M.S.P.: 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.P.
Largest movements
- Tangible fixed assets -€113,894
down €113,894 (-68.0%), from €167,543 to €53,649
of which Plant, machinery and equipment: -€113,894
- Receivables within one year +€21,373
up €21,373 (+2.1%), from €1.0m to €1.1m
of which Other amounts receivable: +€36,417
- Reserves -€354,744
down €354,744 (-36.3%), from €976,107 to €621,364
of which Distributable reserves: -€392,994
- Other debts +€312,905
up €312,905 (+191%), from €164,025 to €476,930
- Current portion of long-term debt -€23,359
down €23,359 (-58.9%), from €39,626 to €16,267
- Debts after one year -€16,267
down €16,267 (-100%), from €16,267 to €0
- Trade debts -€13,151
down €13,151 (-98.5%), from €13,344 to €194
- Depreciation -€11,690
down €11,690 (-9.3%), from €125,584 to €113,894
- Gross operating margin +€8,497
up €8,497 (+3.8%), from €226,563 to €235,060
- Taxes -€6,368
down €6,368 (-38.4%), from €16,566 to €10,198
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 | €1,245,276 | €1,155,744 | -€89,532 | -7.2% |
| Fixed assets | 21/28 | €167,543 | €53,649 | -€113,894 | -68.0% |
| Tangible fixed assets | 22/27 | €167,543 | €53,649 | -€113,894 | -68.0% |
| Plant, machinery and equipment | 23 | €167,543 | €53,649 | -€113,894 | -68.0% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Current assets | 29/58 | €1,077,733 | €1,102,095 | +€24,362 | +2.3% |
| Amounts receivable within one year | 40/41 | €1,041,600 | €1,062,974 | +€21,373 | +2.1% |
| Trade receivables | 40 | €22,278 | €7,234 | -€15,043 | -67.5% |
| Other amounts receivable | 41 | €1,019,323 | €1,055,739 | +€36,417 | +3.6% |
| Cash at bank and in hand | 54/58 | €36,132 | €39,121 | +€2,989 | +8.3% |
| Total equity and liabilities | 10/49 | €1,245,276 | €1,155,744 | -€89,532 | -7.2% |
| Equity | 10/15 | €996,567 | €641,824 | -€354,744 | -35.6% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €976,107 | €621,364 | -€354,744 | -36.3% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | - | €38,250 | +€38,250 | |
| Distributable reserves | 133 | €976,107 | €583,114 | -€392,994 | -40.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | - | €12,750 | +€12,750 | |
| Deferred taxes | 168 | - | €12,750 | +€12,750 | |
| Amounts payable | 17/49 | €248,709 | €501,170 | +€252,461 | +102% |
| Amounts payable after more than one year | 17 | €16,267 | €0 | -€16,267 | -100% |
| Financial debts | 170/4 | €16,267 | €0 | -€16,267 | -100% |
| Amounts payable within one year | 42/48 | €232,442 | €500,001 | +€267,559 | +115% |
| Current portion of amounts payable after more than one year | 42 | €39,626 | €16,267 | -€23,359 | -58.9% |
| Trade debts | 44 | €13,344 | €194 | -€13,151 | -98.5% |
| Suppliers | 440/4 | €13,344 | €194 | -€13,151 | -98.5% |
| Taxes, remuneration and social security | 45 | €15,446 | €6,610 | -€8,836 | -57.2% |
| Taxes | 450/3 | €9,794 | €6,610 | -€3,184 | -32.5% |
| Remuneration and social security | 454/9 | €5,652 | €0 | -€5,652 | -100% |
| Other amounts payable | 47/48 | €164,025 | €476,930 | +€312,905 | +191% |
| Accrued charges and deferred income | 492/3 | - | €1,169 | +€1,169 | |
| Non-recurring operating income | 76A | €19,142 | €51,844 | +€32,703 | +171% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €125,584 | €113,894 | -€11,690 | -9.3% |
| Other operating charges | 640/8 | €1,479 | €3,230 | +€1,752 | +118% |
| Gross operating margin | 9900 | €226,563 | €235,060 | +€8,497 | +3.8% |
| Operating profit (loss) | 9901 | €99,500 | €117,936 | +€18,436 | +18.5% |
| Financial income | 75/76B | €1,082 | €3 | -€1,080 | -99.8% |
| Recurring financial income | 75 | €1,082 | €3 | -€1,080 | -99.8% |
| Financial charges | 65/66B | €1,627 | €2,935 | +€1,308 | +80.4% |
| Recurring financial charges | 65 | €1,627 | €2,935 | +€1,308 | +80.4% |
| Profit (loss) for the period before taxes | 9903 | €98,956 | €115,004 | +€16,048 | +16.2% |
| Transfer to deferred taxes | 680 | - | €12,750 | +€12,750 | |
| Income taxes | 67/77 | €16,566 | €10,198 | -€6,368 | -38.4% |
| Profit (loss) for the period | 9904 | €82,390 | €92,055 | +€9,665 | +11.7% |
| Transfer to tax-exempt reserves | 689 | - | €38,250 | +€38,250 | |
| Profit (loss) for the period to be appropriated | 9905 | €82,390 | €53,805 | -€28,585 | -34.7% |
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 18 October 2026 via checked.be.