MMDA: 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.
MMDA
Largest movements
- Tangible fixed assets +€99,691
up €99,691 (+9.6%), from €1.0m to €1.1m
- Receivables within one year +€20,000
new in 2025: €20,000
- Debts after one year +€300,730
up €300,730 (+42.7%), from €704,838 to €1.0m
of which Financial debts: +€288,537
- Profit (loss) carried forward -€140,427
down €140,427 (-86.2%), from €162,998 to €22,572
- Current portion of long-term debt -€38,350
down €38,350 (-42.3%), from €90,635 to €52,285
- Tax, wage and social debts -€19,450
down €19,450 (-46.7%), from €41,676 to €22,226
- Write-downs +€168,744
new in 2025: €168,744
- Gross operating margin -€42,253
down €42,253 (-25.6%), from €165,124 to €122,872
- Taxes -€20,281
down €20,281 (-91.2%), from €22,226 to €1,945
- Other operating charges +€20,233
up €20,233 (+218.5%), from €9,260 to €29,493
- Financial charges -€11,772
down €11,772 (-54.6%), from €21,579 to €9,806
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 | €1,066,663 | €1,173,129 | +€106,466 | +10.0% |
| Fixed assets | 21/28 | €1,041,999 | €1,141,690 | +€99,691 | +9.6% |
| Tangible fixed assets | 22/27 | €1,037,007 | €1,136,698 | +€99,691 | +9.6% |
| Land and buildings | 22 | €1,037,007 | €1,136,698 | +€99,691 | +9.6% |
| Financial fixed assets | 28 | €4,992 | €4,992 | = | 0.0% |
| Current assets | 29/58 | €24,664 | €31,439 | +€6,775 | +27.5% |
| Amounts receivable within one year | 40/41 | - | €20,000 | +€20,000 | |
| Other amounts receivable | 41 | - | €20,000 | +€20,000 | |
| Cash at bank and in hand | 54/58 | €17,950 | €11,439 | -€6,511 | -36.3% |
| Deferred charges and accrued income | 490/1 | €6,714 | - | -€6,714 | |
| Total equity and liabilities | 10/49 | €1,066,663 | €1,173,129 | +€106,466 | +10.0% |
| Equity | 10/15 | €182,998 | €42,572 | -€140,427 | -76.7% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €162,998 | €22,572 | -€140,427 | -86.2% |
| Amounts payable | 17/49 | €883,665 | €1,130,557 | +€246,893 | +27.9% |
| Amounts payable after more than one year | 17 | €704,838 | €1,005,568 | +€300,730 | +42.7% |
| Financial debts | 170/4 | €369,134 | €657,671 | +€288,537 | +78.2% |
| Other amounts payable | 178/9 | €335,704 | €347,896 | +€12,193 | +3.6% |
| Amounts payable within one year | 42/48 | €178,827 | €120,514 | -€58,314 | -32.6% |
| Current portion of amounts payable after more than one year | 42 | €90,635 | €52,285 | -€38,350 | -42.3% |
| Trade debts | 44 | €4,356 | €3,843 | -€513 | -11.8% |
| Suppliers | 440/4 | €4,356 | €3,843 | -€513 | -11.8% |
| Taxes, remuneration and social security | 45 | €41,676 | €22,226 | -€19,450 | -46.7% |
| Taxes | 450/3 | €41,676 | €22,226 | -€19,450 | -46.7% |
| Other amounts payable | 47/48 | €42,160 | €42,160 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €4,476 | +€4,476 | |
| Non-recurring operating income | 76A | €38,074 | - | -€38,074 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,723 | €53,309 | +€586 | +1.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €168,744 | +€168,744 | |
| Other operating charges | 640/8 | €9,260 | €29,493 | +€20,233 | +218.5% |
| Gross operating margin | 9900 | €165,124 | €122,872 | -€42,253 | -25.6% |
| Operating profit (loss) | 9901 | €103,141 | -€128,675 | -€231,816 | |
| Financial charges | 65/66B | €21,579 | €9,806 | -€11,772 | -54.6% |
| Recurring financial charges | 65 | €21,579 | €9,806 | -€11,772 | -54.6% |
| Profit (loss) for the period before taxes | 9903 | €81,562 | -€138,482 | -€220,044 | |
| Income taxes | 67/77 | €22,226 | €1,945 | -€20,281 | -91.2% |
| Profit (loss) for the period | 9904 | €59,337 | -€140,427 | -€199,763 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,337 | -€140,427 | -€199,763 |
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 5 October 2026 via checked.be.