MSD GROUP: 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 GROUP
Largest movements
- Stocks and contracts +€9,121
new in 2025: €9,121
- Tangible fixed assets -€7,406
down €7,406 (-34.6%), from €21,385 to €13,979
of which Furniture and vehicles: -€5,394
- Cash +€1,402
up €1,402 (+18.5%), from €7,560 to €8,962
mainly Depreciation (+€13,406) and Trade debts (+€8,955)
- Trade debts +€8,955
up €8,955 (+849%), from €1,055 to €10,010
- Tax, wage and social debts -€8,641
down €8,641 (-81.5%), from €10,603 to €1,962
- Other debts +€1,868
up €1,868 (+3,944%), from €47 to €1,915
- Depreciation -€17,552
down €17,552 (-56.7%), from €30,958 to €13,406
- Gross operating margin -€9,119
down €9,119 (-23.3%), from €39,207 to €30,088
- Financial charges +€5,058
up €5,058 (+327%), from €1,546 to €6,604
- Other operating charges +€3,535
up €3,535 (+143%), from €2,468 to €6,004
- Financial income +€1,704
up €1,704 (+2,129,513%), from €0 to €1,704
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 | €89,432 | €92,082 | +€2,650 | +3.0% |
| Fixed assets | 21/28 | €21,385 | €13,979 | -€7,406 | -34.6% |
| Tangible fixed assets | 22/27 | €21,385 | €13,979 | -€7,406 | -34.6% |
| Plant, machinery and equipment | 23 | €2,648 | €636 | -€2,012 | -76.0% |
| Furniture and vehicles | 24 | €18,736 | €13,342 | -€5,394 | -28.8% |
| Current assets | 29/58 | €68,047 | €78,103 | +€10,056 | +14.8% |
| Stocks and contracts in progress | 3 | - | €9,121 | +€9,121 | |
| Contracts in progress | 37 | - | €9,121 | +€9,121 | |
| Amounts receivable within one year | 40/41 | €60,487 | €60,020 | -€467 | -0.8% |
| Trade receivables | 40 | €53,384 | €43,853 | -€9,532 | -17.9% |
| Other amounts receivable | 41 | €7,103 | €16,167 | +€9,065 | +128% |
| Cash at bank and in hand | 54/58 | €7,560 | €8,962 | +€1,402 | +18.5% |
| Total equity and liabilities | 10/49 | €89,432 | €92,082 | +€2,650 | +3.0% |
| Equity | 10/15 | €77,726 | €78,195 | +€469 | +0.6% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €69,666 | €70,135 | +€469 | +0.7% |
| Amounts payable | 17/49 | €11,706 | €13,887 | +€2,181 | +18.6% |
| Amounts payable within one year | 42/48 | €11,706 | €13,887 | +€2,181 | +18.6% |
| Trade debts | 44 | €1,055 | €10,010 | +€8,955 | +849% |
| Suppliers | 440/4 | €1,055 | €10,010 | +€8,955 | +849% |
| Taxes, remuneration and social security | 45 | €10,603 | €1,962 | -€8,641 | -81.5% |
| Taxes | 450/3 | €10,603 | €1,962 | -€8,641 | -81.5% |
| Other amounts payable | 47/48 | €47 | €1,915 | +€1,868 | +3,944% |
| Remuneration, social security and pensions | 62 | €2,306 | €3,507 | +€1,201 | +52.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,958 | €13,406 | -€17,552 | -56.7% |
| Other operating charges | 640/8 | €2,468 | €6,004 | +€3,535 | +143% |
| Gross operating margin | 9900 | €39,207 | €30,088 | -€9,119 | -23.3% |
| Operating profit (loss) | 9901 | €3,474 | €7,171 | +€3,697 | +106% |
| Financial income | 75/76B | €0 | €1,704 | +€1,704 | +2,129,513% |
| Recurring financial income | 75 | €0 | €1,704 | +€1,704 | +2,129,513% |
| Financial charges | 65/66B | €1,546 | €6,604 | +€5,058 | +327% |
| Recurring financial charges | 65 | €1,546 | €6,604 | +€5,058 | +327% |
| Profit (loss) for the period before taxes | 9903 | €1,928 | €2,271 | +€343 | +17.8% |
| Income taxes | 67/77 | €1,798 | €1,802 | +€4 | +0.2% |
| Profit (loss) for the period | 9904 | €130 | €469 | +€339 | +261% |
| Profit (loss) for the period to be appropriated | 9905 | €130 | €469 | +€339 | +261% |
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 24 October 2026 via checked.be.