M.S.E.P.: 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.E.P.
Largest movements
- Receivables within one year -€19,389
down €19,389 (-62.9%), from €30,807 to €11,418
of which Trade receivables: -€21,538
- Tangible fixed assets -€3,054
down €3,054 (-31.9%), from €9,589 to €6,535
of which Furniture and vehicles: -€2,111
- Deferred charges and accrued income +€2,245
up €2,245 (+701.5%), from €320 to €2,565
- Cash +€1,813
up €1,813 (+9.9%), from €18,251 to €20,063
mainly Receivables within one year (+€19,389) and Depreciation (+€3,785)
- Trade debts -€9,195
down €9,195 (-72.4%), from €12,700 to €3,505
- Profit (loss) carried forward -€6,848
new in 2025: -€6,848
- Tax, wage and social debts -€2,343
down €2,343 (-17.1%), from €13,662 to €11,319
- Gross operating margin -€38,853
down €38,853, from €37,022 to -€1,831
- Taxes -€9,408
down €9,408 (-92.6%), from €10,159 to €751
- Depreciation +€1,381
up €1,381 (+57.4%), from €2,405 to €3,785
- Financial charges -€741
down €741 (-59.1%), from €1,254 to €513
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 | €58,966 | €40,581 | -€18,386 | -31.2% |
| Fixed assets | 21/28 | €9,589 | €6,535 | -€3,054 | -31.9% |
| Tangible fixed assets | 22/27 | €9,589 | €6,535 | -€3,054 | -31.9% |
| Land and buildings | 22 | €1,248 | €1,117 | -€130 | -10.5% |
| Plant, machinery and equipment | 23 | €2,057 | €1,244 | -€813 | -39.5% |
| Furniture and vehicles | 24 | €6,285 | €4,174 | -€2,111 | -33.6% |
| Current assets | 29/58 | €49,377 | €34,046 | -€15,332 | -31.0% |
| Amounts receivable within one year | 40/41 | €30,807 | €11,418 | -€19,389 | -62.9% |
| Trade receivables | 40 | €24,377 | €2,839 | -€21,538 | -88.4% |
| Other amounts receivable | 41 | €6,430 | €8,579 | +€2,149 | +33.4% |
| Cash at bank and in hand | 54/58 | €18,251 | €20,063 | +€1,813 | +9.9% |
| Deferred charges and accrued income | 490/1 | €320 | €2,565 | +€2,245 | +701.5% |
| Total equity and liabilities | 10/49 | €58,966 | €40,581 | -€18,386 | -31.2% |
| Equity | 10/15 | €32,604 | €25,756 | -€6,848 | -21.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €30,104 | €30,104 | = | 0.0% |
| Distributable reserves | 133 | €30,104 | €30,104 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€6,848 | -€6,848 | |
| Amounts payable | 17/49 | €26,362 | €14,824 | -€11,538 | -43.8% |
| Amounts payable within one year | 42/48 | €26,362 | €14,824 | -€11,538 | -43.8% |
| Trade debts | 44 | €12,700 | €3,505 | -€9,195 | -72.4% |
| Suppliers | 440/4 | €12,700 | €3,505 | -€9,195 | -72.4% |
| Taxes, remuneration and social security | 45 | €13,662 | €11,319 | -€2,343 | -17.1% |
| Taxes | 450/3 | €13,662 | €11,319 | -€2,343 | -17.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,405 | €3,785 | +€1,381 | +57.4% |
| Other operating charges | 640/8 | €337 | €288 | -€50 | -14.7% |
| Gross operating margin | 9900 | €37,022 | -€1,831 | -€38,853 | |
| Operating profit (loss) | 9901 | €34,280 | -€5,904 | -€40,184 | |
| Financial income | 75/76B | €347 | €321 | -€26 | -7.6% |
| Recurring financial income | 75 | €347 | €321 | -€26 | -7.6% |
| Financial charges | 65/66B | €1,254 | €513 | -€741 | -59.1% |
| Recurring financial charges | 65 | €1,254 | €513 | -€741 | -59.1% |
| Profit (loss) for the period before taxes | 9903 | €33,373 | -€6,096 | -€39,469 | |
| Income taxes | 67/77 | €10,159 | €751 | -€9,408 | -92.6% |
| Profit (loss) for the period | 9904 | €23,214 | -€6,848 | -€30,061 | |
| Profit (loss) for the period to be appropriated | 9905 | €23,214 | -€6,848 | -€30,061 |
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 8 October 2026 via checked.be.