MSF SUPPLY: 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.
What changed
MSF SUPPLY
NACE 46.460, Wholesale of pharmaceutical and medical goods
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€109,377
2024 · €1.8m-€1.6m
Equity
€15.2m
2024 · €14.3m+€901,979
Cash
€4.2m
2024 · €5.4m-€1.2m
Balance sheet total
€32.5m
2024 · €32.9m-€352,701
Largest movements
Assets
- Receivables within one year +€2.2m
up €2.2m (+47.8%), from €4.5m to €6.7m
of which Trade receivables: +€1.3m
- Stocks and contracts -€2.0m
down €2.0m (-9.3%), from €21.3m to €19.3m
- Cash -€1.2m
down €1.2m (-22.1%), from €5.4m to €4.2m
mainly Receivables within one year (-€2.2m) and Debts within one year (-€1.4m)
- Intangible fixed assets +€459,514
up €459,514 (+80.6%), from €570,079 to €1.0m
Equity and liabilities
- Debts within one year -€1.4m
down €1.4m (-7.8%), from €18.5m to €17.1m
of which Trade debts: -€736,981
- Investment grants +€792,603
new in 2025: €792,603
Income statement
- Turnover -€2.2m
down €2.2m (-2.9%), from €77.1m to €74.9m
- Goods and materials -€1.3m
down €1.3m (-2.1%), from €61.0m to €59.7m
of which Purchases: -€4.5m
- Staff costs +€953,608
up €953,608 (+9.1%), from €10.4m to €11.4m
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.
Result 2024
€1.8m
Turnover
-€2.2m
Other operating income
+€24,273
Goods and materials
+€1.3m
Services and other goods
-€296,416
Staff costs
-€953,608
Depreciation
-€44,441
Write-downs
+€164,249
Other operating charges
+€285,737
Other operating items
-€39,528
Financial income
+€144,482
Financial charges
+€3,763
Taxes
+€5,916
Result 2025
€109,377
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.0m
Investment
-€969,126
Financing
+€792,603
Cash 2024
€5.4m
From operations (derived)
-€1.0m
Net result for the year
+€109,377
Depreciation
+€484,792
Stocks and contracts
+€2.0m
Receivables within one year
-€2.2m
Deferred charges and accrued income
-€165,145
Provisions
+€195,961
Debts within one year
-€1.4m
Accrued charges and deferred income
-€13,190
Investment (derived)
-€969,126
Investment in fixed assets (net)
-€969,126
Financing
+€792,603
Contributions, distributions and other
+€792,603
Cash 2025
€4.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €32,886,403 | €32,533,702 | -€352,701 | -1.1% |
| Fixed assets | 21/28 | €1,231,429 | €1,715,762 | +€484,334 | +39.3% |
| Intangible fixed assets | 21 | €570,079 | €1,029,593 | +€459,514 | +80.6% |
| Tangible fixed assets | 22/27 | €658,723 | €683,543 | +€24,820 | +3.8% |
| Land and buildings | 22 | €0 | - | = | |
| Plant, machinery and equipment | 23 | €105,645 | €79,004 | -€26,641 | -25.2% |
| Furniture and vehicles | 24 | €103,657 | €89,933 | -€13,725 | -13.2% |
| Leasing and similar rights | 25 | €0 | - | = | |
| Other tangible fixed assets | 26 | €449,421 | €514,606 | +€65,185 | +14.5% |
| Financial fixed assets | 28 | €2,626 | €2,626 | = | 0.0% |
| Other financial fixed assets | 284/8 | €2,626 | €2,626 | = | 0.0% |
| Amounts receivable and cash guarantees | 285/8 | €2,626 | €2,626 | = | 0.0% |
| Current assets | 29/58 | €31,654,974 | €30,817,940 | -€837,034 | -2.6% |
| Stocks and contracts in progress | 3 | €21,320,265 | €19,327,996 | -€2.0m | -9.3% |
| Stocks | 30/36 | €21,320,265 | €19,327,996 | -€2.0m | -9.3% |
| Goods purchased for resale | 34 | €21,320,265 | €19,327,996 | -€2.0m | -9.3% |
| Amounts receivable within one year | 40/41 | €4,547,867 | €6,719,970 | +€2.2m | +47.8% |
| Trade receivables | 40 | €3,826,750 | €5,125,615 | +€1.3m | +33.9% |
| Other amounts receivable | 41 | €721,117 | €1,594,355 | +€873,239 | +121% |
| Cash at bank and in hand | 54/58 | €5,358,194 | €4,176,181 | -€1.2m | -22.1% |
| Deferred charges and accrued income | 490/1 | €428,648 | €593,793 | +€165,145 | +38.5% |
