MSTD: 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.
MSTD
Largest movements
- Cash +€25,173
up €25,173 (+238.4%), from €10,558 to €35,732
mainly Net result for the year (+€22,355) and Trade debts (+€13,359)
- Tangible fixed assets -€3,430
down €3,430 (-1.4%), from €249,320 to €245,890
of which Land and buildings: -€5,650
- Debts after one year -€15,163
down €15,163 (-8.1%), from €187,180 to €172,017
- Trade debts +€13,359
up €13,359 (+712.6%), from €1,875 to €15,234
- Profit (loss) carried forward +€12,943
up €12,943 (+45.3%), from €28,601 to €41,545
- Other debts +€8,000
new in 2025: €8,000
- Gross operating margin +€6,433
up €6,433 (+17.2%), from €37,432 to €43,865
- Financial charges +€2,687
up €2,687 (+82.4%), from €3,262 to €5,949
- Staff costs +€2,010
new in 2025: €2,010
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 | €277,141 | €299,149 | +€22,008 | +7.9% |
| Fixed assets | 21/28 | €249,411 | €245,981 | -€3,430 | -1.4% |
| Tangible fixed assets | 22/27 | €249,320 | €245,890 | -€3,430 | -1.4% |
| Land and buildings | 22 | €248,236 | €242,586 | -€5,650 | -2.3% |
| Plant, machinery and equipment | 23 | - | €2,588 | +€2,588 | |
| Furniture and vehicles | 24 | €1,084 | €716 | -€368 | -33.9% |
| Financial fixed assets | 28 | €91 | €91 | = | 0.0% |
| Current assets | 29/58 | €27,730 | €53,168 | +€25,438 | +91.7% |
| Stocks and contracts in progress | 3 | €3,350 | €2,950 | -€400 | -11.9% |
| Stocks | 30/36 | €3,350 | €2,950 | -€400 | -11.9% |
| Amounts receivable within one year | 40/41 | €3,674 | €4,339 | +€665 | +18.1% |
| Trade receivables | 40 | - | €669 | +€669 | |
| Other amounts receivable | 41 | €3,674 | €3,670 | -€4 | -0.1% |
| Cash at bank and in hand | 54/58 | €10,558 | €35,732 | +€25,173 | +238.4% |
| Deferred charges and accrued income | 490/1 | €10,148 | €10,148 | = | 0.0% |
| Total equity and liabilities | 10/49 | €277,141 | €299,149 | +€22,008 | +7.9% |
| Equity | 10/15 | €67,727 | €80,671 | +€12,943 | +19.1% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €19,126 | €19,126 | = | 0.0% |
| Distributable reserves | 133 | €19,126 | €19,126 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,601 | €41,545 | +€12,943 | +45.3% |
| Amounts payable | 17/49 | €209,414 | €218,479 | +€9,065 | +4.3% |
| Amounts payable after more than one year | 17 | €187,180 | €172,017 | -€15,163 | -8.1% |
| Financial debts | 170/4 | €187,180 | €172,017 | -€15,163 | -8.1% |
| Amounts payable within one year | 42/48 | €22,234 | €46,462 | +€24,228 | +109.0% |
| Current portion of amounts payable after more than one year | 42 | €14,809 | €15,163 | +€354 | +2.4% |
| Trade debts | 44 | €1,875 | €15,234 | +€13,359 | +712.6% |
| Suppliers | 440/4 | €1,875 | €15,234 | +€13,359 | +712.6% |
| Taxes, remuneration and social security | 45 | €5,550 | €8,065 | +€2,515 | +45.3% |
| Taxes | 450/3 | €5,550 | €8,065 | +€2,515 | +45.3% |
| Other amounts payable | 47/48 | - | €8,000 | +€8,000 | |
| Remuneration, social security and pensions | 62 | - | €2,010 | +€2,010 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,018 | €6,382 | +€364 | +6.0% |
| Other operating charges | 640/8 | €795 | €774 | -€21 | -2.7% |
| Gross operating margin | 9900 | €37,432 | €43,865 | +€6,433 | +17.2% |
| Operating profit (loss) | 9901 | €30,619 | €34,699 | +€4,080 | +13.3% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Financial charges | 65/66B | €3,262 | €5,949 | +€2,687 | +82.4% |
| Recurring financial charges | 65 | €3,262 | €5,949 | +€2,687 | +82.4% |
| Profit (loss) for the period before taxes | 9903 | €27,357 | €28,757 | +€1,400 | +5.1% |
| Income taxes | 67/77 | €6,395 | €6,402 | +€7 | +0.1% |
| Profit (loss) for the period | 9904 | €20,963 | €22,355 | +€1,393 | +6.6% |
| Profit (loss) for the period to be appropriated | 9905 | €20,963 | €22,355 | +€1,393 | +6.6% |
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 11 October 2026 via checked.be.