M.S.D.W.: 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.
What changed
M.S.D.W.
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€26,196
2024 · €36,616-€10,420
Equity
€318,699
2024 · €292,503+€26,196
Cash
€44,279
2024 · €46,592-€2,313
Balance sheet total
€330,296
2024 · €303,234+€27,061
Largest movements
Assets
- Current investments +€30,302
up €30,302 (+97.6%), from €31,051 to €61,353
Equity and liabilities
- Reserves +€26,196
up €26,196 (+9.7%), from €270,003 to €296,199
Income statement
- Financial income -€11,291
down €11,291 (-88.8%), from €12,713 to €1,421
of which Non-recurring financial income: -€9,040
- Taxes -€1,051
down €1,051 (-7.5%), from €14,111 to €13,059
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.
Result 2024
€36,616
Gross operating margin
-€119
Depreciation
-€358
Other operating charges
+€134
Financial income
-€11,291
Financial charges
+€163
Taxes
+€1,051
Result 2025
€26,196
raises the resultlowers the result
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.
From operations
+€29,359
Investment
-€31,672
Financing
€0
Cash 2024
€46,592
From operations (derived)
+€29,359
Net result for the year
+€26,196
Depreciation
+€1,884
Receivables within one year
+€413
Trade debts
+€305
Tax, wage and social debts
+€2,973
Other debts
-€1,350
Accrued charges and deferred income
-€1,062
Investment (derived)
-€31,672
Investment in fixed assets (net)
-€1,370
Current investments
-€30,302
Cash 2025
€44,279
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €303,234 | €330,296 | +€27,061 | +8.9% |
| Fixed assets | 21/28 | €119,536 | €119,022 | -€514 | -0.4% |
| Tangible fixed assets | 22/27 | €119,536 | €119,022 | -€514 | -0.4% |
| Land and buildings | 22 | €11,638 | €10,446 | -€1,192 | -10.2% |
| Furniture and vehicles | 24 | €698 | €1,376 | +€678 | +97.1% |
| Other tangible fixed assets | 26 | €107,200 | €107,200 | = | 0.0% |
| Current assets | 29/58 | €183,698 | €211,274 | +€27,576 | +15.0% |
| Amounts receivable after more than one year | 29 | €94,752 | €94,752 | = | 0.0% |
| Other amounts receivable | 291 | €94,752 | €94,752 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,303 | €10,890 | -€413 | -3.7% |
| Trade receivables | 40 | €10,890 | €10,890 | = | 0.0% |
| Other amounts receivable | 41 | €413 | - | -€413 | |
| Current investments | 50/53 | €31,051 | €61,353 | +€30,302 | +97.6% |
| Cash at bank and in hand | 54/58 | €46,592 | €44,279 | -€2,313 | -5.0% |
| Total equity and liabilities | 10/49 | €303,234 | €330,296 | +€27,061 | +8.9% |
| Equity | 10/15 | €292,503 | €318,699 | +€26,196 | +9.0% |
| Contributions | 10/11 | €22,500 | €22,500 | = | 0.0% |
| Reserves | 13 | €270,003 | €296,199 | +€26,196 | +9.7% |
| Distributable reserves | 133 | €270,003 | €296,199 | +€26,196 | +9.7% |
| Amounts payable | 17/49 | €10,731 | €11,597 | +€866 | +8.1% |
| Amounts payable within one year | 42/48 | €9,668 | €11,597 | +€1,928 | +19.9% |
| Trade debts | 44 | €478 | €784 | +€305 | +63.8% |
| Suppliers | 440/4 | €478 | €784 | +€305 | +63.8% |
| Taxes, remuneration and social security | 45 | €3,793 | €6,766 | +€2,973 | +78.4% |
| Taxes | 450/3 | €3,793 | €6,766 | +€2,973 | +78.4% |
| Other amounts payable | 47/48 | €5,397 | €4,046 | -€1,350 | -25.0% |
| Accrued charges and deferred income | 492/3 | €1,062 | - | -€1,062 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,526 | €1,884 | +€358 | +23.5% |
| Other operating charges | 640/8 | €1,203 | €1,069 | -€134 | -11.2% |
| Gross operating margin | 9900 | €41,855 | €41,736 | -€119 | -0.3% |
| Operating profit (loss) | 9901 | €39,126 | €38,783 | -€343 | -0.9% |
| Financial income | 75/76B | €12,713 | €1,421 | -€11,291 | -88.8% |
| Recurring financial income | 75 | €3,673 | €1,421 | -€2,251 | -61.3% |
| Non-recurring financial income | 76B | €9,040 | - | -€9,040 | |
| Financial charges | 65/66B | €1,112 | €949 | -€163 | -14.6% |
| Recurring financial charges | 65 | €1,112 | €949 | -€163 | -14.6% |
| Profit (loss) for the period before taxes | 9903 | €50,726 | €39,255 | -€11,472 | -22.6% |
| Income taxes | 67/77 | €14,111 | €13,059 | -€1,051 | -7.5% |
| Profit (loss) for the period | 9904 | €36,616 | €26,196 | -€10,420 | -28.5% |
| Profit (loss) for the period to be appropriated | 9905 | €36,616 | €26,196 | -€10,420 | -28.5% |
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 26 October 2026 via checked.be.