MDSH: what changed
Two fiscal 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.
MDSH
Largest movements
- Receivables within one year +€4,421
up €4,421 (+3755.8%), from €118 to €4,538
of which Trade receivables: +€4,538
- Cash -€3,604
down €3,604 (-4.1%), from €88,381 to €84,776
mainly Receivables within one year (-€4,421) and Contributions, distributions and other (-€3,797)
- Deferred charges and accrued income +€1,575
new in 2025: €1,575
- Tangible fixed assets +€1,314
new in 2025: €1,314
- Other debts +€7,589
up €7,589 (+1230.8%), from €617 to €8,205
- Profit (loss) carried forward -€7,096
no longer reported in 2025 (was €7,096)
- Reserves +€6,613
up €6,613 (+10.4%), from €63,360 to €69,973
- Tax, wage and social debts -€3,417
down €3,417 (-67.7%), from €5,051 to €1,633
- Gross operating margin -€90,151
down €90,151 (-95.6%), from €94,343 to €4,192
- Taxes -€25,023
down €25,023 (-99.9%), from €25,060 to €36
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 | €88,523 | €92,229 | +€3,706 | +4.2% |
| Fixed assets | 21/28 | €25 | €1,339 | +€1,314 | +5256.0% |
| Tangible fixed assets | 22/27 | - | €1,314 | +€1,314 | |
| Plant, machinery and equipment | 23 | - | €1,314 | +€1,314 | |
| Financial fixed assets | 28 | €25 | €25 | = | 0.0% |
| Current assets | 29/58 | €88,498 | €90,890 | +€2,392 | +2.7% |
| Amounts receivable within one year | 40/41 | €118 | €4,538 | +€4,421 | +3755.8% |
| Trade receivables | 40 | - | €4,538 | +€4,538 | |
| Other amounts receivable | 41 | €118 | - | -€118 | |
| Cash at bank and in hand | 54/58 | €88,381 | €84,776 | -€3,604 | -4.1% |
| Deferred charges and accrued income | 490/1 | - | €1,575 | +€1,575 | |
| Total equity and liabilities | 10/49 | €88,523 | €92,229 | +€3,706 | +4.2% |
| Equity | 10/15 | €82,856 | €82,373 | -€483 | -0.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €63,360 | €69,973 | +€6,613 | +10.4% |
| Distributable reserves | 133 | €63,360 | €69,973 | +€6,613 | +10.4% |
| Profit (loss) carried forward | 14 | €7,096 | - | -€7,096 | |
| Amounts payable | 17/49 | €5,667 | €9,856 | +€4,188 | +73.9% |
| Amounts payable within one year | 42/48 | €5,667 | €9,856 | +€4,188 | +73.9% |
| Trade debts | 44 | - | €17 | +€17 | |
| Suppliers | 440/4 | - | €17 | +€17 | |
| Taxes, remuneration and social security | 45 | €5,051 | €1,633 | -€3,417 | -67.7% |
| Taxes | 450/3 | €5,051 | €1,633 | -€3,417 | -67.7% |
| Other amounts payable | 47/48 | €617 | €8,205 | +€7,589 | +1230.8% |
| Non-recurring operating income | 76A | - | €250 | +€250 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €96 | €50 | -€47 | -48.3% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €94,343 | €4,192 | -€90,151 | -95.6% |
| Operating profit (loss) | 9901 | €93,860 | €3,743 | -€90,117 | -96.0% |
| Financial income | 75/76B | €29 | €15 | -€15 | -50.3% |
| Recurring financial income | 75 | €29 | €15 | -€15 | -50.3% |
| Financial charges | 65/66B | €233 | €407 | +€174 | +74.5% |
| Recurring financial charges | 65 | €233 | €407 | +€174 | +74.5% |
| Profit (loss) for the period before taxes | 9903 | €93,656 | €3,350 | -€90,306 | -96.4% |
| Income taxes | 67/77 | €25,060 | €36 | -€25,023 | -99.9% |
| Profit (loss) for the period | 9904 | €68,596 | €3,314 | -€65,282 | -95.2% |
| Profit (loss) for the period to be appropriated | 9905 | €68,596 | €3,314 | -€65,282 | -95.2% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.