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 -€155,292
down €155,292 (-10.2%), from €1.5m to €1.4m
of which Land and buildings: -€79,619
- Receivables within one year -€80,402
down €80,402 (-12.2%), from €659,521 to €579,119
of which Trade receivables: -€79,350
- Cash +€53,503
up €53,503 (+60.8%), from €87,952 to €141,455
mainly Depreciation (+€161,888) and Receivables within one year (+€80,402)
- Debts within one year -€117,898
down €117,898 (-24.6%), from €479,118 to €361,220
- Debts after one year -€66,095
down €66,095 (-10.1%), from €655,117 to €589,022
- Profit (loss) carried forward +€51,994
up €51,994 (+2.9%), from €1.8m to €1.9m
- Investment grants -€51,026
down €51,026 (-10.9%), from €468,968 to €417,942
- Gross operating margin -€70,622
down €70,622 (-3.6%), from €1.9m to €1.9m
- Staff costs +€50,135
up €50,135 (+3.2%), from €1.6m to €1.6m
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 | €3,524,966 | €3,341,941 | -€183,025 | -5.2% |
| Formation expenses | 20 | €5,523 | €3,682 | -€1,841 | -33.3% |
| Fixed assets | 21/28 | €2,758,562 | €2,603,270 | -€155,292 | -5.6% |
| Tangible fixed assets | 22/27 | €1,518,188 | €1,362,896 | -€155,292 | -10.2% |
| Land and buildings | 22 | €942,165 | €862,546 | -€79,619 | -8.5% |
| Furniture and vehicles | 24 | €8,924 | €5,178 | -€3,746 | -42.0% |
| Leasing and similar rights | 25 | €21,935 | €18,015 | -€3,920 | -17.9% |
| Other tangible fixed assets | 26 | €545,164 | €477,157 | -€68,007 | -12.5% |
| Financial fixed assets | 28 | €1,240,374 | €1,240,374 | = | 0.0% |
| Current assets | 29/58 | €760,881 | €734,989 | -€25,892 | -3.4% |
| Amounts receivable after more than one year | 29 | €921 | €921 | = | 0.0% |
| Trade receivables | 290 | €921 | €921 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €659,521 | €579,119 | -€80,402 | -12.2% |
| Trade receivables | 40 | €359,201 | €279,851 | -€79,350 | -22.1% |
| Other amounts receivable | 41 | €300,320 | €299,268 | -€1,052 | -0.4% |
| Cash at bank and in hand | 54/58 | €87,952 | €141,455 | +€53,503 | +60.8% |
| Deferred charges and accrued income | 490/1 | €12,487 | €13,494 | +€1,007 | +8.1% |
| Total equity and liabilities | 10/49 | €3,524,966 | €3,341,941 | -€183,025 | -5.2% |
| Equity | 10/15 | €2,281,710 | €2,282,678 | +€968 | 0.0% |
| Profit (loss) carried forward | 14 | €1,812,742 | €1,864,736 | +€51,994 | +2.9% |
| Investment grants | 15 | €468,968 | €417,942 | -€51,026 | -10.9% |
| Provisions and deferred taxes | 16 | €109,021 | €109,021 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €109,021 | €109,021 | = | 0.0% |
| Other liabilities and charges | 164/5 | €109,021 | €109,021 | = | 0.0% |
| Amounts payable | 17/49 | €1,134,235 | €950,242 | -€183,993 | -16.2% |
| Amounts payable after more than one year | 17 | €655,117 | €589,022 | -€66,095 | -10.1% |
| Financial debts | 170/4 | €655,117 | €589,022 | -€66,095 | -10.1% |
| Amounts payable within one year | 42/48 | €479,118 | €361,220 | -€117,898 | -24.6% |
| Current portion of amounts payable after more than one year | 42 | €103,139 | €66,057 | -€37,082 | -36.0% |
| Trade debts | 44 | €52,732 | €46,713 | -€6,019 | -11.4% |
| Suppliers | 440/4 | €52,732 | €46,713 | -€6,019 | -11.4% |
| Taxes, remuneration and social security | 45 | €274,586 | €231,462 | -€43,124 | -15.7% |
| Taxes | 450/3 | €37,139 | €16,721 | -€20,418 | -55.0% |
| Remuneration and social security | 454/9 | €237,447 | €214,741 | -€22,706 | -9.6% |
| Remuneration, social security and pensions | 62 | €1,553,577 | €1,603,712 | +€50,135 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €166,745 | €161,888 | -€4,857 | -2.9% |
| Other operating charges | 640/8 | €25,072 | €24,374 | -€698 | -2.8% |
| Gross operating margin | 9900 | €1,939,771 | €1,869,149 | -€70,622 | -3.6% |
| Operating profit (loss) | 9901 | €194,377 | €79,175 | -€115,202 | -59.3% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €28,182 | €27,191 | -€991 | -3.5% |
| Recurring financial charges | 65 | €28,182 | €27,191 | -€991 | -3.5% |
| Profit (loss) for the period before taxes | 9903 | €166,195 | €51,994 | -€114,201 | -68.7% |
| Profit (loss) for the period | 9904 | €166,195 | €51,994 | -€114,201 | -68.7% |
| Profit (loss) for the period to be appropriated | 9905 | €166,195 | €51,994 | -€114,201 | -68.7% |
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 11 October 2026 via checked.be.