MDT: 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.
What changed
MDT
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€99,360
2024 · -€99,116-€244
Equity
€1.3m
2024 · €1.4m-€99,360
Cash
€74,445
2024 · €85,509-€11,065
Balance sheet total
€2.3m
2024 · €2.4m-€143,822
Largest movements
Assets
- Tangible fixed assets -€133,791
down €133,791 (-5.8%), from €2.3m to €2.2m
of which Plant, machinery and equipment: -€91,356
Equity and liabilities
- Reserves -€99,360
down €99,360 (-15.2%), from €652,457 to €553,097
of which Tax-exempt reserves: -€62,977
Income statement
- Financial charges -€6,572
down €6,572 (-12.0%), from €54,577 to €48,006
- Gross operating margin -€4,408
down €4,408 (-4.0%), from €111,136 to €106,728
- Depreciation +€2,128
up €2,128 (+1.3%), from €165,958 to €168,086
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.
Result 2024
-€99,116
Gross operating margin
-€4,408
Depreciation
-€2,128
Other operating charges
-€160
Financial income
+€109
Financial charges
+€6,572
Deferred taxes and other
-€228
Result 2025
-€99,360
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€36,980
Investment
-€34,295
Financing
-€13,750
Cash 2024
€85,509
From operations (derived)
+€36,980
Net result for the year
-€99,360
Depreciation
+€168,086
Receivables within one year
-€44
Deferred charges and accrued income
-€990
Provisions
-€20,992
Trade debts
-€6,575
Other debts
-€1,205
Accrued charges and deferred income
-€1,940
Investment (derived)
-€34,295
Investment in fixed assets (net)
-€34,295
Financing
-€13,750
Debts after one year
-€1,250
Current portion of long-term debt
-€12,500
Cash 2025
€74,445
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,402,946 | €2,259,124 | -€143,822 | -6.0% |
| Fixed assets | 21/28 | €2,317,437 | €2,183,646 | -€133,791 | -5.8% |
| Tangible fixed assets | 22/27 | €2,317,437 | €2,183,646 | -€133,791 | -5.8% |
| Land and buildings | 22 | €1,390,497 | €1,355,555 | -€34,941 | -2.5% |
| Plant, machinery and equipment | 23 | €892,994 | €801,638 | -€91,356 | -10.2% |
| Furniture and vehicles | 24 | €33,946 | €26,453 | -€7,493 | -22.1% |
| Current assets | 29/58 | €85,509 | €75,478 | -€10,031 | -11.7% |
| Amounts receivable within one year | 40/41 | - | €44 | +€44 | |
| Other amounts receivable | 41 | - | €44 | +€44 | |
| Cash at bank and in hand | 54/58 | €85,509 | €74,445 | -€11,065 | -12.9% |
| Deferred charges and accrued income | 490/1 | - | €990 | +€990 | |
| Total equity and liabilities | 10/49 | €2,402,946 | €2,259,124 | -€143,822 | -6.0% |
| Equity | 10/15 | €1,359,857 | €1,260,497 | -€99,360 | -7.3% |
| Contributions | 10/11 | €700,000 | €700,000 | = | 0.0% |
| Revaluation surpluses | 12 | €7,400 | €7,400 | = | 0.0% |
| Reserves | 13 | €652,457 | €553,097 | -€99,360 | -15.2% |
| Tax-exempt reserves | 132 | €463,777 | €400,800 | -€62,977 | -13.6% |
| Distributable reserves | 133 | €188,680 | €152,297 | -€36,383 | -19.3% |
| Provisions and deferred taxes | 16 | €195,215 | €174,222 | -€20,992 | -10.8% |
| Deferred taxes | 168 | €195,215 | €174,222 | -€20,992 | -10.8% |
| Amounts payable | 17/49 | €847,874 | €824,405 | -€23,470 | -2.8% |
| Amounts payable after more than one year | 17 | €1,250 | - | -€1,250 | |
| Financial debts | 170/4 | €1,250 | - | -€1,250 | |
| Amounts payable within one year | 42/48 | €844,684 | €824,405 | -€20,280 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | €15,000 | €2,500 | -€12,500 | -83.3% |
| Trade debts | 44 | €8,598 | €2,023 | -€6,575 | -76.5% |
| Suppliers | 440/4 | €8,598 | €2,023 | -€6,575 | -76.5% |
| Taxes, remuneration and social security | 45 | €1,070 | €1,070 | = | 0.0% |
| Remuneration and social security | 454/9 | €1,070 | €1,070 | = | 0.0% |
| Other amounts payable | 47/48 | €820,017 | €818,812 | -€1,205 | -0.1% |
| Accrued charges and deferred income | 492/3 | €1,940 | - | -€1,940 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €165,958 | €168,086 | +€2,128 | +1.3% |
| Other operating charges | 640/8 | €11,398 | €11,558 | +€160 | +1.4% |
| Gross operating margin | 9900 | €111,136 | €106,728 | -€4,408 | -4.0% |
| Operating profit (loss) | 9901 | -€66,220 | -€72,916 | -€6,696 | -10.1% |
| Financial income | 75/76B | €460 | €569 | +€109 | +23.7% |
| Recurring financial income | 75 | €460 | €569 | +€109 | +23.7% |
| Financial charges | 65/66B | €54,577 | €48,006 | -€6,572 | -12.0% |
| Recurring financial charges | 65 | €54,577 | €48,006 | -€6,572 | -12.0% |
| Profit (loss) for the period before taxes | 9903 | -€120,337 | -€120,352 | -€15 | 0.0% |
| Transfer from deferred taxes | 780 | €21,221 | €20,992 | -€228 | -1.1% |
| Income taxes | 67/77 | - | €0 | = | |
| Profit (loss) for the period | 9904 | -€99,116 | -€99,360 | -€244 | -0.2% |
| Transfer from tax-exempt reserves | 789 | €63,662 | €62,977 | -€685 | -1.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€35,454 | -€36,383 | -€928 | -2.6% |
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.