MSDM: 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.
MSDM
Largest movements
- Cash -€8,008
down €8,008 (-73.7%), from €10,868 to €2,860
mainly Net result for the year (-€15,465) and Receivables within one year (-€1,921)
- Intangible fixed assets -€3,000
down €3,000 (-21.1%), from €14,250 to €11,250
- Receivables within one year +€1,921
up €1,921 (+26.9%), from €7,147 to €9,068
of which Other amounts receivable: +€1,863
- Deferred charges and accrued income -€1,747
down €1,747 (-100.0%), from €1,747 to €0
- Profit (loss) carried forward -€15,465
down €15,465 (-89.8%), from €17,223 to €1,758
- Trade debts +€2,716
up €2,716 (+96.0%), from €2,829 to €5,545
- Debts after one year +€1,503
new in 2025: €1,503
- Other debts +€913
up €913 (+324.8%), from €281 to €1,194
- Tax, wage and social debts -€360
down €360 (-51.4%), from €700 to €340
- Gross operating margin -€22,081
down €22,081 (-53.4%), from €41,313 to €19,232
- Staff costs -€1,236
down €1,236 (-4.2%), from €29,350 to €28,113
- Financial charges +€1,145
up €1,145 (+277.9%), from €412 to €1,557
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 | €35,661 | €24,830 | -€10,831 | -30.4% |
| Fixed assets | 21/28 | €14,821 | €12,141 | -€2,680 | -18.1% |
| Intangible fixed assets | 21 | €14,250 | €11,250 | -€3,000 | -21.1% |
| Tangible fixed assets | 22/27 | €571 | €891 | +€320 | +55.9% |
| Furniture and vehicles | 24 | €571 | €891 | +€320 | +55.9% |
| Current assets | 29/58 | €20,839 | €12,689 | -€8,150 | -39.1% |
| Stocks and contracts in progress | 3 | €1,077 | €761 | -€317 | -29.4% |
| Stocks | 30/36 | €1,077 | €761 | -€317 | -29.4% |
| Amounts receivable within one year | 40/41 | €7,147 | €9,068 | +€1,921 | +26.9% |
| Trade receivables | 40 | €7,117 | €7,175 | +€58 | +0.8% |
| Other amounts receivable | 41 | €30 | €1,893 | +€1,863 | +6229.9% |
| Cash at bank and in hand | 54/58 | €10,868 | €2,860 | -€8,008 | -73.7% |
| Deferred charges and accrued income | 490/1 | €1,747 | €0 | -€1,747 | -100.0% |
| Total equity and liabilities | 10/49 | €35,661 | €24,830 | -€10,831 | -30.4% |
| Equity | 10/15 | €29,223 | €13,758 | -€15,465 | -52.9% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,223 | €1,758 | -€15,465 | -89.8% |
| Amounts payable | 17/49 | €6,438 | €11,072 | +€4,634 | +72.0% |
| Amounts payable after more than one year | 17 | - | €1,503 | +€1,503 | |
| Financial debts | 170/4 | - | €1,503 | +€1,503 | |
| Amounts payable within one year | 42/48 | €6,438 | €9,570 | +€3,131 | +48.6% |
| Current portion of amounts payable after more than one year | 42 | €2,629 | €2,491 | -€138 | -5.2% |
| Trade debts | 44 | €2,829 | €5,545 | +€2,716 | +96.0% |
| Suppliers | 440/4 | €2,829 | €5,545 | +€2,716 | +96.0% |
| Taxes, remuneration and social security | 45 | €700 | €340 | -€360 | -51.4% |
| Taxes | 450/3 | €700 | €340 | -€360 | -51.4% |
| Other amounts payable | 47/48 | €281 | €1,194 | +€913 | +324.8% |
| Non-recurring operating income | 76A | €0 | €0 | -€0 | -100.0% |
| Remuneration, social security and pensions | 62 | €29,350 | €28,113 | -€1,236 | -4.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,798 | €3,715 | -€83 | -2.2% |
| Other operating charges | 640/8 | €659 | €1,042 | +€383 | +58.1% |
| Gross operating margin | 9900 | €41,313 | €19,232 | -€22,081 | -53.4% |
| Operating profit (loss) | 9901 | €7,506 | -€13,638 | -€21,144 | |
| Financial income | 75/76B | - | €13 | +€13 | |
| Recurring financial income | 75 | - | €13 | +€13 | |
| Financial charges | 65/66B | €412 | €1,557 | +€1,145 | +277.9% |
| Recurring financial charges | 65 | €412 | €1,557 | +€1,145 | +277.9% |
| Profit (loss) for the period before taxes | 9903 | €7,094 | -€15,182 | -€22,276 | |
| Income taxes | 67/77 | - | €283 | +€283 | |
| Profit (loss) for the period | 9904 | €7,094 | -€15,465 | -€22,558 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,094 | -€15,465 | -€22,558 |
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 28 September 2026 via checked.be.