MDVD: 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
MDVD
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€302,248
2024 · €60,700-€362,948
Equity
€5.0m
2024 · €5.3m-€302,248
Cash
€62,581
2024 · €47,020+€15,561
Balance sheet total
€19.3m
2024 · €13.7m+€5.7m
Largest movements
Assets
- Financial fixed assets +€5.5m
up €5.5m (+43.7%), from €12.5m to €18.0m
Equity and liabilities
- Debts after one year +€5.7m
up €5.7m (+69.3%), from €8.2m to €13.9m
- Current portion of long-term debt +€357,720
up €357,720, from €0 to €357,720
- Profit (loss) carried forward -€302,248
down €302,248 (-7.6%), from €4.0m to €3.7m
Income statement
- Financial income -€418,630
down €418,630 (-75.4%), from €555,274 to €136,643
- Gross operating margin -€122,921
down €122,921, from €69,931 to -€52,989
- Staff costs +€83,717
up €83,717 (+338%), from €24,742 to €108,458
- Financial charges +€69,759
up €69,759 (+35.8%), from €195,122 to €264,882
- Depreciation +€11,795
new in 2025: €11,795
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
€60,700
Gross operating margin
-€122,921
Staff costs
-€83,717
Depreciation
-€11,795
Other operating charges
-€9
Other operating items
+€344,101
Financial income
-€418,630
Financial charges
-€69,759
Taxes
-€218
Result 2025
-€302,248
lowers 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
-€535,568
Investment
-€5.5m
Financing
+€6.1m
Cash 2024
€47,020
From operations (derived)
-€535,568
Net result for the year
-€302,248
Depreciation
+€11,795
Receivables after one year
-€101,428
Receivables within one year
-€97,400
Smaller working-capital items
+€26,326
Trade debts
-€23,511
Accrued charges and deferred income
-€49,102
Investment (derived)
-€5.5m
Investment in fixed assets (net)
-€5.5m
Current investments
+€20,000
Financing
+€6.1m
Debts after one year
+€5.7m
Current portion of long-term debt
+€357,720
Cash 2025
€62,581
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €13,654,327 | €19,342,272 | +€5.7m | +41.7% |
| Fixed assets | 21/28 | €12,548,504 | €18,055,642 | +€5.5m | +43.9% |
| Tangible fixed assets | 22/27 | - | €25,105 | +€25,105 | |
| Furniture and vehicles | 24 | - | €25,105 | +€25,105 | |
| Financial fixed assets | 28 | €12,548,504 | €18,030,536 | +€5.5m | +43.7% |
| Current assets | 29/58 | €1,105,823 | €1,286,630 | +€180,807 | +16.4% |
| Amounts receivable after more than one year | 29 | - | €101,428 | +€101,428 | |
| Other amounts receivable | 291 | - | €101,428 | +€101,428 | |
| Amounts receivable within one year | 40/41 | €924,749 | €1,022,149 | +€97,400 | +10.5% |
| Trade receivables | 40 | €120,692 | €109,331 | -€11,361 | -9.4% |
| Other amounts receivable | 41 | €804,058 | €912,818 | +€108,760 | +13.5% |
| Current investments | 50/53 | €120,000 | €100,000 | -€20,000 | -16.7% |
| Cash at bank and in hand | 54/58 | €47,020 | €62,581 | +€15,561 | +33.1% |
| Deferred charges and accrued income | 490/1 | €14,054 | €471 | -€13,582 | -96.6% |
| Total equity and liabilities | 10/49 | €13,654,327 | €19,342,272 | +€5.7m | +41.7% |
| Equity | 10/15 | €5,272,198 | €4,969,950 | -€302,248 | -5.7% |
| Contributions | 10/11 | €1,200,000 | €1,200,000 | = | 0.0% |
| Reserves | 13 | €89,000 | €89,000 | = | 0.0% |
| Distributable reserves | 133 | €89,000 | €89,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,983,198 | €3,680,950 | -€302,248 | -7.6% |
| Amounts payable | 17/49 | €8,382,129 | €14,372,322 | +€6.0m | +71.5% |
| Amounts payable after more than one year | 17 | €8,219,907 | €13,912,250 | +€5.7m | +69.3% |
| Financial debts | 170/4 | €8,219,907 | €13,912,250 | +€5.7m | +69.3% |
| Amounts payable within one year | 42/48 | €52,032 | €398,985 | +€346,953 | +667% |
| Current portion of amounts payable after more than one year | 42 | €0 | €357,720 | +€357,720 | |
| Trade debts | 44 | €40,226 | €16,715 | -€23,511 | -58.4% |
| Suppliers | 440/4 | €40,226 | €16,715 | -€23,511 | -58.4% |
| Taxes, remuneration and social security | 45 | €11,706 | €24,550 | +€12,844 | +110% |
| Taxes | 450/3 | €3,920 | €3,406 | -€513 | -13.1% |
| Remuneration and social security | 454/9 | €7,787 | €21,144 | +€13,357 | +172% |
| Other amounts payable | 47/48 | €100 | - | -€100 | |
| Accrued charges and deferred income | 492/3 | €110,189 | €61,087 | -€49,102 | -44.6% |
| Remuneration, social security and pensions | 62 | €24,742 | €108,458 | +€83,717 | +338% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €11,795 | +€11,795 | |
| Other operating charges | 640/8 | €491 | €500 | +€9 | +1.9% |
| Non-recurring operating charges | 66A | €344,101 | - | -€344,101 | |
| Gross operating margin | 9900 | €69,931 | -€52,989 | -€122,921 | |
| Operating profit (loss) | 9901 | -€299,402 | -€173,742 | +€125,660 | +42.0% |
| Financial income | 75/76B | €555,274 | €136,643 | -€418,630 | -75.4% |
| Recurring financial income | 75 | €555,274 | €136,643 | -€418,630 | -75.4% |
| Financial charges | 65/66B | €195,122 | €264,882 | +€69,759 | +35.8% |
| Recurring financial charges | 65 | €195,122 | €264,882 | +€69,759 | +35.8% |
| Profit (loss) for the period before taxes | 9903 | €60,749 | -€301,981 | -€362,730 | |
| Income taxes | 67/77 | €50 | €267 | +€218 | +440% |
| Profit (loss) for the period | 9904 | €60,700 | -€302,248 | -€362,948 | |
| Profit (loss) for the period to be appropriated | 9905 | €60,700 | -€302,248 | -€362,948 |
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 18 October 2026 via checked.be.