MSD: 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.
MSD
Largest movements
- Receivables within one year +€7,169
up €7,169 (+10.5%), from €68,315 to €75,484
of which Trade receivables: +€27,874
- Cash +€1,644
up €1,644 (+759.1%), from €217 to €1,861
mainly Net result for the year (+€8,374) and Deferred charges and accrued income (+€232)
- Profit (loss) carried forward +€8,374
up €8,374 (+41.5%), from -€20,156 to -€11,782
- Gross operating margin +€4,136
up €4,136 (+75.9%), from €5,448 to €9,585
- Other operating charges +€189
up €189 (+36.6%), from €516 to €705
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 | €84,119 | €92,493 | +€8,374 | +10.0% |
| Fixed assets | 21/28 | €208 | €1 | -€207 | -99.7% |
| Tangible fixed assets | 22/27 | €208 | €1 | -€207 | -99.7% |
| Furniture and vehicles | 24 | €208 | €1 | -€207 | -99.7% |
| Current assets | 29/58 | €83,911 | €92,493 | +€8,581 | +10.2% |
| Stocks and contracts in progress | 3 | €14,666 | €14,666 | = | 0.0% |
| Stocks | 30/36 | €14,666 | €14,666 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €68,315 | €75,484 | +€7,169 | +10.5% |
| Trade receivables | 40 | €28,366 | €56,240 | +€27,874 | +98.3% |
| Other amounts receivable | 41 | €39,949 | €19,244 | -€20,705 | -51.8% |
| Cash at bank and in hand | 54/58 | €217 | €1,861 | +€1,644 | +759.1% |
| Deferred charges and accrued income | 490/1 | €713 | €482 | -€232 | -32.5% |
| Total equity and liabilities | 10/49 | €84,119 | €92,493 | +€8,374 | +10.0% |
| Equity | 10/15 | €41,844 | €50,218 | +€8,374 | +20.0% |
| 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% |
| Profit (loss) carried forward | 14 | -€20,156 | -€11,782 | +€8,374 | +41.5% |
| Amounts payable | 17/49 | €42,275 | €42,275 | = | 0.0% |
| Amounts payable within one year | 42/48 | €42,275 | €42,275 | = | 0.0% |
| Trade debts | 44 | €1,421 | €1,421 | = | 0.0% |
| Suppliers | 440/4 | €1,421 | €1,421 | = | 0.0% |
| Other amounts payable | 47/48 | €40,854 | €40,854 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €207 | €207 | = | 0.0% |
| Other operating charges | 640/8 | €516 | €705 | +€189 | +36.6% |
| Gross operating margin | 9900 | €5,448 | €9,585 | +€4,136 | +75.9% |
| Operating profit (loss) | 9901 | €4,725 | €8,672 | +€3,947 | +83.5% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €288 | €298 | +€10 | +3.5% |
| Recurring financial charges | 65 | €288 | €298 | +€10 | +3.5% |
| Profit (loss) for the period before taxes | 9903 | €4,437 | €8,374 | +€3,937 | +88.7% |
| Profit (loss) for the period | 9904 | €4,437 | €8,374 | +€3,937 | +88.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,437 | €8,374 | +€3,937 | +88.7% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.