MDS DIRECT: 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.
MDS DIRECT
Largest movements
- Stocks and contracts -€204,032
down €204,032 (-59.3%), from €344,320 to €140,288
- Cash -€41,781
down €41,781 (-97.6%), from €42,819 to €1,038
mainly Trade debts (-€302,234) and Current portion of long-term debt (-€60,000)
- Tangible fixed assets -€15,305
down €15,305 (-30.1%), from €50,769 to €35,464
of which Plant, machinery and equipment: -€8,517
- Receivables within one year +€7,620
up €7,620 (+56.6%), from €13,473 to €21,093
of which Trade receivables: +€7,566
- Trade debts -€302,234
down €302,234 (-97.2%), from €310,950 to €8,717
- Other debts +€123,328
up €123,328 (+839%), from €14,706 to €138,033
- Current portion of long-term debt -€60,000
down €60,000 (-100%), from €60,000 to €0
- Profit (loss) carried forward -€40,515
new in 2025: -€40,515
- Short-term financial debts +€32,449
up €32,449, from €0 to €32,449
- Gross operating margin -€68,724
down €68,724 (-64.9%), from €105,839 to €37,115
- Staff costs -€26,268
down €26,268 (-33.5%), from €78,390 to €52,122
- Financial charges -€1,935
down €1,935 (-28.3%), from €6,835 to €4,900
- Other operating charges +€1,648
up €1,648 (+53.6%), from €3,076 to €4,724
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 | €451,936 | €198,438 | -€253,498 | -56.1% |
| Fixed assets | 21/28 | €51,324 | €36,019 | -€15,305 | -29.8% |
| Tangible fixed assets | 22/27 | €50,769 | €35,464 | -€15,305 | -30.1% |
| Plant, machinery and equipment | 23 | €12,765 | €4,248 | -€8,517 | -66.7% |
| Furniture and vehicles | 24 | €6,370 | €4,699 | -€1,672 | -26.2% |
| Other tangible fixed assets | 26 | €31,634 | €26,518 | -€5,116 | -16.2% |
| Financial fixed assets | 28 | €555 | €555 | = | 0.0% |
| Current assets | 29/58 | €400,612 | €162,419 | -€238,193 | -59.5% |
| Stocks and contracts in progress | 3 | €344,320 | €140,288 | -€204,032 | -59.3% |
| Stocks | 30/36 | €344,320 | €140,288 | -€204,032 | -59.3% |
| Amounts receivable within one year | 40/41 | €13,473 | €21,093 | +€7,620 | +56.6% |
| Trade receivables | 40 | €13,473 | €21,039 | +€7,566 | +56.2% |
| Other amounts receivable | 41 | - | €53 | +€53 | |
| Cash at bank and in hand | 54/58 | €42,819 | €1,038 | -€41,781 | -97.6% |
| Total equity and liabilities | 10/49 | €451,936 | €198,438 | -€253,498 | -56.1% |
| Equity | 10/15 | €56,966 | €16,451 | -€40,515 | -71.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €38,374 | €38,374 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €36,515 | €36,515 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€40,515 | -€40,515 | |
| Amounts payable | 17/49 | €394,970 | €181,987 | -€212,983 | -53.9% |
| Amounts payable within one year | 42/48 | €394,970 | €181,987 | -€212,983 | -53.9% |
| Current portion of amounts payable after more than one year | 42 | €60,000 | €0 | -€60,000 | -100% |
| Financial debts | 43 | €0 | €32,449 | +€32,449 | |
| Credit institutions | 430/8 | €0 | €32,449 | +€32,449 | |
| Trade debts | 44 | €310,950 | €8,717 | -€302,234 | -97.2% |
| Suppliers | 440/4 | €310,950 | €8,717 | -€302,234 | -97.2% |
| Taxes, remuneration and social security | 45 | €9,314 | €2,788 | -€6,526 | -70.1% |
| Taxes | 450/3 | €3,314 | €0 | -€3,314 | -100% |
| Remuneration and social security | 454/9 | €6,000 | €2,788 | -€3,212 | -53.5% |
| Other amounts payable | 47/48 | €14,706 | €138,033 | +€123,328 | +839% |
| Non-recurring operating income | 76A | - | €124,341 | +€124,341 | |
| Remuneration, social security and pensions | 62 | €78,390 | €52,122 | -€26,268 | -33.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,633 | €15,305 | -€328 | -2.1% |
| Other operating charges | 640/8 | €3,076 | €4,724 | +€1,648 | +53.6% |
| Gross operating margin | 9900 | €105,839 | €37,115 | -€68,724 | -64.9% |
| Operating profit (loss) | 9901 | €8,740 | -€35,036 | -€43,776 | |
| Financial income | 75/76B | €23 | €260 | +€237 | +1,019% |
| Recurring financial income | 75 | €23 | €260 | +€237 | +1,019% |
| Financial charges | 65/66B | €6,835 | €4,900 | -€1,935 | -28.3% |
| Recurring financial charges | 65 | €6,835 | €4,900 | -€1,935 | -28.3% |
| Profit (loss) for the period before taxes | 9903 | €1,928 | -€39,677 | -€41,604 | |
| Income taxes | 67/77 | €175 | €838 | +€663 | +378% |
| Profit (loss) for the period | 9904 | €1,753 | -€40,515 | -€42,268 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,753 | -€40,515 | -€42,268 |
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 14 October 2026 via checked.be.