MSD TECHNICS: 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 TECHNICS
Largest movements
- Receivables within one year +€34,469
up €34,469 (+917.3%), from €3,758 to €38,227
of which Trade receivables: +€19,185
- Stocks and contracts +€27,480
new in 2025: €27,480
- Cash +€12,394
up €12,394 (+412.1%), from €3,007 to €15,401
mainly Net result for the year (+€35,381) and Contributions, distributions and other (+€20,228)
- Tangible fixed assets +€1,193
up €1,193 (+41.1%), from €2,905 to €4,098
of which Plant, machinery and equipment: +€2,237
- Profit (loss) carried forward +€35,381
new in 2025: €35,381
- Trade debts +€11,181
up €11,181 (+1051.1%), from €1,064 to €12,245
- Tax, wage and social debts +€10,871
up €10,871 (+542.3%), from €2,005 to €12,875
- Reserves +€10,328
up €10,328 (+202.5%), from €5,101 to €15,429
- Contributions +€9,900
up €9,900 (+9900.0%), from €100 to €10,000
- Gross operating margin +€47,881
new in 2025: €47,881
- Taxes +€8,853
new in 2025: €8,853
- Financial charges +€1,843
new in 2025: €1,843
- Depreciation +€1,138
new in 2025: €1,138
- Other operating charges +€797
new in 2025: €797
From the 2024 result to the 2025 result
The net result is not in both sets of accounts; without it the difference cannot be explained line by line.
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 | €9,670 | €85,931 | +€76,261 | +788.7% |
| Fixed assets | 21/28 | €2,905 | €4,098 | +€1,193 | +41.1% |
| Tangible fixed assets | 22/27 | €2,905 | €4,098 | +€1,193 | +41.1% |
| Plant, machinery and equipment | 23 | - | €2,237 | +€2,237 | |
| Furniture and vehicles | 24 | €2,905 | €1,861 | -€1,044 | -35.9% |
| Current assets | 29/58 | €6,765 | €81,833 | +€75,068 | +1109.7% |
| Stocks and contracts in progress | 3 | - | €27,480 | +€27,480 | |
| Stocks | 30/36 | - | €27,480 | +€27,480 | |
| Amounts receivable within one year | 40/41 | €3,758 | €38,227 | +€34,469 | +917.3% |
| Trade receivables | 40 | - | €19,185 | +€19,185 | |
| Other amounts receivable | 41 | €3,758 | €19,042 | +€15,285 | +406.8% |
| Cash at bank and in hand | 54/58 | €3,007 | €15,401 | +€12,394 | +412.1% |
| Deferred charges and accrued income | 490/1 | - | €725 | +€725 | |
| Total equity and liabilities | 10/49 | €9,670 | €85,931 | +€76,261 | +788.7% |
| Equity | 10/15 | €5,201 | €60,810 | +€55,609 | +1069.1% |
| Contributions | 10/11 | €100 | €10,000 | +€9,900 | +9900.0% |
| Reserves | 13 | €5,101 | €15,429 | +€10,328 | +202.5% |
| Distributable reserves | 133 | €5,101 | €15,429 | +€10,328 | +202.5% |
| Profit (loss) carried forward | 14 | - | €35,381 | +€35,381 | |
| Amounts payable | 17/49 | €4,468 | €25,121 | +€20,652 | +462.2% |
| Amounts payable within one year | 42/48 | €4,468 | €25,121 | +€20,652 | +462.2% |
| Trade debts | 44 | €1,064 | €12,245 | +€11,181 | +1051.1% |
| Suppliers | 440/4 | €1,064 | €12,245 | +€11,181 | +1051.1% |
| Taxes, remuneration and social security | 45 | €2,005 | €12,875 | +€10,871 | +542.3% |
| Taxes | 450/3 | €2,005 | €12,875 | +€10,871 | +542.3% |
| Other amounts payable | 47/48 | €1,400 | - | -€1,400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,138 | +€1,138 | |
| Other operating charges | 640/8 | - | €797 | +€797 | |
| Gross operating margin | 9900 | - | €47,881 | +€47,881 | |
| Operating profit (loss) | 9901 | - | €45,947 | +€45,947 | |
| Financial income | 75/76B | - | €131 | +€131 | |
| Recurring financial income | 75 | - | €131 | +€131 | |
| Financial charges | 65/66B | - | €1,843 | +€1,843 | |
| Recurring financial charges | 65 | - | €1,843 | +€1,843 | |
| Profit (loss) for the period before taxes | 9903 | - | €44,234 | +€44,234 | |
| Income taxes | 67/77 | - | €8,853 | +€8,853 | |
| Profit (loss) for the period | 9904 | - | €35,381 | +€35,381 | |
| Profit (loss) for the period to be appropriated | 9905 | - | €35,381 | +€35,381 |
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 5 October 2026 via checked.be.