M.S.D.: 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.D.
Largest movements
- Cash -€1.7m
down €1.7m (-82.0%), from €2.0m to €364,400
mainly Investment in fixed assets (net) (-€956,051) and Stocks and contracts (-€577,318)
- Tangible fixed assets +€853,536
up €853,536 (+113.7%), from €750,964 to €1.6m
of which Land and buildings: +€884,653
- Stocks and contracts +€577,318
up €577,318 (+120.8%), from €477,757 to €1.1m
of which Contracts in progress: +€1.1m
- Trade debts -€166,674
down €166,674 (-81.6%), from €204,141 to €37,467
- Provisions -€34,490
down €34,490 (-11.6%), from €296,148 to €261,657
of which Provisions for liabilities and charges: -€24,895
- Depreciation +€54,887
up €54,887 (+81.8%), from €67,122 to €122,009
- Gross operating margin +€50,955
up €50,955 (+3889.0%), from €1,310 to €52,265
- Financial income -€42,767
down €42,767 (-57.4%), from €74,530 to €31,764
- Provisions -€24,895
new in 2025: -€24,895
- Other operating charges -€5,998
down €5,998 (-51.5%), from €11,646 to €5,648
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.
Cash bridge derived
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 | €3,314,793 | €3,100,663 | -€214,130 | -6.5% |
| Fixed assets | 21/28 | €780,279 | €1,614,320 | +€834,042 | +106.9% |
| Intangible fixed assets | 21 | €29,241 | €9,747 | -€19,494 | -66.7% |
| Tangible fixed assets | 22/27 | €750,964 | €1,604,500 | +€853,536 | +113.7% |
| Land and buildings | 22 | €635,023 | €1,519,676 | +€884,653 | +139.3% |
| Plant, machinery and equipment | 23 | - | €4,477 | +€4,477 | |
| Furniture and vehicles | 24 | €115,941 | €80,347 | -€35,594 | -30.7% |
| Financial fixed assets | 28 | €73 | €73 | = | 0.0% |
| Current assets | 29/58 | €2,534,514 | €1,486,342 | -€1.0m | -41.4% |
| Stocks and contracts in progress | 3 | €477,757 | €1,055,075 | +€577,318 | +120.8% |
| Stocks | 30/36 | €477,757 | - | -€477,757 | |
| Contracts in progress | 37 | - | €1,055,075 | +€1.1m | |
| Amounts receivable within one year | 40/41 | €33,760 | €64,342 | +€30,582 | +90.6% |
| Trade receivables | 40 | €4,569 | €13,019 | +€8,450 | +184.9% |
| Other amounts receivable | 41 | €29,191 | €51,323 | +€22,132 | +75.8% |
| Cash at bank and in hand | 54/58 | €2,022,996 | €364,400 | -€1.7m | -82.0% |
| Deferred charges and accrued income | 490/1 | - | €2,525 | +€2,525 | |
| Total equity and liabilities | 10/49 | €3,314,793 | €3,100,663 | -€214,130 | -6.5% |
| Equity | 10/15 | €2,256,847 | €2,241,503 | -€15,344 | -0.7% |
| Contributions | 10/11 | €223,104 | €223,104 | = | 0.0% |
| Capital | 10 | €223,104 | €223,104 | = | 0.0% |
| Issued capital | 100 | €223,104 | €223,104 | = | 0.0% |
| Reserves | 13 | €1,246,035 | €1,217,248 | -€28,787 | -2.3% |
| Non-distributable reserves | 130/1 | €71,810 | €71,810 | = | 0.0% |
| Legal reserve | 130 | €71,810 | €71,810 | = | 0.0% |
| Tax-exempt reserves | 132 | €813,759 | €784,972 | -€28,787 | -3.5% |
| Distributable reserves | 133 | €360,466 | €360,466 | = | 0.0% |
| Profit (loss) carried forward | 14 | €787,708 | €801,151 | +€13,443 | +1.7% |
| Provisions and deferred taxes | 16 | €296,148 | €261,657 | -€34,490 | -11.6% |
| Provisions for liabilities and charges | 160/5 | €24,895 | €0 | -€24,895 | -100.0% |
| Major repairs and maintenance | 162 | €24,895 | - | -€24,895 | |
| Other liabilities and charges | 164/5 | - | €0 | = | |
| Deferred taxes | 168 | €271,253 | €261,657 | -€9,596 | -3.5% |
| Amounts payable | 17/49 | €761,798 | €597,502 | -€164,296 | -21.6% |
| Amounts payable within one year | 42/48 | €760,128 | €595,135 | -€164,993 | -21.7% |
| Trade debts | 44 | €204,141 | €37,467 | -€166,674 | -81.6% |
| Suppliers | 440/4 | €204,141 | €37,467 | -€166,674 | -81.6% |
| Taxes, remuneration and social security | 45 | €1,586 | €5,266 | +€3,681 | +232.1% |
| Taxes | 450/3 | €1,586 | €5,266 | +€3,681 | +232.1% |
| Other amounts payable | 47/48 | €554,402 | €552,402 | -€2,000 | -0.4% |
| Accrued charges and deferred income | 492/3 | €1,669 | €2,367 | +€697 | +41.8% |
| Non-recurring operating income | 76A | €2,000 | €0 | -€2,000 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,122 | €122,009 | +€54,887 | +81.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | -€24,895 | -€24,895 | |
| Other operating charges | 640/8 | €11,646 | €5,648 | -€5,998 | -51.5% |
| Gross operating margin | 9900 | €1,310 | €52,265 | +€50,955 | +3889.0% |
| Operating profit (loss) | 9901 | -€77,458 | -€50,498 | +€26,961 | +34.8% |
| Financial income | 75/76B | €74,530 | €31,764 | -€42,767 | -57.4% |
| Recurring financial income | 75 | €74,530 | €31,764 | -€42,767 | -57.4% |
| Financial charges | 65/66B | €78 | €235 | +€157 | +201.5% |
| Recurring financial charges | 65 | €78 | €235 | +€157 | +201.5% |
| Profit (loss) for the period before taxes | 9903 | -€3,006 | -€18,968 | -€15,963 | -531.1% |
| Transfer from deferred taxes | 780 | €876 | €9,596 | +€8,720 | +995.7% |
| Income taxes | 67/77 | €11,884 | €5,971 | -€5,913 | -49.8% |
| Profit (loss) for the period | 9904 | -€14,014 | -€15,344 | -€1,330 | -9.5% |
| Transfer from tax-exempt reserves | 789 | €2,627 | €28,787 | +€26,160 | +995.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€11,387 | €13,443 | +€24,829 |
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 11 October 2026 via checked.be.