MSA ARDUINNA: 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 ARDUINNA
Largest movements
- Tangible fixed assets +€528,417
up €528,417 (+48.5%), from €1.1m to €1.6m
of which Land and buildings: +€280,204
- Cash +€76,810
up €76,810 (+3002.5%), from €2,558 to €79,368
mainly Other debts (+€337,019) and Contributions, distributions and other (+€280,204)
- Other debts +€337,019
up €337,019 (+54.9%), from €614,202 to €951,221
- Contributions +€280,204
up €280,204 (+129.6%), from €216,197 to €496,401
- Debts after one year -€30,433
down €30,433 (-7.6%), from €400,000 to €369,567
- Current portion of long-term debt +€20,483
new in 2025: €20,483
- Profit (loss) carried forward -€19,549
down €19,549 (-23.0%), from -€85,088 to -€104,637
- Financial income +€6,768
up €6,768 (+236.1%), from €2,867 to €9,635
- Gross operating margin -€3,555
down €3,555, from €1,783 to -€1,772
- Financial charges +€2,116
up €2,116 (+15.8%), from €13,382 to €15,499
- Depreciation -€1,110
down €1,110 (-10.4%), from €10,672 to €9,562
- Other operating charges +€240
up €240 (+12.8%), from €1,875 to €2,115
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 | €1,147,438 | €1,744,175 | +€596,738 | +52.0% |
| Fixed assets | 21/28 | €1,109,358 | €1,636,841 | +€527,484 | +47.5% |
| Intangible fixed assets | 21 | €3,933 | €2,999 | -€934 | -23.7% |
| Tangible fixed assets | 22/27 | €1,089,043 | €1,617,460 | +€528,417 | +48.5% |
| Land and buildings | 22 | €232,223 | €512,427 | +€280,204 | +120.7% |
| Plant, machinery and equipment | 23 | €14,836 | €13,546 | -€1,290 | -8.7% |
| Furniture and vehicles | 24 | €133,762 | €149,256 | +€15,494 | +11.6% |
| Assets under construction and advance payments | 27 | €708,222 | €942,231 | +€234,009 | +33.0% |
| Financial fixed assets | 28 | €16,382 | €16,382 | = | 0.0% |
| Current assets | 29/58 | €38,080 | €107,334 | +€69,254 | +181.9% |
| Amounts receivable within one year | 40/41 | €27,873 | €17,931 | -€9,942 | -35.7% |
| Trade receivables | 40 | €25,757 | €16,834 | -€8,922 | -34.6% |
| Other amounts receivable | 41 | €2,116 | €1,096 | -€1,019 | -48.2% |
| Cash at bank and in hand | 54/58 | €2,558 | €79,368 | +€76,810 | +3002.5% |
| Deferred charges and accrued income | 490/1 | €7,649 | €10,035 | +€2,386 | +31.2% |
| Total equity and liabilities | 10/49 | €1,147,438 | €1,744,175 | +€596,738 | +52.0% |
| Equity | 10/15 | €131,110 | €391,765 | +€260,655 | +198.8% |
| Contributions | 10/11 | €216,197 | €496,401 | +€280,204 | +129.6% |
| Profit (loss) carried forward | 14 | -€85,088 | -€104,637 | -€19,549 | -23.0% |
| Amounts payable | 17/49 | €1,016,328 | €1,352,410 | +€336,082 | +33.1% |
| Amounts payable after more than one year | 17 | €400,000 | €369,567 | -€30,433 | -7.6% |
| Financial debts | 170/4 | €400,000 | €369,567 | -€30,433 | -7.6% |
| Amounts payable within one year | 42/48 | €616,328 | €982,844 | +€366,516 | +59.5% |
| Current portion of amounts payable after more than one year | 42 | - | €20,483 | +€20,483 | |
| Trade debts | 44 | €2,126 | €11,139 | +€9,013 | +424.0% |
| Suppliers | 440/4 | €2,126 | €11,139 | +€9,013 | +424.0% |
| Other amounts payable | 47/48 | €614,202 | €951,221 | +€337,019 | +54.9% |
| Remuneration, social security and pensions | 62 | €217 | €132 | -€85 | -39.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,672 | €9,562 | -€1,110 | -10.4% |
| Other operating charges | 640/8 | €1,875 | €2,115 | +€240 | +12.8% |
| Non-recurring operating charges | 66A | - | €105 | +€105 | |
| Gross operating margin | 9900 | €1,783 | -€1,772 | -€3,555 | |
| Operating profit (loss) | 9901 | -€10,981 | -€13,685 | -€2,705 | -24.6% |
| Financial income | 75/76B | €2,867 | €9,635 | +€6,768 | +236.1% |
| Recurring financial income | 75 | €2,867 | €9,635 | +€6,768 | +236.1% |
| Financial charges | 65/66B | €13,382 | €15,499 | +€2,116 | +15.8% |
| Recurring financial charges | 65 | €13,382 | €15,499 | +€2,116 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | -€21,496 | -€19,549 | +€1,948 | +9.1% |
| Profit (loss) for the period | 9904 | -€21,496 | -€19,549 | +€1,948 | +9.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,496 | -€19,549 | +€1,948 | +9.1% |
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 1 October 2026 via checked.be.