MSB: 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.
MSB
Largest movements
- Cash -€18,257
down €18,257 (-62.8%), from €29,058 to €10,800
mainly Other debts (-€29,900) and Debts after one year (-€21,385)
- Intangible fixed assets -€16,500
down €16,500 (-13.7%), from €120,066 to €103,566
- Tangible fixed assets +€7,993
up €7,993 (+48.8%), from €16,377 to €24,370
of which Plant, machinery and equipment: +€5,898
- Receivables within one year +€4,328
up €4,328 (+14.4%), from €30,100 to €34,428
of which Trade receivables: +€20,285
- Stocks and contracts +€3,000
up €3,000 (+6.3%), from €48,000 to €51,000
- Other debts -€29,900
down €29,900 (-89.0%), from €33,588 to €3,689
- Debts after one year -€21,385
down €21,385 (-43.5%), from €49,133 to €27,747
- Profit (loss) carried forward +€17,473
up €17,473 (+24.2%), from €72,211 to €89,683
- Trade debts +€10,485
up €10,485 (+20.7%), from €50,721 to €61,206
- Other operating charges +€3,624
up €3,624 (+147.3%), from €2,460 to €6,085
- Financial income -€1,935
down €1,935 (-40.8%), from €4,743 to €2,808
of which Non-recurring financial income: -€1,945
- Taxes +€1,604
up €1,604 (+25.8%), from €6,223 to €7,827
- Financial charges -€1,152
down €1,152 (-24.9%), from €4,626 to €3,474
- Gross operating margin +€1,147
up €1,147 (+2.1%), from €55,231 to €56,378
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 | €253,936 | €232,214 | -€21,722 | -8.6% |
| Fixed assets | 21/28 | €136,443 | €127,935 | -€8,507 | -6.2% |
| Intangible fixed assets | 21 | €120,066 | €103,566 | -€16,500 | -13.7% |
| Tangible fixed assets | 22/27 | €16,377 | €24,370 | +€7,993 | +48.8% |
| Plant, machinery and equipment | 23 | €12,722 | €18,620 | +€5,898 | +46.4% |
| Furniture and vehicles | 24 | €3,655 | €5,750 | +€2,095 | +57.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €117,493 | €104,279 | -€13,215 | -11.2% |
| Stocks and contracts in progress | 3 | €48,000 | €51,000 | +€3,000 | +6.3% |
| Stocks | 30/36 | €48,000 | €51,000 | +€3,000 | +6.3% |
| Amounts receivable within one year | 40/41 | €30,100 | €34,428 | +€4,328 | +14.4% |
| Trade receivables | 40 | €2,071 | €22,356 | +€20,285 | +979.5% |
| Other amounts receivable | 41 | €28,029 | €12,072 | -€15,957 | -56.9% |
| Cash at bank and in hand | 54/58 | €29,058 | €10,800 | -€18,257 | -62.8% |
| Deferred charges and accrued income | 490/1 | €10,336 | €8,051 | -€2,285 | -22.1% |
| Total equity and liabilities | 10/49 | €253,936 | €232,214 | -€21,722 | -8.6% |
| Equity | 10/15 | €92,680 | €110,153 | +€17,473 | +18.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €469 | €469 | = | 0.0% |
| Non-distributable reserves | 130/1 | €469 | €469 | = | 0.0% |
| Reserves not available under the articles | 1311 | €469 | €469 | = | 0.0% |
| Profit (loss) carried forward | 14 | €72,211 | €89,683 | +€17,473 | +24.2% |
| Amounts payable | 17/49 | €161,256 | €122,061 | -€39,194 | -24.3% |
| Amounts payable after more than one year | 17 | €49,133 | €27,747 | -€21,385 | -43.5% |
| Financial debts | 170/4 | €49,133 | €27,747 | -€21,385 | -43.5% |
| Amounts payable within one year | 42/48 | €111,873 | €94,314 | -€17,559 | -15.7% |
| Current portion of amounts payable after more than one year | 42 | €21,168 | €21,385 | +€218 | +1.0% |
| Financial debts | 43 | €1,693 | €3,192 | +€1,499 | +88.5% |
| Credit institutions | 430/8 | €1,693 | €3,192 | +€1,499 | +88.5% |
| Trade debts | 44 | €50,721 | €61,206 | +€10,485 | +20.7% |
| Suppliers | 440/4 | €50,721 | €61,206 | +€10,485 | +20.7% |
| Taxes, remuneration and social security | 45 | €4,702 | €4,842 | +€139 | +3.0% |
| Taxes | 450/3 | €4,702 | €4,842 | +€139 | +3.0% |
| Other amounts payable | 47/48 | €33,588 | €3,689 | -€29,900 | -89.0% |
| Accrued charges and deferred income | 492/3 | €250 | €0 | -€250 | -100.0% |
| Remuneration, social security and pensions | 62 | - | €793 | +€793 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,355 | €23,535 | +€180 | +0.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €2,460 | €6,085 | +€3,624 | +147.3% |
| Gross operating margin | 9900 | €55,231 | €56,378 | +€1,147 | +2.1% |
| Operating profit (loss) | 9901 | €29,415 | €25,965 | -€3,450 | -11.7% |
| Financial income | 75/76B | €4,743 | €2,808 | -€1,935 | -40.8% |
| Recurring financial income | 75 | €0 | €10 | +€10 | |
| Non-recurring financial income | 76B | €4,743 | €2,798 | -€1,945 | -41.0% |
| Financial charges | 65/66B | €4,626 | €3,474 | -€1,152 | -24.9% |
| Recurring financial charges | 65 | €4,626 | €3,474 | -€1,152 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €29,532 | €25,299 | -€4,233 | -14.3% |
| Income taxes | 67/77 | €6,223 | €7,827 | +€1,604 | +25.8% |
| Profit (loss) for the period | 9904 | €23,310 | €17,473 | -€5,837 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €23,310 | €17,473 | -€5,837 | -25.0% |
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 29 September 2026 via checked.be.