MSF CLIMBING: 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 CLIMBING
Largest movements
No asset line moved by more than 1% of the balance sheet total.
- Profit (loss) carried forward +€139,705
up €139,705 (+45.5%), from €307,017 to €446,722
- Debts after one year -€78,805
down €78,805 (-14.2%), from €555,995 to €477,190
- Tax, wage and social debts -€36,092
down €36,092 (-58.3%), from €61,936 to €25,844
of which Taxes: -€34,519
- Current portion of long-term debt -€21,638
down €21,638 (-20.2%), from €106,963 to €85,325
- Gross operating margin +€83,478
up €83,478 (+70.3%), from €118,783 to €202,261
- Taxes +€17,591
up €17,591 (+68.3%), from €25,770 to €43,361
- Financial charges +€11,367
up €11,367 (+135.6%), from €8,384 to €19,751
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 | €2,149,079 | €2,135,081 | -€13,998 | -0.7% |
| Fixed assets | 21/28 | €1,850,000 | €1,850,000 | = | 0.0% |
| Financial fixed assets | 28 | €1,850,000 | €1,850,000 | = | 0.0% |
| Current assets | 29/58 | €299,079 | €285,081 | -€13,998 | -4.7% |
| Amounts receivable within one year | 40/41 | €289,812 | €282,947 | -€6,865 | -2.4% |
| Trade receivables | 40 | €10,000 | €1,581 | -€8,419 | -84.2% |
| Other amounts receivable | 41 | €279,812 | €281,366 | +€1,554 | +0.6% |
| Cash at bank and in hand | 54/58 | €9,110 | €2,134 | -€6,976 | -76.6% |
| Deferred charges and accrued income | 490/1 | €157 | - | -€157 | |
| Total equity and liabilities | 10/49 | €2,149,079 | €2,135,081 | -€13,998 | -0.7% |
| Equity | 10/15 | €1,407,017 | €1,546,722 | +€139,705 | +9.9% |
| Contributions | 10/11 | €1,100,000 | €1,100,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €307,017 | €446,722 | +€139,705 | +45.5% |
| Amounts payable | 17/49 | €742,062 | €588,359 | -€153,703 | -20.7% |
| Amounts payable after more than one year | 17 | €555,995 | €477,190 | -€78,805 | -14.2% |
| Financial debts | 170/4 | €555,995 | €477,190 | -€78,805 | -14.2% |
| Amounts payable within one year | 42/48 | €186,067 | €111,169 | -€74,898 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €106,963 | €85,325 | -€21,638 | -20.2% |
| Trade debts | 44 | €17,168 | - | -€17,168 | |
| Suppliers | 440/4 | €17,168 | - | -€17,168 | |
| Taxes, remuneration and social security | 45 | €61,936 | €25,844 | -€36,092 | -58.3% |
| Taxes | 450/3 | €55,975 | €21,456 | -€34,519 | -61.7% |
| Remuneration and social security | 454/9 | €5,961 | €4,388 | -€1,573 | -26.4% |
| Other operating charges | 640/8 | €1,961 | €998 | -€963 | -49.1% |
| Gross operating margin | 9900 | €118,783 | €202,261 | +€83,478 | +70.3% |
| Operating profit (loss) | 9901 | €116,822 | €201,263 | +€84,441 | +72.3% |
| Financial income | 75/76B | €3,069 | €1,554 | -€1,515 | -49.4% |
| Recurring financial income | 75 | €3,069 | €1,554 | -€1,515 | -49.4% |
| Financial charges | 65/66B | €8,384 | €19,751 | +€11,367 | +135.6% |
| Recurring financial charges | 65 | €8,384 | €19,751 | +€11,367 | +135.6% |
| Profit (loss) for the period before taxes | 9903 | €111,507 | €183,066 | +€71,559 | +64.2% |
| Income taxes | 67/77 | €25,770 | €43,361 | +€17,591 | +68.3% |
| Profit (loss) for the period | 9904 | €85,737 | €139,705 | +€53,968 | +62.9% |
| Profit (loss) for the period to be appropriated | 9905 | €85,737 | €139,705 | +€53,968 | +62.9% |
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 9 October 2026 via checked.be.