M.S.L.: 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.L.
Largest movements
- Cash -€478,321
down €478,321 (-98.9%), from €483,861 to €5,540
mainly Investment in fixed assets (net) (-€464,879) and Receivables within one year (-€234,433)
- Financial fixed assets +€246,541
up €246,541 (+91,312%), from €270 to €246,811
- Receivables within one year +€234,433
up €234,433 (+194%), from €121,012 to €355,445
of which Trade receivables: +€121,680
- Tangible fixed assets +€87,338
up €87,338 (+23.0%), from €379,234 to €466,572
of which Leasing and similar rights: +€92,362
- Receivables after one year -€50,506
down €50,506 (-13.8%), from €365,898 to €315,392
- Other debts -€100,000
down €100,000 (-100%), from €100,000 to €0
- Reserves +€61,648
up €61,648 (+9.9%), from €620,962 to €682,611
of which Distributable reserves: +€133,500
- Debts after one year +€46,445
up €46,445 (+31.8%), from €145,863 to €192,308
- Current portion of long-term debt +€43,140
up €43,140 (+61.9%), from €69,727 to €112,867
- Provisions -€23,951
down €23,951 (-17.2%), from €139,587 to €115,637
- Gross operating margin -€453,512
down €453,512 (-55.8%), from €812,233 to €358,720
- Depreciation +€72,786
up €72,786 (+125%), from €58,214 to €131,000
- Other operating charges -€49,770
down €49,770 (-93.4%), from €53,300 to €3,530
- Financial charges +€34,651
up €34,651 (+48.8%), from €70,946 to €105,598
- Taxes +€32,367
up €32,367 (+1,144%), from €2,830 to €35,196
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 | €1,351,642 | €1,391,240 | +€39,598 | +2.9% |
| Fixed assets | 21/28 | €379,504 | €713,383 | +€333,879 | +88.0% |
| Tangible fixed assets | 22/27 | €379,234 | €466,572 | +€87,338 | +23.0% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €107,159 | €178,679 | +€71,520 | +66.7% |
| Furniture and vehicles | 24 | €272,075 | €195,531 | -€76,544 | -28.1% |
| Leasing and similar rights | 25 | - | €92,362 | +€92,362 | |
| Financial fixed assets | 28 | €270 | €246,811 | +€246,541 | +91,312% |
| Current assets | 29/58 | €972,138 | €677,857 | -€294,281 | -30.3% |
| Amounts receivable after more than one year | 29 | €365,898 | €315,392 | -€50,506 | -13.8% |
| Other amounts receivable | 291 | €365,898 | €315,392 | -€50,506 | -13.8% |
| Amounts receivable within one year | 40/41 | €121,012 | €355,445 | +€234,433 | +194% |
| Trade receivables | 40 | €85,466 | €207,146 | +€121,680 | +142% |
| Other amounts receivable | 41 | €35,546 | €148,299 | +€112,753 | +317% |
| Cash at bank and in hand | 54/58 | €483,861 | €5,540 | -€478,321 | -98.9% |
| Deferred charges and accrued income | 490/1 | €1,367 | €1,480 | +€113 | +8.3% |
| Total equity and liabilities | 10/49 | €1,351,642 | €1,391,240 | +€39,598 | +2.9% |
| Equity | 10/15 | €817,659 | €879,367 | +€61,708 | +7.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €620,962 | €682,611 | +€61,648 | +9.9% |
| Tax-exempt reserves | 132 | €418,762 | €346,911 | -€71,852 | -17.2% |
| Distributable reserves | 133 | €202,200 | €335,700 | +€133,500 | +66.0% |
| Profit (loss) carried forward | 14 | €193,696 | €193,756 | +€60 | 0.0% |
| Investment grants | 15 | €0 | - | = | |
| Provisions and deferred taxes | 16 | €139,587 | €115,637 | -€23,951 | -17.2% |
| Deferred taxes | 168 | €139,587 | €115,637 | -€23,951 | -17.2% |
| Amounts payable | 17/49 | €394,396 | €396,237 | +€1,840 | +0.5% |
| Amounts payable after more than one year | 17 | €145,863 | €192,308 | +€46,445 | +31.8% |
| Financial debts | 170/4 | €145,863 | €192,308 | +€46,445 | +31.8% |
| Amounts payable within one year | 42/48 | €248,534 | €203,929 | -€44,605 | -17.9% |
| Current portion of amounts payable after more than one year | 42 | €69,727 | €112,867 | +€43,140 | +61.9% |
| Financial debts | 43 | €0 | €7,612 | +€7,612 | |
| Credit institutions | 430/8 | €0 | €7,612 | +€7,612 | |
| Trade debts | 44 | €28,388 | €34,975 | +€6,588 | +23.2% |
| Suppliers | 440/4 | €28,388 | €34,975 | +€6,588 | +23.2% |
| Taxes, remuneration and social security | 45 | €50,420 | €48,475 | -€1,945 | -3.9% |
| Taxes | 450/3 | €40,637 | €38,981 | -€1,656 | -4.1% |
| Remuneration and social security | 454/9 | €9,782 | €9,493 | -€289 | -3.0% |
| Other amounts payable | 47/48 | €100,000 | €0 | -€100,000 | -100% |
| Non-recurring operating income | 76A | €580,221 | €463 | -€579,758 | -99.9% |
| Remuneration, social security and pensions | 62 | €60,491 | €53,220 | -€7,272 | -12.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €58,214 | €131,000 | +€72,786 | +125% |
| Other operating charges | 640/8 | €53,300 | €3,530 | -€49,770 | -93.4% |
| Gross operating margin | 9900 | €812,233 | €358,720 | -€453,512 | -55.8% |
| Operating profit (loss) | 9901 | €640,227 | €170,970 | -€469,257 | -73.3% |
| Financial income | 75/76B | €18,820 | €7,582 | -€11,238 | -59.7% |
| Recurring financial income | 75 | €18,820 | €7,582 | -€11,238 | -59.7% |
| Financial charges | 65/66B | €70,946 | €105,598 | +€34,651 | +48.8% |
| Recurring financial charges | 65 | €70,946 | €105,598 | +€34,651 | +48.8% |
| Profit (loss) for the period before taxes | 9903 | €588,101 | €72,954 | -€515,147 | -87.6% |
| Transfer from deferred taxes | 780 | €4,968 | €23,951 | +€18,983 | +382% |
| Transfer to deferred taxes | 680 | €144,555 | €0 | -€144,555 | -100% |
| Income taxes | 67/77 | €2,830 | €35,196 | +€32,367 | +1,144% |
| Profit (loss) for the period | 9904 | €445,684 | €61,708 | -€383,976 | -86.2% |
| Transfer from tax-exempt reserves | 789 | €14,904 | €71,852 | +€56,948 | +382% |
| Transfer to tax-exempt reserves | 689 | €433,666 | €0 | -€433,666 | -100% |
| Profit (loss) for the period to be appropriated | 9905 | €26,922 | €133,560 | +€106,638 | +396% |
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 22 October 2026 via checked.be.