MSD Partners: 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 Partners
Largest movements
- Receivables within one year +€15,459
new in 2025: €15,459
of which Other amounts receivable: +€15,459
- Receivables after one year -€8,016
no longer reported in 2025 (was €8,016)
- Tangible fixed assets -€4,096
no longer reported in 2025 (was €4,096)
- Cash -€462
down €462 (-45.8%), from €1,008 to €546
mainly Receivables within one year (-€15,459) and Trade debts (-€583)
- Profit (loss) carried forward +€3,338
up €3,338 (+8.9%), from -€37,328 to -€33,990
- Trade debts -€583
down €583 (-18.4%), from €3,170 to €2,587
- Gross operating margin +€8,581
up €8,581 (+117.6%), from €7,295 to €15,876
- Other operating charges +€6,528
up €6,528 (+323.0%), from €2,021 to €8,548
- Depreciation -€2,367
down €2,367 (-36.6%), from €6,463 to €4,096
- Financial income +€204
new in 2025: €204
of which Financial income: +€204
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 | €13,184 | €16,097 | +€2,913 | +22.1% |
| Fixed assets | 21/28 | €4,096 | - | -€4,096 | |
| Tangible fixed assets | 22/27 | €4,096 | - | -€4,096 | |
| Furniture and vehicles | 24 | €4,096 | - | -€4,096 | |
| Current assets | 29/58 | €9,089 | €16,097 | +€7,009 | +77.1% |
| Amounts receivable after more than one year | 29 | €8,016 | - | -€8,016 | |
| Other amounts receivable | 291 | €8,016 | - | -€8,016 | |
| Amounts receivable within one year | 40/41 | - | €15,459 | +€15,459 | |
| Trade receivables | 40 | - | €0 | = | |
| Other amounts receivable | 41 | - | €15,459 | +€15,459 | |
| Cash at bank and in hand | 54/58 | €1,008 | €546 | -€462 | -45.8% |
| Deferred charges and accrued income | 490/1 | €64 | €92 | +€28 | +43.9% |
| Total equity and liabilities | 10/49 | €13,184 | €16,097 | +€2,913 | +22.1% |
| Equity | 10/15 | €9,063 | €12,401 | +€3,338 | +36.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Capital | 10 | €6,200 | €6,200 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €40,191 | €40,191 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €10,536 | €10,536 | = | 0.0% |
| Distributable reserves | 133 | €27,795 | €27,795 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,328 | -€33,990 | +€3,338 | +8.9% |
| Amounts payable | 17/49 | €4,122 | €3,697 | -€425 | -10.3% |
| Amounts payable within one year | 42/48 | €4,122 | €3,697 | -€425 | -10.3% |
| Trade debts | 44 | €3,170 | €2,587 | -€583 | -18.4% |
| Suppliers | 440/4 | €3,170 | €2,587 | -€583 | -18.4% |
| Taxes, remuneration and social security | 45 | €951 | €1,110 | +€158 | +16.6% |
| Taxes | 450/3 | €951 | €1,110 | +€158 | +16.6% |
| Non-recurring operating income | 76A | €4,467 | - | -€4,467 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,463 | €4,096 | -€2,367 | -36.6% |
| Other operating charges | 640/8 | €2,021 | €8,548 | +€6,528 | +323.0% |
| Gross operating margin | 9900 | €7,295 | €15,876 | +€8,581 | +117.6% |
| Operating profit (loss) | 9901 | -€1,189 | €3,232 | +€4,421 | |
| Financial income | 75/76B | - | €204 | +€204 | |
| Recurring financial income | 75 | - | €204 | +€204 | |
| Non-recurring financial income | 76B | - | €204 | +€204 | |
| Financial charges | 65/66B | €75 | €98 | +€23 | +30.2% |
| Recurring financial charges | 65 | €75 | €98 | +€23 | +30.2% |
| Profit (loss) for the period before taxes | 9903 | -€1,264 | €3,338 | +€4,602 | |
| Profit (loss) for the period | 9904 | -€1,264 | €3,338 | +€4,602 | |
| Profit (loss) for the period to be appropriated | 9905 | -€1,264 | €3,338 | +€4,602 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.