MMD: 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.
MMD
Largest movements
- Cash +€40,819
up €40,819 (+57.3%), from €71,177 to €111,996
mainly Net result for the year (+€38,360) and Depreciation (+€38,165)
- Tangible fixed assets -€38,165
down €38,165 (-6.3%), from €609,867 to €571,702
- Profit (loss) carried forward +€38,360
up €38,360, from -€8,388 to €29,972
- Debts after one year -€31,500
down €31,500 (-4.8%), from €662,524 to €631,024
- Gross operating margin +€10,785
up €10,785 (+9.7%), from €111,386 to €122,171
- Other operating charges -€4,757
down €4,757 (-12.9%), from €36,940 to €32,183
- Taxes +€3,822
up €3,822 (+40.7%), from €9,394 to €13,216
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 | €723,668 | €725,698 | +€2,030 | +0.3% |
| Fixed assets | 21/28 | €609,867 | €571,702 | -€38,165 | -6.3% |
| Tangible fixed assets | 22/27 | €609,867 | €571,702 | -€38,165 | -6.3% |
| Land and buildings | 22 | €609,867 | €571,702 | -€38,165 | -6.3% |
| Current assets | 29/58 | €113,801 | €153,996 | +€40,196 | +35.3% |
| Amounts receivable within one year | 40/41 | €623 | €0 | -€623 | -100% |
| Other amounts receivable | 41 | €623 | €0 | -€623 | -100% |
| Cash at bank and in hand | 54/58 | €71,177 | €111,996 | +€40,819 | +57.3% |
| Deferred charges and accrued income | 490/1 | €42,000 | €42,000 | = | 0.0% |
| Total equity and liabilities | 10/49 | €723,668 | €725,698 | +€2,030 | +0.3% |
| Equity | 10/15 | €53,112 | €91,472 | +€38,360 | +72.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,388 | €29,972 | +€38,360 | |
| Amounts payable | 17/49 | €670,556 | €634,226 | -€36,330 | -5.4% |
| Amounts payable after more than one year | 17 | €662,524 | €631,024 | -€31,500 | -4.8% |
| Other amounts payable | 178/9 | €662,524 | €631,024 | -€31,500 | -4.8% |
| Amounts payable within one year | 42/48 | €8,032 | €3,202 | -€4,830 | -60.1% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €8,032 | €3,202 | -€4,830 | -60.1% |
| Taxes | 450/3 | €8,032 | €3,202 | -€4,830 | -60.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,020 | €38,165 | +€1,145 | +3.1% |
| Other operating charges | 640/8 | €36,940 | €32,183 | -€4,757 | -12.9% |
| Gross operating margin | 9900 | €111,386 | €122,171 | +€10,785 | +9.7% |
| Operating profit (loss) | 9901 | €37,427 | €51,823 | +€14,396 | +38.5% |
| Financial income | 75/76B | €58 | €48 | -€10 | -16.8% |
| Recurring financial income | 75 | €58 | €48 | -€10 | -16.8% |
| Financial charges | 65/66B | €253 | €294 | +€42 | +16.5% |
| Recurring financial charges | 65 | €253 | €294 | +€42 | +16.5% |
| Profit (loss) for the period before taxes | 9903 | €37,232 | €51,576 | +€14,345 | +38.5% |
| Income taxes | 67/77 | €9,394 | €13,216 | +€3,822 | +40.7% |
| Profit (loss) for the period | 9904 | €27,838 | €38,360 | +€10,522 | +37.8% |
| Profit (loss) for the period to be appropriated | 9905 | €27,838 | €38,360 | +€10,522 | +37.8% |
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 13 October 2026 via checked.be.