MDV BUILD: 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.
MDV BUILD
Largest movements
- Receivables after one year -€20,300
down €20,300 (-44.1%), from €46,000 to €25,700
- Tangible fixed assets -€9,371
down €9,371 (-89.9%), from €10,421 to €1,050
of which Leasing and similar rights: -€6,798
- Receivables within one year -€5,156
down €5,156 (-28.4%), from €18,173 to €13,017
of which Trade receivables: -€4,136
- Reserves -€28,637
down €28,637 (-52.6%), from €54,395 to €25,758
- Other debts +€6,466
new in 2025: €6,466
- Trade debts -€5,849
down €5,849 (-64.6%), from €9,057 to €3,208
- Current portion of long-term debt -€3,875
no longer reported in 2025 (was €3,875)
- Short-term financial debts -€2,066
down €2,066 (-81.9%), from €2,522 to €456
- Gross operating margin -€13,022
down €13,022, from €770 to -€12,253
- Other operating charges +€3,616
up €3,616 (+374%), from €968 to €4,584
- Financial charges +€1,436
up €1,436 (+98.1%), from €1,463 to €2,898
of which Non-recurring financial charges: +€2,196
- Depreciation -€279
down €279 (-3.5%), from €7,969 to €7,690
- Taxes -€191
no longer reported in 2025 (was €191)
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.
Derived cash bridge
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €76,431 | €42,089 | -€34,342 | -44.9% |
| Fixed assets | 21/28 | €10,421 | €1,050 | -€9,371 | -89.9% |
| Tangible fixed assets | 22/27 | €10,421 | €1,050 | -€9,371 | -89.9% |
| Furniture and vehicles | 24 | €3,623 | €1,050 | -€2,573 | -71.0% |
| Leasing and similar rights | 25 | €6,798 | - | -€6,798 | |
| Current assets | 29/58 | €66,010 | €41,039 | -€24,972 | -37.8% |
| Amounts receivable after more than one year | 29 | €46,000 | €25,700 | -€20,300 | -44.1% |
| Other amounts receivable | 291 | €46,000 | €25,700 | -€20,300 | -44.1% |
| Amounts receivable within one year | 40/41 | €18,173 | €13,017 | -€5,156 | -28.4% |
| Trade receivables | 40 | €10,107 | €5,971 | -€4,136 | -40.9% |
| Other amounts receivable | 41 | €8,066 | €7,046 | -€1,020 | -12.7% |
| Deferred charges and accrued income | 490/1 | €1,837 | €2,322 | +€485 | +26.4% |
| Total equity and liabilities | 10/49 | €76,431 | €42,089 | -€34,342 | -44.9% |
| Equity | 10/15 | €60,595 | €31,958 | -€28,637 | -47.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €54,395 | €25,758 | -€28,637 | -52.6% |
| Distributable reserves | 133 | €54,395 | €25,758 | -€28,637 | -52.6% |
| Amounts payable | 17/49 | €15,836 | €10,130 | -€5,706 | -36.0% |
| Amounts payable within one year | 42/48 | €15,836 | €10,130 | -€5,706 | -36.0% |
| Current portion of amounts payable after more than one year | 42 | €3,875 | - | -€3,875 | |
| Financial debts | 43 | €2,522 | €456 | -€2,066 | -81.9% |
| Credit institutions | 430/8 | €2,522 | €456 | -€2,066 | -81.9% |
| Trade debts | 44 | €9,057 | €3,208 | -€5,849 | -64.6% |
| Suppliers | 440/4 | €9,057 | €3,208 | -€5,849 | -64.6% |
| Taxes, remuneration and social security | 45 | €381 | - | -€381 | |
| Taxes | 450/3 | €381 | - | -€381 | |
| Other amounts payable | 47/48 | - | €6,466 | +€6,466 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,969 | €7,690 | -€279 | -3.5% |
| Other operating charges | 640/8 | €968 | €4,584 | +€3,616 | +374% |
| Non-recurring operating charges | 66A | - | €1,212 | +€1,212 | |
| Gross operating margin | 9900 | €770 | -€12,253 | -€13,022 | |
| Operating profit (loss) | 9901 | -€8,167 | -€25,739 | -€17,572 | -215% |
| Financial income | 75/76B | €89 | €0 | -€89 | -100.0% |
| Recurring financial income | 75 | €89 | €0 | -€89 | -100.0% |
| Financial charges | 65/66B | €1,463 | €2,898 | +€1,436 | +98.1% |
| Recurring financial charges | 65 | €1,463 | €702 | -€761 | -52.0% |
| Non-recurring financial charges | 66B | - | €2,196 | +€2,196 | |
| Profit (loss) for the period before taxes | 9903 | -€9,541 | -€28,637 | -€19,096 | -200% |
| Income taxes | 67/77 | €191 | - | -€191 | |
| Profit (loss) for the period | 9904 | -€9,732 | -€28,637 | -€18,905 | -194% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,732 | -€28,637 | -€18,905 | -194% |
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 16 October 2026 via checked.be.