| Total equity and liabilities | 10/49 | €32,886,403 | €32,533,702 | -€352,701 | -1.1% |
| Equity | 10/15 | €14,323,911 | €15,225,890 | +€901,979 | +6.3% |
| Contributions | 10/11 | €13,221,580 | €13,221,580 | = | 0.0% |
| Capital | 10 | €13,221,580 | €13,221,580 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,102,331 | €1,211,708 | +€109,377 | +9.9% |
| Investment grants | 15 | - | €792,603 | +€792,603 | |
| Provisions and deferred taxes | 16 | - | €195,961 | +€195,961 | |
| Provisions for liabilities and charges | 160/5 | - | €195,961 | +€195,961 | |
| Other liabilities and charges | 164/5 | - | €195,961 | +€195,961 | |
| Amounts payable | 17/49 | €18,562,492 | €17,111,851 | -€1.5m | -7.8% |
| Amounts payable within one year | 42/48 | €18,497,465 | €17,060,014 | -€1.4m | -7.8% |
| Trade debts | 44 | €4,564,278 | €3,827,297 | -€736,981 | -16.1% |
| Suppliers | 440/4 | €4,564,278 | €3,827,297 | -€736,981 | -16.1% |
| Taxes, remuneration and social security | 45 | €1,202,137 | €1,501,668 | +€299,531 | +24.9% |
| Taxes | 450/3 | €13,489 | €5,005 | -€8,484 | -62.9% |
| Remuneration and social security | 454/9 | €1,188,648 | €1,496,663 | +€308,015 | +25.9% |
| Accrued charges and deferred income | 492/3 | €65,027 | €51,837 | -€13,190 | -20.3% |
| Operating income | 70/76A | €78,662,198 | €76,923,261 | -€1.7m | -2.2% |
| Turnover | 70 | €77,096,928 | €74,851,056 | -€2.2m | -2.9% |
| Own construction capitalised | 72 | - | €445,666 | +€445,666 | |
| Membership fees, donations, legacies and grants | 73 | €397,967 | €449,752 | +€51,785 | +13.0% |
| Other operating income | 74 | €1,144,171 | €1,168,444 | +€24,273 | +2.1% |
| Non-recurring operating income | 76A | €23,132 | €8,344 | -€14,788 | -63.9% |
| Operating charges | 60/66A | €76,963,392 | €77,021,043 | +€57,651 | +0.1% |
| Goods for resale, raw materials and consumables | 60 | €61,042,523 | €59,733,505 | -€1.3m | -2.1% |
| Purchases | 600/8 | €62,153,934 | €57,662,702 | -€4.5m | -7.2% |
| Change in stocks: decrease (increase) | 609 | -€1,111,411 | €2,070,803 | +€3.2m | |
| Services and other goods | 61 | €3,250,777 | €3,547,192 | +€296,416 | +9.1% |
| Remuneration, social security and pensions | 62 | €10,445,601 | €11,399,209 | +€953,608 | +9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €440,351 | €484,792 | +€44,441 | +10.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €97,410 | -€66,839 | -€164,249 | |
| Other operating charges | 640/8 | €1,681,374 | €1,395,636 | -€285,737 | -17.0% |
| Non-recurring operating charges | 66A | €5,357 | €478,946 | +€473,590 | +8,841% |
| Operating profit (loss) | 9901 | €1,698,806 | -€97,782 | -€1.8m | |
| Financial income | 75/76B | €117,263 | €261,745 | +€144,482 | +123% |
| Recurring financial income | 75 | €117,263 | €261,745 | +€144,482 | +123% |
| Income from current assets | 751 | €19,721 | - | -€19,721 | |
| Other financial income | 752/9 | €97,541 | €261,745 | +€164,203 | +168% |
| Financial charges | 65/66B | €58,349 | €54,586 | -€3,763 | -6.4% |
| Recurring financial charges | 65 | €58,349 | €50,173 | -€8,176 | -14.0% |
| Debt charges | 650 | €16,500 | €13,104 | -€3,396 | -20.6% |
| Other financial charges | 652/9 | €41,849 | €37,069 | -€4,780 | -11.4% |
| Non-recurring financial charges | 66B | - | €4,413 | +€4,413 | |
| Profit (loss) for the period before taxes | 9903 | €1,757,720 | €109,377 | -€1.6m | -93.8% |
| Income taxes | 67/77 | €5,916 | - | -€5,916 | |
| Taxes | 670/3 | €5,916 | - | -€5,916 | |
| Profit (loss) for the period | 9904 | €1,751,803 | €109,377 | -€1.6m | -93.8% |
| Profit (loss) for the period to be appropriated | 9905 | €1,751,803 | €109,377 | -€1.6m | -93.8% |
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 15 October 2026 via checked.be.