MDR I: 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.
MDR I
Largest movements
- Receivables within one year +€9.3m
up €9.3m (+3333.8%), from €278,799 to €9.6m
of which Other amounts receivable: +€9.3m
- Financial fixed assets +€150,000
up €150,000 (+15.5%), from €968,720 to €1.1m
- Debts after one year +€8.1m
new in 2025: €8.1m
- Current portion of long-term debt +€899,583
new in 2025: €899,583
- Other debts +€440,327
up €440,327 (+40.7%), from €1.1m to €1.5m
- Gross operating margin +€1.2m
up €1.2m (+1810.3%), from €67,247 to €1.3m
- Write-downs -€19,803
down €19,803, from €9,803 to -€10,000
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 | €1,247,537 | €10,692,029 | +€9.4m | +757.1% |
| Fixed assets | 21/28 | €968,720 | €1,118,720 | +€150,000 | +15.5% |
| Financial fixed assets | 28 | €968,720 | €1,118,720 | +€150,000 | +15.5% |
| Current assets | 29/58 | €278,817 | €9,573,309 | +€9.3m | +3333.5% |
| Amounts receivable within one year | 40/41 | €278,799 | €9,573,309 | +€9.3m | +3333.8% |
| Trade receivables | 40 | - | €2,920 | +€2,920 | |
| Other amounts receivable | 41 | €278,799 | €9,570,389 | +€9.3m | +3332.7% |
| Cash at bank and in hand | 54/58 | €18 | - | -€18 | |
| Total equity and liabilities | 10/49 | €1,247,537 | €10,692,029 | +€9.4m | +757.1% |
| Equity | 10/15 | €74,761 | €101,841 | +€27,079 | +36.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €56,161 | €83,241 | +€27,079 | +48.2% |
| Provisions and deferred taxes | 16 | €59,803 | €49,803 | -€10,000 | -16.7% |
| Provisions for liabilities and charges | 160/5 | €59,803 | €49,803 | -€10,000 | -16.7% |
| Other liabilities and charges | 164/5 | €59,803 | €49,803 | -€10,000 | -16.7% |
| Amounts payable | 17/49 | €1,112,973 | €10,540,385 | +€9.4m | +847.0% |
| Amounts payable after more than one year | 17 | - | €8,087,292 | +€8.1m | |
| Financial debts | 170/4 | - | €8,087,292 | +€8.1m | |
| Amounts payable within one year | 42/48 | €1,112,973 | €2,449,094 | +€1.3m | +120.0% |
| Current portion of amounts payable after more than one year | 42 | - | €899,583 | +€899,583 | |
| Financial debts | 43 | - | €5 | +€5 | |
| Credit institutions | 430/8 | - | €5 | +€5 | |
| Trade debts | 44 | €32,116 | €28,323 | -€3,794 | -11.8% |
| Suppliers | 440/4 | €32,116 | €28,323 | -€3,794 | -11.8% |
| Other amounts payable | 47/48 | €1,080,857 | €1,521,183 | +€440,327 | +40.7% |
| Accrued charges and deferred income | 492/3 | - | €4,000 | +€4,000 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,803 | -€10,000 | -€19,803 | |
| Other operating charges | 640/8 | €483 | €1,095 | +€612 | +126.8% |
| Gross operating margin | 9900 | €67,247 | €1,284,618 | +€1.2m | +1810.3% |
| Operating profit (loss) | 9901 | €56,962 | €1,293,524 | +€1.2m | +2170.9% |
| Financial charges | 65/66B | €92 | €97 | +€5 | +5.3% |
| Recurring financial charges | 65 | €92 | €97 | +€5 | +5.3% |
| Profit (loss) for the period before taxes | 9903 | €56,869 | €1,293,426 | +€1.2m | +2174.4% |
| Income taxes | 67/77 | €5,605 | €16,347 | +€10,742 | +191.7% |
| Profit (loss) for the period | 9904 | €51,264 | €1,277,079 | +€1.2m | +2391.2% |
| Profit (loss) for the period to be appropriated | 9905 | €51,264 | €1,277,079 | +€1.2m | +2391.2% |
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 4 October 2026 via checked.be.