MSBL: 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.
MSBL
Largest movements
- Cash +€23,602
up €23,602 (+33.8%), from €69,919 to €93,521
mainly Other debts (+€31,773) and Net result for the year (+€25,834)
- Receivables within one year +€8,981
up €8,981 (+79.8%), from €11,250 to €20,232
of which Trade receivables: +€9,084
- Tangible fixed assets -€7,337
down €7,337 (-55.2%), from €13,288 to €5,951
- Other debts +€31,773
up €31,773 (+9899.0%), from €321 to €32,094
- Reserves -€8,240
down €8,240 (-10.4%), from €79,556 to €71,316
- Trade debts +€4,552
up €4,552 (+1198.3%), from €380 to €4,932
- Debts after one year -€4,368
no longer reported in 2025 (was €4,368)
- Tax, wage and social debts +€3,929
up €3,929 (+59.2%), from €6,635 to €10,564
- Other operating charges -€3,045
down €3,045 (-81.7%), from €3,727 to €682
- Depreciation -€1,359
down €1,359 (-13.9%), from €9,811 to €8,451
- Gross operating margin -€1,319
down €1,319 (-2.8%), from €47,115 to €45,796
- Taxes +€1,062
up €1,062 (+10.7%), from €9,890 to €10,952
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 | €97,754 | €123,274 | +€25,520 | +26.1% |
| Fixed assets | 21/28 | €15,918 | €8,581 | -€7,337 | -46.1% |
| Tangible fixed assets | 22/27 | €13,288 | €5,951 | -€7,337 | -55.2% |
| Furniture and vehicles | 24 | €13,288 | €5,951 | -€7,337 | -55.2% |
| Financial fixed assets | 28 | €2,630 | €2,630 | = | 0.0% |
| Current assets | 29/58 | €81,836 | €114,692 | +€32,857 | +40.1% |
| Stocks and contracts in progress | 3 | €667 | €667 | = | 0.0% |
| Stocks | 30/36 | €667 | €667 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €11,250 | €20,232 | +€8,981 | +79.8% |
| Trade receivables | 40 | €9,148 | €18,232 | +€9,084 | +99.3% |
| Other amounts receivable | 41 | €2,103 | €2,000 | -€103 | -4.9% |
| Cash at bank and in hand | 54/58 | €69,919 | €93,521 | +€23,602 | +33.8% |
| Deferred charges and accrued income | 490/1 | - | €274 | +€274 | |
| Total equity and liabilities | 10/49 | €97,754 | €123,274 | +€25,520 | +26.1% |
| Equity | 10/15 | €79,556 | €71,316 | -€8,240 | -10.4% |
| Reserves | 13 | €79,556 | €71,316 | -€8,240 | -10.4% |
| Distributable reserves | 133 | €79,556 | €71,316 | -€8,240 | -10.4% |
| Amounts payable | 17/49 | €18,197 | €51,958 | +€33,760 | +185.5% |
| Amounts payable after more than one year | 17 | €4,368 | - | -€4,368 | |
| Financial debts | 170/4 | €4,368 | - | -€4,368 | |
| Amounts payable within one year | 42/48 | €13,829 | €51,958 | +€38,129 | +275.7% |
| Current portion of amounts payable after more than one year | 42 | €6,493 | €4,368 | -€2,125 | -32.7% |
| Trade debts | 44 | €380 | €4,932 | +€4,552 | +1198.3% |
| Suppliers | 440/4 | €380 | €4,932 | +€4,552 | +1198.3% |
| Taxes, remuneration and social security | 45 | €6,635 | €10,564 | +€3,929 | +59.2% |
| Taxes | 450/3 | €6,635 | €10,564 | +€3,929 | +59.2% |
| Other amounts payable | 47/48 | €321 | €32,094 | +€31,773 | +9899.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,811 | €8,451 | -€1,359 | -13.9% |
| Other operating charges | 640/8 | €3,727 | €682 | -€3,045 | -81.7% |
| Gross operating margin | 9900 | €47,115 | €45,796 | -€1,319 | -2.8% |
| Operating profit (loss) | 9901 | €33,577 | €36,662 | +€3,085 | +9.2% |
| Financial income | 75/76B | €11 | €284 | +€273 | +2510.5% |
| Recurring financial income | 75 | €11 | €284 | +€273 | +2510.5% |
| Financial charges | 65/66B | €225 | €160 | -€65 | -28.8% |
| Recurring financial charges | 65 | €225 | €160 | -€65 | -28.8% |
| Profit (loss) for the period before taxes | 9903 | €33,363 | €36,785 | +€3,422 | +10.3% |
| Income taxes | 67/77 | €9,890 | €10,952 | +€1,062 | +10.7% |
| Profit (loss) for the period | 9904 | €23,473 | €25,834 | +€2,360 | +10.1% |
| Profit (loss) for the period to be appropriated | 9905 | €23,473 | €25,834 | +€2,360 | +10.1% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.