M.S.B.: 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.
M.S.B.
Largest movements
- Tangible fixed assets +€58,136
up €58,136 (+30.5%), from €190,653 to €248,790
of which Land and buildings: +€58,949
- Cash -€37,359
down €37,359 (-6.1%), from €607,922 to €570,563
mainly Investment in fixed assets (net) (-€64,463) and Other debts (-€13,324)
- Profit (loss) carried forward +€33,411
up €33,411 (+4.9%), from €678,422 to €711,833
- Other debts -€13,324
down €13,324 (-44.2%), from €30,121 to €16,798
- Gross operating margin +€14,819
up €14,819 (+37.2%), from €39,863 to €54,682
- Taxes +€4,102
up €4,102 (+50.9%), from €8,061 to €12,162
- Depreciation +€2,391
up €2,391 (+60.7%), from €3,935 to €6,326
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 | €800,509 | €821,377 | +€20,868 | +2.6% |
| Fixed assets | 21/28 | €190,653 | €248,790 | +€58,136 | +30.5% |
| Tangible fixed assets | 22/27 | €190,653 | €248,790 | +€58,136 | +30.5% |
| Land and buildings | 22 | €185,982 | €244,931 | +€58,949 | +31.7% |
| Plant, machinery and equipment | 23 | €4,672 | €3,859 | -€813 | -17.4% |
| Current assets | 29/58 | €609,855 | €572,587 | -€37,269 | -6.1% |
| Cash at bank and in hand | 54/58 | €607,922 | €570,563 | -€37,359 | -6.1% |
| Deferred charges and accrued income | 490/1 | €1,934 | €2,024 | +€90 | +4.7% |
| Total equity and liabilities | 10/49 | €800,509 | €821,377 | +€20,868 | +2.6% |
| Equity | 10/15 | €759,006 | €792,417 | +€33,411 | +4.4% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €18,584 | €18,584 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,403 | €6,403 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Reserves not available under the articles | 1311 | €203 | €203 | = | 0.0% |
| Distributable reserves | 133 | €12,181 | €12,181 | = | 0.0% |
| Profit (loss) carried forward | 14 | €678,422 | €711,833 | +€33,411 | +4.9% |
| Amounts payable | 17/49 | €41,503 | €28,960 | -€12,543 | -30.2% |
| Amounts payable within one year | 42/48 | €41,503 | €28,960 | -€12,543 | -30.2% |
| Trade debts | 44 | €3,321 | - | -€3,321 | |
| Suppliers | 440/4 | €3,321 | - | -€3,321 | |
| Taxes, remuneration and social security | 45 | €8,061 | €12,162 | +€4,102 | +50.9% |
| Taxes | 450/3 | €8,061 | €12,162 | +€4,102 | +50.9% |
| Other amounts payable | 47/48 | €30,121 | €16,798 | -€13,324 | -44.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,935 | €6,326 | +€2,391 | +60.7% |
| Other operating charges | 640/8 | €5,761 | €5,931 | +€170 | +2.9% |
| Gross operating margin | 9900 | €39,863 | €54,682 | +€14,819 | +37.2% |
| Operating profit (loss) | 9901 | €30,167 | €42,425 | +€12,259 | +40.6% |
| Financial income | 75/76B | €3,007 | €3,225 | +€217 | +7.2% |
| Recurring financial income | 75 | €3,007 | €3,225 | +€217 | +7.2% |
| Non-recurring financial income | 76B | €3,007 | €3,225 | +€217 | +7.2% |
| Financial charges | 65/66B | - | €77 | +€77 | |
| Recurring financial charges | 65 | - | €77 | +€77 | |
| Profit (loss) for the period before taxes | 9903 | €33,174 | €45,574 | +€12,400 | +37.4% |
| Income taxes | 67/77 | €8,061 | €12,162 | +€4,102 | +50.9% |
| Profit (loss) for the period | 9904 | €25,113 | €33,411 | +€8,298 | +33.0% |
| Profit (loss) for the period to be appropriated | 9905 | €25,113 | €33,411 | +€8,298 | +33.0% |
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 15 October 2026 via checked.be.