MSD Metalworking: what changed
What changed
MSD Metalworking
NACE 25.530, Machining of metals
filed annual accounts (NBB)
Net result for the year
€798,772
2024 · €780,216+€18,556
Equity
€3.6m
2024 · €3.5m+€98,772
Cash
€455,263
2024 · €1.1m-€602,175
Balance sheet total
€5.0m
2024 · €4.7m+€235,000
Largest movements
Assets
- Cash -€602,175
down €602,175 (-56.9%), from €1.1m to €455,263
mainly Contributions, distributions and other (-€700,000) and Current investments (-€500,000)
- Current investments +€500,000
up €500,000 (+33.3%), from €1.5m to €2.0m
- Receivables within one year +€168,893
up €168,893 (+11.8%), from €1.4m to €1.6m
of which Trade receivables: +€580,938
- Tangible fixed assets +€119,822
up €119,822 (+36.0%), from €332,795 to €452,617
of which Plant, machinery and equipment: +€127,140
- Stocks and contracts +€52,500
up €52,500 (+14.3%), from €366,513 to €419,013
Equity and liabilities
- Reserves +€124,216
up €124,216 (+3.8%), from €3.2m to €3.4m
of which Distributable reserves: +€124,216
- Tax, wage and social debts +€86,969
up €86,969 (+35.7%), from €243,342 to €330,311
of which Remuneration and social security: +€53,616
Income statement
- Gross operating margin +€34,504
up €34,504 (+1.1%), from €3.2m to €3.2m
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.
Result 2024
€780,216
Gross operating margin
+€34,504
Staff costs
-€9,266
Depreciation
-€12,245
Other operating charges
-€7,710
Financial income
+€7,899
Financial charges
+€214
Taxes
+€5,159
Result 2025
€798,772
raises the resultlowers the result
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.
From operations
+€921,618
Investment
-€823,794
Financing
-€700,000
Cash 2024
€1.1m
From operations (derived)
+€921,618
Net result for the year
+€798,772
Depreciation
+€203,877
Stocks and contracts
-€52,500
Receivables within one year
-€168,893
Deferred charges and accrued income
+€4,134
Trade debts
+€4,726
Tax, wage and social debts
+€86,969
Smaller working-capital items
-€822
Other debts
+€45,355
Investment (derived)
-€823,794
Investment in fixed assets (net)
-€323,794
Current investments
-€500,000
Financing
-€700,000
Contributions, distributions and other
-€700,000
Cash 2025
€455,263
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €4,726,256 | €4,961,256 | +€235,000 | +5.0% |
| Fixed assets | 21/28 | €365,276 | €485,193 | +€119,917 | +32.8% |
| Intangible fixed assets | 21 | €2,181 | €2,276 | +€95 | +4.4% |
| Tangible fixed assets | 22/27 | €332,795 | €452,617 | +€119,822 | +36.0% |
| Land and buildings | 22 | €2,052 | €132 | -€1,920 | -93.6% |
| Plant, machinery and equipment | 23 | €309,106 | €436,246 | +€127,140 | +41.1% |
| Furniture and vehicles | 24 | €21,637 | €16,240 | -€5,398 | -24.9% |
| Financial fixed assets | 28 | €30,301 | €30,301 | -€0 | 0.0% |
| Current assets | 29/58 | €4,360,980 | €4,476,063 | +€115,083 | +2.6% |
| Stocks and contracts in progress | 3 | €366,513 | €419,013 | +€52,500 | +14.3% |
| Stocks | 30/36 | €366,513 | €419,013 | +€52,500 | +14.3% |
| Amounts receivable within one year | 40/41 | €1,432,895 | €1,601,788 | +€168,893 | +11.8% |
| Trade receivables | 40 | €770,770 | €1,351,708 | +€580,938 | +75.4% |
| Other amounts receivable | 41 | €662,125 | €250,080 | -€412,045 | -62.2% |
| Current investments | 50/53 | €1,500,000 | €2,000,000 | +€500,000 | +33.3% |
| Cash at bank and in hand | 54/58 | €1,057,438 | €455,263 | -€602,175 | -56.9% |
| Deferred charges and accrued income | 490/1 | €4,134 | - | -€4,134 | |
| Total equity and liabilities | 10/49 | €4,726,256 | €4,961,256 | +€235,000 | +5.0% |
| Equity | 10/15 | €3,514,263 | €3,613,035 | +€98,772 | +2.8% |
| Contributions | 10/11 | €148,736 | €148,736 | = | 0.0% |
| Capital | 10 | €148,736 | €148,736 | = | 0.0% |
| Issued capital | 100 | €148,736 | €148,736 | = | 0.0% |
| Reserves | 13 | €3,241,310 | €3,365,526 | +€124,216 | +3.8% |
| Non-distributable reserves | 130/1 | €14,874 | €14,874 | = | 0.0% |
| Legal reserve | 130 | €14,874 | €14,874 | = | 0.0% |
| Distributable reserves | 133 | €3,226,436 | €3,350,653 | +€124,216 | +3.8% |
| Profit (loss) carried forward | 14 | €124,216 | €98,772 | -€25,444 | -20.5% |
| Amounts payable | 17/49 | €1,211,994 | €1,348,222 | +€136,228 | +11.2% |
| Amounts payable within one year | 42/48 | €1,167,008 | €1,304,209 | +€137,201 | +11.8% |
| Trade debts | 44 | €267,665 | €272,392 | +€4,726 | +1.8% |
| Suppliers | 440/4 | €267,665 | €272,392 | +€4,726 | +1.8% |
| Advances received on contracts in progress | 46 | - | €151 | +€151 | |
| Taxes, remuneration and social security | 45 | €243,342 | €330,311 | +€86,969 | +35.7% |
| Taxes | 450/3 | €13,467 | €46,820 | +€33,353 | +248% |
| Remuneration and social security | 454/9 | €229,876 | €283,491 | +€53,616 | +23.3% |
| Other amounts payable | 47/48 | €656,000 | €701,355 | +€45,355 | +6.9% |
| Accrued charges and deferred income | 492/3 | €44,986 | €44,013 | -€973 | -2.2% |
| Remuneration, social security and pensions | 62 | €2,157,259 | €2,166,524 | +€9,266 | +0.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €191,632 | €203,877 | +€12,245 | +6.4% |
| Other operating charges | 640/8 | €4,460 | €12,170 | +€7,710 | +173% |
| Gross operating margin | 9900 | €3,175,735 | €3,210,239 | +€34,504 | +1.1% |
| Operating profit (loss) | 9901 | €822,384 | €827,668 | +€5,283 | +0.6% |
| Financial income | 75/76B | €15,048 | €22,947 | +€7,899 | +52.5% |
| Recurring financial income | 75 | €15,048 | €22,947 | +€7,899 | +52.5% |
| Financial charges | 65/66B | €7,425 | €7,211 | -€214 | -2.9% |
| Recurring financial charges | 65 | €7,425 | €7,211 | -€214 | -2.9% |
| Profit (loss) for the period before taxes | 9903 | €830,007 | €843,404 | +€13,397 | +1.6% |
| Income taxes | 67/77 | €49,791 | €44,632 | -€5,159 | -10.4% |
| Profit (loss) for the period | 9904 | €780,216 | €798,772 | +€18,556 | +2.4% |
| Profit (loss) for the period to be appropriated | 9905 | €780,216 | €798,772 | +€18,556 | +2.4% |
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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.