MSAA-ventures: 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.
MSAA-ventures
Largest movements
- Tangible fixed assets -€615,316
down €615,316 (-98.2%), from €626,343 to €11,027
of which Land and buildings: -€626,343
- Profit (loss) carried forward -€209,759
down €209,759 (-270.7%), from -€77,500 to -€287,259
- Debts after one year -€209,153
down €209,153 (-100.0%), from €209,153 to €0
- Short-term financial debts -€145,638
down €145,638 (-100.0%), from €145,638 to €0
- Current portion of long-term debt -€76,020
down €76,020 (-100.0%), from €76,020 to €0
- Other debts +€28,745
up €28,745 (+12.0%), from €239,868 to €268,613
- Depreciation -€29,524
down €29,524 (-97.8%), from €30,197 to €673
- Gross operating margin -€26,412
down €26,412 (-98.7%), from €26,763 to €351
- Other operating charges +€9,592
up €9,592 (+404.5%), from €2,371 to €11,963
- Financial charges -€6,279
down €6,279 (-43.1%), from €14,561 to €8,282
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 | €626,343 | €14,810 | -€611,534 | -97.6% |
| Fixed assets | 21/28 | €626,343 | €11,027 | -€615,316 | -98.2% |
| Tangible fixed assets | 22/27 | €626,343 | €11,027 | -€615,316 | -98.2% |
| Land and buildings | 22 | €626,343 | €0 | -€626,343 | -100.0% |
| Plant, machinery and equipment | 23 | - | €11,027 | +€11,027 | |
| Current assets | 29/58 | - | €3,783 | +€3,783 | |
| Cash at bank and in hand | 54/58 | - | €2,295 | +€2,295 | |
| Deferred charges and accrued income | 490/1 | - | €1,487 | +€1,487 | |
| Total equity and liabilities | 10/49 | €626,343 | €14,810 | -€611,534 | -97.6% |
| Equity | 10/15 | -€57,040 | -€268,659 | -€211,619 | -371.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €0 | -€1,860 | -100.0% |
| Distributable reserves | 133 | €1,860 | €0 | -€1,860 | -100.0% |
| Profit (loss) carried forward | 14 | -€77,500 | -€287,259 | -€209,759 | -270.7% |
| Amounts payable | 17/49 | €683,383 | €283,469 | -€399,915 | -58.5% |
| Amounts payable after more than one year | 17 | €209,153 | €0 | -€209,153 | -100.0% |
| Financial debts | 170/4 | €209,153 | €0 | -€209,153 | -100.0% |
| Amounts payable within one year | 42/48 | €471,414 | €281,152 | -€190,263 | -40.4% |
| Current portion of amounts payable after more than one year | 42 | €76,020 | €0 | -€76,020 | -100.0% |
| Financial debts | 43 | €145,638 | €0 | -€145,638 | -100.0% |
| Credit institutions | 430/8 | €145,638 | €0 | -€145,638 | -100.0% |
| Trade debts | 44 | €3,686 | €2,983 | -€703 | -19.1% |
| Suppliers | 440/4 | €3,686 | €2,983 | -€703 | -19.1% |
| Taxes, remuneration and social security | 45 | €6,203 | €9,556 | +€3,354 | +54.1% |
| Taxes | 450/3 | €6,203 | €9,556 | +€3,354 | +54.1% |
| Other amounts payable | 47/48 | €239,868 | €268,613 | +€28,745 | +12.0% |
| Accrued charges and deferred income | 492/3 | €2,816 | €2,317 | -€499 | -17.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,197 | €673 | -€29,524 | -97.8% |
| Other operating charges | 640/8 | €2,371 | €11,963 | +€9,592 | +404.5% |
| Non-recurring operating charges | 66A | - | €191,010 | +€191,010 | |
| Gross operating margin | 9900 | €26,763 | €351 | -€26,412 | -98.7% |
| Operating profit (loss) | 9901 | -€5,805 | -€203,295 | -€197,490 | -3402.2% |
| Financial charges | 65/66B | €14,561 | €8,282 | -€6,279 | -43.1% |
| Recurring financial charges | 65 | €14,561 | €8,282 | -€6,279 | -43.1% |
| Profit (loss) for the period before taxes | 9903 | -€20,366 | -€211,577 | -€191,211 | -938.9% |
| Income taxes | 67/77 | - | €42 | +€42 | |
| Profit (loss) for the period | 9904 | -€20,366 | -€211,619 | -€191,253 | -939.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,366 | -€211,619 | -€191,253 | -939.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.