M.S.M.D.: 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.D.
Largest movements
- Receivables within one year +€23,114
up €23,114 (+4,099%), from €564 to €23,677
of which Other amounts receivable: +€20,695
- Tangible fixed assets -€12,993
down €12,993 (-1.9%), from €670,491 to €657,498
of which Land and buildings: -€26,933
- Profit (loss) carried forward +€25,223
up €25,223 (+17.7%), from €142,492 to €167,716
- Current portion of long-term debt -€19,553
no longer reported in 2025 (was €19,553)
- Other debts +€8,305
up €8,305 (+2.0%), from €416,410 to €424,715
- Gross operating margin -€3,609
down €3,609 (-4.4%), from €81,443 to €77,834
- Financial charges -€2,082
down €2,082 (-77.8%), from €2,675 to €593
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 | €672,092 | €681,949 | +€9,858 | +1.5% |
| Fixed assets | 21/28 | €670,491 | €657,498 | -€12,993 | -1.9% |
| Tangible fixed assets | 22/27 | €670,491 | €657,498 | -€12,993 | -1.9% |
| Land and buildings | 22 | €660,613 | €633,680 | -€26,933 | -4.1% |
| Plant, machinery and equipment | 23 | €9,878 | €23,818 | +€13,940 | +141% |
| Current assets | 29/58 | €1,601 | €24,451 | +€22,851 | +1,428% |
| Amounts receivable within one year | 40/41 | €564 | €23,677 | +€23,114 | +4,099% |
| Trade receivables | 40 | €564 | €2,982 | +€2,418 | +429% |
| Other amounts receivable | 41 | - | €20,695 | +€20,695 | |
| Cash at bank and in hand | 54/58 | €99 | €5 | -€94 | -95.0% |
| Deferred charges and accrued income | 490/1 | €938 | €769 | -€169 | -18.0% |
| Total equity and liabilities | 10/49 | €672,092 | €681,949 | +€9,858 | +1.5% |
| Equity | 10/15 | €224,992 | €250,216 | +€25,223 | +11.2% |
| Contributions | 10/11 | €75,000 | €75,000 | = | 0.0% |
| Capital | 10 | €75,000 | €75,000 | = | 0.0% |
| Issued capital | 100 | €75,000 | €75,000 | = | 0.0% |
| Reserves | 13 | €7,500 | €7,500 | = | 0.0% |
| Non-distributable reserves | 130/1 | €7,500 | €7,500 | = | 0.0% |
| Legal reserve | 130 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €142,492 | €167,716 | +€25,223 | +17.7% |
| Amounts payable | 17/49 | €447,100 | €431,734 | -€15,366 | -3.4% |
| Amounts payable after more than one year | 17 | €10,166 | €4,600 | -€5,566 | -54.8% |
| Other amounts payable | 178/9 | €10,166 | €4,600 | -€5,566 | -54.8% |
| Amounts payable within one year | 42/48 | €436,934 | €427,134 | -€9,800 | -2.2% |
| Current portion of amounts payable after more than one year | 42 | €19,553 | - | -€19,553 | |
| Trade debts | 44 | - | €2,418 | +€2,418 | |
| Suppliers | 440/4 | - | €2,418 | +€2,418 | |
| Taxes, remuneration and social security | 45 | €970 | - | -€970 | |
| Taxes | 450/3 | €970 | - | -€970 | |
| Other amounts payable | 47/48 | €416,410 | €424,715 | +€8,305 | +2.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,981 | €31,533 | +€552 | +1.8% |
| Other operating charges | 640/8 | €11,913 | €12,249 | +€336 | +2.8% |
| Gross operating margin | 9900 | €81,443 | €77,834 | -€3,609 | -4.4% |
| Operating profit (loss) | 9901 | €38,549 | €34,052 | -€4,497 | -11.7% |
| Financial charges | 65/66B | €2,675 | €593 | -€2,082 | -77.8% |
| Recurring financial charges | 65 | €2,675 | €593 | -€2,082 | -77.8% |
| Profit (loss) for the period before taxes | 9903 | €35,874 | €33,459 | -€2,415 | -6.7% |
| Income taxes | 67/77 | €8,972 | €8,236 | -€736 | -8.2% |
| Profit (loss) for the period | 9904 | €26,902 | €25,223 | -€1,679 | -6.2% |
| Profit (loss) for the period to be appropriated | 9905 | €26,902 | €25,223 | -€1,679 | -6.2% |
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 16 October 2026 via checked.be.