MDS-CONSTRUCT: what changed
MDS-CONSTRUCT
Largest movements
- Stocks and contracts -€191,457
down €191,457 (-95.0%), from €201,477 to €10,020
- Tangible fixed assets +€114,887
up €114,887 (+10.8%), from €1.1m to €1.2m
of which Land and buildings: +€139,572
- Receivables within one year +€87,655
up €87,655 (+34.3%), from €255,893 to €343,548
of which Trade receivables: +€123,868
- Cash -€41,076
down €41,076 (-28.0%), from €146,566 to €105,490
mainly Investment in fixed assets (net) (-€185,463) and Short-term financial debts (-€135,000)
- Short-term financial debts -€135,000
no longer reported in 2026 (was €135,000)
- Reserves +€85,084
up €85,084 (+17.5%), from €484,852 to €569,936
of which Distributable reserves: +€85,084
- Debts after one year +€81,948
up €81,948 (+9.8%), from €833,262 to €915,210
- Trade debts -€39,665
down €39,665 (-39.6%), from €100,045 to €60,380
- Current portion of long-term debt -€36,222
down €36,222 (-41.5%), from €87,226 to €51,004
- Other operating charges -€105,654
down €105,654 (-95.5%), from €110,634 to €4,980
- Gross operating margin -€71,523
down €71,523 (-15.6%), from €457,490 to €385,967
- Depreciation +€38,485
up €38,485 (+120%), from €32,091 to €70,576
- Staff costs -€24,871
down €24,871 (-49.6%), from €50,154 to €25,283
- Financial charges +€15,738
up €15,738 (+77.9%), from €20,212 to €35,950
Change in the result, 2025 to 2026
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2025 and 2026 balance sheets and the 2026 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,670,910 | €1,641,577 | -€29,333 | -1.8% |
| Fixed assets | 21/28 | €1,065,226 | €1,180,113 | +€114,887 | +10.8% |
| Tangible fixed assets | 22/27 | €1,064,796 | €1,179,683 | +€114,887 | +10.8% |
| Land and buildings | 22 | €941,271 | €1,080,843 | +€139,572 | +14.8% |
| Plant, machinery and equipment | 23 | €9,324 | €10,523 | +€1,199 | +12.9% |
| Furniture and vehicles | 24 | €114,201 | €88,317 | -€25,884 | -22.7% |
| Financial fixed assets | 28 | €430 | €430 | = | 0.0% |
| Current assets | 29/58 | €605,684 | €461,464 | -€144,220 | -23.8% |
| Stocks and contracts in progress | 3 | €201,477 | €10,020 | -€191,457 | -95.0% |
| Stocks | 30/36 | €201,477 | €10,020 | -€191,457 | -95.0% |
| Amounts receivable within one year | 40/41 | €255,893 | €343,548 | +€87,655 | +34.3% |
| Trade receivables | 40 | €199,850 | €323,718 | +€123,868 | +62.0% |
| Other amounts receivable | 41 | €56,043 | €19,830 | -€36,213 | -64.6% |
| Cash at bank and in hand | 54/58 | €146,566 | €105,490 | -€41,076 | -28.0% |
| Deferred charges and accrued income | 490/1 | €1,748 | €2,406 | +€658 | +37.6% |
| Total equity and liabilities | 10/49 | €1,670,910 | €1,641,577 | -€29,333 | -1.8% |
| Equity | 10/15 | €491,052 | €588,536 | +€97,484 | +19.9% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Capital | 10 | €6,200 | €18,600 | +€12,400 | +200% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | - | -€12,400 | |
| Reserves | 13 | €484,852 | €569,936 | +€85,084 | +17.5% |
| Non-distributable reserves | 130/1 | €620 | €620 | = | 0.0% |
| Legal reserve | 130 | €620 | €620 | = | 0.0% |
| Distributable reserves | 133 | €484,232 | €569,316 | +€85,084 | +17.6% |
| Amounts payable | 17/49 | €1,179,858 | €1,053,041 | -€126,817 | -10.7% |
| Amounts payable after more than one year | 17 | €833,262 | €915,210 | +€81,948 | +9.8% |
| Financial debts | 170/4 | €833,262 | €915,210 | +€81,948 | +9.8% |
| Amounts payable within one year | 42/48 | €346,146 | €137,381 | -€208,765 | -60.3% |
| Current portion of amounts payable after more than one year | 42 | €87,226 | €51,004 | -€36,222 | -41.5% |
| Financial debts | 43 | €135,000 | - | -€135,000 | |
| Credit institutions | 430/8 | €135,000 | - | -€135,000 | |
| Trade debts | 44 | €100,045 | €60,380 | -€39,665 | -39.6% |
| Suppliers | 440/4 | €100,045 | €60,380 | -€39,665 | -39.6% |
| Taxes, remuneration and social security | 45 | €23,875 | €25,637 | +€1,762 | +7.4% |
| Taxes | 450/3 | €17,182 | €18,766 | +€1,584 | +9.2% |
| Remuneration and social security | 454/9 | €6,693 | €6,871 | +€178 | +2.7% |
| Other amounts payable | 47/48 | - | €360 | +€360 | |
| Accrued charges and deferred income | 492/3 | €450 | €450 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €50,154 | €25,283 | -€24,871 | -49.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,091 | €70,576 | +€38,485 | +120% |
| Other operating charges | 640/8 | €110,634 | €4,980 | -€105,654 | -95.5% |
| Gross operating margin | 9900 | €457,490 | €385,967 | -€71,523 | -15.6% |
| Operating profit (loss) | 9901 | €264,611 | €285,128 | +€20,517 | +7.8% |
| Financial income | 75/76B | €164 | €379 | +€215 | +131% |
| Recurring financial income | 75 | €164 | €379 | +€215 | +131% |
| Financial charges | 65/66B | €20,212 | €35,950 | +€15,738 | +77.9% |
| Recurring financial charges | 65 | €20,212 | €35,950 | +€15,738 | +77.9% |
| Profit (loss) for the period before taxes | 9903 | €244,563 | €249,557 | +€4,994 | +2.0% |
| Income taxes | 67/77 | €75,574 | €83,831 | +€8,257 | +10.9% |
| Profit (loss) for the period | 9904 | €168,989 | €165,726 | -€3,263 | -1.9% |
| Profit (loss) for the period to be appropriated | 9905 | €168,989 | €165,726 | -€3,263 | -1.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.