MDO Utilities: 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 Utilities
Largest movements
- Intangible fixed assets -€62,568
down €62,568 (-100%), from €62,568 to €0
- Stocks and contracts -€27,499
down €27,499 (-50.0%), from €54,998 to €27,499
of which Stocks: -€17,499
- Cash +€17,286
up €17,286 (+34.7%), from €49,864 to €67,150
mainly Investment in fixed assets (net) (+€53,909) and Stocks and contracts (+€27,499)
- Tangible fixed assets -€4,784
down €4,784 (-100%), from €4,784 to €0
of which Furniture and vehicles: -€4,041
- Receivables within one year +€4,113
up €4,113 (+19.2%), from €21,399 to €25,512
of which Trade receivables: +€17,052
- Profit (loss) carried forward -€70,641
down €70,641 (-149%), from -€47,275 to -€117,916
- Trade debts -€4,968
down €4,968 (-16.7%), from €29,717 to €24,748
- Staff costs -€39,852
down €39,852 (-100%), from €39,852 to €0
- Write-downs +€17,499
new in 2025: €17,499
- Gross operating margin +€12,331
up €12,331 (+1,421%), from €868 to €13,198
- Depreciation -€5,862
down €5,862 (-29.0%), from €20,227 to €14,365
- Taxes -€265
down €265, from €248 to -€18
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 | €196,710 | €121,287 | -€75,423 | -38.3% |
| Formation expenses | 20 | €2,045 | €1,122 | -€922 | -45.1% |
| Fixed assets | 21/28 | €67,352 | €0 | -€67,352 | -100% |
| Intangible fixed assets | 21 | €62,568 | €0 | -€62,568 | -100% |
| Tangible fixed assets | 22/27 | €4,784 | €0 | -€4,784 | -100% |
| Plant, machinery and equipment | 23 | €743 | €0 | -€743 | -100% |
| Furniture and vehicles | 24 | €4,041 | €0 | -€4,041 | -100% |
| Current assets | 29/58 | €127,314 | €120,165 | -€7,149 | -5.6% |
| Stocks and contracts in progress | 3 | €54,998 | €27,499 | -€27,499 | -50.0% |
| Stocks | 30/36 | €34,998 | €17,499 | -€17,499 | -50.0% |
| Contracts in progress | 37 | €20,000 | €10,000 | -€10,000 | -50.0% |
| Amounts receivable within one year | 40/41 | €21,399 | €25,512 | +€4,113 | +19.2% |
| Trade receivables | 40 | €8,123 | €25,175 | +€17,052 | +210% |
| Other amounts receivable | 41 | €13,276 | €337 | -€12,939 | -97.5% |
| Cash at bank and in hand | 54/58 | €49,864 | €67,150 | +€17,286 | +34.7% |
| Deferred charges and accrued income | 490/1 | €1,053 | €4 | -€1,049 | -99.6% |
| Total equity and liabilities | 10/49 | €196,710 | €121,287 | -€75,423 | -38.3% |
| Equity | 10/15 | €147,996 | €77,355 | -€70,641 | -47.7% |
| Contributions | 10/11 | €195,271 | €195,271 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Distributable reserves | 133 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€47,275 | -€117,916 | -€70,641 | -149% |
| Amounts payable | 17/49 | €48,714 | €43,932 | -€4,782 | -9.8% |
| Amounts payable within one year | 42/48 | €48,714 | €43,932 | -€4,782 | -9.8% |
| Trade debts | 44 | €29,717 | €24,748 | -€4,968 | -16.7% |
| Suppliers | 440/4 | €29,717 | €24,748 | -€4,968 | -16.7% |
| Taxes, remuneration and social security | 45 | €598 | €232 | -€365 | -61.1% |
| Taxes | 450/3 | €598 | €232 | -€365 | -61.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €18,399 | €18,951 | +€552 | +3.0% |
| Non-recurring operating income | 76A | €0 | €12,159 | +€12,159 | |
| Remuneration, social security and pensions | 62 | €39,852 | €0 | -€39,852 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,227 | €14,365 | -€5,862 | -29.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €17,499 | +€17,499 | |
| Other operating charges | 640/8 | €1,287 | €1,235 | -€52 | -4.1% |
| Non-recurring operating charges | 66A | - | €50,068 | +€50,068 | |
| Gross operating margin | 9900 | €868 | €13,198 | +€12,331 | +1,421% |
| Operating profit (loss) | 9901 | -€60,499 | -€69,968 | -€9,469 | -15.7% |
| Financial income | 75/76B | €50 | €10 | -€41 | -80.5% |
| Recurring financial income | 75 | €50 | €10 | -€41 | -80.5% |
| Financial charges | 65/66B | €720 | €700 | -€20 | -2.8% |
| Recurring financial charges | 65 | €720 | €700 | -€20 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | -€61,169 | -€70,659 | -€9,490 | -15.5% |
| Income taxes | 67/77 | €248 | -€18 | -€265 | |
| Profit (loss) for the period | 9904 | -€61,417 | -€70,641 | -€9,224 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€61,417 | -€70,641 | -€9,224 | -15.0% |
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 17 October 2026 via checked.be.