MDUTR: 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.
MDUTR
Largest movements
- Tangible fixed assets +€538,385
up €538,385 (+2396.8%), from €22,463 to €560,848
of which Other tangible fixed assets: +€537,140
- Cash +€29,093
up €29,093 (+73.8%), from €39,442 to €68,535
mainly Debts after one year (+€531,913) and Depreciation (+€104,003)
- Receivables within one year +€21,868
new in 2025: €21,868
of which Other amounts receivable: +€17,868
- Stocks and contracts +€9,811
new in 2025: €9,811
- Debts after one year +€531,913
new in 2025: €531,913
- Other debts +€98,504
up €98,504 (+3463.8%), from €2,844 to €101,348
- Profit (loss) carried forward -€32,676
new in 2025: -€32,676
- Depreciation +€91,911
up €91,911 (+760.1%), from €12,092 to €104,003
- Gross operating margin +€47,556
up €47,556 (+47.3%), from €100,455 to €148,011
- Staff costs +€19,752
up €19,752 (+48.7%), from €40,551 to €60,303
- Financial charges +€12,920
up €12,920 (+1058.8%), from €1,220 to €14,140
- Taxes -€11,518
down €11,518 (-98.9%), from €11,650 to €132
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 | €65,687 | €668,534 | +€602,847 | +917.8% |
| Fixed assets | 21/28 | €22,463 | €565,582 | +€543,119 | +2417.8% |
| Intangible fixed assets | 21 | - | €4,734 | +€4,734 | |
| Tangible fixed assets | 22/27 | €22,463 | €560,848 | +€538,385 | +2396.8% |
| Plant, machinery and equipment | 23 | €16,737 | €20,732 | +€3,995 | +23.9% |
| Furniture and vehicles | 24 | €5,726 | €2,976 | -€2,750 | -48.0% |
| Other tangible fixed assets | 26 | - | €537,140 | +€537,140 | |
| Current assets | 29/58 | €43,224 | €102,952 | +€59,728 | +138.2% |
| Stocks and contracts in progress | 3 | - | €9,811 | +€9,811 | |
| Stocks | 30/36 | - | €9,811 | +€9,811 | |
| Amounts receivable within one year | 40/41 | - | €21,868 | +€21,868 | |
| Trade receivables | 40 | - | €4,000 | +€4,000 | |
| Other amounts receivable | 41 | - | €17,868 | +€17,868 | |
| Cash at bank and in hand | 54/58 | €39,442 | €68,535 | +€29,093 | +73.8% |
| Deferred charges and accrued income | 490/1 | €3,782 | €2,738 | -€1,044 | -27.6% |
| Total equity and liabilities | 10/49 | €65,687 | €668,534 | +€602,847 | +917.8% |
| Equity | 10/15 | €31,978 | -€698 | -€32,676 | |
| Contributions | 10/11 | €120 | €120 | = | 0.0% |
| Reserves | 13 | €31,858 | €31,858 | = | 0.0% |
| Distributable reserves | 133 | €31,858 | €31,858 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€32,676 | -€32,676 | |
| Amounts payable | 17/49 | €33,709 | €669,232 | +€635,524 | +1885.3% |
| Amounts payable after more than one year | 17 | - | €531,913 | +€531,913 | |
| Financial debts | 170/4 | - | €531,913 | +€531,913 | |
| Amounts payable within one year | 42/48 | €24,370 | €122,897 | +€98,527 | +404.3% |
| Trade debts | 44 | €3,335 | €9,808 | +€6,472 | +194.1% |
| Suppliers | 440/4 | €3,335 | €9,808 | +€6,472 | +194.1% |
| Taxes, remuneration and social security | 45 | €18,191 | €11,742 | -€6,449 | -35.5% |
| Taxes | 450/3 | €9,816 | €2,163 | -€7,653 | -78.0% |
| Remuneration and social security | 454/9 | €8,375 | €9,579 | +€1,204 | +14.4% |
| Other amounts payable | 47/48 | €2,844 | €101,348 | +€98,504 | +3463.8% |
| Accrued charges and deferred income | 492/3 | €9,338 | €14,422 | +€5,083 | +54.4% |
| Remuneration, social security and pensions | 62 | €40,551 | €60,303 | +€19,752 | +48.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,092 | €104,003 | +€91,911 | +760.1% |
| Other operating charges | 640/8 | €2,250 | €2,113 | -€137 | -6.1% |
| Gross operating margin | 9900 | €100,455 | €148,011 | +€47,556 | +47.3% |
| Operating profit (loss) | 9901 | €45,562 | -€18,408 | -€63,969 | |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €1,220 | €14,140 | +€12,920 | +1058.8% |
| Recurring financial charges | 65 | €1,220 | €14,140 | +€12,920 | +1058.8% |
| Profit (loss) for the period before taxes | 9903 | €44,342 | -€32,544 | -€76,886 | |
| Income taxes | 67/77 | €11,650 | €132 | -€11,518 | -98.9% |
| Profit (loss) for the period | 9904 | €32,691 | -€32,676 | -€65,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €32,691 | -€32,676 | -€65,368 |
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 7 October 2026 via checked.be.