MSDR: 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.
MSDR
Largest movements
- Financial fixed assets +€162,255
new in 2025: €162,255
- Receivables within one year -€25,073
down €25,073 (-97.2%), from €25,787 to €714
of which Other amounts receivable: -€15,117
- Cash +€24,158
up €24,158 (+391%), from €6,173 to €30,330
mainly Debts after one year (+€162,255) and Net result for the year (+€25,403)
- Debts after one year +€162,255
new in 2025: €162,255
- Gross operating margin +€1,257
up €1,257 (+3.8%), from €33,299 to €34,556
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 | €32,329 | €194,329 | +€162,000 | +501% |
| Fixed assets | 21/28 | - | €162,255 | +€162,255 | |
| Financial fixed assets | 28 | - | €162,255 | +€162,255 | |
| Current assets | 29/58 | €32,329 | €32,074 | -€255 | -0.8% |
| Amounts receivable within one year | 40/41 | €25,787 | €714 | -€25,073 | -97.2% |
| Trade receivables | 40 | €9,956 | - | -€9,956 | |
| Other amounts receivable | 41 | €15,831 | €714 | -€15,117 | -95.5% |
| Cash at bank and in hand | 54/58 | €6,173 | €30,330 | +€24,158 | +391% |
| Deferred charges and accrued income | 490/1 | €369 | €1,029 | +€660 | +179% |
| Total equity and liabilities | 10/49 | €32,329 | €194,329 | +€162,000 | +501% |
| Equity | 10/15 | €1,500 | €1,500 | = | 0.0% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Amounts payable | 17/49 | €30,829 | €192,829 | +€162,000 | +525% |
| Amounts payable after more than one year | 17 | - | €162,255 | +€162,255 | |
| Financial debts | 170/4 | - | €162,255 | +€162,255 | |
| Amounts payable within one year | 42/48 | €30,829 | €30,574 | -€255 | -0.8% |
| Trade debts | 44 | €1,868 | €86 | -€1,782 | -95.4% |
| Suppliers | 440/4 | €1,868 | €86 | -€1,782 | -95.4% |
| Taxes, remuneration and social security | 45 | €4,842 | €5,085 | +€243 | +5.0% |
| Taxes | 450/3 | €4,842 | €5,085 | +€243 | +5.0% |
| Other amounts payable | 47/48 | €24,119 | €25,403 | +€1,284 | +5.3% |
| Other operating charges | 640/8 | €710 | €501 | -€209 | -29.5% |
| Gross operating margin | 9900 | €33,299 | €34,556 | +€1,257 | +3.8% |
| Operating profit (loss) | 9901 | €32,589 | €34,055 | +€1,466 | +4.5% |
| Financial income | 75/76B | €336 | - | -€336 | |
| Recurring financial income | 75 | €336 | - | -€336 | |
| Financial charges | 65/66B | €251 | €366 | +€115 | +45.8% |
| Recurring financial charges | 65 | €251 | €366 | +€115 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €32,674 | €33,689 | +€1,015 | +3.1% |
| Income taxes | 67/77 | €8,555 | €8,286 | -€269 | -3.1% |
| Profit (loss) for the period | 9904 | €24,119 | €25,403 | +€1,284 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €24,119 | €25,403 | +€1,284 | +5.3% |
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 14 October 2026 via checked.be.