MSBE: 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.
MSBE
Largest movements
- Tangible fixed assets -€341,853
down €341,853 (-35.5%), from €963,383 to €621,530
- Receivables within one year -€231,274
down €231,274 (-72.1%), from €320,816 to €89,542
of which Other amounts receivable: -€188,332
- Cash -€65,395
down €65,395 (-4.4%), from €1.5m to €1.4m
mainly Trade debts (-€437,024) and Tax, wage and social debts (-€213,507)
- Stocks and contracts -€52,546
down €52,546 (-6.9%), from €764,243 to €711,697
- Trade debts -€437,024
down €437,024 (-30.5%), from €1.4m to €993,908
- Tax, wage and social debts -€213,507
down €213,507 (-33.9%), from €629,065 to €415,558
of which Remuneration and social security: -€151,014
- Reserves +€202,610
up €202,610 (+23.1%), from €875,333 to €1.1m
of which Distributable reserves: +€202,610
- Accrued charges and deferred income -€144,877
down €144,877 (-36.5%), from €397,422 to €252,545
- Profit (loss) carried forward -€71,514
down €71,514 (-35.3%), from €202,610 to €131,096
- Turnover +€299,171
up €299,171 (+2.8%), from €10.6m to €10.9m
- Staff costs +€241,582
up €241,582 (+9.6%), from €2.5m to €2.8m
- Depreciation -€145,786
down €145,786 (-37.9%), from €384,370 to €238,583
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 | €3,596,861 | €2,932,550 | -€664,312 | -18.5% |
| Fixed assets | 21/28 | €1,027,896 | €709,326 | -€318,569 | -31.0% |
| Intangible fixed assets | 21 | €7,733 | €12,376 | +€4,643 | +60.0% |
| Tangible fixed assets | 22/27 | €963,383 | €621,530 | -€341,853 | -35.5% |
| Other tangible fixed assets | 26 | €963,383 | €621,530 | -€341,853 | -35.5% |
| Financial fixed assets | 28 | €56,780 | €75,420 | +€18,641 | +32.8% |
| Other financial fixed assets | 284/8 | €56,780 | €75,420 | +€18,641 | +32.8% |
| Amounts receivable and cash guarantees | 285/8 | €56,780 | €75,420 | +€18,641 | +32.8% |
| Current assets | 29/58 | €2,568,965 | €2,223,223 | -€345,742 | -13.5% |
| Stocks and contracts in progress | 3 | €764,243 | €711,697 | -€52,546 | -6.9% |
| Stocks | 30/36 | €764,243 | €711,697 | -€52,546 | -6.9% |
| Goods purchased for resale | 34 | €764,243 | €711,697 | -€52,546 | -6.9% |
| Amounts receivable within one year | 40/41 | €320,816 | €89,542 | -€231,274 | -72.1% |
| Trade receivables | 40 | €126,409 | €83,467 | -€42,942 | -34.0% |
| Other amounts receivable | 41 | €194,407 | €6,075 | -€188,332 | -96.9% |
| Cash at bank and in hand | 54/58 | €1,477,132 | €1,411,736 | -€65,395 | -4.4% |
| Deferred charges and accrued income | 490/1 | €6,775 | €10,248 | +€3,473 | +51.3% |
| Total equity and liabilities | 10/49 | €3,596,861 | €2,932,550 | -€664,312 | -18.5% |
| Equity | 10/15 | €1,139,443 | €1,270,539 | +€131,096 | +11.5% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €875,333 | €1,077,943 | +€202,610 | +23.1% |
| Non-distributable reserves | 130/1 | €6,150 | €6,150 | = | 0.0% |
| Legal reserve | 130 | €6,150 | €6,150 | = | 0.0% |
| Distributable reserves | 133 | €869,183 | €1,071,793 | +€202,610 | +23.3% |
| Profit (loss) carried forward | 14 | €202,610 | €131,096 | -€71,514 | -35.3% |
| Amounts payable | 17/49 | €2,457,418 | €1,662,011 | -€795,408 | -32.4% |
| Amounts payable within one year | 42/48 | €2,059,996 | €1,409,465 | -€650,531 | -31.6% |
| Trade debts | 44 | €1,430,931 | €993,908 | -€437,024 | -30.5% |
| Suppliers | 440/4 | €1,430,931 | €993,908 | -€437,024 | -30.5% |
| Taxes, remuneration and social security | 45 | €629,065 | €415,558 | -€213,507 | -33.9% |
| Taxes | 450/3 | €248,404 | €185,911 | -€62,493 | -25.2% |
| Remuneration and social security | 454/9 | €380,661 | €229,647 | -€151,014 | -39.7% |
| Accrued charges and deferred income | 492/3 | €397,422 | €252,545 | -€144,877 | -36.5% |
| Operating income | 70/76A | €10,686,811 | €11,086,357 | +€399,546 | +3.7% |
| Turnover | 70 | €10,580,192 | €10,879,362 | +€299,171 | +2.8% |
| Other operating income | 74 | €106,620 | €206,995 | +€100,375 | +94.1% |
| Operating charges | 60/66A | €10,475,205 | €10,868,863 | +€393,659 | +3.8% |
| Goods for resale, raw materials and consumables | 60 | €3,680,605 | €3,609,657 | -€70,949 | -1.9% |
| Purchases | 600/8 | €3,684,355 | €3,557,111 | -€127,244 | -3.5% |
| Change in stocks: decrease (increase) | 609 | -€3,750 | €52,546 | +€56,296 | |
| Services and other goods | 61 | €3,800,173 | €3,772,857 | -€27,316 | -0.7% |
| Remuneration, social security and pensions | 62 | €2,515,351 | €2,756,933 | +€241,582 | +9.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €384,370 | €238,583 | -€145,786 | -37.9% |
| Other operating charges | 640/8 | €94,706 | €156,301 | +€61,595 | +65.0% |
| Non-recurring operating charges | 66A | - | €334,532 | +€334,532 | |
| Operating profit (loss) | 9901 | €211,607 | €217,494 | +€5,887 | +2.8% |
| Financial income | 75/76B | €1,341 | €1,052 | -€289 | -21.5% |
| Recurring financial income | 75 | €1,341 | €1,052 | -€289 | -21.5% |
| Income from current assets | 751 | €1,341 | €1,052 | -€289 | -21.5% |
| Financial charges | 65/66B | €24,842 | €35,400 | +€10,559 | +42.5% |
| Recurring financial charges | 65 | €24,842 | €35,400 | +€10,559 | +42.5% |
| Other financial charges | 652/9 | €24,842 | €35,400 | +€10,559 | +42.5% |
| Profit (loss) for the period before taxes | 9903 | €188,106 | €183,146 | -€4,960 | -2.6% |
| Income taxes | 67/77 | -€14,503 | €52,050 | +€66,554 | |
| Taxes | 670/3 | €60,037 | €52,050 | -€7,987 | -13.3% |
| Tax adjustments and reversals of tax provisions | 77 | €74,540 | - | -€74,540 | |
| Profit (loss) for the period | 9904 | €202,610 | €131,096 | -€71,514 | -35.3% |
| Profit (loss) for the period to be appropriated | 9905 | €202,610 | €131,096 | -€71,514 | -35.3% |
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.