MSI VASTGOED: 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.
MSI VASTGOED
Largest movements
- Tangible fixed assets +€1.5m
up €1.5m (+26.0%), from €5.6m to €7.1m
of which Other tangible fixed assets: +€1.9m
- Cash +€223,936
up €223,936 (+591%), from €37,899 to €261,835
mainly Other debts (+€1.7m) and Depreciation (+€158,846)
- Other debts +€1.7m
new in 2025: €1.7m
- Profit (loss) carried forward -€721,515
down €721,515 (-77.2%), from €934,133 to €212,618
- Contributions +€584,496
up €584,496 (+13.7%), from €4.3m to €4.8m
of which Contributions outside capital: +€584,496
- Reserves +€110,529
up €110,529 (+28.3%), from €390,176 to €500,705
of which Distributable reserves: +€110,529
- Depreciation +€17,532
up €17,532 (+12.4%), from €141,314 to €158,846
- Gross operating margin +€8,796
up €8,796 (+3.2%), from €273,837 to €282,633
- Other operating charges -€7,628
down €7,628 (-20.7%), from €36,887 to €29,259
- Taxes -€6,600
down €6,600, from €3,874 to -€2,726
- Staff costs +€2,901
up €2,901 (+3.6%), from €81,671 to €84,572
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 | €6,020,617 | €7,724,849 | +€1.7m | +28.3% |
| Fixed assets | 21/28 | €5,973,748 | €7,443,532 | +€1.5m | +24.6% |
| Tangible fixed assets | 22/27 | €5,647,905 | €7,117,690 | +€1.5m | +26.0% |
| Land and buildings | 22 | €72,500 | €72,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €49,286 | €42,926 | -€6,360 | -12.9% |
| Furniture and vehicles | 24 | €4,777 | €5,940 | +€1,163 | +24.3% |
| Other tangible fixed assets | 26 | €5,095,866 | €6,996,323 | +€1.9m | +37.3% |
| Assets under construction and advance payments | 27 | €425,475 | - | -€425,475 | |
| Financial fixed assets | 28 | €325,842 | €325,842 | = | 0.0% |
| Current assets | 29/58 | €46,869 | €281,317 | +€234,448 | +500% |
| Amounts receivable after more than one year | 29 | €500 | €500 | = | 0.0% |
| Other amounts receivable | 291 | €500 | €500 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €5,300 | €18,910 | +€13,610 | +257% |
| Trade receivables | 40 | €5,300 | €18,910 | +€13,610 | +257% |
| Cash at bank and in hand | 54/58 | €37,899 | €261,835 | +€223,936 | +591% |
| Deferred charges and accrued income | 490/1 | €3,170 | €72 | -€3,098 | -97.7% |
| Total equity and liabilities | 10/49 | €6,020,617 | €7,724,849 | +€1.7m | +28.3% |
| Equity | 10/15 | €5,579,560 | €5,553,070 | -€26,490 | -0.5% |
| Contributions | 10/11 | €4,255,250 | €4,839,746 | +€584,496 | +13.7% |
| Capital | 10 | €4,255,250 | €4,255,250 | = | 0.0% |
| Issued capital | 100 | €4,255,250 | €4,255,250 | = | 0.0% |
| Contributions outside capital | 11 | - | €584,496 | +€584,496 | |
| Other | 1109/19 | - | €584,496 | +€584,496 | |
| Reserves | 13 | €390,176 | €500,705 | +€110,529 | +28.3% |
| Non-distributable reserves | 130/1 | €60,581 | €60,581 | = | 0.0% |
| Legal reserve | 130 | €60,581 | €60,581 | = | 0.0% |
| Tax-exempt reserves | 132 | €227,277 | €227,277 | = | 0.0% |
| Distributable reserves | 133 | €102,318 | €212,847 | +€110,529 | +108% |
| Profit (loss) carried forward | 14 | €934,133 | €212,618 | -€721,515 | -77.2% |
| Provisions and deferred taxes | 16 | €75,759 | €75,759 | = | 0.0% |
| Deferred taxes | 168 | €75,759 | €75,759 | = | 0.0% |
| Amounts payable | 17/49 | €365,298 | €2,096,020 | +€1.7m | +474% |
| Amounts payable after more than one year | 17 | €170,001 | €154,167 | -€15,833 | -9.3% |
| Financial debts | 170/4 | €170,001 | €154,167 | -€15,833 | -9.3% |
| Amounts payable within one year | 42/48 | €194,524 | €1,938,393 | +€1.7m | +896% |
| Current portion of amounts payable after more than one year | 42 | €113,333 | €120,833 | +€7,500 | +6.6% |
| Trade debts | 44 | €52,199 | €70,493 | +€18,294 | +35.0% |
| Suppliers | 440/4 | €52,199 | €70,493 | +€18,294 | +35.0% |
| Taxes, remuneration and social security | 45 | €28,992 | €17,067 | -€11,926 | -41.1% |
| Taxes | 450/3 | €19,310 | €6,976 | -€12,335 | -63.9% |
| Remuneration and social security | 454/9 | €9,682 | €10,091 | +€409 | +4.2% |
| Other amounts payable | 47/48 | - | €1,730,000 | +€1.7m | |
| Accrued charges and deferred income | 492/3 | €773 | €3,460 | +€2,687 | +348% |
| Non-recurring operating income | 76A | €145,297 | €128,655 | -€16,642 | -11.5% |
| Remuneration, social security and pensions | 62 | €81,671 | €84,572 | +€2,901 | +3.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €141,314 | €158,846 | +€17,532 | +12.4% |
| Other operating charges | 640/8 | €36,887 | €29,259 | -€7,628 | -20.7% |
| Gross operating margin | 9900 | €273,837 | €282,633 | +€8,796 | +3.2% |
| Operating profit (loss) | 9901 | €13,965 | €9,956 | -€4,009 | -28.7% |
| Financial income | 75/76B | €78 | €2,652 | +€2,574 | +3,293% |
| Recurring financial income | 75 | €78 | €2,652 | +€2,574 | +3,293% |
| Financial charges | 65/66B | €5,508 | €5,001 | -€507 | -9.2% |
| Recurring financial charges | 65 | €5,508 | €5,001 | -€507 | -9.2% |
| Profit (loss) for the period before taxes | 9903 | €8,535 | €7,606 | -€929 | -10.9% |
| Income taxes | 67/77 | €3,874 | -€2,726 | -€6,600 | |
| Profit (loss) for the period | 9904 | €4,661 | €10,332 | +€5,671 | +122% |
| Profit (loss) for the period to be appropriated | 9905 | €4,661 | €10,332 | +€5,671 | +122% |
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 22 October 2026 via checked.be.