MST Licensing: 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 Licensing
Largest movements
- Cash +€55,074
up €55,074 (+101.9%), from €54,058 to €109,133
mainly Provisions (+€34,894) and Net result for the year (+€27,786)
- Receivables within one year +€18,676
up €18,676 (+118.4%), from €15,778 to €34,453
of which Trade receivables: +€19,185
- Current investments +€4,999
new in 2025: €4,999
- Tangible fixed assets -€2,984
down €2,984 (-96.0%), from €3,110 to €126
- Deferred charges and accrued income -€2,709
down €2,709 (-86.4%), from €3,136 to €427
- Provisions +€34,894
new in 2025: €34,894
- Reserves +€19,286
up €19,286 (+45.5%), from €42,348 to €61,634
of which Tax-exempt reserves: +€10,850
- Other debts +€15,547
up €15,547 (+1302.7%), from €1,193 to €16,741
- Trade debts +€5,273
up €5,273 (+473.9%), from €1,113 to €6,386
- Current portion of long-term debt -€2,751
down €2,751 (-100.0%), from €2,751 to €0
- Gross operating margin +€39,294
up €39,294 (+74.5%), from €52,752 to €92,046
- Provisions +€34,894
new in 2025: €34,894
- Taxes +€12,919
up €12,919 (+111.6%), from €11,580 to €24,500
- Depreciation -€6,725
down €6,725 (-69.3%), from €9,709 to €2,984
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 | €88,082 | €161,138 | +€73,056 | +82.9% |
| Fixed assets | 21/28 | €15,110 | €12,126 | -€2,984 | -19.7% |
| Tangible fixed assets | 22/27 | €3,110 | €126 | -€2,984 | -96.0% |
| Furniture and vehicles | 24 | €3,110 | €126 | -€2,984 | -96.0% |
| Financial fixed assets | 28 | €12,000 | €12,000 | = | 0.0% |
| Current assets | 29/58 | €72,973 | €149,013 | +€76,040 | +104.2% |
| Amounts receivable within one year | 40/41 | €15,778 | €34,453 | +€18,676 | +118.4% |
| Trade receivables | 40 | €14,221 | €33,406 | +€19,185 | +134.9% |
| Other amounts receivable | 41 | €1,557 | €1,047 | -€510 | -32.7% |
| Current investments | 50/53 | - | €4,999 | +€4,999 | |
| Cash at bank and in hand | 54/58 | €54,058 | €109,133 | +€55,074 | +101.9% |
| Deferred charges and accrued income | 490/1 | €3,136 | €427 | -€2,709 | -86.4% |
| Total equity and liabilities | 10/49 | €88,082 | €161,138 | +€73,056 | +82.9% |
| Equity | 10/15 | €44,848 | €64,134 | +€19,286 | +43.0% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €42,348 | €61,634 | +€19,286 | +45.5% |
| Tax-exempt reserves | 132 | - | €10,850 | +€10,850 | |
| Distributable reserves | 133 | €42,348 | €50,784 | +€8,436 | +19.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Provisions and deferred taxes | 16 | - | €34,894 | +€34,894 | |
| Provisions for liabilities and charges | 160/5 | - | €34,894 | +€34,894 | |
| Other liabilities and charges | 164/5 | - | €34,894 | +€34,894 | |
| Amounts payable | 17/49 | €43,234 | €62,110 | +€18,876 | +43.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €43,234 | €62,110 | +€18,876 | +43.7% |
| Current portion of amounts payable after more than one year | 42 | €2,751 | €0 | -€2,751 | -100.0% |
| Trade debts | 44 | €1,113 | €6,386 | +€5,273 | +473.9% |
| Suppliers | 440/4 | €1,113 | €6,386 | +€5,273 | +473.9% |
| Taxes, remuneration and social security | 45 | €38,177 | €38,983 | +€806 | +2.1% |
| Taxes | 450/3 | €28,340 | €36,483 | +€8,143 | +28.7% |
| Remuneration and social security | 454/9 | €9,837 | €2,500 | -€7,337 | -74.6% |
| Other amounts payable | 47/48 | €1,193 | €16,741 | +€15,547 | +1302.7% |
| Non-recurring operating income | 76A | €6,776 | €4,598 | -€2,178 | -32.1% |
| Remuneration, social security and pensions | 62 | - | -€17 | -€17 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,709 | €2,984 | -€6,725 | -69.3% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €34,894 | +€34,894 | |
| Other operating charges | 640/8 | €2,761 | €2,068 | -€693 | -25.1% |
| Gross operating margin | 9900 | €52,752 | €92,046 | +€39,294 | +74.5% |
| Operating profit (loss) | 9901 | €40,281 | €52,117 | +€11,835 | +29.4% |
| Financial income | 75/76B | €11 | €452 | +€441 | +3891.6% |
| Recurring financial income | 75 | €11 | €452 | +€441 | +3891.6% |
| Financial charges | 65/66B | €471 | €283 | -€188 | -39.9% |
| Recurring financial charges | 65 | €471 | €283 | -€188 | -39.9% |
| Profit (loss) for the period before taxes | 9903 | €39,821 | €52,285 | +€12,464 | +31.3% |
| Income taxes | 67/77 | €11,580 | €24,500 | +€12,919 | +111.6% |
| Profit (loss) for the period | 9904 | €28,241 | €27,786 | -€455 | -1.6% |
| Transfer to tax-exempt reserves | 689 | - | €10,850 | +€10,850 | |
| Profit (loss) for the period to be appropriated | 9905 | €28,241 | €16,936 | -€11,305 | -40.0% |
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 5 October 2026 via checked.be.