MSRAD: 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.
MSRAD
Largest movements
- Cash -€251,169
down €251,169 (-49.5%), from €507,732 to €256,563
mainly Contributions, distributions and other (-€966,542) and Trade debts (-€7,358)
- Receivables after one year -€120,000
down €120,000 (-100.0%), from €120,000 to €0
- Deferred charges and accrued income -€97,534
down €97,534 (-65.8%), from €148,320 to €50,787
- Current investments -€93,487
down €93,487 (-57.7%), from €161,896 to €68,409
- Financial fixed assets -€54,900
down €54,900 (-100.0%), from €54,900 to €0
- Profit (loss) carried forward -€314,838
down €314,838 (-86.2%), from €365,156 to €50,317
- Reserves -€301,386
down €301,386 (-44.4%), from €678,230 to €376,844
- Other debts +€12,494
up €12,494 (+2082.7%), from €600 to €13,094
- Gross operating margin -€13,448
down €13,448 (-2.7%), from €501,240 to €487,792
- Financial income -€6,270
down €6,270 (-44.7%), from €14,016 to €7,746
of which Non-recurring financial income: -€10,225
- Taxes -€5,323
down €5,323 (-4.4%), from €121,323 to €116,000
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 | €1,092,258 | €473,230 | -€619,027 | -56.7% |
| Fixed assets | 21/28 | €146,918 | €95,072 | -€51,846 | -35.3% |
| Tangible fixed assets | 22/27 | €92,018 | €95,072 | +€3,054 | +3.3% |
| Furniture and vehicles | 24 | €4,427 | €19,991 | +€15,565 | +351.6% |
| Other tangible fixed assets | 26 | €87,591 | €75,080 | -€12,511 | -14.3% |
| Financial fixed assets | 28 | €54,900 | €0 | -€54,900 | -100.0% |
| Current assets | 29/58 | €945,340 | €378,159 | -€567,181 | -60.0% |
| Amounts receivable after more than one year | 29 | €120,000 | €0 | -€120,000 | -100.0% |
| Other amounts receivable | 291 | €120,000 | €0 | -€120,000 | -100.0% |
| Amounts receivable within one year | 40/41 | €7,392 | €2,400 | -€4,992 | -67.5% |
| Other amounts receivable | 41 | €7,392 | €2,400 | -€4,992 | -67.5% |
| Current investments | 50/53 | €161,896 | €68,409 | -€93,487 | -57.7% |
| Cash at bank and in hand | 54/58 | €507,732 | €256,563 | -€251,169 | -49.5% |
| Deferred charges and accrued income | 490/1 | €148,320 | €50,787 | -€97,534 | -65.8% |
| Total equity and liabilities | 10/49 | €1,092,258 | €473,230 | -€619,027 | -56.7% |
| Equity | 10/15 | €1,061,986 | €445,761 | -€616,225 | -58.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €678,230 | €376,844 | -€301,386 | -44.4% |
| Distributable reserves | 133 | €678,230 | €376,844 | -€301,386 | -44.4% |
| Profit (loss) carried forward | 14 | €365,156 | €50,317 | -€314,838 | -86.2% |
| Amounts payable | 17/49 | €30,272 | €27,469 | -€2,803 | -9.3% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €30,272 | €27,268 | -€3,003 | -9.9% |
| Current portion of amounts payable after more than one year | 42 | €2,783 | €0 | -€2,783 | -100.0% |
| Trade debts | 44 | €10,804 | €3,445 | -€7,358 | -68.1% |
| Suppliers | 440/4 | €10,804 | €3,445 | -€7,358 | -68.1% |
| Taxes, remuneration and social security | 45 | €16,086 | €10,729 | -€5,357 | -33.3% |
| Taxes | 450/3 | €16,086 | €10,729 | -€5,357 | -33.3% |
| Other amounts payable | 47/48 | €600 | €13,094 | +€12,494 | +2082.7% |
| Accrued charges and deferred income | 492/3 | - | €201 | +€201 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,164 | €17,331 | +€2,166 | +14.3% |
| Other operating charges | 640/8 | €8,111 | €7,993 | -€119 | -1.5% |
| Gross operating margin | 9900 | €501,240 | €487,792 | -€13,448 | -2.7% |
| Operating profit (loss) | 9901 | €477,964 | €462,469 | -€15,495 | -3.2% |
| Financial income | 75/76B | €14,016 | €7,746 | -€6,270 | -44.7% |
| Recurring financial income | 75 | €3,791 | €7,746 | +€3,955 | +104.3% |
| Non-recurring financial income | 76B | €10,225 | €0 | -€10,225 | -100.0% |
| Financial charges | 65/66B | €5,502 | €3,898 | -€1,604 | -29.1% |
| Recurring financial charges | 65 | €3,188 | €3,441 | +€253 | +7.9% |
| Non-recurring financial charges | 66B | €2,314 | €458 | -€1,856 | -80.2% |
| Profit (loss) for the period before taxes | 9903 | €486,478 | €466,317 | -€20,161 | -4.1% |
| Income taxes | 67/77 | €121,323 | €116,000 | -€5,323 | -4.4% |
| Profit (loss) for the period | 9904 | €365,156 | €350,317 | -€14,838 | -4.1% |
| Profit (loss) for the period to be appropriated | 9905 | €365,156 | €350,317 | -€14,838 | -4.1% |
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 2 October 2026 via checked.be.