mse.service: 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.
mse.service
Largest movements
- Financial fixed assets -€3.7m
down €3.7m (-60.6%), from €6.2m to €2.4m
- Receivables within one year -€173,488
down €173,488 (-57.8%), from €300,083 to €126,595
of which Other amounts receivable: -€163,833
- Current investments -€158,944
down €158,944 (-5.4%), from €3.0m to €2.8m
- Cash +€119,483
up €119,483 (+27.6%), from €432,894 to €552,377
mainly Investment in fixed assets (net) (+€3.7m) and Receivables within one year (+€173,488)
- Reserves -€3.7m
down €3.7m (-99.7%), from €3.7m to €10,300
- Profit (loss) carried forward -€276,182
new in 2026: -€276,182
- Financial charges +€3.7m
up €3.7m (+7,657%), from €48,645 to €3.8m
of which Non-recurring financial charges: +€3.7m
- Financial income -€94,274
down €94,274 (-44.3%), from €212,811 to €118,538
- Taxes -€6,642
down €6,642 (-41.5%), from €16,003 to €9,361
- Gross operating margin -€6,638
down €6,638 (-65.5%), from -€10,141 to -€16,779
- Other operating charges +€3,339
up €3,339 (+106%), from €3,153 to €6,492
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,292,824 | €6,321,715 | -€4.0m | -38.6% |
| Fixed assets | 21/28 | €6,418,315 | €2,659,759 | -€3.8m | -58.6% |
| Tangible fixed assets | 22/27 | €258,315 | €230,480 | -€27,835 | -10.8% |
| Land and buildings | 22 | €219,633 | €205,393 | -€14,240 | -6.5% |
| Furniture and vehicles | 24 | €38,682 | €25,087 | -€13,595 | -35.1% |
| Financial fixed assets | 28 | €6,160,000 | €2,429,278 | -€3.7m | -60.6% |
| Current assets | 29/58 | €3,874,509 | €3,661,956 | -€212,553 | -5.5% |
| Amounts receivable after more than one year | 29 | €185,000 | €185,000 | = | 0.0% |
| Other amounts receivable | 291 | €185,000 | €185,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €300,083 | €126,595 | -€173,488 | -57.8% |
| Trade receivables | 40 | €9,949 | €295 | -€9,654 | -97.0% |
| Other amounts receivable | 41 | €290,133 | €126,300 | -€163,833 | -56.5% |
| Current investments | 50/53 | €2,954,452 | €2,795,508 | -€158,944 | -5.4% |
| Cash at bank and in hand | 54/58 | €432,894 | €552,377 | +€119,483 | +27.6% |
| Deferred charges and accrued income | 490/1 | €2,080 | €2,476 | +€396 | +19.0% |
| Total equity and liabilities | 10/49 | €10,292,824 | €6,321,715 | -€4.0m | -38.6% |
| Equity | 10/15 | €10,262,699 | €6,312,718 | -€3.9m | -38.5% |
| Contributions | 10/11 | €6,578,600 | €6,578,600 | = | 0.0% |
| Reserves | 13 | €3,684,099 | €10,300 | -€3.7m | -99.7% |
| Distributable reserves | 133 | €3,684,099 | €10,300 | -€3.7m | -99.7% |
| Profit (loss) carried forward | 14 | - | -€276,182 | -€276,182 | |
| Amounts payable | 17/49 | €30,125 | €8,996 | -€21,129 | -70.1% |
| Amounts payable after more than one year | 17 | €7,654 | - | -€7,654 | |
| Financial debts | 170/4 | €7,654 | - | -€7,654 | |
| Amounts payable within one year | 42/48 | €21,745 | €8,169 | -€13,576 | -62.4% |
| Current portion of amounts payable after more than one year | 42 | €12,726 | €7,654 | -€5,072 | -39.9% |
| Trade debts | 44 | €1,234 | €515 | -€719 | -58.3% |
| Suppliers | 440/4 | €1,234 | €515 | -€719 | -58.3% |
| Taxes, remuneration and social security | 45 | €7,785 | - | -€7,785 | |
| Taxes | 450/3 | €7,785 | - | -€7,785 | |
| Accrued charges and deferred income | 492/3 | €726 | €827 | +€101 | +14.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,785 | €27,835 | +€50 | +0.2% |
| Other operating charges | 640/8 | €3,153 | €6,492 | +€3,339 | +106% |
| Gross operating margin | 9900 | -€10,141 | -€16,779 | -€6,638 | -65.5% |
| Operating profit (loss) | 9901 | -€41,079 | -€51,106 | -€10,027 | -24.4% |
| Financial income | 75/76B | €212,811 | €118,538 | -€94,274 | -44.3% |
| Recurring financial income | 75 | €212,811 | €118,538 | -€94,274 | -44.3% |
| Financial charges | 65/66B | €48,645 | €3,773,204 | +€3.7m | +7,657% |
| Recurring financial charges | 65 | €48,645 | €42,482 | -€6,163 | -12.7% |
| Non-recurring financial charges | 66B | - | €3,730,722 | +€3.7m | |
| Profit (loss) for the period before taxes | 9903 | €123,087 | -€3,705,772 | -€3.8m | |
| Income taxes | 67/77 | €16,003 | €9,361 | -€6,642 | -41.5% |
| Profit (loss) for the period | 9904 | €107,084 | -€3,715,134 | -€3.8m | |
| Profit (loss) for the period to be appropriated | 9905 | €107,084 | -€3,715,134 | -€3.8m |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.