MSF: 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.
MSF
Largest movements
- Tangible fixed assets +€42,957
up €42,957 (+9.0%), from €476,429 to €519,386
of which Furniture and vehicles: +€59,602
- Cash -€7,727
down €7,727 (-37.6%), from €20,555 to €12,828
mainly Investment in fixed assets (net) (-€70,077) and Debts after one year (-€25,000)
- Reserves +€55,601
up €55,601 (+21.5%), from €258,313 to €313,914
of which Distributable reserves: +€58,265
- Debts after one year -€25,000
down €25,000 (-100%), from €25,000 to €0
- Other debts +€5,522
up €5,522 (+107%), from €5,152 to €10,675
- Gross operating margin +€68,140
up €68,140 (+153%), from €44,670 to €112,810
- Taxes +€21,697
up €21,697 (+421%), from €5,151 to €26,848
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 | €506,965 | €544,634 | +€37,669 | +7.4% |
| Fixed assets | 21/28 | €476,429 | €519,386 | +€42,957 | +9.0% |
| Tangible fixed assets | 22/27 | €476,429 | €519,386 | +€42,957 | +9.0% |
| Land and buildings | 22 | €453,605 | €436,960 | -€16,645 | -3.7% |
| Furniture and vehicles | 24 | €22,824 | €82,425 | +€59,602 | +261% |
| Current assets | 29/58 | €30,536 | €25,249 | -€5,288 | -17.3% |
| Amounts receivable within one year | 40/41 | €9,128 | €11,514 | +€2,386 | +26.1% |
| Trade receivables | 40 | €3,993 | €5,324 | +€1,331 | +33.3% |
| Other amounts receivable | 41 | €5,135 | €6,190 | +€1,055 | +20.5% |
| Cash at bank and in hand | 54/58 | €20,555 | €12,828 | -€7,727 | -37.6% |
| Deferred charges and accrued income | 490/1 | €853 | €907 | +€54 | +6.3% |
| Total equity and liabilities | 10/49 | €506,965 | €544,634 | +€37,669 | +7.4% |
| Equity | 10/15 | €461,323 | €516,923 | +€55,601 | +12.1% |
| Contributions | 10/11 | €120,000 | €120,000 | = | 0.0% |
| Reserves | 13 | €258,313 | €313,914 | +€55,601 | +21.5% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €29,013 | €26,349 | -€2,665 | -9.2% |
| Distributable reserves | 133 | €229,300 | €287,565 | +€58,265 | +25.4% |
| Profit (loss) carried forward | 14 | €83,010 | €83,010 | = | 0.0% |
| Provisions and deferred taxes | 16 | €9,671 | €8,783 | -€888 | -9.2% |
| Deferred taxes | 168 | €9,671 | €8,783 | -€888 | -9.2% |
| Amounts payable | 17/49 | €35,971 | €18,928 | -€17,043 | -47.4% |
| Amounts payable after more than one year | 17 | €25,000 | €0 | -€25,000 | -100% |
| Financial debts | 170/4 | €25,000 | €0 | -€25,000 | -100% |
| Amounts payable within one year | 42/48 | €10,971 | €18,759 | +€7,788 | +71.0% |
| Trade debts | 44 | €5 | €400 | +€395 | +8,260% |
| Suppliers | 440/4 | €5 | €400 | +€395 | +8,260% |
| Taxes, remuneration and social security | 45 | €5,814 | €7,685 | +€1,871 | +32.2% |
| Taxes | 450/3 | €5,814 | €7,685 | +€1,871 | +32.2% |
| Other amounts payable | 47/48 | €5,152 | €10,675 | +€5,522 | +107% |
| Accrued charges and deferred income | 492/3 | - | €169 | +€169 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,449 | €27,121 | -€328 | -1.2% |
| Other operating charges | 640/8 | €2,631 | €2,587 | -€45 | -1.7% |
| Gross operating margin | 9900 | €44,670 | €112,810 | +€68,140 | +153% |
| Operating profit (loss) | 9901 | €14,589 | €83,103 | +€68,513 | +470% |
| Financial charges | 65/66B | €2,668 | €1,543 | -€1,125 | -42.2% |
| Recurring financial charges | 65 | €2,668 | €1,543 | -€1,125 | -42.2% |
| Profit (loss) for the period before taxes | 9903 | €11,922 | €81,560 | +€69,638 | +584% |
| Transfer from deferred taxes | 780 | €888 | €888 | = | 0.0% |
| Income taxes | 67/77 | €5,151 | €26,848 | +€21,697 | +421% |
| Profit (loss) for the period | 9904 | €7,659 | €55,601 | +€47,941 | +626% |
| Transfer from tax-exempt reserves | 789 | €2,665 | €2,665 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €10,324 | €58,265 | +€47,941 | +464% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.