MDV: 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.
MDV
Largest movements
- Receivables after one year +€14,525
up €14,525 (+43.4%), from €33,500 to €48,025
- Tangible fixed assets +€4,156
up €4,156 (+26.0%), from €16,004 to €20,160
of which Plant, machinery and equipment: +€4,327
- Cash -€3,591
down €3,591 (-9.7%), from €36,928 to €33,337
mainly Contributions, distributions and other (-€40,000) and Receivables after one year (-€14,525)
- Receivables within one year +€3,403
up €3,403 (+127.2%), from €2,676 to €6,079
of which Trade receivables: +€2,425
- Other debts +€39,958
up €39,958 (+96215.9%), from €42 to €40,000
- Reserves -€11,835
down €11,835 (-17.9%), from €66,300 to €54,465
- Current portion of long-term debt -€5,819
down €5,819 (-43.6%), from €13,335 to €7,516
- Tax, wage and social debts -€3,384
down €3,384 (-97.2%), from €3,482 to €98
- Trade debts +€2,090
new in 2025: €2,090
- Gross operating margin -€9,552
down €9,552 (-17.9%), from €53,360 to €43,808
- Taxes -€3,849
down €3,849 (-28.7%), from €13,426 to €9,577
- Depreciation +€2,024
up €2,024 (+74.5%), from €2,715 to €4,738
- Financial income +€1,063
up €1,063 (+175.3%), from €606 to €1,669
- Other operating charges +€715
up €715 (+150.9%), from €474 to €1,189
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 | €92,066 | €111,558 | +€19,492 | +21.2% |
| Fixed assets | 21/28 | €16,004 | €20,160 | +€4,156 | +26.0% |
| Tangible fixed assets | 22/27 | €16,004 | €20,160 | +€4,156 | +26.0% |
| Plant, machinery and equipment | 23 | €13,059 | €17,386 | +€4,327 | +33.1% |
| Furniture and vehicles | 24 | €2,945 | €2,774 | -€171 | -5.8% |
| Current assets | 29/58 | €76,062 | €91,398 | +€15,336 | +20.2% |
| Amounts receivable after more than one year | 29 | €33,500 | €48,025 | +€14,525 | +43.4% |
| Other amounts receivable | 291 | €33,500 | €48,025 | +€14,525 | +43.4% |
| Amounts receivable within one year | 40/41 | €2,676 | €6,079 | +€3,403 | +127.2% |
| Trade receivables | 40 | €1,976 | €4,401 | +€2,425 | +122.7% |
| Other amounts receivable | 41 | €700 | €1,677 | +€978 | +139.7% |
| Cash at bank and in hand | 54/58 | €36,928 | €33,337 | -€3,591 | -9.7% |
| Deferred charges and accrued income | 490/1 | €2,959 | €3,958 | +€999 | +33.8% |
| Total equity and liabilities | 10/49 | €92,066 | €111,558 | +€19,492 | +21.2% |
| Equity | 10/15 | €71,621 | €59,787 | -€11,835 | -16.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €66,300 | €54,465 | -€11,835 | -17.9% |
| Distributable reserves | 133 | €66,300 | €54,465 | -€11,835 | -17.9% |
| Profit (loss) carried forward | 14 | €321 | €322 | +€0 | 0.0% |
| Amounts payable | 17/49 | €20,445 | €51,772 | +€31,327 | +153.2% |
| Amounts payable after more than one year | 17 | €1,516 | - | -€1,516 | |
| Financial debts | 170/4 | €1,516 | - | -€1,516 | |
| Amounts payable within one year | 42/48 | €16,859 | €49,705 | +€32,846 | +194.8% |
| Current portion of amounts payable after more than one year | 42 | €13,335 | €7,516 | -€5,819 | -43.6% |
| Trade debts | 44 | - | €2,090 | +€2,090 | |
| Suppliers | 440/4 | - | €2,090 | +€2,090 | |
| Taxes, remuneration and social security | 45 | €3,482 | €98 | -€3,384 | -97.2% |
| Taxes | 450/3 | €3,482 | €98 | -€3,384 | -97.2% |
| Other amounts payable | 47/48 | €42 | €40,000 | +€39,958 | +96215.9% |
| Accrued charges and deferred income | 492/3 | €2,070 | €2,067 | -€3 | -0.1% |
| Remuneration, social security and pensions | 62 | €38 | - | -€38 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,715 | €4,738 | +€2,024 | +74.5% |
| Other operating charges | 640/8 | €474 | €1,189 | +€715 | +150.9% |
| Gross operating margin | 9900 | €53,360 | €43,808 | -€9,552 | -17.9% |
| Operating profit (loss) | 9901 | €50,134 | €37,881 | -€12,253 | -24.4% |
| Financial income | 75/76B | €606 | €1,669 | +€1,063 | +175.3% |
| Recurring financial income | 75 | €606 | €1,669 | +€1,063 | +175.3% |
| Financial charges | 65/66B | €1,659 | €1,808 | +€149 | +9.0% |
| Recurring financial charges | 65 | €1,659 | €1,808 | +€149 | +9.0% |
| Profit (loss) for the period before taxes | 9903 | €49,081 | €37,742 | -€11,339 | -23.1% |
| Income taxes | 67/77 | €13,426 | €9,577 | -€3,849 | -28.7% |
| Profit (loss) for the period | 9904 | €35,655 | €28,165 | -€7,490 | -21.0% |
| Profit (loss) for the period to be appropriated | 9905 | €35,655 | €28,165 | -€7,490 | -21.0% |
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 3 October 2026 via checked.be.