M S D ((MSD)): 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 ((MSD))
Largest movements
- Tangible fixed assets -€17,479
down €17,479 (-17.7%), from €98,696 to €81,217
of which Furniture and vehicles: -€13,651
- Receivables within one year -€9,817
down €9,817 (-16.7%), from €58,729 to €48,912
of which Other amounts receivable: -€14,928
- Trade debts -€17,998
down €17,998 (-95.6%), from €18,829 to €830
- Debts after one year -€16,917
down €16,917 (-56.4%), from €29,977 to €13,060
- Purchases and services +€74,161
up €74,161 (+86.0%), from €86,268 to €160,429
- Gross operating margin +€34,669
up €34,669, from -€4,391 to €30,278
- Depreciation +€5,663
up €5,663 (+47.9%), from €11,816 to €17,479
- Financial charges +€2,932
up €2,932 (+120.1%), from €2,441 to €5,373
- Other operating charges +€1,208
up €1,208 (+249.6%), from €484 to €1,692
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €590,402 | €563,106 | -€27,296 | -4.6% |
| Fixed assets | 21/28 | €99,371 | €81,892 | -€17,479 | -17.6% |
| Tangible fixed assets | 22/27 | €98,696 | €81,217 | -€17,479 | -17.7% |
| Land and buildings | 22 | €50,337 | €46,509 | -€3,828 | -7.6% |
| Furniture and vehicles | 24 | €48,359 | €34,708 | -€13,651 | -28.2% |
| Financial fixed assets | 28 | €675 | €675 | = | 0.0% |
| Current assets | 29/58 | €491,031 | €481,214 | -€9,817 | -2.0% |
| Amounts receivable after more than one year | 29 | €429,938 | €429,938 | = | 0.0% |
| Other amounts receivable | 291 | €429,938 | €429,938 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €58,729 | €48,912 | -€9,817 | -16.7% |
| Trade receivables | 40 | - | €5,111 | +€5,111 | |
| Other amounts receivable | 41 | €58,729 | €43,801 | -€14,928 | -25.4% |
| Cash at bank and in hand | 54/58 | €2,364 | €2,364 | = | 0.0% |
| Total equity and liabilities | 10/49 | €590,402 | €563,106 | -€27,296 | -4.6% |
| Equity | 10/15 | €506,003 | €511,745 | +€5,742 | +1.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Contributions outside capital | 11 | €12,400 | €12,400 | = | 0.0% |
| Other | 1109/19 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €491,743 | €497,485 | +€5,742 | +1.2% |
| Amounts payable | 17/49 | €84,399 | €51,361 | -€33,038 | -39.1% |
| Amounts payable after more than one year | 17 | €29,977 | €13,060 | -€16,917 | -56.4% |
| Financial debts | 170/4 | €29,977 | €13,060 | -€16,917 | -56.4% |
| Amounts payable within one year | 42/48 | €54,422 | €38,301 | -€16,121 | -29.6% |
| Current portion of amounts payable after more than one year | 42 | €11,222 | €12,751 | +€1,528 | +13.6% |
| Financial debts | 43 | €20,252 | €24,068 | +€3,816 | +18.8% |
| Credit institutions | 430/8 | €20,252 | €24,068 | +€3,816 | +18.8% |
| Trade debts | 44 | €18,829 | €830 | -€17,998 | -95.6% |
| Suppliers | 440/4 | €18,829 | €830 | -€17,998 | -95.6% |
| Taxes, remuneration and social security | 45 | €4,119 | €652 | -€3,467 | -84.2% |
| Taxes | 450/3 | €1,670 | €652 | -€1,018 | -61.0% |
| Remuneration and social security | 454/9 | €2,449 | - | -€2,449 | |
| Goods, raw materials, services and sundry goods | 60/61 | €86,268 | €160,429 | +€74,161 | +86.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,816 | €17,479 | +€5,663 | +47.9% |
| Other operating charges | 640/8 | €484 | €1,692 | +€1,208 | +249.6% |
| Non-recurring operating charges | 66A | €288 | €190 | -€98 | -34.0% |
| Gross operating margin | 9900 | -€4,391 | €30,278 | +€34,669 | |
| Operating profit (loss) | 9901 | -€16,979 | €10,916 | +€27,895 | |
| Financial income | 75/76B | €158 | €199 | +€41 | +25.9% |
| Recurring financial income | 75 | €158 | €199 | +€41 | +25.9% |
| Financial charges | 65/66B | €2,441 | €5,373 | +€2,932 | +120.1% |
| Recurring financial charges | 65 | €2,441 | €5,373 | +€2,932 | +120.1% |
| Profit (loss) for the period before taxes | 9903 | -€19,262 | €5,742 | +€25,004 | |
| Profit (loss) for the period | 9904 | -€19,262 | €5,742 | +€25,004 | |
| Profit (loss) for the period to be appropriated | 9905 | -€19,262 | €5,742 | +€25,004 |
Source: filed annual accounts (NBB), financial years ended 31 August 2023 and 31 August 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.