MST: 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.
MST
Largest movements
- Cash -€324,107
down €324,107 (-93.5%), from €346,740 to €22,632
mainly Debts after one year (-€146,000) and Net result for the year (-€130,272)
- Tangible fixed assets +€41,399
up €41,399 (+9.1%), from €456,283 to €497,683
of which Land and buildings: +€76,530
- Debts after one year -€146,000
down €146,000 (-58.4%), from €250,000 to €104,000
- Profit (loss) carried forward -€130,272
new in 2025: -€130,272
- Other debts +€20,631
up €20,631 (+30.9%), from €66,797 to €87,428
- Tax, wage and social debts -€15,786
down €15,786 (-83.2%), from €18,972 to €3,186
- Trade debts -€13,016
down €13,016 (-92.5%), from €14,068 to €1,052
- Gross operating margin -€572,648
down €572,648, from €512,301 to -€60,347
- Taxes -€28,174
down €28,174 (-99.2%), from €28,402 to €228
- Financial charges -€14,189
down €14,189 (-56.6%), from €25,065 to €10,875
- Depreciation -€8,388
down €8,388 (-12.9%), from €64,899 to €56,511
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 | €806,274 | €521,831 | -€284,443 | -35.3% |
| Fixed assets | 21/28 | €456,283 | €497,683 | +€41,399 | +9.1% |
| Tangible fixed assets | 22/27 | €456,283 | €497,683 | +€41,399 | +9.1% |
| Land and buildings | 22 | €385,971 | €462,501 | +€76,530 | +19.8% |
| Plant, machinery and equipment | 23 | €3,925 | €3,000 | -€925 | -23.6% |
| Furniture and vehicles | 24 | €66,388 | €32,182 | -€34,205 | -51.5% |
| Current assets | 29/58 | €349,991 | €24,148 | -€325,842 | -93.1% |
| Amounts receivable within one year | 40/41 | - | €284 | +€284 | |
| Trade receivables | 40 | - | €11 | +€11 | |
| Other amounts receivable | 41 | - | €273 | +€273 | |
| Cash at bank and in hand | 54/58 | €346,740 | €22,632 | -€324,107 | -93.5% |
| Deferred charges and accrued income | 490/1 | €3,251 | €1,232 | -€2,019 | -62.1% |
| Total equity and liabilities | 10/49 | €806,274 | €521,831 | -€284,443 | -35.3% |
| Equity | 10/15 | €456,416 | €326,144 | -€130,272 | -28.5% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €306,416 | €306,416 | = | 0.0% |
| Distributable reserves | 133 | €306,416 | €306,416 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€130,272 | -€130,272 | |
| Amounts payable | 17/49 | €349,858 | €195,687 | -€154,171 | -44.1% |
| Amounts payable after more than one year | 17 | €250,000 | €104,000 | -€146,000 | -58.4% |
| Financial debts | 170/4 | €250,000 | €104,000 | -€146,000 | -58.4% |
| Amounts payable within one year | 42/48 | €99,837 | €91,666 | -€8,171 | -8.2% |
| Trade debts | 44 | €14,068 | €1,052 | -€13,016 | -92.5% |
| Suppliers | 440/4 | €14,068 | €1,052 | -€13,016 | -92.5% |
| Taxes, remuneration and social security | 45 | €18,972 | €3,186 | -€15,786 | -83.2% |
| Taxes | 450/3 | €18,972 | €3,186 | -€15,786 | -83.2% |
| Other amounts payable | 47/48 | €66,797 | €87,428 | +€20,631 | +30.9% |
| Accrued charges and deferred income | 492/3 | €21 | €21 | = | 0.0% |
| Non-recurring operating income | 76A | €579,623 | €11,312 | -€568,311 | -98.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,899 | €56,511 | -€8,388 | -12.9% |
| Other operating charges | 640/8 | €2,538 | €2,311 | -€227 | -8.9% |
| Non-recurring operating charges | 66A | €547 | - | -€547 | |
| Gross operating margin | 9900 | €512,301 | -€60,347 | -€572,648 | |
| Operating profit (loss) | 9901 | €444,317 | -€119,170 | -€563,486 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €25,065 | €10,875 | -€14,189 | -56.6% |
| Recurring financial charges | 65 | €25,065 | €10,875 | -€14,189 | -56.6% |
| Profit (loss) for the period before taxes | 9903 | €419,252 | -€130,045 | -€549,297 | |
| Income taxes | 67/77 | €28,402 | €228 | -€28,174 | -99.2% |
| Profit (loss) for the period | 9904 | €390,851 | -€130,272 | -€521,123 | |
| Profit (loss) for the period to be appropriated | 9905 | €390,851 | -€130,272 | -€521,123 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.