MDRD: 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.
MDRD
Largest movements
- Current investments +€183,752
up €183,752 (+1225.0%), from €15,000 to €198,752
- Tangible fixed assets -€36,677
down €36,677 (-7.2%), from €506,895 to €470,218
of which Land and buildings: -€19,878
- Cash +€7,899
up €7,899 (+174.6%), from €4,524 to €12,422
mainly Net result for the year (+€271,070) and Other debts (+€156,337)
- Other debts +€156,337
up €156,337 (+211.2%), from €74,013 to €230,350
- Tax, wage and social debts +€48,177
up €48,177 (+870.2%), from €5,537 to €53,713
of which Taxes: +€48,177
- Debts after one year -€45,156
down €45,156 (-11.1%), from €405,348 to €360,192
- Gross operating margin +€296,004
up €296,004 (+262.9%), from €112,606 to €408,610
- Taxes +€74,301
up €74,301 (+486.8%), from €15,263 to €89,564
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 | €536,675 | €696,008 | +€159,334 | +29.7% |
| Fixed assets | 21/28 | €506,895 | €470,218 | -€36,677 | -7.2% |
| Tangible fixed assets | 22/27 | €506,895 | €470,218 | -€36,677 | -7.2% |
| Land and buildings | 22 | €445,386 | €425,508 | -€19,878 | -4.5% |
| Plant, machinery and equipment | 23 | €10,346 | €11,476 | +€1,129 | +10.9% |
| Furniture and vehicles | 24 | €51,163 | €33,234 | -€17,928 | -35.0% |
| Current assets | 29/58 | €29,779 | €225,790 | +€196,011 | +658.2% |
| Amounts receivable within one year | 40/41 | - | €4,309 | +€4,309 | |
| Other amounts receivable | 41 | - | €4,309 | +€4,309 | |
| Current investments | 50/53 | €15,000 | €198,752 | +€183,752 | +1225.0% |
| Cash at bank and in hand | 54/58 | €4,524 | €12,422 | +€7,899 | +174.6% |
| Deferred charges and accrued income | 490/1 | €10,256 | €10,307 | +€51 | +0.5% |
| Total equity and liabilities | 10/49 | €536,675 | €696,008 | +€159,334 | +29.7% |
| Equity | 10/15 | €4,170 | €4,240 | +€70 | +1.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €1,170 | €1,240 | +€70 | +6.0% |
| Distributable reserves | 133 | €1,170 | €1,240 | +€70 | +6.0% |
| Amounts payable | 17/49 | €532,505 | €691,769 | +€159,264 | +29.9% |
| Amounts payable after more than one year | 17 | €405,348 | €360,192 | -€45,156 | -11.1% |
| Financial debts | 170/4 | €405,348 | €360,192 | -€45,156 | -11.1% |
| Amounts payable within one year | 42/48 | €124,951 | €329,370 | +€204,420 | +163.6% |
| Current portion of amounts payable after more than one year | 42 | €44,351 | €45,156 | +€805 | +1.8% |
| Financial debts | 43 | €52 | €151 | +€99 | +191.0% |
| Credit institutions | 430/8 | €11 | €136 | +€125 | +1138.3% |
| Other loans | 439 | €41 | €15 | -€26 | -63.4% |
| Trade debts | 44 | €997 | - | -€997 | |
| Suppliers | 440/4 | €997 | - | -€997 | |
| Taxes, remuneration and social security | 45 | €5,537 | €53,713 | +€48,177 | +870.2% |
| Taxes | 450/3 | €2,559 | €50,736 | +€48,177 | +1882.3% |
| Remuneration and social security | 454/9 | €2,977 | €2,977 | = | 0.0% |
| Other amounts payable | 47/48 | €74,013 | €230,350 | +€156,337 | +211.2% |
| Accrued charges and deferred income | 492/3 | €2,206 | €2,206 | = | 0.0% |
| Non-recurring operating income | 76A | - | €7,213 | +€7,213 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,541 | €40,083 | +€2,542 | +6.8% |
| Other operating charges | 640/8 | €748 | €693 | -€55 | -7.4% |
| Non-recurring operating charges | 66A | - | €48 | +€48 | |
| Gross operating margin | 9900 | €112,606 | €408,610 | +€296,004 | +262.9% |
| Operating profit (loss) | 9901 | €74,317 | €367,785 | +€293,469 | +394.9% |
| Financial income | 75/76B | €0 | €361 | +€361 | +1203066.7% |
| Recurring financial income | 75 | €0 | €361 | +€361 | +1203066.7% |
| Financial charges | 65/66B | €8,913 | €7,513 | -€1,400 | -15.7% |
| Recurring financial charges | 65 | €8,913 | €7,513 | -€1,400 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €65,404 | €360,634 | +€295,230 | +451.4% |
| Income taxes | 67/77 | €15,263 | €89,564 | +€74,301 | +486.8% |
| Profit (loss) for the period | 9904 | €50,141 | €271,070 | +€220,929 | +440.6% |
| Profit (loss) for the period to be appropriated | 9905 | €50,141 | €271,070 | +€220,929 | +440.6% |
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 6 October 2026 via checked.be.