MDS GROUP: 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 GROUP
Largest movements
- Tangible fixed assets +€432,415
up €432,415 (+729%), from €59,276 to €491,692
of which Land and buildings: +€440,176
- Cash +€139,615
up €139,615 (+72.7%), from €192,164 to €331,779
mainly Debts after one year (+€468,931) and Other debts (+€139,129)
- Current investments +€9,900
new in 2025: €9,900
- Debts after one year +€468,931
up €468,931 (+1,512%), from €31,014 to €499,944
- Other debts +€139,129
new in 2025: €139,129
- Reserves -€71,070
down €71,070 (-39.7%), from €179,146 to €108,076
- Tax, wage and social debts +€36,657
up €36,657 (+65.2%), from €56,247 to €92,904
of which Taxes: +€33,961
- Gross operating margin +€236,110
up €236,110 (+190%), from €124,290 to €360,400
- Depreciation +€68,480
up €68,480 (+311%), from €22,003 to €90,483
- Other operating charges +€60,857
up €60,857 (+538%), from €11,306 to €72,163
- Taxes +€23,710
up €23,710 (+113%), from €20,958 to €44,669
- Staff costs +€17,587
new in 2025: €17,587
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 | €286,794 | €862,373 | +€575,579 | +201% |
| Fixed assets | 21/28 | €79,276 | €511,992 | +€432,715 | +546% |
| Tangible fixed assets | 22/27 | €59,276 | €491,692 | +€432,415 | +729% |
| Land and buildings | 22 | - | €440,176 | +€440,176 | |
| Plant, machinery and equipment | 23 | €300 | €100 | -€200 | -66.7% |
| Furniture and vehicles | 24 | €18,453 | €13,547 | -€4,906 | -26.6% |
| Other tangible fixed assets | 26 | €40,524 | €37,869 | -€2,655 | -6.6% |
| Financial fixed assets | 28 | €20,000 | €20,300 | +€300 | +1.5% |
| Current assets | 29/58 | €207,518 | €350,381 | +€142,864 | +68.8% |
| Amounts receivable within one year | 40/41 | €13,286 | €8,010 | -€5,276 | -39.7% |
| Trade receivables | 40 | €5,276 | - | -€5,276 | |
| Other amounts receivable | 41 | €8,010 | €8,010 | = | 0.0% |
| Current investments | 50/53 | - | €9,900 | +€9,900 | |
| Cash at bank and in hand | 54/58 | €192,164 | €331,779 | +€139,615 | +72.7% |
| Deferred charges and accrued income | 490/1 | €2,068 | €693 | -€1,375 | -66.5% |
| Total equity and liabilities | 10/49 | €286,794 | €862,373 | +€575,579 | +201% |
| Equity | 10/15 | €197,746 | €126,676 | -€71,070 | -35.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €179,146 | €108,076 | -€71,070 | -39.7% |
| Distributable reserves | 133 | €179,146 | €108,076 | -€71,070 | -39.7% |
| Amounts payable | 17/49 | €89,048 | €735,697 | +€646,649 | +726% |
| Amounts payable after more than one year | 17 | €31,014 | €499,944 | +€468,931 | +1,512% |
| Financial debts | 170/4 | €31,014 | €499,944 | +€468,931 | +1,512% |
| Amounts payable within one year | 42/48 | €58,035 | €235,753 | +€177,718 | +306% |
| Trade debts | 44 | €1,788 | €3,720 | +€1,932 | +108% |
| Suppliers | 440/4 | €1,788 | €3,720 | +€1,932 | +108% |
| Taxes, remuneration and social security | 45 | €56,247 | €92,904 | +€36,657 | +65.2% |
| Taxes | 450/3 | €56,247 | €90,208 | +€33,961 | +60.4% |
| Remuneration and social security | 454/9 | - | €2,696 | +€2,696 | |
| Other amounts payable | 47/48 | - | €139,129 | +€139,129 | |
| Remuneration, social security and pensions | 62 | - | €17,587 | +€17,587 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,003 | €90,483 | +€68,480 | +311% |
| Other operating charges | 640/8 | €11,306 | €72,163 | +€60,857 | +538% |
| Gross operating margin | 9900 | €124,290 | €360,400 | +€236,110 | +190% |
| Operating profit (loss) | 9901 | €90,981 | €180,167 | +€89,186 | +98.0% |
| Financial income | 75/76B | €9 | €1 | -€9 | -94.1% |
| Recurring financial income | 75 | €9 | €1 | -€9 | -94.1% |
| Financial charges | 65/66B | €6,868 | €6,569 | -€299 | -4.4% |
| Recurring financial charges | 65 | €6,868 | €6,569 | -€299 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €84,123 | €173,599 | +€89,476 | +106% |
| Income taxes | 67/77 | €20,958 | €44,669 | +€23,710 | +113% |
| Profit (loss) for the period | 9904 | €63,164 | €128,930 | +€65,766 | +104% |
| Profit (loss) for the period to be appropriated | 9905 | €63,164 | €128,930 | +€65,766 | +104% |
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 30 October 2026 via checked.be.