MSDP HOLDING: 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.
MSDP HOLDING
Largest movements
- Receivables within one year -€71,864
down €71,864 (-49.6%), from €144,854 to €72,990
of which Trade receivables: -€80,049
- Cash -€59,604
down €59,604 (-67.8%), from €87,935 to €28,331
mainly Contributions, distributions and other (-€195,240) and Trade debts (-€175,566)
- Trade debts -€175,566
down €175,566 (-85.6%), from €205,060 to €29,495
- Accrued charges and deferred income +€57,818
up €57,818 (+670%), from €8,623 to €66,441
- Gross operating margin -€3.6m
down €3.6m (-98.5%), from €3.7m to €53,264
- Financial income +€195,218
up €195,218 (+278,883%), from €70 to €195,288
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 | €4,632,755 | €4,501,287 | -€131,469 | -2.8% |
| Fixed assets | 21/28 | €4,399,966 | €4,399,966 | = | 0.0% |
| Financial fixed assets | 28 | €4,399,966 | €4,399,966 | = | 0.0% |
| Current assets | 29/58 | €232,790 | €101,321 | -€131,469 | -56.5% |
| Amounts receivable within one year | 40/41 | €144,854 | €72,990 | -€71,864 | -49.6% |
| Trade receivables | 40 | €107,619 | €27,570 | -€80,049 | -74.4% |
| Other amounts receivable | 41 | €37,235 | €45,420 | +€8,185 | +22.0% |
| Cash at bank and in hand | 54/58 | €87,935 | €28,331 | -€59,604 | -67.8% |
| Total equity and liabilities | 10/49 | €4,632,755 | €4,501,287 | -€131,469 | -2.8% |
| Equity | 10/15 | €4,166,467 | €4,198,467 | +€32,000 | +0.8% |
| Contributions | 10/11 | €118,600 | €118,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 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% |
| Profit (loss) carried forward | 14 | €4,046,007 | €4,078,007 | +€32,000 | +0.8% |
| Amounts payable | 17/49 | €466,289 | €302,820 | -€163,469 | -35.1% |
| Amounts payable after more than one year | 17 | €191,262 | €146,204 | -€45,058 | -23.6% |
| Financial debts | 170/4 | €191,262 | €146,204 | -€45,058 | -23.6% |
| Amounts payable within one year | 42/48 | €266,403 | €90,174 | -€176,229 | -66.2% |
| Current portion of amounts payable after more than one year | 42 | €45,058 | €45,058 | = | 0.0% |
| Trade debts | 44 | €205,060 | €29,495 | -€175,566 | -85.6% |
| Suppliers | 440/4 | €205,060 | €29,495 | -€175,566 | -85.6% |
| Taxes, remuneration and social security | 45 | €7,006 | €13,817 | +€6,811 | +97.2% |
| Taxes | 450/3 | €7,006 | €13,817 | +€6,811 | +97.2% |
| Other amounts payable | 47/48 | €9,279 | €1,805 | -€7,474 | -80.5% |
| Accrued charges and deferred income | 492/3 | €8,623 | €66,441 | +€57,818 | +670% |
| Non-recurring operating income | 76A | €3,702,930 | €0 | -€3.7m | -100% |
| Other operating charges | 640/8 | €982 | €998 | +€17 | +1.7% |
| Gross operating margin | 9900 | €3,667,056 | €53,264 | -€3.6m | -98.5% |
| Operating profit (loss) | 9901 | €3,666,074 | €52,265 | -€3.6m | -98.6% |
| Financial income | 75/76B | €70 | €195,288 | +€195,218 | +278,883% |
| Recurring financial income | 75 | €70 | €195,288 | +€195,218 | +278,883% |
| Financial charges | 65/66B | €28,790 | €8,201 | -€20,589 | -71.5% |
| Recurring financial charges | 65 | €28,790 | €8,201 | -€20,589 | -71.5% |
| Profit (loss) for the period before taxes | 9903 | €3,637,355 | €239,352 | -€3.4m | -93.4% |
| Income taxes | 67/77 | €17,619 | €12,112 | -€5,507 | -31.3% |
| Profit (loss) for the period | 9904 | €3,619,735 | €227,240 | -€3.4m | -93.7% |
| Profit (loss) for the period to be appropriated | 9905 | €3,619,735 | €227,240 | -€3.4m | -93.7% |
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 22 October 2026 via checked.be.