M.S. Finances: 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. Finances
Largest movements
- Cash -€333,360
down €333,360 (-67.2%), from €496,068 to €162,708
mainly Other debts (-€311,503) and Contributions, distributions and other (-€221,269)
- Tangible fixed assets -€25,734
down €25,734 (-5.4%), from €474,833 to €449,098
of which Furniture and vehicles: -€14,927
- Receivables within one year -€20,420
down €20,420 (-29.5%), from €69,220 to €48,800
- Other debts -€311,503
down €311,503 (-40.3%), from €773,314 to €461,811
- Reserves -€42,921
down €42,921 (-96.8%), from €44,340 to €1,419
of which Distributable reserves: -€42,921
- Debts after one year -€25,946
down €25,946 (-15.1%), from €171,994 to €146,048
- Gross operating margin -€58,763
down €58,763 (-19.4%), from €303,125 to €244,362
- Taxes -€12,361
down €12,361 (-19.4%), from €63,870 to €51,509
- Other operating charges -€4,699
down €4,699 (-56.1%), from €8,383 to €3,684
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,045,463 | €666,851 | -€378,612 | -36.2% |
| Fixed assets | 21/28 | €479,833 | €454,098 | -€25,734 | -5.4% |
| Tangible fixed assets | 22/27 | €474,833 | €449,098 | -€25,734 | -5.4% |
| Land and buildings | 22 | €298,008 | €288,662 | -€9,346 | -3.1% |
| Plant, machinery and equipment | 23 | €109,804 | €108,343 | -€1,461 | -1.3% |
| Furniture and vehicles | 24 | €67,021 | €52,094 | -€14,927 | -22.3% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €565,631 | €212,753 | -€352,878 | -62.4% |
| Amounts receivable within one year | 40/41 | €69,220 | €48,800 | -€20,420 | -29.5% |
| Other amounts receivable | 41 | €69,220 | €48,800 | -€20,420 | -29.5% |
| Cash at bank and in hand | 54/58 | €496,068 | €162,708 | -€333,360 | -67.2% |
| Deferred charges and accrued income | 490/1 | €342 | €1,244 | +€902 | +263% |
| Total equity and liabilities | 10/49 | €1,045,463 | €666,851 | -€378,612 | -36.2% |
| Equity | 10/15 | €62,890 | €19,969 | -€42,921 | -68.2% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €44,340 | €1,419 | -€42,921 | -96.8% |
| Non-distributable reserves | 130/1 | €1,419 | €1,419 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,419 | €1,419 | = | 0.0% |
| Distributable reserves | 133 | €42,921 | - | -€42,921 | |
| Amounts payable | 17/49 | €982,573 | €646,882 | -€335,691 | -34.2% |
| Amounts payable after more than one year | 17 | €171,994 | €146,048 | -€25,946 | -15.1% |
| Financial debts | 170/4 | €171,994 | €146,048 | -€25,946 | -15.1% |
| Amounts payable within one year | 42/48 | €810,579 | €500,834 | -€309,745 | -38.2% |
| Current portion of amounts payable after more than one year | 42 | €25,100 | €25,946 | +€845 | +3.4% |
| Trade debts | 44 | €838 | €3,000 | +€2,162 | +258% |
| Suppliers | 440/4 | €838 | €3,000 | +€2,162 | +258% |
| Taxes, remuneration and social security | 45 | €11,327 | €10,077 | -€1,250 | -11.0% |
| Taxes | 450/3 | €11,327 | €10,077 | -€1,250 | -11.0% |
| Other amounts payable | 47/48 | €773,314 | €461,811 | -€311,503 | -40.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,609 | €30,500 | +€891 | +3.0% |
| Other operating charges | 640/8 | €8,383 | €3,684 | -€4,699 | -56.1% |
| Gross operating margin | 9900 | €303,125 | €244,362 | -€58,763 | -19.4% |
| Operating profit (loss) | 9901 | €265,133 | €210,177 | -€54,956 | -20.7% |
| Financial income | 75/76B | €29,682 | €29,126 | -€556 | -1.9% |
| Recurring financial income | 75 | €29,682 | €29,126 | -€556 | -1.9% |
| Financial charges | 65/66B | €10,078 | €9,447 | -€631 | -6.3% |
| Recurring financial charges | 65 | €10,078 | €9,447 | -€631 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €284,737 | €229,857 | -€54,881 | -19.3% |
| Income taxes | 67/77 | €63,870 | €51,509 | -€12,361 | -19.4% |
| Profit (loss) for the period | 9904 | €220,867 | €178,348 | -€42,520 | -19.3% |
| Profit (loss) for the period to be appropriated | 9905 | €220,867 | €178,348 | -€42,520 | -19.3% |
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 25 October 2026 via checked.be.