MESD: 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.
MESD
Largest movements
- Receivables within one year +€20,999
up €20,999 (+187.4%), from €11,206 to €32,205
of which Trade receivables: +€20,781
- Stocks and contracts -€15,081
down €15,081 (-40.1%), from €37,581 to €22,500
- Tangible fixed assets +€13,990
up €13,990 (+58.3%), from €23,994 to €37,984
of which Land and buildings: +€14,498
- Tax, wage and social debts +€12,583
up €12,583 (+118.3%), from €10,635 to €23,219
of which Remuneration and social security: +€9,001
- Debts after one year +€8,589
up €8,589 (+263.7%), from €3,257 to €11,846
- Current portion of long-term debt -€6,790
down €6,790 (-25.9%), from €26,251 to €19,461
- Financial income -€26,447
no longer reported in 2025 (was €26,447)
- Gross operating margin -€7,143
down €7,143 (-31.4%), from €22,735 to €15,592
- Taxes -€3,963
down €3,963 (-60.8%), from €6,523 to €2,559
- Depreciation +€3,304
up €3,304 (+556.1%), from €594 to €3,898
- Financial charges +€675
up €675 (+19.2%), from €3,526 to €4,201
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 | €302,027 | €321,784 | +€19,757 | +6.5% |
| Fixed assets | 21/28 | €246,003 | €259,910 | +€13,907 | +5.7% |
| Tangible fixed assets | 22/27 | €23,994 | €37,984 | +€13,990 | +58.3% |
| Land and buildings | 22 | €19,676 | €34,174 | +€14,498 | +73.7% |
| Plant, machinery and equipment | 23 | €4,318 | €2,858 | -€1,460 | -33.8% |
| Furniture and vehicles | 24 | - | €952 | +€952 | |
| Financial fixed assets | 28 | €222,009 | €221,925 | -€83 | 0.0% |
| Current assets | 29/58 | €56,025 | €61,874 | +€5,850 | +10.4% |
| Stocks and contracts in progress | 3 | €37,581 | €22,500 | -€15,081 | -40.1% |
| Stocks | 30/36 | €37,581 | €22,500 | -€15,081 | -40.1% |
| Amounts receivable within one year | 40/41 | €11,206 | €32,205 | +€20,999 | +187.4% |
| Trade receivables | 40 | €11,206 | €31,988 | +€20,781 | +185.4% |
| Other amounts receivable | 41 | - | €218 | +€218 | |
| Cash at bank and in hand | 54/58 | €2,602 | €2,227 | -€376 | -14.4% |
| Deferred charges and accrued income | 490/1 | €4,635 | €4,943 | +€308 | +6.6% |
| Total equity and liabilities | 10/49 | €302,027 | €321,784 | +€19,757 | +6.5% |
| Equity | 10/15 | €39,918 | €42,919 | +€3,001 | +7.5% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €36,918 | €39,919 | +€3,001 | +8.1% |
| Amounts payable | 17/49 | €262,109 | €278,865 | +€16,755 | +6.4% |
| Amounts payable after more than one year | 17 | €3,257 | €11,846 | +€8,589 | +263.7% |
| Financial debts | 170/4 | €3,257 | €11,846 | +€8,589 | +263.7% |
| Amounts payable within one year | 42/48 | €258,852 | €267,019 | +€8,167 | +3.2% |
| Current portion of amounts payable after more than one year | 42 | €26,251 | €19,461 | -€6,790 | -25.9% |
| Financial debts | 43 | €20,000 | €19,196 | -€804 | -4.0% |
| Credit institutions | 430/8 | €20,000 | €19,196 | -€804 | -4.0% |
| Trade debts | 44 | €32,443 | €33,207 | +€764 | +2.4% |
| Suppliers | 440/4 | €32,443 | €33,207 | +€764 | +2.4% |
| Taxes, remuneration and social security | 45 | €10,635 | €23,219 | +€12,583 | +118.3% |
| Taxes | 450/3 | €10,635 | €14,218 | +€3,582 | +33.7% |
| Remuneration and social security | 454/9 | - | €9,001 | +€9,001 | |
| Other amounts payable | 47/48 | €169,523 | €171,936 | +€2,413 | +1.4% |
| Remuneration, social security and pensions | 62 | - | €494 | +€494 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €594 | €3,898 | +€3,304 | +556.1% |
| Other operating charges | 640/8 | €1,622 | €1,439 | -€183 | -11.3% |
| Gross operating margin | 9900 | €22,735 | €15,592 | -€7,143 | -31.4% |
| Operating profit (loss) | 9901 | €20,519 | €9,761 | -€10,758 | -52.4% |
| Financial income | 75/76B | €26,447 | - | -€26,447 | |
| Recurring financial income | 75 | €26,447 | - | -€26,447 | |
| Financial charges | 65/66B | €3,526 | €4,201 | +€675 | +19.2% |
| Recurring financial charges | 65 | €3,526 | €4,201 | +€675 | +19.2% |
| Profit (loss) for the period before taxes | 9903 | €43,440 | €5,560 | -€37,880 | -87.2% |
| Income taxes | 67/77 | €6,523 | €2,559 | -€3,963 | -60.8% |
| Profit (loss) for the period | 9904 | €36,918 | €3,001 | -€33,917 | -91.9% |
| Profit (loss) for the period to be appropriated | 9905 | €36,918 | €3,001 | -€33,917 | -91.9% |
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 29 September 2026 via checked.be.