MOUD MED: 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.
MOUD MED
Largest movements
- Receivables within one year -€175,214
down €175,214 (-84.0%), from €208,585 to €33,372
of which Other amounts receivable: -€175,104
- Cash +€94,585
up €94,585 (+58.9%), from €160,510 to €255,095
mainly Net result for the year (+€202,965) and Receivables within one year (+€175,214)
- Reserves -€260,347
down €260,347 (-32.6%), from €799,526 to €539,179
of which Distributable reserves: -€260,347
- Other debts +€118,052
up €118,052, from €0 to €118,052
- Tax, wage and social debts +€17,956
up €17,956 (+65.8%), from €27,282 to €45,238
of which Taxes: +€20,119
- Debts after one year +€14,608
new in 2025: €14,608
- Current portion of long-term debt +€11,686
new in 2025: €11,686
- Gross operating margin +€13,767
up €13,767 (+3.6%), from €377,858 to €391,625
- Staff costs -€7,381
down €7,381 (-28.4%), from €25,949 to €18,569
- Taxes +€5,877
up €5,877 (+6.5%), from €89,870 to €95,747
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 | €950,114 | €860,445 | -€89,668 | -9.4% |
| Fixed assets | 21/28 | €568,605 | €562,223 | -€6,382 | -1.1% |
| Tangible fixed assets | 22/27 | €568,555 | €562,173 | -€6,382 | -1.1% |
| Land and buildings | 22 | €254,940 | €232,736 | -€22,204 | -8.7% |
| Plant, machinery and equipment | 23 | €5,020 | €3,393 | -€1,626 | -32.4% |
| Furniture and vehicles | 24 | €3,612 | €50,522 | +€46,910 | +1,299% |
| Other tangible fixed assets | 26 | €304,984 | €275,522 | -€29,462 | -9.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €381,508 | €298,222 | -€83,286 | -21.8% |
| Amounts receivable within one year | 40/41 | €208,585 | €33,372 | -€175,214 | -84.0% |
| Trade receivables | 40 | €110 | €0 | -€110 | -100% |
| Other amounts receivable | 41 | €208,475 | €33,372 | -€175,104 | -84.0% |
| Cash at bank and in hand | 54/58 | €160,510 | €255,095 | +€94,585 | +58.9% |
| Deferred charges and accrued income | 490/1 | €12,413 | €9,755 | -€2,658 | -21.4% |
| Total equity and liabilities | 10/49 | €950,114 | €860,445 | -€89,668 | -9.4% |
| Equity | 10/15 | €922,483 | €662,135 | -€260,347 | -28.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €799,526 | €539,179 | -€260,347 | -32.6% |
| Tax-exempt reserves | 132 | €15,162 | €15,162 | = | 0.0% |
| Distributable reserves | 133 | €784,365 | €524,017 | -€260,347 | -33.2% |
| Profit (loss) carried forward | 14 | €110,556 | €110,556 | = | 0.0% |
| Amounts payable | 17/49 | €27,631 | €198,310 | +€170,679 | +618% |
| Amounts payable after more than one year | 17 | - | €14,608 | +€14,608 | |
| Financial debts | 170/4 | - | €14,608 | +€14,608 | |
| Amounts payable within one year | 42/48 | €27,631 | €183,702 | +€156,071 | +565% |
| Current portion of amounts payable after more than one year | 42 | - | €11,686 | +€11,686 | |
| Trade debts | 44 | €349 | €8,725 | +€8,376 | +2,402% |
| Suppliers | 440/4 | €349 | €8,725 | +€8,376 | +2,402% |
| Taxes, remuneration and social security | 45 | €27,282 | €45,238 | +€17,956 | +65.8% |
| Taxes | 450/3 | €18,870 | €38,989 | +€20,119 | +107% |
| Remuneration and social security | 454/9 | €8,413 | €6,250 | -€2,163 | -25.7% |
| Other amounts payable | 47/48 | €0 | €118,052 | +€118,052 | |
| Non-recurring operating income | 76A | - | €19,037 | +€19,037 | |
| Remuneration, social security and pensions | 62 | €25,949 | €18,569 | -€7,381 | -28.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,895 | €64,724 | -€1,170 | -1.8% |
| Other operating charges | 640/8 | €11,577 | €11,763 | +€185 | +1.6% |
| Non-recurring operating charges | 66A | - | €461 | +€461 | |
| Gross operating margin | 9900 | €377,858 | €391,625 | +€13,767 | +3.6% |
| Operating profit (loss) | 9901 | €274,437 | €296,108 | +€21,671 | +7.9% |
| Financial income | 75/76B | €2,459 | €2,755 | +€297 | +12.1% |
| Recurring financial income | 75 | €2,459 | €2,755 | +€297 | +12.1% |
| Financial charges | 65/66B | €105 | €151 | +€46 | +43.7% |
| Recurring financial charges | 65 | €105 | €151 | +€46 | +43.7% |
| Profit (loss) for the period before taxes | 9903 | €276,790 | €298,712 | +€21,922 | +7.9% |
| Income taxes | 67/77 | €89,870 | €95,747 | +€5,877 | +6.5% |
| Profit (loss) for the period | 9904 | €186,921 | €202,965 | +€16,045 | +8.6% |
| Profit (loss) for the period to be appropriated | 9905 | €186,921 | €202,965 | +€16,045 | +8.6% |
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 17 October 2026 via checked.be.