M.S.M.: 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.M.
Largest movements
- Tangible fixed assets -€40,478
down €40,478 (-5.8%), from €694,259 to €653,780
of which Land and buildings: -€30,753
- Cash +€9,877
up €9,877 (+333%), from €2,968 to €12,845
mainly Depreciation (+€40,478) and Debts after one year (+€16,085)
- Profit (loss) carried forward -€38,318
down €38,318 (-6.0%), from -€642,393 to -€680,711
- Revaluation surpluses -€27,540
down €27,540 (-4.6%), from €601,278 to €573,738
- Reserves +€27,540
up €27,540 (+8.7%), from €315,475 to €343,015
of which Distributable reserves: +€27,540
- Debts after one year +€16,085
up €16,085 (+4.7%), from €345,355 to €361,440
of which Other amounts payable: +€16,085
- Write-downs -€787,921
no longer reported in 2025 (was €787,921)
- Gross operating margin -€25,978
down €25,978 (-91.2%), from €28,481 to €2,503
- Financial charges -€4,466
down €4,466 (-99.0%), from €4,512 to €46
- Other operating charges -€490
down €490 (-38.7%), from €1,268 to €777
- Taxes -€481
new in 2025: -€481
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 | €971,039 | €940,437 | -€30,601 | -3.2% |
| Fixed assets | 21/28 | €695,801 | €655,323 | -€40,478 | -5.8% |
| Tangible fixed assets | 22/27 | €694,259 | €653,780 | -€40,478 | -5.8% |
| Land and buildings | 22 | €654,776 | €624,023 | -€30,753 | -4.7% |
| Plant, machinery and equipment | 23 | €419 | €374 | -€46 | -10.9% |
| Furniture and vehicles | 24 | €39,064 | €29,384 | -€9,680 | -24.8% |
| Financial fixed assets | 28 | €1,543 | €1,543 | = | 0.0% |
| Current assets | 29/58 | €275,237 | €285,114 | +€9,877 | +3.6% |
| Amounts receivable within one year | 40/41 | €232,463 | €232,463 | = | 0.0% |
| Other amounts receivable | 41 | €232,463 | €232,463 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,968 | €12,845 | +€9,877 | +333% |
| Deferred charges and accrued income | 490/1 | €39,806 | €39,806 | = | 0.0% |
| Total equity and liabilities | 10/49 | €971,039 | €940,437 | -€30,601 | -3.2% |
| Equity | 10/15 | €549,360 | €511,042 | -€38,318 | -7.0% |
| Contributions | 10/11 | €275,000 | €275,000 | = | 0.0% |
| Capital | 10 | €275,000 | €275,000 | = | 0.0% |
| Issued capital | 100 | €275,000 | €275,000 | = | 0.0% |
| Revaluation surpluses | 12 | €601,278 | €573,738 | -€27,540 | -4.6% |
| Reserves | 13 | €315,475 | €343,015 | +€27,540 | +8.7% |
| Non-distributable reserves | 130/1 | €27,500 | €27,500 | = | 0.0% |
| Legal reserve | 130 | €27,500 | €27,500 | = | 0.0% |
| Distributable reserves | 133 | €287,975 | €315,515 | +€27,540 | +9.6% |
| Profit (loss) carried forward | 14 | -€642,393 | -€680,711 | -€38,318 | -6.0% |
| Amounts payable | 17/49 | €421,678 | €429,395 | +€7,717 | +1.8% |
| Amounts payable after more than one year | 17 | €345,355 | €361,440 | +€16,085 | +4.7% |
| Financial debts | 170/4 | €345,355 | €345,355 | = | 0.0% |
| Other amounts payable | 178/9 | - | €16,085 | +€16,085 | |
| Amounts payable within one year | 42/48 | €76,323 | €67,955 | -€8,368 | -11.0% |
| Taxes, remuneration and social security | 45 | €4,977 | - | -€4,977 | |
| Taxes | 450/3 | €4,977 | - | -€4,977 | |
| Other amounts payable | 47/48 | €71,347 | €67,955 | -€3,392 | -4.8% |
| Non-recurring operating income | 76A | €38,354 | - | -€38,354 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,125 | €40,478 | +€353 | +0.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €787,921 | - | -€787,921 | |
| Other operating charges | 640/8 | €1,268 | €777 | -€490 | -38.7% |
| Gross operating margin | 9900 | €28,481 | €2,503 | -€25,978 | -91.2% |
| Operating profit (loss) | 9901 | -€800,834 | -€38,753 | +€762,081 | +95.2% |
| Financial charges | 65/66B | €4,512 | €46 | -€4,466 | -99.0% |
| Recurring financial charges | 65 | €4,512 | €46 | -€4,466 | -99.0% |
| Profit (loss) for the period before taxes | 9903 | -€805,346 | -€38,798 | +€766,547 | +95.2% |
| Transfer from deferred taxes | 780 | €42,839 | - | -€42,839 | |
| Income taxes | 67/77 | - | -€481 | -€481 | |
| Profit (loss) for the period | 9904 | -€762,507 | -€38,318 | +€724,189 | +95.0% |
| Transfer from tax-exempt reserves | 789 | €128,517 | - | -€128,517 | |
| Profit (loss) for the period to be appropriated | 9905 | -€633,990 | -€38,318 | +€595,672 | +94.0% |
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 23 October 2026 via checked.be.