MSB INFRA: 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 INFRA
Largest movements
- Tangible fixed assets +€3,333
new in 2025: €3,333
- Cash -€2,578
down €2,578 (-64.1%), from €4,021 to €1,443
mainly Investment in fixed assets (net) (-€4,000) and Receivables within one year (-€144)
- Trade debts +€657
up €657 (+52.5%), from €1,253 to €1,910
- Gross operating margin -€6,107
down €6,107 (-77.4%), from €7,894 to €1,787
- Taxes -€3,017
down €3,017 (-98.4%), from €3,066 to €48
- Financial income -€754
no longer reported in 2025 (was €754)
- Depreciation +€667
new in 2025: €667
- Financial charges +€658
up €658 (+861%), from €76 to €734
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 | €19,824 | €20,724 | +€900 | +4.5% |
| Fixed assets | 21/28 | - | €3,333 | +€3,333 | |
| Tangible fixed assets | 22/27 | - | €3,333 | +€3,333 | |
| Furniture and vehicles | 24 | - | €3,333 | +€3,333 | |
| Current assets | 29/58 | €19,824 | €17,391 | -€2,433 | -12.3% |
| Amounts receivable within one year | 40/41 | €15,803 | €15,948 | +€144 | +0.9% |
| Trade receivables | 40 | €2,240 | €2,311 | +€71 | +3.2% |
| Other amounts receivable | 41 | €13,563 | €13,636 | +€73 | +0.5% |
| Cash at bank and in hand | 54/58 | €4,021 | €1,443 | -€2,578 | -64.1% |
| Total equity and liabilities | 10/49 | €19,824 | €20,724 | +€900 | +4.5% |
| Equity | 10/15 | €15,506 | €15,699 | +€194 | +1.3% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €506 | €699 | +€194 | +38.4% |
| Amounts payable | 17/49 | €4,319 | €5,025 | +€706 | +16.3% |
| Amounts payable within one year | 42/48 | €4,319 | €5,025 | +€706 | +16.3% |
| Trade debts | 44 | €1,253 | €1,910 | +€657 | +52.5% |
| Suppliers | 440/4 | €1,253 | €1,910 | +€657 | +52.5% |
| Taxes, remuneration and social security | 45 | €3,066 | €3,114 | +€48 | +1.6% |
| Taxes | 450/3 | €3,066 | €3,114 | +€48 | +1.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €667 | +€667 | |
| Other operating charges | 640/8 | - | €144 | +€144 | |
| Gross operating margin | 9900 | €7,894 | €1,787 | -€6,107 | -77.4% |
| Operating profit (loss) | 9901 | €7,894 | €976 | -€6,918 | -87.6% |
| Financial income | 75/76B | €754 | - | -€754 | |
| Recurring financial income | 75 | €754 | - | -€754 | |
| Financial charges | 65/66B | €76 | €734 | +€658 | +861% |
| Recurring financial charges | 65 | €76 | €734 | +€658 | +861% |
| Profit (loss) for the period before taxes | 9903 | €8,571 | €242 | -€8,329 | -97.2% |
| Income taxes | 67/77 | €3,066 | €48 | -€3,017 | -98.4% |
| Profit (loss) for the period | 9904 | €5,506 | €194 | -€5,312 | -96.5% |
| Profit (loss) for the period to be appropriated | 9905 | €5,506 | €194 | -€5,312 | -96.5% |
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 15 October 2026 via checked.be.