Messidor: 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.
Messidor
Largest movements
- Tangible fixed assets +€644,077
up €644,077 (+561%), from €114,744 to €758,821
of which Land and buildings: +€644,077
- Receivables within one year -€8,630
no longer reported in 2025 (was €8,630)
- Short-term financial debts +€600,000
new in 2025: €600,000
- Other debts +€66,286
new in 2025: €66,286
- Profit (loss) carried forward -€31,812
down €31,812 (-92.3%), from -€34,465 to -€66,278
- Write-downs +€23,094
new in 2025: €23,094
- Financial charges +€7,699
up €7,699 (+5,351%), from €144 to €7,843
- Gross operating margin +€5,349
up €5,349 (+34.3%), from €15,599 to €20,948
- Depreciation +€4,756
up €4,756 (+85.4%), from €5,570 to €10,326
- Other operating charges +€705
up €705 (+6.5%), from €10,792 to €11,497
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 | €124,418 | €763,848 | +€639,431 | +514% |
| Fixed assets | 21/28 | €114,744 | €758,821 | +€644,077 | +561% |
| Tangible fixed assets | 22/27 | €114,744 | €758,821 | +€644,077 | +561% |
| Land and buildings | 22 | €114,744 | €758,821 | +€644,077 | +561% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Current assets | 29/58 | €9,673 | €5,027 | -€4,646 | -48.0% |
| Amounts receivable within one year | 40/41 | €8,630 | - | -€8,630 | |
| Other amounts receivable | 41 | €8,630 | - | -€8,630 | |
| Cash at bank and in hand | 54/58 | €1,043 | €5,027 | +€3,984 | +382% |
| Total equity and liabilities | 10/49 | €124,418 | €763,848 | +€639,431 | +514% |
| Equity | 10/15 | €124,418 | €92,605 | -€31,812 | -25.6% |
| Contributions | 10/11 | €158,851 | €158,851 | = | 0.0% |
| Reserves | 13 | €32 | €32 | = | 0.0% |
| Distributable reserves | 133 | €32 | €32 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€34,465 | -€66,278 | -€31,812 | -92.3% |
| Amounts payable | 17/49 | €0 | €671,243 | +€671,243 | |
| Amounts payable within one year | 42/48 | €0 | €667,075 | +€667,075 | |
| Current portion of amounts payable after more than one year | 42 | - | €550 | +€550 | |
| Financial debts | 43 | - | €600,000 | +€600,000 | |
| Credit institutions | 430/8 | - | €600,000 | +€600,000 | |
| Trade debts | 44 | €0 | €238 | +€238 | |
| Suppliers | 440/4 | €0 | €238 | +€238 | |
| Other amounts payable | 47/48 | - | €66,286 | +€66,286 | |
| Accrued charges and deferred income | 492/3 | - | €4,168 | +€4,168 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,570 | €10,326 | +€4,756 | +85.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €23,094 | +€23,094 | |
| Other operating charges | 640/8 | €10,792 | €11,497 | +€705 | +6.5% |
| Gross operating margin | 9900 | €15,599 | €20,948 | +€5,349 | +34.3% |
| Operating profit (loss) | 9901 | -€763 | -€23,969 | -€23,206 | -3,042% |
| Financial income | 75/76B | €3 | - | -€3 | |
| Recurring financial income | 75 | €3 | - | -€3 | |
| Financial charges | 65/66B | €144 | €7,843 | +€7,699 | +5,351% |
| Recurring financial charges | 65 | €144 | €7,843 | +€7,699 | +5,351% |
| Profit (loss) for the period before taxes | 9903 | -€904 | -€31,812 | -€30,908 | -3,419% |
| Profit (loss) for the period | 9904 | -€904 | -€31,812 | -€30,908 | -3,419% |
| Profit (loss) for the period to be appropriated | 9905 | -€904 | -€31,812 | -€30,908 | -3,419% |
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 19 October 2026 via checked.be.