MDS-Line: 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-Line
Largest movements
- Tangible fixed assets -€38,847
down €38,847 (-40.3%), from €96,294 to €57,447
of which Leasing and similar rights: -€31,110
- Receivables within one year +€29,198
up €29,198 (+111%), from €26,291 to €55,489
of which Trade receivables: +€29,137
- Cash -€24,510
down €24,510 (-23.1%), from €106,293 to €81,783
mainly Contributions, distributions and other (-€60,000) and Debts after one year (-€35,127)
- Debts after one year -€35,127
down €35,127 (-64.5%), from €54,449 to €19,322
of which Financial debts: -€25,077
- Accrued charges and deferred income +€21,449
new in 2025: €21,449
- Reserves -€9,587
down €9,587 (-9.6%), from €99,531 to €89,944
- Trade debts -€9,263
down €9,263 (-47.1%), from €19,674 to €10,411
- Other debts -€3,337
down €3,337 (-66.0%), from €5,060 to €1,723
- Gross operating margin +€15,995
up €15,995 (+14.9%), from €107,356 to €123,351
- Other operating charges +€4,723
up €4,723 (+27.3%), from €17,296 to €22,019
- Taxes +€3,851
up €3,851 (+35.2%), from €10,927 to €14,778
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 | €231,785 | €197,484 | -€34,301 | -14.8% |
| Fixed assets | 21/28 | €97,044 | €57,447 | -€39,597 | -40.8% |
| Tangible fixed assets | 22/27 | €96,294 | €57,447 | -€38,847 | -40.3% |
| Plant, machinery and equipment | 23 | €7,943 | €731 | -€7,213 | -90.8% |
| Furniture and vehicles | 24 | €2,099 | €1,574 | -€525 | -25.0% |
| Leasing and similar rights | 25 | €86,252 | €55,143 | -€31,110 | -36.1% |
| Financial fixed assets | 28 | €750 | - | -€750 | |
| Current assets | 29/58 | €134,741 | €140,037 | +€5,296 | +3.9% |
| Amounts receivable within one year | 40/41 | €26,291 | €55,489 | +€29,198 | +111% |
| Trade receivables | 40 | €25,093 | €54,230 | +€29,137 | +116% |
| Other amounts receivable | 41 | €1,197 | €1,259 | +€62 | +5.1% |
| Cash at bank and in hand | 54/58 | €106,293 | €81,783 | -€24,510 | -23.1% |
| Deferred charges and accrued income | 490/1 | €2,157 | €2,764 | +€608 | +28.2% |
| Total equity and liabilities | 10/49 | €231,785 | €197,484 | -€34,301 | -14.8% |
| Equity | 10/15 | €103,480 | €93,893 | -€9,587 | -9.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €99,531 | €89,944 | -€9,587 | -9.6% |
| Distributable reserves | 133 | €99,531 | €89,944 | -€9,587 | -9.6% |
| Investment grants | 15 | €2,448 | €2,448 | = | 0.0% |
| Amounts payable | 17/49 | €128,305 | €103,591 | -€24,714 | -19.3% |
| Amounts payable after more than one year | 17 | €54,449 | €19,322 | -€35,127 | -64.5% |
| Financial debts | 170/4 | €44,399 | €19,322 | -€25,077 | -56.5% |
| Other amounts payable | 178/9 | €10,050 | - | -€10,050 | |
| Amounts payable within one year | 42/48 | €73,856 | €62,821 | -€11,035 | -14.9% |
| Current portion of amounts payable after more than one year | 42 | €23,968 | €25,077 | +€1,109 | +4.6% |
| Trade debts | 44 | €19,674 | €10,411 | -€9,263 | -47.1% |
| Suppliers | 440/4 | €19,674 | €10,411 | -€9,263 | -47.1% |
| Taxes, remuneration and social security | 45 | €25,154 | €25,610 | +€456 | +1.8% |
| Taxes | 450/3 | €25,154 | €25,610 | +€456 | +1.8% |
| Other amounts payable | 47/48 | €5,060 | €1,723 | -€3,337 | -66.0% |
| Accrued charges and deferred income | 492/3 | - | €21,449 | +€21,449 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,314 | €32,080 | -€233 | -0.7% |
| Other operating charges | 640/8 | €17,296 | €22,019 | +€4,723 | +27.3% |
| Gross operating margin | 9900 | €107,356 | €123,351 | +€15,995 | +14.9% |
| Operating profit (loss) | 9901 | €57,746 | €69,252 | +€11,505 | +19.9% |
| Financial income | 75/76B | €909 | €529 | -€380 | -41.8% |
| Recurring financial income | 75 | €909 | €529 | -€380 | -41.8% |
| Financial charges | 65/66B | €5,049 | €4,590 | -€460 | -9.1% |
| Recurring financial charges | 65 | €5,049 | €4,590 | -€460 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €53,606 | €65,191 | +€11,584 | +21.6% |
| Income taxes | 67/77 | €10,927 | €14,778 | +€3,851 | +35.2% |
| Profit (loss) for the period | 9904 | €42,679 | €50,413 | +€7,734 | +18.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,679 | €50,413 | +€7,734 | +18.1% |
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 18 October 2026 via checked.be.