MSRI: 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.
MSRI
Largest movements
- Cash +€63,947
up €63,947 (+686%), from €9,322 to €73,269
mainly Net result for the year (+€66,251) and Deferred charges and accrued income (+€9,349)
- Tangible fixed assets +€19,951
new in 2025: €19,951
of which Furniture and vehicles: +€17,806
- Deferred charges and accrued income -€9,349
down €9,349 (-48.4%), from €19,305 to €9,956
- Receivables within one year +€2,663
up €2,663 (+266%), from €1,000 to €3,663
of which Trade receivables: +€3,663
- Reserves +€65,418
up €65,418 (+350%), from €18,691 to €84,110
- Tax, wage and social debts +€7,001
up €7,001 (+130%), from €5,385 to €12,386
- Accrued charges and deferred income +€5,861
new in 2025: €5,861
- Trade debts -€1,514
down €1,514 (-43.7%), from €3,466 to €1,952
- Gross operating margin +€72,926
up €72,926 (+291%), from €25,044 to €97,970
- Taxes +€16,866
up €16,866 (+328%), from €5,135 to €22,001
- Financial charges +€5,673
up €5,673 (+56,725%), from €10 to €5,683
- Depreciation +€2,402
new in 2025: €2,402
- Other operating charges +€1,257
up €1,257 (+334%), from €376 to €1,633
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 | €29,626 | €106,839 | +€77,212 | +261% |
| Fixed assets | 21/28 | - | €19,951 | +€19,951 | |
| Tangible fixed assets | 22/27 | - | €19,951 | +€19,951 | |
| Plant, machinery and equipment | 23 | - | €2,145 | +€2,145 | |
| Furniture and vehicles | 24 | - | €17,806 | +€17,806 | |
| Current assets | 29/58 | €29,626 | €86,888 | +€57,261 | +193% |
| Amounts receivable within one year | 40/41 | €1,000 | €3,663 | +€2,663 | +266% |
| Trade receivables | 40 | - | €3,663 | +€3,663 | |
| Other amounts receivable | 41 | €1,000 | - | -€1,000 | |
| Cash at bank and in hand | 54/58 | €9,322 | €73,269 | +€63,947 | +686% |
| Deferred charges and accrued income | 490/1 | €19,305 | €9,956 | -€9,349 | -48.4% |
| Total equity and liabilities | 10/49 | €29,626 | €106,839 | +€77,212 | +261% |
| Equity | 10/15 | €20,191 | €85,610 | +€65,418 | +324% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €18,691 | €84,110 | +€65,418 | +350% |
| Distributable reserves | 133 | €18,691 | €84,110 | +€65,418 | +350% |
| Amounts payable | 17/49 | €9,435 | €21,229 | +€11,794 | +125% |
| Amounts payable within one year | 42/48 | €9,435 | €15,368 | +€5,933 | +62.9% |
| Trade debts | 44 | €3,466 | €1,952 | -€1,514 | -43.7% |
| Suppliers | 440/4 | €3,466 | €1,952 | -€1,514 | -43.7% |
| Taxes, remuneration and social security | 45 | €5,385 | €12,386 | +€7,001 | +130% |
| Taxes | 450/3 | €5,385 | €12,386 | +€7,001 | +130% |
| Other amounts payable | 47/48 | €583 | €1,029 | +€446 | +76.4% |
| Accrued charges and deferred income | 492/3 | - | €5,861 | +€5,861 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,402 | +€2,402 | |
| Other operating charges | 640/8 | €376 | €1,633 | +€1,257 | +334% |
| Gross operating margin | 9900 | €25,044 | €97,970 | +€72,926 | +291% |
| Operating profit (loss) | 9901 | €24,668 | €93,935 | +€69,267 | +281% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €10 | €5,683 | +€5,673 | +56,725% |
| Recurring financial charges | 65 | €10 | €5,683 | +€5,673 | +56,725% |
| Profit (loss) for the period before taxes | 9903 | €24,660 | €88,253 | +€63,593 | +258% |
| Income taxes | 67/77 | €5,135 | €22,001 | +€16,866 | +328% |
| Profit (loss) for the period | 9904 | €19,525 | €66,251 | +€46,727 | +239% |
| Profit (loss) for the period to be appropriated | 9905 | €19,525 | €66,251 | +€46,727 | +239% |
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 13 October 2026 via checked.be.