MSDP: 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.
MSDP
Largest movements
- Cash -€20,005
down €20,005 (-78.1%), from €25,624 to €5,619
mainly Debts after one year (-€71,937) and Current portion of long-term debt (-€25,141)
- Debts after one year -€71,937
down €71,937 (-20.8%), from €346,505 to €274,568
of which Financial debts: -€59,315
- Profit (loss) carried forward +€56,721
up €56,721 (+64.4%), from €88,021 to €144,742
- Trade debts +€27,207
up €27,207 (+930.2%), from €2,925 to €30,132
- Current portion of long-term debt -€25,141
down €25,141 (-28.8%), from €87,203 to €62,062
- Tax, wage and social debts -€11,176
down €11,176 (-70.3%), from €15,893 to €4,716
of which Taxes: -€11,176
- Gross operating margin -€42,936
down €42,936 (-31.6%), from €136,040 to €93,104
- Taxes -€10,311
down €10,311 (-32.5%), from €31,705 to €21,394
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 | €560,974 | €535,998 | -€24,976 | -4.5% |
| Fixed assets | 21/28 | €283,864 | €282,202 | -€1,662 | -0.6% |
| Tangible fixed assets | 22/27 | €273,864 | €272,202 | -€1,662 | -0.6% |
| Land and buildings | 22 | €250,000 | €250,000 | = | 0.0% |
| Furniture and vehicles | 24 | €1,734 | €3,108 | +€1,374 | +79.2% |
| Other tangible fixed assets | 26 | €22,130 | €19,093 | -€3,036 | -13.7% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €277,110 | €253,797 | -€23,314 | -8.4% |
| Amounts receivable within one year | 40/41 | €250,218 | €248,067 | -€2,151 | -0.9% |
| Trade receivables | 40 | €250,218 | €239,742 | -€10,476 | -4.2% |
| Other amounts receivable | 41 | - | €8,325 | +€8,325 | |
| Cash at bank and in hand | 54/58 | €25,624 | €5,619 | -€20,005 | -78.1% |
| Deferred charges and accrued income | 490/1 | €1,268 | €110 | -€1,157 | -91.3% |
| Total equity and liabilities | 10/49 | €560,974 | €535,998 | -€24,976 | -4.5% |
| Equity | 10/15 | €106,621 | €163,342 | +€56,721 | +53.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €88,021 | €144,742 | +€56,721 | +64.4% |
| Amounts payable | 17/49 | €454,353 | €372,656 | -€81,697 | -18.0% |
| Amounts payable after more than one year | 17 | €346,505 | €274,568 | -€71,937 | -20.8% |
| Financial debts | 170/4 | €228,662 | €169,346 | -€59,315 | -25.9% |
| Other amounts payable | 178/9 | €117,844 | €105,222 | -€12,622 | -10.7% |
| Amounts payable within one year | 42/48 | €106,633 | €96,911 | -€9,722 | -9.1% |
| Current portion of amounts payable after more than one year | 42 | €87,203 | €62,062 | -€25,141 | -28.8% |
| Trade debts | 44 | €2,925 | €30,132 | +€27,207 | +930.2% |
| Suppliers | 440/4 | €2,925 | €30,132 | +€27,207 | +930.2% |
| Taxes, remuneration and social security | 45 | €15,893 | €4,716 | -€11,176 | -70.3% |
| Taxes | 450/3 | €15,893 | €4,716 | -€11,176 | -70.3% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €613 | €0 | -€613 | -100.0% |
| Accrued charges and deferred income | 492/3 | €1,214 | €1,177 | -€37 | -3.0% |
| Non-recurring operating income | 76A | €4,582 | €0 | -€4,582 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,934 | €3,911 | -€23 | -0.6% |
| Other operating charges | 640/8 | €1,022 | €528 | -€494 | -48.3% |
| Non-recurring operating charges | 66A | - | €253 | +€253 | |
| Gross operating margin | 9900 | €136,040 | €93,104 | -€42,936 | -31.6% |
| Operating profit (loss) | 9901 | €131,084 | €88,412 | -€42,672 | -32.6% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €11,636 | €10,297 | -€1,339 | -11.5% |
| Recurring financial charges | 65 | €11,636 | €10,297 | -€1,339 | -11.5% |
| Profit (loss) for the period before taxes | 9903 | €119,449 | €78,115 | -€41,334 | -34.6% |
| Income taxes | 67/77 | €31,705 | €21,394 | -€10,311 | -32.5% |
| Profit (loss) for the period | 9904 | €87,744 | €56,721 | -€31,023 | -35.4% |
| Profit (loss) for the period to be appropriated | 9905 | €87,744 | €56,721 | -€31,023 | -35.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.