M.S.M.: 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.M.
Largest movements
- Cash +€46,390
up €46,390 (+55.8%), from €83,187 to €129,576
mainly Depreciation (+€30,383) and Net result for the year (+€15,966)
- Tangible fixed assets -€30,383
down €30,383 (-14.7%), from €207,245 to €176,862
- Profit (loss) carried forward +€15,966
up €15,966 (+568.8%), from €2,807 to €18,773
- Purchases and services +€26,083
up €26,083 (+26.1%), from €99,774 to €125,857
- Turnover +€23,581
up €23,581 (+15.8%), from €149,707 to €173,288
- Gross operating margin -€2,502
down €2,502 (-5.0%), from €49,933 to €47,431
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 | €374,432 | €390,438 | +€16,006 | +4.3% |
| Fixed assets | 21/28 | €291,245 | €260,862 | -€30,383 | -10.4% |
| Tangible fixed assets | 22/27 | €207,245 | €176,862 | -€30,383 | -14.7% |
| Land and buildings | 22 | €207,245 | €176,862 | -€30,383 | -14.7% |
| Financial fixed assets | 28 | €84,000 | €84,000 | = | 0.0% |
| Current assets | 29/58 | €83,187 | €129,576 | +€46,390 | +55.8% |
| Cash at bank and in hand | 54/58 | €83,187 | €129,576 | +€46,390 | +55.8% |
| Total equity and liabilities | 10/49 | €374,432 | €390,438 | +€16,006 | +4.3% |
| Equity | 10/15 | €373,381 | €389,347 | +€15,966 | +4.3% |
| Contributions | 10/11 | €157,842 | €157,842 | = | 0.0% |
| Reserves | 13 | €212,732 | €212,732 | = | 0.0% |
| Non-distributable reserves | 130/1 | €15,784 | €15,784 | = | 0.0% |
| Reserves not available under the articles | 1311 | €15,784 | €15,784 | = | 0.0% |
| Distributable reserves | 133 | €196,948 | €196,948 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,807 | €18,773 | +€15,966 | +568.8% |
| Amounts payable | 17/49 | €1,051 | €1,091 | +€40 | +3.8% |
| Amounts payable within one year | 42/48 | €1,051 | €1,091 | +€40 | +3.8% |
| Financial debts | 43 | - | €40 | +€40 | |
| Credit institutions | 430/8 | - | €40 | +€40 | |
| Taxes, remuneration and social security | 45 | €1,051 | €1,051 | = | 0.0% |
| Taxes | 450/3 | €1,051 | €1,051 | = | 0.0% |
| Turnover | 70 | €149,707 | €173,288 | +€23,581 | +15.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €99,774 | €125,857 | +€26,083 | +26.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,383 | €30,383 | = | 0.0% |
| Other operating charges | 640/8 | €387 | €400 | +€12 | +3.2% |
| Gross operating margin | 9900 | €49,933 | €47,431 | -€2,502 | -5.0% |
| Operating profit (loss) | 9901 | €19,162 | €16,648 | -€2,514 | -13.1% |
| Financial charges | 65/66B | €759 | €682 | -€77 | -10.2% |
| Recurring financial charges | 65 | €759 | €682 | -€77 | -10.2% |
| Non-recurring financial charges | 66B | €759 | - | -€759 | |
| Profit (loss) for the period before taxes | 9903 | €18,403 | €15,966 | -€2,437 | -13.2% |
| Income taxes | 67/77 | €1,051 | - | -€1,051 | |
| Profit (loss) for the period | 9904 | €17,352 | €15,966 | -€1,386 | -8.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,352 | €15,966 | -€1,386 | -8.0% |
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 7 October 2026 via checked.be.