MSJ GLIBERT: 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.
MSJ GLIBERT
Largest movements
- Tangible fixed assets -€24,824
down €24,824 (-9.4%), from €264,873 to €240,050
of which Other tangible fixed assets: -€21,159
- Receivables after one year +€6,168
up €6,168 (+8.2%), from €75,368 to €81,536
- Trade debts +€52,394
up €52,394 (+88.8%), from €58,990 to €111,384
- Profit (loss) carried forward -€50,555
down €50,555, from €98 to -€50,457
- Reserves -€43,542
down €43,542 (-42.9%), from €101,597 to €58,055
of which Distributable reserves: -€42,542
- Other debts +€41,365
new in 2025: €41,365
- Debts after one year -€25,879
down €25,879 (-13.9%), from €186,667 to €160,788
- Gross operating margin -€70,887
down €70,887 (-44.0%), from €160,966 to €90,079
- Staff costs -€9,104
down €9,104 (-8.3%), from €109,345 to €100,242
- Taxes -€5,011
down €5,011 (-94.7%), from €5,292 to €281
- Other operating charges +€2,861
up €2,861 (+366.9%), from €780 to €3,641
- Depreciation -€2,255
down €2,255 (-7.9%), from €28,709 to €26,454
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 | €435,405 | €423,438 | -€11,967 | -2.7% |
| Fixed assets | 21/28 | €265,042 | €240,218 | -€24,824 | -9.4% |
| Tangible fixed assets | 22/27 | €264,873 | €240,050 | -€24,824 | -9.4% |
| Plant, machinery and equipment | 23 | €945 | €430 | -€515 | -54.5% |
| Furniture and vehicles | 24 | €1,382 | €85 | -€1,296 | -93.8% |
| Leasing and similar rights | 25 | €14,505 | €12,652 | -€1,853 | -12.8% |
| Other tangible fixed assets | 26 | €248,041 | €226,882 | -€21,159 | -8.5% |
| Financial fixed assets | 28 | €168 | €168 | = | 0.0% |
| Current assets | 29/58 | €170,363 | €183,220 | +€12,857 | +7.5% |
| Amounts receivable after more than one year | 29 | €75,368 | €81,536 | +€6,168 | +8.2% |
| Other amounts receivable | 291 | €75,368 | €81,536 | +€6,168 | +8.2% |
| Stocks and contracts in progress | 3 | €57,418 | €61,487 | +€4,069 | +7.1% |
| Stocks | 30/36 | €57,418 | €61,487 | +€4,069 | +7.1% |
| Amounts receivable within one year | 40/41 | €4,448 | €1,681 | -€2,767 | -62.2% |
| Other amounts receivable | 41 | €4,448 | €1,681 | -€2,767 | -62.2% |
| Cash at bank and in hand | 54/58 | €32,267 | €35,284 | +€3,017 | +9.3% |
| Deferred charges and accrued income | 490/1 | €860 | €3,231 | +€2,371 | +275.6% |
| Total equity and liabilities | 10/49 | €435,405 | €423,438 | -€11,967 | -2.7% |
| Equity | 10/15 | €111,695 | €17,598 | -€94,097 | -84.2% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €101,597 | €58,055 | -€43,542 | -42.9% |
| Non-distributable reserves | 130/1 | €1,000 | - | -€1,000 | |
| Reserves not available under the articles | 1311 | €1,000 | - | -€1,000 | |
| Distributable reserves | 133 | €100,597 | €58,055 | -€42,542 | -42.3% |
| Profit (loss) carried forward | 14 | €98 | -€50,457 | -€50,555 | |
| Amounts payable | 17/49 | €323,710 | €405,840 | +€82,130 | +25.4% |
| Amounts payable after more than one year | 17 | €186,667 | €160,788 | -€25,879 | -13.9% |
| Financial debts | 170/4 | €186,667 | €160,788 | -€25,879 | -13.9% |
| Amounts payable within one year | 42/48 | €137,043 | €245,052 | +€108,009 | +78.8% |
| Current portion of amounts payable after more than one year | 42 | €40,129 | €60,101 | +€19,972 | +49.8% |
| Financial debts | 43 | - | €1,999 | +€1,999 | |
| Credit institutions | 430/8 | - | €1,999 | +€1,999 | |
| Trade debts | 44 | €58,990 | €111,384 | +€52,394 | +88.8% |
| Suppliers | 440/4 | €58,990 | €111,384 | +€52,394 | +88.8% |
| Taxes, remuneration and social security | 45 | €37,924 | €30,203 | -€7,721 | -20.4% |
| Taxes | 450/3 | €10,306 | €3,991 | -€6,315 | -61.3% |
| Remuneration and social security | 454/9 | €27,618 | €26,212 | -€1,406 | -5.1% |
| Other amounts payable | 47/48 | - | €41,365 | +€41,365 | |
| Remuneration, social security and pensions | 62 | €109,345 | €100,242 | -€9,104 | -8.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €28,709 | €26,454 | -€2,255 | -7.9% |
| Other operating charges | 640/8 | €780 | €3,641 | +€2,861 | +366.9% |
| Gross operating margin | 9900 | €160,966 | €90,079 | -€70,887 | -44.0% |
| Operating profit (loss) | 9901 | €22,132 | -€40,257 | -€62,389 | |
| Financial income | 75/76B | €4,134 | €2,264 | -€1,870 | -45.2% |
| Recurring financial income | 75 | €4,134 | €2,264 | -€1,870 | -45.2% |
| Financial charges | 65/66B | €10,027 | €12,281 | +€2,254 | +22.5% |
| Recurring financial charges | 65 | €10,027 | €12,281 | +€2,254 | +22.5% |
| Profit (loss) for the period before taxes | 9903 | €16,239 | -€50,274 | -€66,514 | |
| Income taxes | 67/77 | €5,292 | €281 | -€5,011 | -94.7% |
| Profit (loss) for the period | 9904 | €10,947 | -€50,555 | -€61,502 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,947 | -€50,555 | -€61,502 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.