MSB IMVEBUILD: what changed
Two financial 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 IMVEBUILD
Largest movements
- Tangible fixed assets -€29,358
down €29,358 (-65.4%), from €44,906 to €15,548
of which Furniture and vehicles: -€28,925
- Receivables within one year +€19,160
up €19,160 (+9.3%), from €205,437 to €224,597
of which Other amounts receivable: +€20,999
- Reserves -€11,200
down €11,200 (-31.6%), from €35,400 to €24,200
of which Tax-exempt reserves: -€11,200
- Trade debts +€10,281
up €10,281 (+25.4%), from €40,520 to €50,801
- Debts after one year -€3,955
down €3,955 (-25.2%), from €15,673 to €11,718
- Provisions -€3,733
no longer reported in 2025 (was €3,733)
- Current portion of long-term debt -€3,362
down €3,362 (-43.8%), from €7,668 to €4,306
- Gross operating margin -€15,679
down €15,679 (-59.3%), from €26,427 to €10,748
- Other operating charges -€5,984
down €5,984 (-88.4%), from €6,771 to €787
- Taxes -€3,830
down €3,830 (-55.3%), from €6,920 to €3,090
- Depreciation +€1,191
up €1,191 (+15.7%), from €7,567 to €8,758
- Financial charges +€421
up €421 (+17.8%), from €2,360 to €2,781
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.
Derived cash bridge
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 | €250,371 | €240,238 | -€10,133 | -4.0% |
| Fixed assets | 21/28 | €44,906 | €15,548 | -€29,358 | -65.4% |
| Tangible fixed assets | 22/27 | €44,906 | €15,548 | -€29,358 | -65.4% |
| Furniture and vehicles | 24 | €41,837 | €12,912 | -€28,925 | -69.1% |
| Other tangible fixed assets | 26 | €3,069 | €2,636 | -€433 | -14.1% |
| Current assets | 29/58 | €205,465 | €224,690 | +€19,225 | +9.4% |
| Amounts receivable within one year | 40/41 | €205,437 | €224,597 | +€19,160 | +9.3% |
| Trade receivables | 40 | €12,274 | €10,435 | -€1,839 | -15.0% |
| Other amounts receivable | 41 | €193,163 | €214,162 | +€20,999 | +10.9% |
| Cash at bank and in hand | 54/58 | €28 | - | -€28 | |
| Deferred charges and accrued income | 490/1 | - | €93 | +€93 | |
| Total equity and liabilities | 10/49 | €250,371 | €240,238 | -€10,133 | -4.0% |
| Equity | 10/15 | €160,593 | €148,975 | -€11,618 | -7.2% |
| 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 | €35,400 | €24,200 | -€11,200 | -31.6% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Tax-exempt reserves | 132 | €11,200 | - | -€11,200 | |
| Distributable reserves | 133 | €18,000 | €18,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,193 | €62,775 | -€418 | -0.7% |
| Provisions and deferred taxes | 16 | €3,733 | - | -€3,733 | |
| Deferred taxes | 168 | €3,733 | - | -€3,733 | |
| Amounts payable | 17/49 | €86,045 | €91,263 | +€5,218 | +6.1% |
| Amounts payable after more than one year | 17 | €15,673 | €11,718 | -€3,955 | -25.2% |
| Financial debts | 170/4 | €15,673 | €11,718 | -€3,955 | -25.2% |
| Amounts payable within one year | 42/48 | €70,304 | €79,451 | +€9,147 | +13.0% |
| Current portion of amounts payable after more than one year | 42 | €7,668 | €4,306 | -€3,362 | -43.8% |
| Financial debts | 43 | €752 | €3,689 | +€2,937 | +391% |
| Credit institutions | 430/8 | €752 | €3,689 | +€2,937 | +391% |
| Trade debts | 44 | €40,520 | €50,801 | +€10,281 | +25.4% |
| Suppliers | 440/4 | €40,520 | €50,801 | +€10,281 | +25.4% |
| Taxes, remuneration and social security | 45 | €6,771 | €8,062 | +€1,291 | +19.1% |
| Taxes | 450/3 | €6,771 | €8,062 | +€1,291 | +19.1% |
| Other amounts payable | 47/48 | €14,593 | €12,593 | -€2,000 | -13.7% |
| Accrued charges and deferred income | 492/3 | €68 | €94 | +€26 | +38.2% |
| Non-recurring operating income | 76A | €2,856 | - | -€2,856 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,567 | €8,758 | +€1,191 | +15.7% |
| Other operating charges | 640/8 | €6,771 | €787 | -€5,984 | -88.4% |
| Non-recurring operating charges | 66A | - | €10,683 | +€10,683 | |
| Gross operating margin | 9900 | €26,427 | €10,748 | -€15,679 | -59.3% |
| Operating profit (loss) | 9901 | €12,089 | -€9,480 | -€21,569 | |
| Financial charges | 65/66B | €2,360 | €2,781 | +€421 | +17.8% |
| Recurring financial charges | 65 | €2,360 | €2,781 | +€421 | +17.8% |
| Profit (loss) for the period before taxes | 9903 | €9,729 | -€12,261 | -€21,990 | |
| Transfer from deferred taxes | 780 | €3,733 | €3,733 | = | 0.0% |
| Income taxes | 67/77 | €6,920 | €3,090 | -€3,830 | -55.3% |
| Profit (loss) for the period | 9904 | €6,542 | -€11,618 | -€18,160 | |
| Transfer from tax-exempt reserves | 789 | €11,200 | €11,200 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,742 | -€418 | -€18,160 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.