MSD ADRIAENSEN: 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 ADRIAENSEN
Largest movements
- Tangible fixed assets -€27,716
down €27,716 (-6.9%), from €404,365 to €376,649
of which Land and buildings: -€17,736
- Reserves -€49,963
down €49,963 (-63.8%), from €78,349 to €28,385
- Other debts +€44,350
up €44,350 (+54.1%), from €81,968 to €126,318
- Debts after one year -€28,030
down €28,030 (-9.7%), from €289,620 to €261,590
- Current portion of long-term debt +€7,270
up €7,270 (+35.9%), from €20,271 to €27,541
- Depreciation -€4,826
down €4,826 (-14.8%), from €32,542 to €27,716
- Gross operating margin +€3,059
up €3,059 (+4.3%), from €71,251 to €74,310
- Financial charges +€1,100
up €1,100 (+15.8%), from €6,975 to €8,075
- Taxes +€871
up €871 (+12.0%), from €7,273 to €8,144
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 | €473,238 | €447,216 | -€26,022 | -5.5% |
| Fixed assets | 21/28 | €404,365 | €376,649 | -€27,716 | -6.9% |
| Tangible fixed assets | 22/27 | €404,365 | €376,649 | -€27,716 | -6.9% |
| Land and buildings | 22 | €364,848 | €347,112 | -€17,736 | -4.9% |
| Furniture and vehicles | 24 | €39,517 | €29,536 | -€9,980 | -25.3% |
| Current assets | 29/58 | €68,873 | €70,567 | +€1,694 | +2.5% |
| Amounts receivable within one year | 40/41 | €16,384 | €16,338 | -€47 | -0.3% |
| Trade receivables | 40 | €12,620 | €11,754 | -€866 | -6.9% |
| Other amounts receivable | 41 | €3,764 | €4,584 | +€819 | +21.8% |
| Cash at bank and in hand | 54/58 | €51,747 | €53,447 | +€1,701 | +3.3% |
| Deferred charges and accrued income | 490/1 | €742 | €782 | +€40 | +5.4% |
| Total equity and liabilities | 10/49 | €473,238 | €447,216 | -€26,022 | -5.5% |
| Equity | 10/15 | €81,349 | €31,385 | -€49,963 | -61.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €78,349 | €28,385 | -€49,963 | -63.8% |
| Distributable reserves | 133 | €78,349 | €28,385 | -€49,963 | -63.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €391,889 | €415,830 | +€23,941 | +6.1% |
| Amounts payable after more than one year | 17 | €289,620 | €261,590 | -€28,030 | -9.7% |
| Financial debts | 170/4 | €289,620 | €261,590 | -€28,030 | -9.7% |
| Amounts payable within one year | 42/48 | €102,270 | €154,241 | +€51,971 | +50.8% |
| Current portion of amounts payable after more than one year | 42 | €20,271 | €27,541 | +€7,270 | +35.9% |
| Trade debts | 44 | €31 | €382 | +€351 | +1,149% |
| Suppliers | 440/4 | €31 | €382 | +€351 | +1,149% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €81,968 | €126,318 | +€44,350 | +54.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,542 | €27,716 | -€4,826 | -14.8% |
| Other operating charges | 640/8 | €1,921 | €1,990 | +€69 | +3.6% |
| Gross operating margin | 9900 | €71,251 | €74,310 | +€3,059 | +4.3% |
| Operating profit (loss) | 9901 | €36,788 | €44,604 | +€7,816 | +21.2% |
| Financial charges | 65/66B | €6,975 | €8,075 | +€1,100 | +15.8% |
| Recurring financial charges | 65 | €6,975 | €8,075 | +€1,100 | +15.8% |
| Profit (loss) for the period before taxes | 9903 | €29,813 | €36,529 | +€6,716 | +22.5% |
| Income taxes | 67/77 | €7,273 | €8,144 | +€871 | +12.0% |
| Profit (loss) for the period | 9904 | €22,540 | €28,385 | +€5,845 | +25.9% |
| Profit (loss) for the period to be appropriated | 9905 | €22,540 | €28,385 | +€5,845 | +25.9% |
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 19 October 2026 via checked.be.