MDV Horizons: 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 Horizons
Largest movements
- Receivables within one year +€41,915
up €41,915 (+18.1%), from €231,594 to €273,509
of which Trade receivables: +€36,616
- Cash +€9,027
up €9,027 (+77.6%), from €11,636 to €20,662
mainly Net result for the year (+€91,216) and Current portion of long-term debt (+€7,917)
- Profit (loss) carried forward +€91,216
up €91,216 (+32.1%), from €283,883 to €375,099
- Debts after one year -€49,481
down €49,481 (-21.8%), from €227,229 to €177,747
- Current portion of long-term debt +€7,917
up €7,917 (+10.7%), from €74,064 to €81,981
- Financial charges +€12,477
up €12,477 (+1,108%), from €1,126 to €13,603
- Gross operating margin -€7,360
down €7,360 (-5.3%), from €140,084 to €132,724
- Taxes -€5,319
down €5,319 (-17.4%), from €30,484 to €25,166
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
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 | €625,464 | €682,846 | +€57,383 | +9.2% |
| Fixed assets | 21/28 | €380,666 | €387,165 | +€6,499 | +1.7% |
| Tangible fixed assets | 22/27 | €416 | €6,915 | +€6,499 | +1,562% |
| Furniture and vehicles | 24 | €416 | €6,915 | +€6,499 | +1,562% |
| Financial fixed assets | 28 | €380,250 | €380,250 | = | 0.0% |
| Current assets | 29/58 | €244,798 | €295,681 | +€50,883 | +20.8% |
| Amounts receivable within one year | 40/41 | €231,594 | €273,509 | +€41,915 | +18.1% |
| Trade receivables | 40 | €229,559 | €266,175 | +€36,616 | +16.0% |
| Other amounts receivable | 41 | €2,035 | €7,334 | +€5,299 | +260% |
| Cash at bank and in hand | 54/58 | €11,636 | €20,662 | +€9,027 | +77.6% |
| Deferred charges and accrued income | 490/1 | €1,568 | €1,510 | -€59 | -3.7% |
| Total equity and liabilities | 10/49 | €625,464 | €682,846 | +€57,383 | +9.2% |
| Equity | 10/15 | €296,283 | €387,499 | +€91,216 | +30.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €283,883 | €375,099 | +€91,216 | +32.1% |
| Amounts payable | 17/49 | €329,181 | €295,347 | -€33,834 | -10.3% |
| Amounts payable after more than one year | 17 | €227,229 | €177,747 | -€49,481 | -21.8% |
| Financial debts | 170/4 | €227,229 | €177,747 | -€49,481 | -21.8% |
| Amounts payable within one year | 42/48 | €101,952 | €117,600 | +€15,647 | +15.3% |
| Current portion of amounts payable after more than one year | 42 | €74,064 | €81,981 | +€7,917 | +10.7% |
| Trade debts | 44 | €1,474 | €1,478 | +€4 | +0.3% |
| Suppliers | 440/4 | €1,474 | €1,478 | +€4 | +0.3% |
| Taxes, remuneration and social security | 45 | €3,531 | €10,343 | +€6,812 | +193% |
| Taxes | 450/3 | €3,531 | €10,343 | +€6,812 | +193% |
| Other amounts payable | 47/48 | €22,884 | €23,798 | +€914 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €395 | €1,576 | +€1,180 | +298% |
| Other operating charges | 640/8 | €1,067 | €1,163 | +€96 | +9.0% |
| Gross operating margin | 9900 | €140,084 | €132,724 | -€7,360 | -5.3% |
| Operating profit (loss) | 9901 | €138,621 | €129,985 | -€8,636 | -6.2% |
| Financial income | 75/76B | €10 | €0 | -€10 | -100% |
| Recurring financial income | 75 | €10 | €0 | -€10 | -100% |
| Financial charges | 65/66B | €1,126 | €13,603 | +€12,477 | +1,108% |
| Recurring financial charges | 65 | €1,126 | €13,603 | +€12,477 | +1,108% |
| Profit (loss) for the period before taxes | 9903 | €137,505 | €116,382 | -€21,123 | -15.4% |
| Income taxes | 67/77 | €30,484 | €25,166 | -€5,319 | -17.4% |
| Profit (loss) for the period | 9904 | €107,021 | €91,216 | -€15,805 | -14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €107,021 | €91,216 | -€15,805 | -14.8% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.