MSB & CO: 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 & CO
Largest movements
- Cash +€56,182
up €56,182 (+182.0%), from €30,864 to €87,046
mainly Depreciation (+€39,586) and Receivables within one year (+€30,118)
- Tangible fixed assets -€39,586
down €39,586 (-6.6%), from €598,929 to €559,344
of which Land and buildings: -€26,502
- Receivables within one year -€30,118
down €30,118 (-17.6%), from €171,093 to €140,975
- Debts after one year -€26,611
down €26,611 (-11.8%), from €226,039 to €199,427
- Profit (loss) carried forward +€24,562
up €24,562 (+5.2%), from €468,565 to €493,126
- Tax, wage and social debts -€12,000
no longer reported in 2025 (was €12,000)
- Gross operating margin +€33,241
up €33,241 (+66.6%), from €49,908 to €83,149
- Taxes +€9,148
up €9,148 (+948.5%), from €964 to €10,112
- Other operating charges +€1,929
up €1,929 (+120.9%), from €1,595 to €3,524
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 | €800,886 | €787,365 | -€13,521 | -1.7% |
| Fixed assets | 21/28 | €598,929 | €559,344 | -€39,586 | -6.6% |
| Tangible fixed assets | 22/27 | €598,929 | €559,344 | -€39,586 | -6.6% |
| Land and buildings | 22 | €544,579 | €518,077 | -€26,502 | -4.9% |
| Furniture and vehicles | 24 | €29,443 | €19,945 | -€9,498 | -32.3% |
| Other tangible fixed assets | 26 | €24,907 | €21,321 | -€3,586 | -14.4% |
| Current assets | 29/58 | €201,957 | €228,021 | +€26,065 | +12.9% |
| Amounts receivable within one year | 40/41 | €171,093 | €140,975 | -€30,118 | -17.6% |
| Other amounts receivable | 41 | €171,093 | €140,975 | -€30,118 | -17.6% |
| Cash at bank and in hand | 54/58 | €30,864 | €87,046 | +€56,182 | +182.0% |
| Total equity and liabilities | 10/49 | €800,886 | €787,365 | -€13,521 | -1.7% |
| Equity | 10/15 | €536,765 | €561,326 | +€24,562 | +4.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €468,565 | €493,126 | +€24,562 | +5.2% |
| Amounts payable | 17/49 | €264,121 | €226,039 | -€38,083 | -14.4% |
| Amounts payable after more than one year | 17 | €226,039 | €199,427 | -€26,611 | -11.8% |
| Financial debts | 170/4 | €226,039 | €199,427 | -€26,611 | -11.8% |
| Amounts payable within one year | 42/48 | €38,083 | €26,611 | -€11,472 | -30.1% |
| Current portion of amounts payable after more than one year | 42 | €26,083 | €26,611 | +€528 | +2.0% |
| Taxes, remuneration and social security | 45 | €12,000 | - | -€12,000 | |
| Remuneration and social security | 454/9 | €12,000 | - | -€12,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €39,586 | €39,586 | = | 0.0% |
| Other operating charges | 640/8 | €1,595 | €3,524 | +€1,929 | +120.9% |
| Gross operating margin | 9900 | €49,908 | €83,149 | +€33,241 | +66.6% |
| Operating profit (loss) | 9901 | €8,726 | €40,039 | +€31,312 | +358.8% |
| Financial charges | 65/66B | €6,044 | €5,365 | -€679 | -11.2% |
| Recurring financial charges | 65 | €6,041 | €5,365 | -€676 | -11.2% |
| Non-recurring financial charges | 66B | €3 | - | -€3 | |
| Profit (loss) for the period before taxes | 9903 | €2,682 | €34,674 | +€31,992 | +1192.7% |
| Income taxes | 67/77 | €964 | €10,112 | +€9,148 | +948.5% |
| Profit (loss) for the period | 9904 | €1,718 | €24,562 | +€22,844 | +1329.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,718 | €24,562 | +€22,844 | +1329.8% |
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 6 October 2026 via checked.be.