MD²: 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.
MD²
Largest movements
- Deferred charges and accrued income +€29,088
up €29,088 (+1,347%), from €2,159 to €31,247
- Cash +€7,918
up €7,918 (+5.2%), from €151,690 to €159,608
mainly Net result for the year (+€185,375) and Other debts (+€54,033)
- Receivables within one year -€3,856
down €3,856 (-18.0%), from €21,426 to €17,570
of which Other amounts receivable: -€15,856
- Other debts +€54,033
up €54,033 (+53.9%), from €100,335 to €154,368
- Reserves -€27,854
down €27,854 (-17.5%), from €158,809 to €130,955
of which Distributable reserves: -€27,854
- Tax, wage and social debts +€6,699
new in 2025: €6,699
- Profit (loss) carried forward +€5,375
up €5,375, from €0 to €5,375
- Gross operating margin +€110,923
up €110,923 (+83.5%), from €132,778 to €243,701
- Taxes +€26,269
up €26,269 (+86.3%), from €30,430 to €56,699
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 | €281,359 | €320,501 | +€39,142 | +13.9% |
| Fixed assets | 21/28 | €3,834 | €6,809 | +€2,975 | +77.6% |
| Tangible fixed assets | 22/27 | €3,834 | €6,809 | +€2,975 | +77.6% |
| Plant, machinery and equipment | 23 | €3,834 | €2,264 | -€1,570 | -40.9% |
| Furniture and vehicles | 24 | - | €1,184 | +€1,184 | |
| Other tangible fixed assets | 26 | - | €3,360 | +€3,360 | |
| Current assets | 29/58 | €277,525 | €313,692 | +€36,167 | +13.0% |
| Amounts receivable within one year | 40/41 | €21,426 | €17,570 | -€3,856 | -18.0% |
| Trade receivables | 40 | - | €12,000 | +€12,000 | |
| Other amounts receivable | 41 | €21,426 | €5,570 | -€15,856 | -74.0% |
| Current investments | 50/53 | €102,250 | €105,268 | +€3,018 | +3.0% |
| Cash at bank and in hand | 54/58 | €151,690 | €159,608 | +€7,918 | +5.2% |
| Deferred charges and accrued income | 490/1 | €2,159 | €31,247 | +€29,088 | +1,347% |
| Total equity and liabilities | 10/49 | €281,359 | €320,501 | +€39,142 | +13.9% |
| Equity | 10/15 | €177,409 | €154,930 | -€22,479 | -12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €158,809 | €130,955 | -€27,854 | -17.5% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €156,949 | €129,095 | -€27,854 | -17.7% |
| Profit (loss) carried forward | 14 | €0 | €5,375 | +€5,375 | |
| Amounts payable | 17/49 | €103,950 | €165,571 | +€61,621 | +59.3% |
| Amounts payable within one year | 42/48 | €103,630 | €165,251 | +€61,621 | +59.5% |
| Trade debts | 44 | €3,295 | €4,184 | +€889 | +27.0% |
| Suppliers | 440/4 | €3,295 | €4,184 | +€889 | +27.0% |
| Taxes, remuneration and social security | 45 | - | €6,699 | +€6,699 | |
| Taxes | 450/3 | - | €6,699 | +€6,699 | |
| Other amounts payable | 47/48 | €100,335 | €154,368 | +€54,033 | +53.9% |
| Accrued charges and deferred income | 492/3 | €320 | €320 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,281 | €1,666 | +€386 | +30.1% |
| Other operating charges | 640/8 | €661 | €682 | +€20 | +3.1% |
| Gross operating margin | 9900 | €132,778 | €243,701 | +€110,923 | +83.5% |
| Operating profit (loss) | 9901 | €130,836 | €241,353 | +€110,517 | +84.5% |
| Financial income | 75/76B | €585 | €1,359 | +€775 | +133% |
| Recurring financial income | 75 | €585 | €1,359 | +€775 | +133% |
| Financial charges | 65/66B | €656 | €638 | -€18 | -2.7% |
| Recurring financial charges | 65 | €656 | €638 | -€18 | -2.7% |
| Profit (loss) for the period before taxes | 9903 | €130,765 | €242,074 | +€111,309 | +85.1% |
| Income taxes | 67/77 | €30,430 | €56,699 | +€26,269 | +86.3% |
| Profit (loss) for the period | 9904 | €100,335 | €185,375 | +€85,040 | +84.8% |
| Profit (loss) for the period to be appropriated | 9905 | €100,335 | €185,375 | +€85,040 | +84.8% |
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 19 October 2026 via checked.be.