MoD Concept: what changed
MoD Concept
Largest movements
- Tangible fixed assets -€11,679
down €11,679 (-17.7%), from €65,937 to €54,258
- Cash -€3,715
down €3,715 (-14.2%), from €26,185 to €22,470
mainly Other debts (-€37,009) and Investment in fixed assets (net) (-€26,472)
- Receivables within one year +€2,256
up €2,256 (+6.2%), from €36,469 to €38,725
of which Trade receivables: +€13,147
- Other debts -€37,009
down €37,009 (-65.6%), from €56,398 to €19,389
- Debts after one year +€22,574
new in 2025: €22,574
- Trade debts -€12,039
down €12,039 (-74.0%), from €16,267 to €4,229
- Profit (loss) carried forward +€5,690
up €5,690 (+15.1%), from €37,657 to €43,348
- Short-term financial debts +€5,395
new in 2025: €5,395
- Depreciation +€31,006
up €31,006 (+434%), from €7,145 to €38,151
- Taxes -€7,992
down €7,992 (-84.9%), from €9,414 to €1,423
- Gross operating margin -€6,862
down €6,862 (-12.6%), from €54,511 to €47,649
- Other operating charges +€1,409
up €1,409 (+520%), from €271 to €1,680
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €129,737 | €115,833 | -€13,903 | -10.7% |
| Fixed assets | 21/28 | €65,937 | €54,258 | -€11,679 | -17.7% |
| Tangible fixed assets | 22/27 | €65,937 | €54,258 | -€11,679 | -17.7% |
| Furniture and vehicles | 24 | €65,937 | €54,258 | -€11,679 | -17.7% |
| Current assets | 29/58 | €63,800 | €61,575 | -€2,225 | -3.5% |
| Amounts receivable within one year | 40/41 | €36,469 | €38,725 | +€2,256 | +6.2% |
| Trade receivables | 40 | €25,578 | €38,725 | +€13,147 | +51.4% |
| Other amounts receivable | 41 | €10,891 | - | -€10,891 | |
| Cash at bank and in hand | 54/58 | €26,185 | €22,470 | -€3,715 | -14.2% |
| Deferred charges and accrued income | 490/1 | €1,145 | €380 | -€765 | -66.8% |
| Total equity and liabilities | 10/49 | €129,737 | €115,833 | -€13,903 | -10.7% |
| Equity | 10/15 | €47,657 | €53,348 | +€5,690 | +11.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,657 | €43,348 | +€5,690 | +15.1% |
| Amounts payable | 17/49 | €82,080 | €62,486 | -€19,594 | -23.9% |
| Amounts payable after more than one year | 17 | - | €22,574 | +€22,574 | |
| Financial debts | 170/4 | - | €22,574 | +€22,574 | |
| Amounts payable within one year | 42/48 | €82,080 | €39,911 | -€42,168 | -51.4% |
| Financial debts | 43 | - | €5,395 | +€5,395 | |
| Credit institutions | 430/8 | - | €5,395 | +€5,395 | |
| Trade debts | 44 | €16,267 | €4,229 | -€12,039 | -74.0% |
| Suppliers | 440/4 | €16,267 | €4,229 | -€12,039 | -74.0% |
| Taxes, remuneration and social security | 45 | €9,414 | €10,898 | +€1,484 | +15.8% |
| Taxes | 450/3 | €9,414 | €10,898 | +€1,484 | +15.8% |
| Other amounts payable | 47/48 | €56,398 | €19,389 | -€37,009 | -65.6% |
| Remuneration, social security and pensions | 62 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,145 | €38,151 | +€31,006 | +434% |
| Other operating charges | 640/8 | €271 | €1,680 | +€1,409 | +520% |
| Gross operating margin | 9900 | €54,511 | €47,649 | -€6,862 | -12.6% |
| Operating profit (loss) | 9901 | €47,095 | €7,418 | -€39,677 | -84.2% |
| Financial charges | 65/66B | €24 | €305 | +€282 | +1,196% |
| Recurring financial charges | 65 | €24 | €305 | +€282 | +1,196% |
| Profit (loss) for the period before taxes | 9903 | €47,071 | €7,113 | -€39,958 | -84.9% |
| Income taxes | 67/77 | €9,414 | €1,423 | -€7,992 | -84.9% |
| Profit (loss) for the period | 9904 | €37,657 | €5,690 | -€31,967 | -84.9% |
| Profit (loss) for the period to be appropriated | 9905 | €37,657 | €5,690 | -€31,967 | -84.9% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.