MSD POSE: 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 POSE
Largest movements
- Cash -€94,238
down €94,238 (-88.1%), from €107,023 to €12,785
mainly Receivables within one year (-€60,203) and Investment in fixed assets (net) (-€34,980)
- Receivables within one year +€60,203
up €60,203 (+97.7%), from €61,614 to €121,817
of which Trade receivables: +€62,364
- Tangible fixed assets +€34,678
up €34,678 (+2,339%), from €1,483 to €36,160
of which Furniture and vehicles: +€34,980
- Stocks and contracts +€20,568
new in 2025: €20,568
- Deferred charges and accrued income +€10,891
up €10,891 (+599%), from €1,818 to €12,708
- Trade debts +€27,255
up €27,255 (+209%), from €13,011 to €40,266
- Debts after one year +€12,635
new in 2025: €12,635
- Other debts -€9,263
down €9,263 (-88.2%), from €10,500 to €1,237
- Advances received -€5,510
no longer reported in 2025 (was €5,510)
- Current portion of long-term debt +€5,230
new in 2025: €5,230
- Gross operating margin -€23,260
down €23,260 (-30.3%), from €76,730 to €53,469
- Taxes -€6,089
down €6,089 (-96.1%), from €6,336 to €247
- Staff costs -€3,231
down €3,231 (-5.7%), from €56,565 to €53,334
- Write-downs -€814
down €814 (-198%), from -€410 to -€1,225
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 | €179,362 | €204,269 | +€24,907 | +13.9% |
| Fixed assets | 21/28 | €1,713 | €36,390 | +€34,678 | +2,025% |
| Tangible fixed assets | 22/27 | €1,483 | €36,160 | +€34,678 | +2,339% |
| Plant, machinery and equipment | 23 | €1,483 | €1,181 | -€302 | -20.4% |
| Furniture and vehicles | 24 | - | €34,980 | +€34,980 | |
| Financial fixed assets | 28 | €230 | €230 | = | 0.0% |
| Current assets | 29/58 | €177,650 | €167,879 | -€9,771 | -5.5% |
| Amounts receivable after more than one year | 29 | €7,195 | - | -€7,195 | |
| Other amounts receivable | 291 | €7,195 | - | -€7,195 | |
| Stocks and contracts in progress | 3 | - | €20,568 | +€20,568 | |
| Stocks | 30/36 | - | €20,568 | +€20,568 | |
| Amounts receivable within one year | 40/41 | €61,614 | €121,817 | +€60,203 | +97.7% |
| Trade receivables | 40 | €47,187 | €109,550 | +€62,364 | +132% |
| Other amounts receivable | 41 | €14,428 | €12,267 | -€2,161 | -15.0% |
| Cash at bank and in hand | 54/58 | €107,023 | €12,785 | -€94,238 | -88.1% |
| Deferred charges and accrued income | 490/1 | €1,818 | €12,708 | +€10,891 | +599% |
| Total equity and liabilities | 10/49 | €179,362 | €204,269 | +€24,907 | +13.9% |
| Equity | 10/15 | €140,351 | €139,522 | -€829 | -0.6% |
| Contributions | 10/11 | €6,233 | €6,233 | = | 0.0% |
| Reserves | 13 | €91,177 | €91,177 | = | 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% |
| Distributable reserves | 133 | €89,317 | €89,317 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,941 | €42,112 | -€829 | -1.9% |
| Amounts payable | 17/49 | €39,011 | €64,747 | +€25,736 | +66.0% |
| Amounts payable after more than one year | 17 | - | €12,635 | +€12,635 | |
| Financial debts | 170/4 | - | €12,635 | +€12,635 | |
| Amounts payable within one year | 42/48 | €39,011 | €52,112 | +€13,101 | +33.6% |
| Current portion of amounts payable after more than one year | 42 | - | €5,230 | +€5,230 | |
| Trade debts | 44 | €13,011 | €40,266 | +€27,255 | +209% |
| Suppliers | 440/4 | €13,011 | €40,266 | +€27,255 | +209% |
| Advances received on contracts in progress | 46 | €5,510 | - | -€5,510 | |
| Taxes, remuneration and social security | 45 | €9,989 | €5,379 | -€4,610 | -46.2% |
| Taxes | 450/3 | €4,500 | - | -€4,500 | |
| Remuneration and social security | 454/9 | €5,489 | €5,379 | -€110 | -2.0% |
| Other amounts payable | 47/48 | €10,500 | €1,237 | -€9,263 | -88.2% |
| Remuneration, social security and pensions | 62 | €56,565 | €53,334 | -€3,231 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28 | €302 | +€274 | +976% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€410 | -€1,225 | -€814 | -198% |
| Other operating charges | 640/8 | €1,060 | €840 | -€220 | -20.8% |
| Gross operating margin | 9900 | €76,730 | €53,469 | -€23,260 | -30.3% |
| Operating profit (loss) | 9901 | €19,487 | €218 | -€19,269 | -98.9% |
| Financial income | 75/76B | €433 | €10 | -€423 | -97.8% |
| Recurring financial income | 75 | €433 | €10 | -€423 | -97.8% |
| Financial charges | 65/66B | €424 | €810 | +€387 | +91.2% |
| Recurring financial charges | 65 | €424 | €810 | +€387 | +91.2% |
| Profit (loss) for the period before taxes | 9903 | €19,496 | -€582 | -€20,079 | |
| Income taxes | 67/77 | €6,336 | €247 | -€6,089 | -96.1% |
| Profit (loss) for the period | 9904 | €13,160 | -€829 | -€13,990 | |
| Profit (loss) for the period to be appropriated | 9905 | €13,160 | -€829 | -€13,990 |
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 15 October 2026 via checked.be.