MST DELGADO: 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.
MST DELGADO
Largest movements
- Cash -€105,172
down €105,172 (-69.3%), from €151,768 to €46,595
mainly Receivables within one year (-€102,348) and Net result for the year (-€59,007)
- Receivables within one year +€102,348
up €102,348 (+156%), from €65,494 to €167,841
of which Trade receivables: +€98,139
- Tangible fixed assets -€22,363
down €22,363 (-44.9%), from €49,807 to €27,444
of which Furniture and vehicles: -€22,098
- Deferred charges and accrued income -€4,036
down €4,036 (-64.2%), from €6,286 to €2,251
- Profit (loss) carried forward -€59,007
down €59,007 (-70.3%), from €83,889 to €24,881
- Trade debts +€39,938
up €39,938 (+1,289%), from €3,097 to €43,036
- Tax, wage and social debts -€10,271
down €10,271 (-44.9%), from €22,866 to €12,595
of which Remuneration and social security: -€9,182
- Other debts +€3,263
up €3,263 (+17.1%), from €19,091 to €22,354
- Gross operating margin -€127,855
down €127,855 (-49.9%), from €256,152 to €128,297
- Staff costs -€49,357
down €49,357 (-23.1%), from €213,403 to €164,046
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 | €296,978 | €270,679 | -€26,299 | -8.9% |
| Fixed assets | 21/28 | €49,807 | €27,444 | -€22,363 | -44.9% |
| Tangible fixed assets | 22/27 | €49,807 | €27,444 | -€22,363 | -44.9% |
| Plant, machinery and equipment | 23 | €641 | €376 | -€265 | -41.3% |
| Furniture and vehicles | 24 | €49,165 | €27,067 | -€22,098 | -44.9% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €247,171 | €243,236 | -€3,936 | -1.6% |
| Stocks and contracts in progress | 3 | €23,623 | €26,548 | +€2,925 | +12.4% |
| Contracts in progress | 37 | €23,623 | €26,548 | +€2,925 | +12.4% |
| Amounts receivable within one year | 40/41 | €65,494 | €167,841 | +€102,348 | +156% |
| Trade receivables | 40 | €62,301 | €160,441 | +€98,139 | +158% |
| Other amounts receivable | 41 | €3,192 | €7,401 | +€4,209 | +132% |
| Cash at bank and in hand | 54/58 | €151,768 | €46,595 | -€105,172 | -69.3% |
| Deferred charges and accrued income | 490/1 | €6,286 | €2,251 | -€4,036 | -64.2% |
| Total equity and liabilities | 10/49 | €296,978 | €270,679 | -€26,299 | -8.9% |
| Equity | 10/15 | €250,372 | €191,364 | -€59,007 | -23.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €104,483 | €104,483 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €98,283 | €98,283 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,889 | €24,881 | -€59,007 | -70.3% |
| Amounts payable | 17/49 | €46,606 | €79,315 | +€32,709 | +70.2% |
| Amounts payable within one year | 42/48 | €45,055 | €77,985 | +€32,930 | +73.1% |
| Trade debts | 44 | €3,097 | €43,036 | +€39,938 | +1,289% |
| Suppliers | 440/4 | €3,097 | €43,036 | +€39,938 | +1,289% |
| Taxes, remuneration and social security | 45 | €22,866 | €12,595 | -€10,271 | -44.9% |
| Taxes | 450/3 | €2,603 | €1,514 | -€1,089 | -41.8% |
| Remuneration and social security | 454/9 | €20,263 | €11,081 | -€9,182 | -45.3% |
| Other amounts payable | 47/48 | €19,091 | €22,354 | +€3,263 | +17.1% |
| Accrued charges and deferred income | 492/3 | €1,551 | €1,330 | -€222 | -14.3% |
| Turnover | 70 | €0 | - | = | |
| Goods, raw materials, services and sundry goods | 60/61 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €213,403 | €164,046 | -€49,357 | -23.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,563 | €22,363 | -€200 | -0.9% |
| Other operating charges | 640/8 | €1,448 | €1,218 | -€230 | -15.9% |
| Gross operating margin | 9900 | €256,152 | €128,297 | -€127,855 | -49.9% |
| Operating profit (loss) | 9901 | €18,737 | -€59,330 | -€78,068 | |
| Financial income | 75/76B | €393 | €629 | +€235 | +59.9% |
| Recurring financial income | 75 | €393 | €629 | +€235 | +59.9% |
| Financial charges | 65/66B | €138 | €133 | -€4 | -3.1% |
| Recurring financial charges | 65 | €138 | €133 | -€4 | -3.1% |
| Profit (loss) for the period before taxes | 9903 | €18,993 | -€58,835 | -€77,828 | |
| Income taxes | 67/77 | €191 | €172 | -€19 | -9.8% |
| Profit (loss) for the period | 9904 | €18,802 | -€59,007 | -€77,809 | |
| Profit (loss) for the period to be appropriated | 9905 | €18,802 | -€59,007 | -€77,809 |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 24 October 2026 via checked.be.