MSD: 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.
MSD
Largest movements
- Stocks and contracts +€309,608
up €309,608 (+37.3%), from €830,712 to €1.1m
- Cash -€160,454
down €160,454 (-97.2%), from €165,107 to €4,653
mainly Stocks and contracts (-€309,608) and Debts after one year (-€271,554)
- Debts after one year -€271,554
down €271,554 (-18.6%), from €1.5m to €1.2m
- Short-term financial debts +€198,001
up €198,001 (+44.0%), from €450,000 to €648,001
- Advances received +€109,750
new in 2024: €109,750
- Reserves +€86,941
up €86,941 (+12.7%), from €683,484 to €770,424
of which Distributable reserves: +€86,941
- Gross operating margin +€168,465
up €168,465 (+51.8%), from €325,475 to €493,940
- Staff costs +€33,524
up €33,524 (+20.8%), from €161,558 to €195,082
- Taxes +€31,078
up €31,078 (+365%), from €8,525 to €39,603
- Financial charges +€25,003
up €25,003 (+42.2%), from €59,223 to €84,226
- Depreciation +€7,863
up €7,863 (+12.0%), from €65,410 to €73,273
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,062,078 | €3,203,812 | +€141,733 | +4.6% |
| Fixed assets | 21/28 | €1,825,905 | €1,797,391 | -€28,515 | -1.6% |
| Intangible fixed assets | 21 | €1,060 | €530 | -€530 | -50.0% |
| Tangible fixed assets | 22/27 | €1,823,072 | €1,795,087 | -€27,985 | -1.5% |
| Land and buildings | 22 | €1,781,925 | €1,736,139 | -€45,787 | -2.6% |
| Plant, machinery and equipment | 23 | €25,945 | €17,177 | -€8,768 | -33.8% |
| Furniture and vehicles | 24 | €15,202 | €41,771 | +€26,570 | +175% |
| Financial fixed assets | 28 | €1,773 | €1,773 | = | 0.0% |
| Current assets | 29/58 | €1,236,173 | €1,406,421 | +€170,248 | +13.8% |
| Amounts receivable after more than one year | 29 | €58,000 | €58,000 | = | 0.0% |
| Other amounts receivable | 291 | €58,000 | €58,000 | = | 0.0% |
| Stocks and contracts in progress | 3 | €830,712 | €1,140,320 | +€309,608 | +37.3% |
| Stocks | 30/36 | €830,712 | €1,140,320 | +€309,608 | +37.3% |
| Amounts receivable within one year | 40/41 | €159,424 | €181,481 | +€22,057 | +13.8% |
| Trade receivables | 40 | €126,691 | €140,420 | +€13,728 | +10.8% |
| Other amounts receivable | 41 | €32,733 | €41,061 | +€8,328 | +25.4% |
| Cash at bank and in hand | 54/58 | €165,107 | €4,653 | -€160,454 | -97.2% |
| Deferred charges and accrued income | 490/1 | €22,929 | €21,967 | -€963 | -4.2% |
| Total equity and liabilities | 10/49 | €3,062,078 | €3,203,812 | +€141,733 | +4.6% |
| Equity | 10/15 | €702,084 | €789,024 | +€86,941 | +12.4% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €683,484 | €770,424 | +€86,941 | +12.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €681,624 | €768,564 | +€86,941 | +12.8% |
| Amounts payable | 17/49 | €2,359,995 | €2,414,788 | +€54,793 | +2.3% |
| Amounts payable after more than one year | 17 | €1,458,915 | €1,187,362 | -€271,554 | -18.6% |
| Financial debts | 170/4 | €1,458,915 | €1,187,362 | -€271,554 | -18.6% |
| Amounts payable within one year | 42/48 | €901,079 | €1,227,426 | +€326,346 | +36.2% |
| Current portion of amounts payable after more than one year | 42 | €102,513 | €122,296 | +€19,783 | +19.3% |
| Financial debts | 43 | €450,000 | €648,001 | +€198,001 | +44.0% |
| Credit institutions | 430/8 | €450,000 | €648,001 | +€198,001 | +44.0% |
| Trade debts | 44 | €213,860 | €226,660 | +€12,800 | +6.0% |
| Suppliers | 440/4 | €213,860 | €226,660 | +€12,800 | +6.0% |
| Advances received on contracts in progress | 46 | - | €109,750 | +€109,750 | |
| Taxes, remuneration and social security | 45 | €101,188 | €69,950 | -€31,237 | -30.9% |
| Taxes | 450/3 | €66,968 | €30,791 | -€36,177 | -54.0% |
| Remuneration and social security | 454/9 | €34,219 | €39,159 | +€4,940 | +14.4% |
| Other amounts payable | 47/48 | €33,519 | €50,769 | +€17,250 | +51.5% |
| Remuneration, social security and pensions | 62 | €161,558 | €195,082 | +€33,524 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,410 | €73,273 | +€7,863 | +12.0% |
| Other operating charges | 640/8 | €18,960 | €15,033 | -€3,927 | -20.7% |
| Gross operating margin | 9900 | €325,475 | €493,940 | +€168,465 | +51.8% |
| Operating profit (loss) | 9901 | €79,548 | €210,552 | +€131,005 | +165% |
| Financial income | 75/76B | €296 | €217 | -€78 | -26.5% |
| Recurring financial income | 75 | €296 | €217 | -€78 | -26.5% |
| Financial charges | 65/66B | €59,223 | €84,226 | +€25,003 | +42.2% |
| Recurring financial charges | 65 | €59,223 | €84,226 | +€25,003 | +42.2% |
| Profit (loss) for the period before taxes | 9903 | €20,620 | €126,543 | +€105,923 | +514% |
| Income taxes | 67/77 | €8,525 | €39,603 | +€31,078 | +365% |
| Profit (loss) for the period | 9904 | €12,095 | €86,941 | +€74,845 | +619% |
| Profit (loss) for the period to be appropriated | 9905 | €12,095 | €86,941 | +€74,845 | +619% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.