MxD Law: 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.
MxD Law
Largest movements
- Tangible fixed assets +€43,241
up €43,241 (+1,684%), from €2,568 to €45,809
of which Leasing and similar rights: +€38,206
- Cash +€18,768
up €18,768 (+84.3%), from €22,275 to €41,043
mainly Debts after one year (+€29,829) and Net result for the year (+€24,467)
- Receivables within one year -€3,871
down €3,871 (-24.1%), from €16,089 to €12,217
of which Other amounts receivable: -€2,308
- Debts after one year +€29,829
new in 2025: €29,829
- Reserves +€21,467
up €21,467 (+62.3%), from €34,450 to €55,917
- Current portion of long-term debt +€8,353
new in 2025: €8,353
- Tax, wage and social debts -€3,879
down €3,879 (-42.7%), from €9,094 to €5,215
of which Taxes: -€3,282
- Trade debts +€1,168
up €1,168 (+358%), from €326 to €1,494
- Depreciation +€5,846
up €5,846 (+706%), from €828 to €6,674
- Gross operating margin +€3,674
up €3,674 (+9.6%), from €38,444 to €42,118
- Taxes -€1,132
down €1,132 (-11.7%), from €9,646 to €8,514
- Financial charges +€928
up €928 (+168%), from €554 to €1,482
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 | €48,400 | €106,102 | +€57,701 | +119% |
| Fixed assets | 21/28 | €2,568 | €45,809 | +€43,241 | +1,684% |
| Tangible fixed assets | 22/27 | €2,568 | €45,809 | +€43,241 | +1,684% |
| Plant, machinery and equipment | 23 | €1,182 | €2,827 | +€1,645 | +139% |
| Leasing and similar rights | 25 | - | €38,206 | +€38,206 | |
| Other tangible fixed assets | 26 | €1,386 | €4,775 | +€3,389 | +245% |
| Current assets | 29/58 | €45,833 | €60,293 | +€14,460 | +31.6% |
| Amounts receivable within one year | 40/41 | €16,089 | €12,217 | -€3,871 | -24.1% |
| Trade receivables | 40 | €10,558 | €8,994 | -€1,564 | -14.8% |
| Other amounts receivable | 41 | €5,530 | €3,223 | -€2,308 | -41.7% |
| Current investments | 50/53 | €5,859 | €5,859 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,275 | €41,043 | +€18,768 | +84.3% |
| Deferred charges and accrued income | 490/1 | €1,610 | €1,174 | -€436 | -27.1% |
| Total equity and liabilities | 10/49 | €48,400 | €106,102 | +€57,701 | +119% |
| Equity | 10/15 | €35,700 | €57,167 | +€21,467 | +60.1% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Reserves | 13 | €34,450 | €55,917 | +€21,467 | +62.3% |
| Distributable reserves | 133 | €34,450 | €55,917 | +€21,467 | +62.3% |
| Amounts payable | 17/49 | €12,701 | €48,935 | +€36,234 | +285% |
| Amounts payable after more than one year | 17 | - | €29,829 | +€29,829 | |
| Financial debts | 170/4 | - | €29,829 | +€29,829 | |
| Amounts payable within one year | 42/48 | €11,919 | €18,062 | +€6,143 | +51.5% |
| Current portion of amounts payable after more than one year | 42 | - | €8,353 | +€8,353 | |
| Trade debts | 44 | €326 | €1,494 | +€1,168 | +358% |
| Suppliers | 440/4 | €326 | €1,494 | +€1,168 | +358% |
| Taxes, remuneration and social security | 45 | €9,094 | €5,215 | -€3,879 | -42.7% |
| Taxes | 450/3 | €8,497 | €5,215 | -€3,282 | -38.6% |
| Remuneration and social security | 454/9 | €596 | - | -€596 | |
| Other amounts payable | 47/48 | €2,500 | €3,000 | +€500 | +20.0% |
| Accrued charges and deferred income | 492/3 | €781 | €1,044 | +€263 | +33.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €828 | €6,674 | +€5,846 | +706% |
| Other operating charges | 640/8 | €936 | €1,061 | +€125 | +13.4% |
| Gross operating margin | 9900 | €38,444 | €42,118 | +€3,674 | +9.6% |
| Operating profit (loss) | 9901 | €36,680 | €34,383 | -€2,297 | -6.3% |
| Financial income | 75/76B | €1 | €80 | +€79 | +7,807% |
| Recurring financial income | 75 | €1 | €80 | +€79 | +7,807% |
| Financial charges | 65/66B | €554 | €1,482 | +€928 | +168% |
| Recurring financial charges | 65 | €554 | €1,482 | +€928 | +168% |
| Profit (loss) for the period before taxes | 9903 | €36,128 | €32,981 | -€3,147 | -8.7% |
| Income taxes | 67/77 | €9,646 | €8,514 | -€1,132 | -11.7% |
| Profit (loss) for the period | 9904 | €26,481 | €24,467 | -€2,015 | -7.6% |
| Profit (loss) for the period to be appropriated | 9905 | €26,481 | €24,467 | -€2,015 | -7.6% |
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 31 October 2026 via checked.be.