MDR II: 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.
MDR II
Largest movements
- Receivables within one year -€2.3m
down €2.3m (-33.9%), from €6.9m to €4.6m
of which Other amounts receivable: -€2.3m
- Financial fixed assets -€150,000
no longer reported in 2025 (was €150,000)
- Debts after one year -€4.4m
down €4.4m (-61.5%), from €7.2m to €2.8m
- Other debts +€2.7m
up €2.7m (+169%), from €1.6m to €4.2m
- Current portion of long-term debt -€899,583
no longer reported in 2025 (was €899,583)
- Profit (loss) carried forward +€180,075
up €180,075 (+106%), from €170,185 to €350,260
- Financial income -€2.2m
down €2.2m (-96.6%), from €2.3m to €78,652
- Financial charges -€652,326
down €652,326 (-92.7%), from €703,853 to €51,527
- Taxes -€289,049
down €289,049, from €117,458 to -€171,590
- Gross operating margin -€48,963
down €48,963, from €30,322 to -€18,641
- Provisions -€38,672
no longer reported in 2025 (was €38,672)
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 | €11,554,591 | €9,034,518 | -€2.5m | -21.8% |
| Fixed assets | 21/28 | €150,000 | - | -€150,000 | |
| Financial fixed assets | 28 | €150,000 | - | -€150,000 | |
| Current assets | 29/58 | €11,404,591 | €9,034,518 | -€2.4m | -20.8% |
| Amounts receivable within one year | 40/41 | €6,908,466 | €4,569,903 | -€2.3m | -33.9% |
| Trade receivables | 40 | €59,700 | €64,700 | +€5,000 | +8.4% |
| Other amounts receivable | 41 | €6,848,766 | €4,505,203 | -€2.3m | -34.2% |
| Current investments | 50/53 | €4,464,615 | €4,464,615 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €31,510 | - | -€31,510 | |
| Total equity and liabilities | 10/49 | €11,554,591 | €9,034,518 | -€2.5m | -21.8% |
| Equity | 10/15 | €1,640,946 | €1,821,021 | +€180,075 | +11.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Revaluation surpluses | 12 | €1,414,701 | €1,414,701 | = | 0.0% |
| Reserves | 13 | €37,460 | €37,460 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €35,600 | €35,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €170,185 | €350,260 | +€180,075 | +106% |
| Provisions and deferred taxes | 16 | €88,672 | €88,672 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €88,672 | €88,672 | = | 0.0% |
| Other liabilities and charges | 164/5 | €88,672 | €88,672 | = | 0.0% |
| Amounts payable | 17/49 | €9,824,973 | €7,124,825 | -€2.7m | -27.5% |
| Amounts payable after more than one year | 17 | €7,196,666 | €2,771,000 | -€4.4m | -61.5% |
| Financial debts | 170/4 | €7,196,666 | €2,771,000 | -€4.4m | -61.5% |
| Amounts payable within one year | 42/48 | €2,625,504 | €4,350,042 | +€1.7m | +65.7% |
| Current portion of amounts payable after more than one year | 42 | €899,583 | - | -€899,583 | |
| Financial debts | 43 | €11 | €994 | +€984 | +9,133% |
| Credit institutions | 430/8 | €11 | €994 | +€984 | +9,133% |
| Trade debts | 44 | €126,615 | €109,086 | -€17,530 | -13.8% |
| Suppliers | 440/4 | €126,615 | €109,086 | -€17,530 | -13.8% |
| Taxes, remuneration and social security | 45 | €21,590 | €2,500 | -€19,090 | -88.4% |
| Taxes | 450/3 | €21,590 | €2,500 | -€19,090 | -88.4% |
| Other amounts payable | 47/48 | €1,577,704 | €4,237,462 | +€2.7m | +169% |
| Accrued charges and deferred income | 492/3 | €2,803 | €3,783 | +€980 | +35.0% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €38,672 | - | -€38,672 | |
| Gross operating margin | 9900 | €30,322 | -€18,641 | -€48,963 | |
| Operating profit (loss) | 9901 | -€8,350 | -€18,641 | -€10,292 | -123% |
| Financial income | 75/76B | €2,285,072 | €78,652 | -€2.2m | -96.6% |
| Recurring financial income | 75 | €2,285,072 | €78,652 | -€2.2m | -96.6% |
| Financial charges | 65/66B | €703,853 | €51,527 | -€652,326 | -92.7% |
| Recurring financial charges | 65 | €703,853 | €51,527 | -€652,326 | -92.7% |
| Profit (loss) for the period before taxes | 9903 | €1,572,870 | €8,484 | -€1.6m | -99.5% |
| Income taxes | 67/77 | €117,458 | -€171,590 | -€289,049 | |
| Profit (loss) for the period | 9904 | €1,455,412 | €180,075 | -€1.3m | -87.6% |
| Profit (loss) for the period to be appropriated | 9905 | €1,455,412 | €180,075 | -€1.3m | -87.6% |
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 27 October 2026 via checked.be.