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
- Current investments +€250,000
new in 2025: €250,000
- Tangible fixed assets -€195,396
down €195,396 (-15.4%), from €1.3m to €1.1m
of which Land and buildings: -€200,744
- Cash +€20,669
up €20,669 (+93.4%), from €22,139 to €42,807
mainly Investment in fixed assets (net) (+€168,605) and Net result for the year (+€69,346)
- Reserves +€69,346
up €69,346 (+5.5%), from €1.3m to €1.3m
of which Distributable reserves: +€69,346
- Other debts +€31,571
up €31,571 (+132%), from €23,908 to €55,479
- Tax, wage and social debts -€20,837
down €20,837 (-73.9%), from €28,196 to €7,359
of which Taxes: -€20,837
- Gross operating margin -€177,550
down €177,550 (-55.8%), from €318,101 to €140,552
- Taxes -€53,646
down €53,646 (-60.6%), from €88,596 to €34,949
- Other operating charges -€23,548
down €23,548 (-77.1%), from €30,556 to €7,007
- Depreciation -€5,123
down €5,123 (-16.1%), from €31,913 to €26,790
- Financial income -€4,857
down €4,857 (-81.7%), from €5,941 to €1,085
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 | €1,330,058 | €1,399,385 | +€69,327 | +5.2% |
| Fixed assets | 21/28 | €1,272,529 | €1,077,133 | -€195,396 | -15.4% |
| Tangible fixed assets | 22/27 | €1,272,229 | €1,076,833 | -€195,396 | -15.4% |
| Land and buildings | 22 | €1,113,571 | €912,827 | -€200,744 | -18.0% |
| Plant, machinery and equipment | 23 | €4,100 | €2,642 | -€1,458 | -35.6% |
| Furniture and vehicles | 24 | €837 | €0 | -€837 | -100% |
| Leasing and similar rights | 25 | €145,240 | €152,884 | +€7,644 | +5.3% |
| Other tangible fixed assets | 26 | €8,480 | €8,480 | = | 0.0% |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €57,529 | €322,252 | +€264,723 | +460% |
| Amounts receivable within one year | 40/41 | €32,784 | €27,155 | -€5,629 | -17.2% |
| Other amounts receivable | 41 | €32,784 | €27,155 | -€5,629 | -17.2% |
| Current investments | 50/53 | - | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €22,139 | €42,807 | +€20,669 | +93.4% |
| Deferred charges and accrued income | 490/1 | €2,607 | €2,289 | -€317 | -12.2% |
| Total equity and liabilities | 10/49 | €1,330,058 | €1,399,385 | +€69,327 | +5.2% |
| Equity | 10/15 | €1,263,236 | €1,332,582 | +€69,346 | +5.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,250,836 | €1,320,182 | +€69,346 | +5.5% |
| Tax-exempt reserves | 132 | €97,242 | €97,242 | = | 0.0% |
| Distributable reserves | 133 | €1,153,594 | €1,222,940 | +€69,346 | +6.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €66,821 | €66,803 | -€19 | 0.0% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €64,446 | €65,303 | +€856 | +1.3% |
| Current portion of amounts payable after more than one year | 42 | €11,325 | €0 | -€11,325 | -100% |
| Trade debts | 44 | €1,017 | €2,465 | +€1,448 | +142% |
| Suppliers | 440/4 | €1,017 | €2,465 | +€1,448 | +142% |
| Taxes, remuneration and social security | 45 | €28,196 | €7,359 | -€20,837 | -73.9% |
| Taxes | 450/3 | €27,796 | €6,959 | -€20,837 | -75.0% |
| Remuneration and social security | 454/9 | €400 | €400 | = | 0.0% |
| Other amounts payable | 47/48 | €23,908 | €55,479 | +€31,571 | +132% |
| Accrued charges and deferred income | 492/3 | €2,375 | €1,500 | -€875 | -36.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €31,913 | €26,790 | -€5,123 | -16.1% |
| Other operating charges | 640/8 | €30,556 | €7,007 | -€23,548 | -77.1% |
| Gross operating margin | 9900 | €318,101 | €140,552 | -€177,550 | -55.8% |
| Operating profit (loss) | 9901 | €255,633 | €106,754 | -€148,879 | -58.2% |
| Financial income | 75/76B | €5,941 | €1,085 | -€4,857 | -81.7% |
| Recurring financial income | 75 | €5,941 | €1,085 | -€4,857 | -81.7% |
| Financial charges | 65/66B | €4,187 | €3,544 | -€643 | -15.4% |
| Recurring financial charges | 65 | €4,187 | €3,544 | -€643 | -15.4% |
| Profit (loss) for the period before taxes | 9903 | €257,387 | €104,295 | -€153,092 | -59.5% |
| Income taxes | 67/77 | €88,596 | €34,949 | -€53,646 | -60.6% |
| Profit (loss) for the period | 9904 | €168,792 | €69,346 | -€99,446 | -58.9% |
| Profit (loss) for the period to be appropriated | 9905 | €168,792 | €69,346 | -€99,446 | -58.9% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.