M.S.D.: what changed
Two fiscal 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 +€34,526
up €34,526 (+62.6%), from €55,135 to €89,662
mainly Net result for the year (+€51,425) and Depreciation (+€30,383)
- Tangible fixed assets +€12,346
up €12,346 (+14.7%), from €83,703 to €96,049
of which Furniture and vehicles: +€28,542
- Receivables within one year -€5,450
down €5,450 (-12.5%), from €43,713 to €38,264
of which Other amounts receivable: -€5,773
- Profit (loss) carried forward -€77,000
down €77,000 (-69.3%), from €111,128 to €34,128
- Reserves +€51,425
up €51,425 (+2766.0%), from €1,859 to €53,284
of which Distributable reserves: +€51,425
- Other debts +€24,598
up €24,598 (+93.4%), from €26,343 to €50,941
- Tax, wage and social debts +€23,470
up €23,470 (+173.7%), from €13,513 to €36,983
of which Taxes: +€26,246
- Debts after one year +€19,353
up €19,353 (+209.3%), from €9,244 to €28,597
- Gross operating margin +€83,292
up €83,292 (+323.2%), from €25,769 to €109,061
- Purchases and services -€52,756
down €52,756 (-16.1%), from €327,762 to €275,006
- Turnover +€21,494
up €21,494 (+6.1%), from €353,531 to €375,025
- Taxes +€20,963
up €20,963 (+723.4%), from €2,898 to €23,860
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 | €184,187 | €226,140 | +€41,953 | +22.8% |
| Fixed assets | 21/28 | €84,002 | €96,348 | +€12,346 | +14.7% |
| Tangible fixed assets | 22/27 | €83,703 | €96,049 | +€12,346 | +14.7% |
| Plant, machinery and equipment | 23 | €0 | €0 | = | |
| Furniture and vehicles | 24 | €12,762 | €41,304 | +€28,542 | +223.7% |
| Other tangible fixed assets | 26 | €70,941 | €54,745 | -€16,196 | -22.8% |
| Financial fixed assets | 28 | €299 | €299 | = | 0.0% |
| Current assets | 29/58 | €100,185 | €129,793 | +€29,607 | +29.6% |
| Amounts receivable within one year | 40/41 | €43,713 | €38,264 | -€5,450 | -12.5% |
| Trade receivables | 40 | €22,856 | €23,179 | +€323 | +1.4% |
| Other amounts receivable | 41 | €20,857 | €15,084 | -€5,773 | -27.7% |
| Cash at bank and in hand | 54/58 | €55,135 | €89,662 | +€34,526 | +62.6% |
| Deferred charges and accrued income | 490/1 | €1,337 | €1,867 | +€530 | +39.7% |
| Total equity and liabilities | 10/49 | €184,187 | €226,140 | +€41,953 | +22.8% |
| Equity | 10/15 | €119,184 | €93,609 | -€25,575 | -21.5% |
| Contributions | 10/11 | €6,197 | €6,197 | = | 0.0% |
| Reserves | 13 | €1,859 | €53,284 | +€51,425 | +2766.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | - | €51,425 | +€51,425 | |
| Profit (loss) carried forward | 14 | €111,128 | €34,128 | -€77,000 | -69.3% |
| Amounts payable | 17/49 | €65,003 | €132,531 | +€67,528 | +103.9% |
| Amounts payable after more than one year | 17 | €9,244 | €28,597 | +€19,353 | +209.3% |
| Financial debts | 170/4 | €9,244 | €28,597 | +€19,353 | +209.3% |
| Amounts payable within one year | 42/48 | €55,759 | €103,934 | +€48,176 | +86.4% |
| Current portion of amounts payable after more than one year | 42 | €10,020 | €12,706 | +€2,686 | +26.8% |
| Trade debts | 44 | €5,882 | €3,304 | -€2,578 | -43.8% |
| Suppliers | 440/4 | €5,882 | €3,304 | -€2,578 | -43.8% |
| Taxes, remuneration and social security | 45 | €13,513 | €36,983 | +€23,470 | +173.7% |
| Taxes | 450/3 | €10,714 | €36,960 | +€26,246 | +245.0% |
| Remuneration and social security | 454/9 | €2,799 | €23 | -€2,776 | -99.2% |
| Other amounts payable | 47/48 | €26,343 | €50,941 | +€24,598 | +93.4% |
| Turnover | 70 | €353,531 | €375,025 | +€21,494 | +6.1% |
| Non-recurring operating income | 76A | - | €8,667 | +€8,667 | |
| Goods, raw materials, services and sundry goods | 60/61 | €327,762 | €275,006 | -€52,756 | -16.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,834 | €30,383 | +€1,548 | +5.4% |
| Other operating charges | 640/8 | €889 | €1,656 | +€767 | +86.3% |
| Non-recurring operating charges | 66A | €1,144 | - | -€1,144 | |
| Gross operating margin | 9900 | €25,769 | €109,061 | +€83,292 | +323.2% |
| Operating profit (loss) | 9901 | -€5,098 | €77,022 | +€82,120 | |
| Financial income | 75/76B | €164 | €241 | +€78 | +47.4% |
| Recurring financial income | 75 | €164 | €241 | +€78 | +47.4% |
| Financial charges | 65/66B | €2,160 | €1,978 | -€183 | -8.5% |
| Recurring financial charges | 65 | €2,160 | €1,978 | -€183 | -8.5% |
| Profit (loss) for the period before taxes | 9903 | -€7,095 | €75,286 | +€82,380 | |
| Income taxes | 67/77 | €2,898 | €23,860 | +€20,963 | +723.4% |
| Profit (loss) for the period | 9904 | -€9,992 | €51,425 | +€61,418 | |
| Profit (loss) for the period to be appropriated | 9905 | -€9,992 | €51,425 | +€61,418 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.