MSM: what changed
Two fiscal 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.
MSM
Largest movements
- Receivables within one year -€15,509
down €15,509 (-94.6%), from €16,386 to €878
of which Trade receivables: -€14,951
- Tangible fixed assets -€10,041
down €10,041 (-9.4%), from €106,418 to €96,376
of which Land and buildings: -€6,150
- Deferred charges and accrued income -€1,560
no longer reported in 2025 (was €1,560)
- Profit (loss) carried forward -€29,065
down €29,065 (-66.8%), from -€43,479 to -€72,544
- Trade debts -€24,144
down €24,144 (-77.1%), from €31,314 to €7,170
- Other debts +€14,827
up €14,827 (+44.7%), from €33,150 to €47,977
- Tax, wage and social debts +€9,295
new in 2025: €9,295
- Short-term financial debts +€7,487
up €7,487 (+40.4%), from €18,516 to €26,003
- Gross operating margin -€8,404
down €8,404, from €6,618 to -€1,786
- Staff costs +€7,284
new in 2025: €7,284
- Other operating charges +€2,750
up €2,750 (+93.3%), from €2,947 to €5,697
- Depreciation -€386
down €386 (-3.7%), from €10,427 to €10,041
- Financial charges +€192
up €192 (+4.7%), from €4,065 to €4,257
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €125,264 | €98,154 | -€27,110 | -21.6% |
| Fixed assets | 21/28 | €107,318 | €97,276 | -€10,041 | -9.4% |
| Tangible fixed assets | 22/27 | €106,418 | €96,376 | -€10,041 | -9.4% |
| Land and buildings | 22 | €100,496 | €94,345 | -€6,150 | -6.1% |
| Furniture and vehicles | 24 | €5,922 | €2,031 | -€3,891 | -65.7% |
| Financial fixed assets | 28 | €900 | €900 | = | 0.0% |
| Current assets | 29/58 | €17,946 | €878 | -€17,069 | -95.1% |
| Amounts receivable within one year | 40/41 | €16,386 | €878 | -€15,509 | -94.6% |
| Trade receivables | 40 | €15,828 | €878 | -€14,951 | -94.5% |
| Other amounts receivable | 41 | €558 | - | -€558 | |
| Deferred charges and accrued income | 490/1 | €1,560 | - | -€1,560 | |
| Total equity and liabilities | 10/49 | €125,264 | €98,154 | -€27,110 | -21.6% |
| Equity | 10/15 | -€24,879 | -€53,944 | -€29,065 | -116.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€43,479 | -€72,544 | -€29,065 | -66.8% |
| Amounts payable | 17/49 | €150,143 | €152,098 | +€1,955 | +1.3% |
| Amounts payable after more than one year | 17 | €60,377 | €54,960 | -€5,416 | -9.0% |
| Financial debts | 170/4 | €60,377 | €54,960 | -€5,416 | -9.0% |
| Amounts payable within one year | 42/48 | €88,320 | €95,862 | +€7,542 | +8.5% |
| Current portion of amounts payable after more than one year | 42 | €5,340 | €5,416 | +€76 | +1.4% |
| Financial debts | 43 | €18,516 | €26,003 | +€7,487 | +40.4% |
| Credit institutions | 430/8 | €18,516 | €26,003 | +€7,487 | +40.4% |
| Trade debts | 44 | €31,314 | €7,170 | -€24,144 | -77.1% |
| Suppliers | 440/4 | €31,314 | €7,170 | -€24,144 | -77.1% |
| Taxes, remuneration and social security | 45 | - | €9,295 | +€9,295 | |
| Taxes | 450/3 | - | €9,295 | +€9,295 | |
| Other amounts payable | 47/48 | €33,150 | €47,977 | +€14,827 | +44.7% |
| Accrued charges and deferred income | 492/3 | €1,446 | €1,275 | -€171 | -11.8% |
| Remuneration, social security and pensions | 62 | - | €7,284 | +€7,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,427 | €10,041 | -€386 | -3.7% |
| Other operating charges | 640/8 | €2,947 | €5,697 | +€2,750 | +93.3% |
| Gross operating margin | 9900 | €6,618 | -€1,786 | -€8,404 | |
| Operating profit (loss) | 9901 | -€6,756 | -€24,808 | -€18,052 | -267.2% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €4,065 | €4,257 | +€192 | +4.7% |
| Recurring financial charges | 65 | €4,065 | €4,257 | +€192 | +4.7% |
| Profit (loss) for the period before taxes | 9903 | -€10,820 | -€29,065 | -€18,245 | -168.6% |
| Profit (loss) for the period | 9904 | -€10,820 | -€29,065 | -€18,245 | -168.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,820 | -€29,065 | -€18,245 | -168.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.