MDS: 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.
What changed
MDS
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€18,484
2024 · -€3,699-€14,785
Equity
€1.3m
2024 · €1.3m-€18,484
Cash
€15,120
2024 · €17,654-€2,533
Balance sheet total
€1.8m
2024 · €1.9m-€46,890
Largest movements
Assets
- Tangible fixed assets -€43,750
down €43,750 (-2.4%), from €1.8m to €1.8m
Equity and liabilities
- Debts after one year -€31,651
down €31,651 (-8.5%), from €372,428 to €340,777
of which Financial debts: -€31,710
Income statement
- Gross operating margin -€15,350
down €15,350 (-34.5%), from €44,469 to €29,119
- Financial charges -€658
down €658 (-8.5%), from €7,737 to €7,079
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.
Result 2024
-€3,699
Gross operating margin
-€15,350
Other operating charges
+€6
Financial income
-€39
Financial charges
+€658
Taxes
-€60
Result 2025
-€18,484
raises the resultlowers the result
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.
From operations
+€28,530
Investment
€0
Financing
-€31,064
Cash 2024
€17,654
From operations (derived)
+€28,530
Net result for the year
-€18,484
Depreciation
+€43,750
Receivables within one year
+€607
Provisions
-€8,396
Trade debts
+€254
Tax, wage and social debts
-€76
Other debts
+€2,063
Accrued charges and deferred income
+€8,812
Financing
-€31,064
Debts after one year
-€31,651
Current portion of long-term debt
+€587
Cash 2025
€15,120
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,850,144 | €1,803,254 | -€46,890 | -2.5% |
| Fixed assets | 21/28 | €1,831,250 | €1,787,500 | -€43,750 | -2.4% |
| Tangible fixed assets | 22/27 | €1,831,250 | €1,787,500 | -€43,750 | -2.4% |
| Land and buildings | 22 | €1,831,250 | €1,787,500 | -€43,750 | -2.4% |
| Current assets | 29/58 | €18,894 | €15,754 | -€3,140 | -16.6% |
| Amounts receivable within one year | 40/41 | €1,240 | €634 | -€607 | -48.9% |
| Other amounts receivable | 41 | €1,240 | €634 | -€607 | -48.9% |
| Cash at bank and in hand | 54/58 | €17,654 | €15,120 | -€2,533 | -14.4% |
| Total equity and liabilities | 10/49 | €1,850,144 | €1,803,254 | -€46,890 | -2.5% |
| Equity | 10/15 | €1,338,306 | €1,319,822 | -€18,484 | -1.4% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Revaluation surpluses | 12 | €1,393,750 | €1,393,750 | = | 0.0% |
| Reserves | 13 | €171,226 | €154,922 | -€16,304 | -9.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Other | 1319 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €163,045 | €146,740 | -€16,304 | -10.0% |
| Distributable reserves | 133 | €6,321 | €6,321 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€232,870 | -€235,049 | -€2,179 | -0.9% |
| Provisions and deferred taxes | 16 | €83,955 | €75,560 | -€8,396 | -10.0% |
| Deferred taxes | 168 | €83,955 | €75,560 | -€8,396 | -10.0% |
| Amounts payable | 17/49 | €427,882 | €407,872 | -€20,011 | -4.7% |
| Amounts payable after more than one year | 17 | €372,428 | €340,777 | -€31,651 | -8.5% |
| Financial debts | 170/4 | €339,117 | €307,406 | -€31,710 | -9.4% |
| Other amounts payable | 178/9 | €33,311 | €33,370 | +€60 | +0.2% |
| Amounts payable within one year | 42/48 | €55,455 | €58,283 | +€2,828 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €31,123 | €31,710 | +€587 | +1.9% |
| Trade debts | 44 | €4,804 | €5,058 | +€254 | +5.3% |
| Suppliers | 440/4 | €4,804 | €5,058 | +€254 | +5.3% |
| Taxes, remuneration and social security | 45 | €76 | - | -€76 | |
| Taxes | 450/3 | €76 | - | -€76 | |
| Other amounts payable | 47/48 | €19,451 | €21,514 | +€2,063 | +10.6% |
| Accrued charges and deferred income | 492/3 | - | €8,812 | +€8,812 | |
| Non-recurring operating income | 76A | €3,090 | - | -€3,090 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,750 | €43,750 | = | 0.0% |
| Other operating charges | 640/8 | €5,276 | €5,271 | -€6 | -0.1% |
| Gross operating margin | 9900 | €44,469 | €29,119 | -€15,350 | -34.5% |
| Operating profit (loss) | 9901 | -€4,558 | -€19,902 | -€15,344 | -337% |
| Financial income | 75/76B | €200 | €161 | -€39 | -19.3% |
| Recurring financial income | 75 | €200 | €161 | -€39 | -19.3% |
| Financial charges | 65/66B | €7,737 | €7,079 | -€658 | -8.5% |
| Recurring financial charges | 65 | €7,737 | €7,079 | -€658 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,095 | -€26,820 | -€14,725 | -122% |
| Transfer from deferred taxes | 780 | €8,396 | €8,396 | = | 0.0% |
| Income taxes | 67/77 | - | €60 | +€60 | |
| Profit (loss) for the period | 9904 | -€3,699 | -€18,484 | -€14,785 | -400% |
| Transfer from tax-exempt reserves | 789 | €16,304 | €16,304 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,605 | -€2,179 | -€14,785 |
Source: filed annual accounts (NBB), financial years ended 30 November 2024 and 30 November 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.