MSH RENOV: 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.
MSH RENOV
Largest movements
- Tangible fixed assets +€403,728
up €403,728 (+20.6%), from €2.0m to €2.4m
- Receivables within one year +€60,928
up €60,928 (+71.7%), from €85,000 to €145,928
- Contributions +€495,787
new in 2025: €495,787
- Profit (loss) carried forward -€470,806
down €470,806 (-178%), from -€264,382 to -€735,187
- Other debts +€462,813
up €462,813 (+30.1%), from €1.5m to €2.0m
- Gross operating margin +€58,844
up €58,844 (+331%), from €17,804 to €76,648
- Financial charges -€17,816
down €17,816 (-99.5%), from €17,900 to €84
- Depreciation -€5,379
down €5,379 (-8.2%), from €65,226 to €59,847
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 | €2,045,746 | €2,510,963 | +€465,216 | +22.7% |
| Fixed assets | 21/28 | €1,956,232 | €2,359,960 | +€403,728 | +20.6% |
| Tangible fixed assets | 22/27 | €1,956,232 | €2,359,960 | +€403,728 | +20.6% |
| Land and buildings | 22 | €1,956,232 | €2,359,960 | +€403,728 | +20.6% |
| Current assets | 29/58 | €89,514 | €151,002 | +€61,488 | +68.7% |
| Amounts receivable within one year | 40/41 | €85,000 | €145,928 | +€60,928 | +71.7% |
| Other amounts receivable | 41 | €85,000 | €145,928 | +€60,928 | +71.7% |
| Cash at bank and in hand | 54/58 | €4,514 | €5,074 | +€560 | +12.4% |
| Total equity and liabilities | 10/49 | €2,045,746 | €2,510,963 | +€465,216 | +22.7% |
| Equity | 10/15 | €313,576 | €323,427 | +€9,851 | +3.1% |
| Contributions | 10/11 | - | €495,787 | +€495,787 | |
| Reserves | 13 | €577,957 | €562,827 | -€15,131 | -2.6% |
| Tax-exempt reserves | 132 | €577,957 | €562,827 | -€15,131 | -2.6% |
| Profit (loss) carried forward | 14 | -€264,382 | -€735,187 | -€470,806 | -178% |
| Provisions and deferred taxes | 16 | €192,652 | €187,609 | -€5,044 | -2.6% |
| Deferred taxes | 168 | €192,652 | €187,609 | -€5,044 | -2.6% |
| Amounts payable | 17/49 | €1,539,518 | €1,999,927 | +€460,409 | +29.9% |
| Amounts payable within one year | 42/48 | €1,539,518 | €1,999,927 | +€460,409 | +29.9% |
| Trade debts | 44 | €2,815 | €411 | -€2,404 | -85.4% |
| Suppliers | 440/4 | €2,815 | €411 | -€2,404 | -85.4% |
| Other amounts payable | 47/48 | €1,536,704 | €1,999,517 | +€462,813 | +30.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €65,226 | €59,847 | -€5,379 | -8.2% |
| Other operating charges | 640/8 | €12,655 | €11,910 | -€745 | -5.9% |
| Gross operating margin | 9900 | €17,804 | €76,648 | +€58,844 | +331% |
| Operating profit (loss) | 9901 | -€60,077 | €4,891 | +€64,969 | |
| Financial charges | 65/66B | €17,900 | €84 | -€17,816 | -99.5% |
| Recurring financial charges | 65 | €17,900 | €84 | -€17,816 | -99.5% |
| Profit (loss) for the period before taxes | 9903 | -€77,978 | €4,807 | +€82,785 | |
| Transfer from deferred taxes | 780 | €5,044 | €5,044 | = | 0.0% |
| Profit (loss) for the period | 9904 | -€72,934 | €9,851 | +€82,785 | |
| Transfer from tax-exempt reserves | 789 | €15,131 | €15,131 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€57,803 | €24,982 | +€82,785 |
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 18 October 2026 via checked.be.