MSMDL: 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.
MSMDL
Largest movements
- Cash -€35,110
down €35,110 (-28.8%), from €122,054 to €86,944
mainly Contributions, distributions and other (-€150,000) and Tax, wage and social debts (-€38,759)
- Deferred charges and accrued income +€8,201
up €8,201 (+7.1%), from €116,024 to €124,225
- Tax, wage and social debts -€38,759
down €38,759 (-92.9%), from €41,728 to €2,969
- Profit (loss) carried forward +€11,474
up €11,474 (+6.0%), from €190,430 to €201,903
- Gross operating margin +€28,945
up €28,945 (+15.9%), from €181,689 to €210,634
- Taxes +€6,889
up €6,889 (+16.7%), from €41,296 to €48,185
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 | €241,881 | €214,403 | -€27,478 | -11.4% |
| Fixed assets | 21/28 | €3,803 | €3,234 | -€569 | -15.0% |
| Tangible fixed assets | 22/27 | €3,803 | €3,234 | -€569 | -15.0% |
| Plant, machinery and equipment | 23 | €3,603 | €3,234 | -€369 | -10.2% |
| Furniture and vehicles | 24 | €200 | - | -€200 | |
| Current assets | 29/58 | €238,078 | €211,169 | -€26,909 | -11.3% |
| Cash at bank and in hand | 54/58 | €122,054 | €86,944 | -€35,110 | -28.8% |
| Deferred charges and accrued income | 490/1 | €116,024 | €124,225 | +€8,201 | +7.1% |
| Total equity and liabilities | 10/49 | €241,881 | €214,403 | -€27,478 | -11.4% |
| Equity | 10/15 | €196,430 | €207,903 | +€11,474 | +5.8% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €190,430 | €201,903 | +€11,474 | +6.0% |
| Amounts payable | 17/49 | €45,452 | €6,500 | -€38,952 | -85.7% |
| Amounts payable within one year | 42/48 | €44,108 | €5,156 | -€38,952 | -88.3% |
| Trade debts | 44 | €95 | €95 | = | 0.0% |
| Suppliers | 440/4 | €95 | €95 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €41,728 | €2,969 | -€38,759 | -92.9% |
| Taxes | 450/3 | €41,728 | €2,969 | -€38,759 | -92.9% |
| Other amounts payable | 47/48 | €2,285 | €2,091 | -€193 | -8.5% |
| Accrued charges and deferred income | 492/3 | €1,344 | €1,344 | = | 0.0% |
| Non-recurring operating income | 76A | €100 | - | -€100 | |
| Remuneration, social security and pensions | 62 | €129 | - | -€129 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €579 | €569 | -€10 | -1.7% |
| Other operating charges | 640/8 | €1,058 | €889 | -€169 | -16.0% |
| Gross operating margin | 9900 | €181,689 | €210,634 | +€28,945 | +15.9% |
| Operating profit (loss) | 9901 | €179,923 | €209,176 | +€29,253 | +16.3% |
| Financial income | 75/76B | €1,718 | €718 | -€1,000 | -58.2% |
| Recurring financial income | 75 | €1,718 | €718 | -€1,000 | -58.2% |
| Financial charges | 65/66B | €143 | €236 | +€93 | +64.7% |
| Recurring financial charges | 65 | €143 | €236 | +€93 | +64.7% |
| Profit (loss) for the period before taxes | 9903 | €181,498 | €209,659 | +€28,161 | +15.5% |
| Income taxes | 67/77 | €41,296 | €48,185 | +€6,889 | +16.7% |
| Profit (loss) for the period | 9904 | €140,202 | €161,474 | +€21,272 | +15.2% |
| Profit (loss) for the period to be appropriated | 9905 | €140,202 | €161,474 | +€21,272 | +15.2% |
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 6 October 2026 via checked.be.