MSA: 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.
MSA
Largest movements
- Current investments +€50,000
up €50,000 (+20.0%), from €250,000 to €300,000
- Cash -€45,995
down €45,995 (-33.5%), from €137,439 to €91,444
mainly Current investments (-€50,000) and Contributions, distributions and other (-€36,559)
- Tangible fixed assets -€8,154
down €8,154 (-70.2%), from €11,619 to €3,465
- Deferred charges and accrued income -€4,087
down €4,087 (-58.8%), from €6,946 to €2,859
- Other debts +€14,721
up €14,721 (+56.8%), from €25,901 to €40,622
- Reserves -€10,668
down €10,668 (-3.2%), from €328,992 to €318,324
- Short-term financial debts -€6,250
no longer reported in 2025 (was €6,250)
- Current portion of long-term debt -€4,368
down €4,368 (-74.9%), from €5,832 to €1,464
- Gross operating margin -€114,244
down €114,244 (-70.6%), from €161,917 to €47,673
- Taxes -€35,343
down €35,343 (-70.4%), from €50,174 to €14,831
- Staff costs -€4,972
no longer reported in 2025 (was €4,972)
- Financial income -€1,708
down €1,708 (-23.6%), from €7,235 to €5,527
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 | €408,732 | €399,096 | -€9,636 | -2.4% |
| Fixed assets | 21/28 | €11,619 | €3,465 | -€8,154 | -70.2% |
| Tangible fixed assets | 22/27 | €11,619 | €3,465 | -€8,154 | -70.2% |
| Furniture and vehicles | 24 | €11,619 | €3,465 | -€8,154 | -70.2% |
| Current assets | 29/58 | €397,114 | €395,631 | -€1,483 | -0.4% |
| Amounts receivable within one year | 40/41 | €2,729 | €1,328 | -€1,400 | -51.3% |
| Trade receivables | 40 | €1,571 | €547 | -€1,023 | -65.2% |
| Other amounts receivable | 41 | €1,158 | €781 | -€377 | -32.6% |
| Current investments | 50/53 | €250,000 | €300,000 | +€50,000 | +20.0% |
| Cash at bank and in hand | 54/58 | €137,439 | €91,444 | -€45,995 | -33.5% |
| Deferred charges and accrued income | 490/1 | €6,946 | €2,859 | -€4,087 | -58.8% |
| Total equity and liabilities | 10/49 | €408,732 | €399,096 | -€9,636 | -2.4% |
| Equity | 10/15 | €341,392 | €330,724 | -€10,668 | -3.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €328,992 | €318,324 | -€10,668 | -3.2% |
| Distributable reserves | 133 | €328,992 | €318,324 | -€10,668 | -3.2% |
| Amounts payable | 17/49 | €67,341 | €68,372 | +€1,032 | +1.5% |
| Amounts payable after more than one year | 17 | €1,464 | - | -€1,464 | |
| Financial debts | 170/4 | €1,464 | - | -€1,464 | |
| Amounts payable within one year | 42/48 | €62,927 | €65,272 | +€2,345 | +3.7% |
| Current portion of amounts payable after more than one year | 42 | €5,832 | €1,464 | -€4,368 | -74.9% |
| Financial debts | 43 | €6,250 | - | -€6,250 | |
| Other loans | 439 | €6,250 | - | -€6,250 | |
| Trade debts | 44 | €3,056 | €2,108 | -€947 | -31.0% |
| Suppliers | 440/4 | €3,056 | €2,108 | -€947 | -31.0% |
| Taxes, remuneration and social security | 45 | €21,889 | €21,079 | -€810 | -3.7% |
| Taxes | 450/3 | €21,889 | €21,079 | -€810 | -3.7% |
| Other amounts payable | 47/48 | €25,901 | €40,622 | +€14,721 | +56.8% |
| Accrued charges and deferred income | 492/3 | €2,950 | €3,100 | +€150 | +5.1% |
| Remuneration, social security and pensions | 62 | €4,972 | - | -€4,972 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,545 | €9,250 | -€295 | -3.1% |
| Other operating charges | 640/8 | €1,459 | €1,540 | +€81 | +5.5% |
| Gross operating margin | 9900 | €161,917 | €47,673 | -€114,244 | -70.6% |
| Operating profit (loss) | 9901 | €145,941 | €36,884 | -€109,057 | -74.7% |
| Financial income | 75/76B | €7,235 | €5,527 | -€1,708 | -23.6% |
| Recurring financial income | 75 | €7,235 | €5,527 | -€1,708 | -23.6% |
| Financial charges | 65/66B | €954 | €1,689 | +€734 | +76.9% |
| Recurring financial charges | 65 | €954 | €1,689 | +€734 | +76.9% |
| Profit (loss) for the period before taxes | 9903 | €152,221 | €40,722 | -€111,500 | -73.2% |
| Income taxes | 67/77 | €50,174 | €14,831 | -€35,343 | -70.4% |
| Profit (loss) for the period | 9904 | €102,048 | €25,891 | -€76,157 | -74.6% |
| Profit (loss) for the period to be appropriated | 9905 | €102,048 | €25,891 | -€76,157 | -74.6% |
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 9 October 2026 via checked.be.