MDS Management: 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 Management
Largest movements
- Current investments +€15,006
up €15,006 (+62.5%), from €24,026 to €39,032
- Tangible fixed assets -€10,442
down €10,442 (-2.7%), from €388,216 to €377,775
of which Land and buildings: -€8,257
- Cash +€9,356
up €9,356 (+139.5%), from €6,706 to €16,062
mainly Net result for the year (+€44,083) and Depreciation (+€10,442)
- Reserves +€44,083
up €44,083 (+262.3%), from €16,809 to €60,892
- Debts after one year -€18,947
down €18,947 (-8.2%), from €231,277 to €212,330
- Other debts -€11,680
down €11,680 (-9.2%), from €127,548 to €115,867
- Current portion of long-term debt -€9,463
down €9,463 (-33.3%), from €28,410 to €18,947
- Tax, wage and social debts +€8,852
up €8,852 (+46.7%), from €18,954 to €27,806
- Gross operating margin +€59,666
up €59,666 (+180.3%), from €33,088 to €92,754
- Taxes +€19,799
up €19,799 (+400.1%), from €4,949 to €24,748
- Financial charges -€994
down €994 (-9.1%), from €10,901 to €9,907
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.
Cash bridge derived
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 | €446,562 | €458,319 | +€11,757 | +2.6% |
| Fixed assets | 21/28 | €388,216 | €377,775 | -€10,442 | -2.7% |
| Tangible fixed assets | 22/27 | €388,216 | €377,775 | -€10,442 | -2.7% |
| Land and buildings | 22 | €368,138 | €359,881 | -€8,257 | -2.2% |
| Other tangible fixed assets | 26 | €20,078 | €17,893 | -€2,185 | -10.9% |
| Current assets | 29/58 | €58,346 | €80,545 | +€22,199 | +38.0% |
| Amounts receivable within one year | 40/41 | €26,831 | €24,649 | -€2,182 | -8.1% |
| Trade receivables | 40 | €25,769 | €24,649 | -€1,119 | -4.3% |
| Other amounts receivable | 41 | €1,063 | - | -€1,063 | |
| Current investments | 50/53 | €24,026 | €39,032 | +€15,006 | +62.5% |
| Cash at bank and in hand | 54/58 | €6,706 | €16,062 | +€9,356 | +139.5% |
| Deferred charges and accrued income | 490/1 | €783 | €802 | +€19 | +2.4% |
| Total equity and liabilities | 10/49 | €446,562 | €458,319 | +€11,757 | +2.6% |
| Equity | 10/15 | €29,209 | €73,292 | +€44,083 | +150.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €16,809 | €60,892 | +€44,083 | +262.3% |
| Distributable reserves | 133 | €16,809 | €60,892 | +€44,083 | +262.3% |
| Amounts payable | 17/49 | €417,353 | €385,027 | -€32,326 | -7.7% |
| Amounts payable after more than one year | 17 | €231,277 | €212,330 | -€18,947 | -8.2% |
| Financial debts | 170/4 | €231,277 | €212,330 | -€18,947 | -8.2% |
| Amounts payable within one year | 42/48 | €186,076 | €172,697 | -€13,378 | -7.2% |
| Current portion of amounts payable after more than one year | 42 | €28,410 | €18,947 | -€9,463 | -33.3% |
| Financial debts | 43 | €6,000 | €6,000 | = | 0.0% |
| Credit institutions | 430/8 | €6,000 | €6,000 | = | 0.0% |
| Trade debts | 44 | €5,165 | €4,077 | -€1,088 | -21.1% |
| Suppliers | 440/4 | €5,165 | €4,077 | -€1,088 | -21.1% |
| Taxes, remuneration and social security | 45 | €18,954 | €27,806 | +€8,852 | +46.7% |
| Taxes | 450/3 | €18,954 | €27,806 | +€8,852 | +46.7% |
| Other amounts payable | 47/48 | €127,548 | €115,867 | -€11,680 | -9.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,031 | €10,442 | +€411 | +4.1% |
| Other operating charges | 640/8 | €3,523 | €3,941 | +€418 | +11.9% |
| Gross operating margin | 9900 | €33,088 | €92,754 | +€59,666 | +180.3% |
| Operating profit (loss) | 9901 | €19,534 | €78,371 | +€58,838 | +301.2% |
| Financial income | 75/76B | €37 | €366 | +€329 | +891.0% |
| Recurring financial income | 75 | €37 | €366 | +€329 | +891.0% |
| Financial charges | 65/66B | €10,901 | €9,907 | -€994 | -9.1% |
| Recurring financial charges | 65 | €10,901 | €9,907 | -€994 | -9.1% |
| Profit (loss) for the period before taxes | 9903 | €8,670 | €68,831 | +€60,161 | +693.9% |
| Income taxes | 67/77 | €4,949 | €24,748 | +€19,799 | +400.1% |
| Profit (loss) for the period | 9904 | €3,721 | €44,083 | +€40,362 | +1084.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,721 | €44,083 | +€40,362 | +1084.7% |
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 12 October 2026 via checked.be.