
of which Trade receivables: +€97,212
- Cash -€35,320
down €35,320 (-26.2%), from €134,863 to €99,543
mainly Receivables within one year (-€106,738) and Investment in fixed assets (net) (-€68,563)
- Tangible fixed assets +€21,378
up €21,378 (+21.6%), from €99,089 to €120,466
of which Leasing and similar rights: +€53,409
- Deferred charges and accrued income +€10,447
up €10,447 (+193.0%), from €5,413 to €15,860
- Stocks and contracts +€9,200
up €9,200 (+121.8%), from €7,553 to €16,753
of which Contracts in progress: +€9,200
- Reserves +€78,984
up €78,984 (+33.0%), from €239,383 to €318,367
- Trade debts -€44,286
down €44,286 (-49.1%), from €90,178 to €45,892
- Tax, wage and social debts +€38,731
up €38,731 (+50.6%), from €76,470 to €115,201
of which Remuneration and social security: +€35,909
- Debts after one year +€17,834
up €17,834 (+35.4%), from €50,381 to €68,215
- Current portion of long-term debt +€11,843
up €11,843 (+51.2%), from €23,137 to €34,980
- Staff costs +€164,527
up €164,527 (+53.1%), from €310,018 to €474,546
- Gross operating margin +€132,824
up €132,824 (+25.8%), from €514,396 to €647,220
- Taxes -€7,844
down €7,844 (-19.9%), from €39,367 to €31,523
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 | €552,434 | €667,477 | +€115,043 | +20.8% |
| Fixed assets | 21/28 | €99,089 | €120,466 | +€21,378 | +21.6% |
| Tangible fixed assets | 22/27 | €99,089 | €120,466 | +€21,378 | +21.6% |
| Plant, machinery and equipment | 23 | €7,350 | €2,077 | -€5,273 | -71.7% |
| Furniture and vehicles | 24 | €91,739 | €64,980 | -€26,759 | -29.2% |
| Leasing and similar rights | 25 | - | €53,409 | +€53,409 | |
| Current assets | 29/58 | €453,345 | €547,011 | +€93,666 | +20.7% |
| Amounts receivable after more than one year | 29 | - | €2,600 | +€2,600 | |
| Other amounts receivable | 291 | - | €2,600 | +€2,600 | |
| Stocks and contracts in progress | 3 | €7,553 | €16,753 | +€9,200 | +121.8% |
| Stocks | 30/36 | €7,553 | €7,553 | = | 0.0% |
| Contracts in progress | 37 | - | €9,200 | +€9,200 | |
| Amounts receivable within one year | 40/41 | €305,516 | €412,255 | +€106,738 | +34.9% |
| Trade receivables | 40 | €295,939 | €393,151 | +€97,212 | +32.8% |
| Other amounts receivable | 41 | €9,578 | €19,104 | +€9,526 | +99.5% |
| Cash at bank and in hand | 54/58 | €134,863 | €99,543 | -€35,320 | -26.2% |
| Deferred charges and accrued income | 490/1 | €5,413 | €15,860 | +€10,447 | +193.0% |
| Total equity and liabilities | 10/49 | €552,434 | €667,477 | +€115,043 | +20.8% |
| Equity | 10/15 | €257,983 | €336,967 | +€78,984 | +30.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €239,383 | €318,367 | +€78,984 | +33.0% |
| Distributable reserves | 133 | €239,383 | €318,367 | +€78,984 | +33.0% |
| Amounts payable | 17/49 | €294,451 | €330,510 | +€36,059 | +12.2% |
| Amounts payable after more than one year | 17 | €50,381 | €68,215 | +€17,834 | +35.4% |
| Financial debts | 170/4 | €50,381 | €68,215 | +€17,834 | +35.4% |
| Amounts payable within one year | 42/48 | €244,070 | €261,436 | +€17,366 | +7.1% |
| Current portion of amounts payable after more than one year | 42 | €23,137 | €34,980 | +€11,843 | +51.2% |
| Financial debts | 43 | €40,085 | €51,655 | +€11,570 | +28.9% |
| Credit institutions | 430/8 | €40,085 | €51,655 | +€11,570 | +28.9% |
| Trade debts | 44 | €90,178 | €45,892 | -€44,286 | -49.1% |
| Suppliers | 440/4 | €90,178 | €45,892 | -€44,286 | -49.1% |
| Taxes, remuneration and social security | 45 | €76,470 | €115,201 | +€38,731 | +50.6% |
| Taxes | 450/3 | €27,265 | €30,087 | +€2,822 | +10.4% |
| Remuneration and social security | 454/9 | €49,205 | €85,114 | +€35,909 | +73.0% |
| Other amounts payable | 47/48 | €14,200 | €13,709 | -€492 | -3.5% |
| Accrued charges and deferred income | 492/3 | €0 | €858 | +€858 | |
| Non-recurring operating income | 76A | - | €2,313 | +€2,313 | |
| Remuneration, social security and pensions | 62 | €310,018 | €474,546 | +€164,527 | +53.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,002 | €47,186 | +€2,184 | +4.9% |
| Other operating charges | 640/8 | €3,164 | €3,195 | +€31 | +1.0% |
| Non-recurring operating charges | 66A | €928 | €0 | -€928 | -100.0% |
| Gross operating margin | 9900 | €514,396 | €647,220 | +€132,824 | +25.8% |
| Operating profit (loss) | 9901 | €155,284 | €122,293 | -€32,990 | -21.2% |
| Financial income | 75/76B | €261 | €476 | +€214 | +81.9% |
| Recurring financial income | 75 | €261 | €476 | +€214 | +81.9% |
| Financial charges | 65/66B | €7,367 | €12,261 | +€4,894 | +66.4% |
| Recurring financial charges | 65 | €7,367 | €12,261 | +€4,894 | +66.4% |
| Profit (loss) for the period before taxes | 9903 | €148,178 | €110,508 | -€37,671 | -25.4% |
| Income taxes | 67/77 | €39,367 | €31,523 | -€7,844 | -19.9% |
| Profit (loss) for the period | 9904 | €108,811 | €78,984 | -€29,827 | -27.4% |
| Profit (loss) for the period to be appropriated | 9905 | €108,811 | €78,984 | -€29,827 | -27.4% |
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 12 October 2026 via checked.be.