MST Projects: 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 Projects
Largest movements
- Receivables within one year -€9,613
down €9,613 (-21.1%), from €45,522 to €35,909
of which Other amounts receivable: -€10,378
- Tangible fixed assets -€8,766
down €8,766 (-7.4%), from €117,859 to €109,092
of which Land and buildings: -€7,162
- Trade debts -€13,023
down €13,023 (-87.5%), from €14,880 to €1,857
- Debts after one year -€8,917
down €8,917 (-8.2%), from €109,070 to €100,153
- Tax, wage and social debts +€7,107
up €7,107 (+61.8%), from €11,498 to €18,605
- Profit (loss) carried forward -€4,377
down €4,377 (-23.2%), from €18,838 to €14,461
- Gross operating margin +€20,793
up €20,793 (+103.0%), from €20,187 to €40,980
- Taxes +€6,109
up €6,109 (+718.5%), from €850 to €6,960
- Financial charges -€2,790
down €2,790 (-22.0%), from €12,707 to €9,917
- Other operating charges -€1,902
down €1,902 (-45.1%), from €4,213 to €2,312
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 | €166,254 | €147,432 | -€18,823 | -11.3% |
| Fixed assets | 21/28 | €117,859 | €109,092 | -€8,766 | -7.4% |
| Tangible fixed assets | 22/27 | €117,859 | €109,092 | -€8,766 | -7.4% |
| Land and buildings | 22 | €112,102 | €104,940 | -€7,162 | -6.4% |
| Plant, machinery and equipment | 23 | €248 | €0 | -€248 | -100.0% |
| Furniture and vehicles | 24 | €5,509 | €4,153 | -€1,356 | -24.6% |
| Current assets | 29/58 | €48,396 | €38,340 | -€10,056 | -20.8% |
| Amounts receivable within one year | 40/41 | €45,522 | €35,909 | -€9,613 | -21.1% |
| Trade receivables | 40 | €28,460 | €29,225 | +€765 | +2.7% |
| Other amounts receivable | 41 | €17,062 | €6,684 | -€10,378 | -60.8% |
| Cash at bank and in hand | 54/58 | €573 | €0 | -€573 | -100.0% |
| Deferred charges and accrued income | 490/1 | €2,301 | €2,430 | +€130 | +5.6% |
| Total equity and liabilities | 10/49 | €166,254 | €147,432 | -€18,823 | -11.3% |
| Equity | 10/15 | €21,838 | €17,461 | -€4,377 | -20.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €18,838 | €14,461 | -€4,377 | -23.2% |
| Amounts payable | 17/49 | €144,416 | €129,971 | -€14,445 | -10.0% |
| Amounts payable after more than one year | 17 | €109,070 | €100,153 | -€8,917 | -8.2% |
| Financial debts | 170/4 | €109,070 | €100,153 | -€8,917 | -8.2% |
| Amounts payable within one year | 42/48 | €35,346 | €29,818 | -€5,529 | -15.6% |
| Current portion of amounts payable after more than one year | 42 | €8,969 | €8,917 | -€52 | -0.6% |
| Financial debts | 43 | - | €439 | +€439 | |
| Credit institutions | 430/8 | - | €439 | +€439 | |
| Trade debts | 44 | €14,880 | €1,857 | -€13,023 | -87.5% |
| Suppliers | 440/4 | €14,880 | €1,857 | -€13,023 | -87.5% |
| Taxes, remuneration and social security | 45 | €11,498 | €18,605 | +€7,107 | +61.8% |
| Taxes | 450/3 | €11,498 | €18,605 | +€7,107 | +61.8% |
| Other amounts payable | 47/48 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,828 | €8,766 | -€62 | -0.7% |
| Other operating charges | 640/8 | €4,213 | €2,312 | -€1,902 | -45.1% |
| Non-recurring operating charges | 66A | €1,220 | €0 | -€1,220 | -100.0% |
| Gross operating margin | 9900 | €20,187 | €40,980 | +€20,793 | +103.0% |
| Operating profit (loss) | 9901 | €5,925 | €29,902 | +€23,977 | +404.7% |
| Financial income | 75/76B | €847 | €597 | -€250 | -29.5% |
| Recurring financial income | 75 | €847 | €597 | -€250 | -29.5% |
| Financial charges | 65/66B | €12,707 | €9,917 | -€2,790 | -22.0% |
| Recurring financial charges | 65 | €12,707 | €9,917 | -€2,790 | -22.0% |
| Profit (loss) for the period before taxes | 9903 | -€5,935 | €20,582 | +€26,518 | |
| Income taxes | 67/77 | €850 | €6,960 | +€6,109 | +718.5% |
| Profit (loss) for the period | 9904 | -€6,786 | €13,623 | +€20,408 | |
| Profit (loss) for the period to be appropriated | 9905 | -€6,786 | €13,623 | +€20,408 |
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 12 October 2026 via checked.be.