MSD Consulting: 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 Consulting
Largest movements
- Receivables within one year -€7,832
down €7,832 (-36.5%), from €21,446 to €13,614
of which Trade receivables: -€9,887
- Tangible fixed assets -€7,221
down €7,221 (-20.1%), from €35,860 to €28,640
- Cash +€5,030
up €5,030 (+3.9%), from €129,953 to €134,983
mainly Net result for the year (+€26,017) and Depreciation (+€8,814)
- Reserves +€24,351
up €24,351 (+19.9%), from €122,187 to €146,537
of which Distributable reserves: +€26,211
- Other debts -€23,686
down €23,686 (-72.6%), from €32,616 to €8,930
- Tax, wage and social debts -€9,265
down €9,265 (-57.6%), from €16,093 to €6,828
- Gross operating margin -€40,876
down €40,876 (-47.0%), from €86,920 to €46,044
- Financial charges -€27,065
down €27,065 (-91.8%), from €29,479 to €2,414
- Depreciation +€2,935
up €2,935 (+49.9%), from €5,879 to €8,814
- Taxes -€2,342
down €2,342 (-22.0%), from €10,658 to €8,317
- Other operating charges -€1,094
down €1,094 (-37.4%), from €2,926 to €1,832
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 | €188,281 | €177,897 | -€10,384 | -5.5% |
| Fixed assets | 21/28 | €35,860 | €28,640 | -€7,221 | -20.1% |
| Tangible fixed assets | 22/27 | €35,860 | €28,640 | -€7,221 | -20.1% |
| Furniture and vehicles | 24 | €35,860 | €28,640 | -€7,221 | -20.1% |
| Current assets | 29/58 | €152,420 | €149,257 | -€3,163 | -2.1% |
| Amounts receivable within one year | 40/41 | €21,446 | €13,614 | -€7,832 | -36.5% |
| Trade receivables | 40 | €21,446 | €11,559 | -€9,887 | -46.1% |
| Other amounts receivable | 41 | - | €2,055 | +€2,055 | |
| Cash at bank and in hand | 54/58 | €129,953 | €134,983 | +€5,030 | +3.9% |
| Deferred charges and accrued income | 490/1 | €1,021 | €660 | -€362 | -35.4% |
| Total equity and liabilities | 10/49 | €188,281 | €177,897 | -€10,384 | -5.5% |
| Equity | 10/15 | €134,587 | €158,937 | +€24,351 | +18.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €122,187 | €146,537 | +€24,351 | +19.9% |
| Non-distributable reserves | 130/1 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | €1,860 | - | -€1,860 | |
| Distributable reserves | 133 | €120,327 | €146,537 | +€26,211 | +21.8% |
| Amounts payable | 17/49 | €53,694 | €18,959 | -€34,735 | -64.7% |
| Amounts payable within one year | 42/48 | €53,694 | €18,959 | -€34,735 | -64.7% |
| Trade debts | 44 | €4,157 | €3,201 | -€956 | -23.0% |
| Suppliers | 440/4 | €4,157 | €3,201 | -€956 | -23.0% |
| Advances received on contracts in progress | 46 | €827 | - | -€827 | |
| Taxes, remuneration and social security | 45 | €16,093 | €6,828 | -€9,265 | -57.6% |
| Taxes | 450/3 | €16,093 | €6,828 | -€9,265 | -57.6% |
| Other amounts payable | 47/48 | €32,616 | €8,930 | -€23,686 | -72.6% |
| Non-recurring operating income | 76A | €17,355 | - | -€17,355 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,879 | €8,814 | +€2,935 | +49.9% |
| Other operating charges | 640/8 | €2,926 | €1,832 | -€1,094 | -37.4% |
| Gross operating margin | 9900 | €86,920 | €46,044 | -€40,876 | -47.0% |
| Operating profit (loss) | 9901 | €78,115 | €35,398 | -€42,717 | -54.7% |
| Financial income | 75/76B | €973 | €1,350 | +€376 | +38.7% |
| Recurring financial income | 75 | €973 | €1,350 | +€376 | +38.7% |
| Financial charges | 65/66B | €29,479 | €2,414 | -€27,065 | -91.8% |
| Recurring financial charges | 65 | €29,479 | €2,414 | -€27,065 | -91.8% |
| Profit (loss) for the period before taxes | 9903 | €49,610 | €34,334 | -€15,276 | -30.8% |
| Income taxes | 67/77 | €10,658 | €8,317 | -€2,342 | -22.0% |
| Profit (loss) for the period | 9904 | €38,951 | €26,017 | -€12,935 | -33.2% |
| Profit (loss) for the period to be appropriated | 9905 | €38,951 | €26,017 | -€12,935 | -33.2% |
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 5 October 2026 via checked.be.