MOMAD: what changed
MOMAD
Largest movements
- Cash +€264,985
up €264,985 (+180%), from €146,944 to €411,930
mainly Advances received (+€350,075) and Trade debts (+€43,880)
- Receivables within one year +€109,491
up €109,491 (+190%), from €57,584 to €167,075
of which Trade receivables: +€100,423
- Current investments +€53,507
up €53,507 (+76.0%), from €70,399 to €123,906
- Advances received +€350,075
new in 2025: €350,075
- Trade debts +€43,880
up €43,880 (+90.0%), from €48,771 to €92,651
- Reserves +€38,800
up €38,800 (+28.9%), from €134,200 to €173,000
- Debts after one year -€12,270
down €12,270 (-79.9%), from €15,362 to €3,092
- Tax, wage and social debts +€10,073
up €10,073 (+33.7%), from €29,908 to €39,981
of which Remuneration and social security: +€10,568
- Staff costs +€36,414
up €36,414 (+63.5%), from €57,350 to €93,764
- Taxes -€7,778
down €7,778 (-27.9%), from €27,850 to €20,072
- Depreciation -€6,533
down €6,533 (-86.7%), from €7,539 to €1,006
- Gross operating margin +€4,893
up €4,893 (+3.2%), from €151,637 to €156,531
- Other operating charges +€1,596
up €1,596 (+207%), from €773 to €2,369
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 | €277,090 | €704,497 | +€427,407 | +154% |
| Fixed assets | 21/28 | €1,401 | €395 | -€1,006 | -71.8% |
| Intangible fixed assets | 21 | €762 | - | -€762 | |
| Tangible fixed assets | 22/27 | €639 | €395 | -€244 | -38.2% |
| Furniture and vehicles | 24 | €639 | €395 | -€244 | -38.2% |
| Current assets | 29/58 | €275,689 | €704,102 | +€428,413 | +155% |
| Amounts receivable within one year | 40/41 | €57,584 | €167,075 | +€109,491 | +190% |
| Trade receivables | 40 | €8,951 | €109,373 | +€100,423 | +1,122% |
| Other amounts receivable | 41 | €48,633 | €57,702 | +€9,069 | +18.6% |
| Current investments | 50/53 | €70,399 | €123,906 | +€53,507 | +76.0% |
| Cash at bank and in hand | 54/58 | €146,944 | €411,930 | +€264,985 | +180% |
| Deferred charges and accrued income | 490/1 | €763 | €1,193 | +€430 | +56.4% |
| Total equity and liabilities | 10/49 | €277,090 | €704,497 | +€427,407 | +154% |
| Equity | 10/15 | €164,355 | €203,260 | +€38,904 | +23.7% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €134,200 | €173,000 | +€38,800 | +28.9% |
| Distributable reserves | 133 | €134,200 | €173,000 | +€38,800 | +28.9% |
| Profit (loss) carried forward | 14 | €155 | €260 | +€104 | +67.2% |
| Amounts payable | 17/49 | €112,735 | €501,238 | +€388,503 | +345% |
| Amounts payable after more than one year | 17 | €15,362 | €3,092 | -€12,270 | -79.9% |
| Financial debts | 170/4 | €15,362 | €3,092 | -€12,270 | -79.9% |
| Amounts payable within one year | 42/48 | €97,372 | €498,145 | +€400,773 | +412% |
| Current portion of amounts payable after more than one year | 42 | €14,649 | €12,270 | -€2,379 | -16.2% |
| Financial debts | 43 | €174 | €415 | +€241 | +139% |
| Credit institutions | 430/8 | €174 | €415 | +€241 | +139% |
| Trade debts | 44 | €48,771 | €92,651 | +€43,880 | +90.0% |
| Suppliers | 440/4 | €48,771 | €92,651 | +€43,880 | +90.0% |
| Advances received on contracts in progress | 46 | - | €350,075 | +€350,075 | |
| Taxes, remuneration and social security | 45 | €29,908 | €39,981 | +€10,073 | +33.7% |
| Taxes | 450/3 | €24,527 | €24,031 | -€496 | -2.0% |
| Remuneration and social security | 454/9 | €5,381 | €15,950 | +€10,568 | +196% |
| Other amounts payable | 47/48 | €3,871 | €2,754 | -€1,117 | -28.9% |
| Remuneration, social security and pensions | 62 | €57,350 | €93,764 | +€36,414 | +63.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,539 | €1,006 | -€6,533 | -86.7% |
| Other operating charges | 640/8 | €773 | €2,369 | +€1,596 | +207% |
| Gross operating margin | 9900 | €151,637 | €156,531 | +€4,893 | +3.2% |
| Operating profit (loss) | 9901 | €85,976 | €59,392 | -€26,583 | -30.9% |
| Financial income | 75/76B | €834 | €785 | -€49 | -5.9% |
| Recurring financial income | 75 | €834 | €785 | -€49 | -5.9% |
| Financial charges | 65/66B | €911 | €1,201 | +€289 | +31.7% |
| Recurring financial charges | 65 | €911 | €1,201 | +€289 | +31.7% |
| Profit (loss) for the period before taxes | 9903 | €85,898 | €58,976 | -€26,922 | -31.3% |
| Income taxes | 67/77 | €27,850 | €20,072 | -€7,778 | -27.9% |
| Profit (loss) for the period | 9904 | €58,048 | €38,904 | -€19,144 | -33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,048 | €38,904 | -€19,144 | -33.0% |
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 8 November 2026 via checked.be.