Cabinet Messidor: 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.
Cabinet Messidor
Largest movements
- Tangible fixed assets -€36,480
down €36,480 (-40.5%), from €90,079 to €53,599
of which Land and buildings: -€21,822
- Cash +€6,521
up €6,521 (+7.5%), from €86,954 to €93,474
mainly Depreciation (+€36,480) and Net result for the year (+€15,605)
- Deferred charges and accrued income -€3,140
down €3,140 (-11.3%), from €27,721 to €24,581
- Debts after one year -€49,071
down €49,071 (-29.5%), from €166,482 to €117,410
- Profit (loss) carried forward +€15,605
up €15,605 (+29.3%), from -€53,341 to -€37,735
- Financial charges -€1,948
down €1,948 (-18.1%), from €10,750 to €8,802
- Depreciation -€872
down €872 (-2.3%), from €37,353 to €36,480
- Gross operating margin +€871
up €871 (+1.4%), from €61,265 to €62,136
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 | €204,817 | €171,654 | -€33,163 | -16.2% |
| Fixed assets | 21/28 | €90,079 | €53,599 | -€36,480 | -40.5% |
| Tangible fixed assets | 22/27 | €90,079 | €53,599 | -€36,480 | -40.5% |
| Land and buildings | 22 | €43,645 | €21,823 | -€21,822 | -50.0% |
| Other tangible fixed assets | 26 | €46,434 | €31,776 | -€14,658 | -31.6% |
| Current assets | 29/58 | €114,738 | €118,055 | +€3,318 | +2.9% |
| Amounts receivable within one year | 40/41 | €63 | - | -€63 | |
| Other amounts receivable | 41 | €63 | - | -€63 | |
| Cash at bank and in hand | 54/58 | €86,954 | €93,474 | +€6,521 | +7.5% |
| Deferred charges and accrued income | 490/1 | €27,721 | €24,581 | -€3,140 | -11.3% |
| Total equity and liabilities | 10/49 | €204,817 | €171,654 | -€33,163 | -16.2% |
| Equity | 10/15 | -€14,873 | €732 | +€15,605 | |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | €18,600 | = | 0.0% |
| Other | 1109/19 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €19,867 | €19,867 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,537 | €1,537 | = | 0.0% |
| Distributable reserves | 133 | €16,470 | €16,470 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€53,341 | -€37,735 | +€15,605 | +29.3% |
| Amounts payable | 17/49 | €219,690 | €170,922 | -€48,768 | -22.2% |
| Amounts payable after more than one year | 17 | €166,482 | €117,410 | -€49,071 | -29.5% |
| Financial debts | 170/4 | €166,482 | €117,410 | -€49,071 | -29.5% |
| Amounts payable within one year | 42/48 | €49,099 | €49,408 | +€309 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €49,099 | €49,071 | -€28 | -0.1% |
| Other amounts payable | 47/48 | - | €337 | +€337 | |
| Accrued charges and deferred income | 492/3 | €4,109 | €4,103 | -€5 | -0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,353 | €36,480 | -€872 | -2.3% |
| Other operating charges | 640/8 | €979 | €1,248 | +€269 | +27.4% |
| Gross operating margin | 9900 | €61,265 | €62,136 | +€871 | +1.4% |
| Operating profit (loss) | 9901 | €22,933 | €24,408 | +€1,475 | +6.4% |
| Financial charges | 65/66B | €10,750 | €8,802 | -€1,948 | -18.1% |
| Recurring financial charges | 65 | €10,750 | €8,802 | -€1,948 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €12,183 | €15,605 | +€3,423 | +28.1% |
| Profit (loss) for the period | 9904 | €12,183 | €15,605 | +€3,423 | +28.1% |
| Profit (loss) for the period to be appropriated | 9905 | €12,183 | €15,605 | +€3,423 | +28.1% |
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 29 October 2026 via checked.be.