MSD EUROPE: what changed
MSD EUROPE
Largest movements
- Receivables within one year -€30,471
down €30,471 (-82.1%), from €37,122 to €6,651
of which Trade receivables: -€32,888
- Cash +€491
up €491 (+27.8%), from €1,770 to €2,262
mainly Receivables within one year (+€30,471)
- Trade debts -€21,310
down €21,310 (-99.8%), from €21,356 to €46
- Other debts -€5,420
down €5,420 (-56.6%), from €9,580 to €4,160
- Reserves -€4,955
down €4,955 (-49.5%), from €10,020 to €5,064
- Profit (loss) carried forward +€1,719
up €1,719, from -€1,719 to €0
- Gross operating margin -€12,417
down €12,417, from €9,998 to -€2,419
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €39,237 | €9,270 | -€29,967 | -76.4% |
| Current assets | 29/58 | €39,237 | €9,270 | -€29,967 | -76.4% |
| Amounts receivable within one year | 40/41 | €37,122 | €6,651 | -€30,471 | -82.1% |
| Trade receivables | 40 | €36,592 | €3,703 | -€32,888 | -89.9% |
| Other amounts receivable | 41 | €531 | €2,948 | +€2,417 | +456% |
| Cash at bank and in hand | 54/58 | €1,770 | €2,262 | +€491 | +27.8% |
| Deferred charges and accrued income | 490/1 | €345 | €357 | +€13 | +3.7% |
| Total equity and liabilities | 10/49 | €39,237 | €9,270 | -€29,967 | -76.4% |
| Equity | 10/15 | €8,300 | €5,064 | -€3,236 | -39.0% |
| Reserves | 13 | €10,020 | €5,064 | -€4,955 | -49.5% |
| Distributable reserves | 133 | €10,020 | €5,064 | -€4,955 | -49.5% |
| Profit (loss) carried forward | 14 | -€1,719 | €0 | +€1,719 | |
| Amounts payable | 17/49 | €30,937 | €4,206 | -€26,731 | -86.4% |
| Amounts payable within one year | 42/48 | €30,937 | €4,206 | -€26,731 | -86.4% |
| Trade debts | 44 | €21,356 | €46 | -€21,310 | -99.8% |
| Suppliers | 440/4 | €21,356 | €46 | -€21,310 | -99.8% |
| Other amounts payable | 47/48 | €9,580 | €4,160 | -€5,420 | -56.6% |
| Other operating charges | 640/8 | €528 | €580 | +€52 | +9.9% |
| Gross operating margin | 9900 | €9,998 | -€2,419 | -€12,417 | |
| Operating profit (loss) | 9901 | €9,470 | -€2,999 | -€12,469 | |
| Financial charges | 65/66B | €197 | €237 | +€40 | +20.2% |
| Recurring financial charges | 65 | €197 | €237 | +€40 | +20.2% |
| Profit (loss) for the period before taxes | 9903 | €9,273 | -€3,236 | -€12,509 | |
| Profit (loss) for the period | 9904 | €9,273 | -€3,236 | -€12,509 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,273 | -€3,236 | -€12,509 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.