MSTO: 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.
MSTO
Largest movements
- Cash +€28,041
up €28,041 (+48.0%), from €58,460 to €86,501
mainly Other debts (+€94,382) and Net result for the year (+€69,998)
- Deferred charges and accrued income -€18,421
down €18,421 (-73.1%), from €25,203 to €6,782
- Tangible fixed assets -€9,051
down €9,051 (-46.9%), from €19,303 to €10,252
of which Furniture and vehicles: -€9,167
- Other debts +€94,382
up €94,382 (+2503.1%), from €3,771 to €98,152
- Reserves -€89,000
no longer reported in 2025 (was €89,000)
- Tax, wage and social debts -€3,780
down €3,780 (-74.2%), from €5,096 to €1,317
- Accrued charges and deferred income -€2,060
no longer reported in 2025 (was €2,060)
- Gross operating margin -€19,278
down €19,278 (-16.9%), from €113,736 to €94,458
- Taxes -€4,780
down €4,780 (-21.0%), from €22,796 to €18,017
- Depreciation -€4,106
down €4,106 (-51.0%), from €8,048 to €3,942
- Other operating charges +€1,835
up €1,835 (+358.9%), from €511 to €2,346
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 | €102,966 | €103,535 | +€569 | +0.6% |
| Fixed assets | 21/28 | €19,303 | €10,252 | -€9,051 | -46.9% |
| Tangible fixed assets | 22/27 | €19,303 | €10,252 | -€9,051 | -46.9% |
| Plant, machinery and equipment | 23 | €10,136 | €8,306 | -€1,830 | -18.1% |
| Furniture and vehicles | 24 | €9,167 | - | -€9,167 | |
| Other tangible fixed assets | 26 | - | €1,946 | +€1,946 | |
| Current assets | 29/58 | €83,663 | €93,283 | +€9,619 | +11.5% |
| Cash at bank and in hand | 54/58 | €58,460 | €86,501 | +€28,041 | +48.0% |
| Deferred charges and accrued income | 490/1 | €25,203 | €6,782 | -€18,421 | -73.1% |
| Total equity and liabilities | 10/49 | €102,966 | €103,535 | +€569 | +0.6% |
| Equity | 10/15 | €92,039 | €3,037 | -€89,002 | -96.7% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €89,000 | - | -€89,000 | |
| Distributable reserves | 133 | €89,000 | - | -€89,000 | |
| Profit (loss) carried forward | 14 | €39 | €37 | -€2 | -4.5% |
| Amounts payable | 17/49 | €10,927 | €100,497 | +€89,570 | +819.7% |
| Amounts payable within one year | 42/48 | €8,867 | €100,497 | +€91,631 | +1033.4% |
| Trade debts | 44 | - | €1,029 | +€1,029 | |
| Suppliers | 440/4 | - | €1,029 | +€1,029 | |
| Taxes, remuneration and social security | 45 | €5,096 | €1,317 | -€3,780 | -74.2% |
| Taxes | 450/3 | €5,096 | €1,317 | -€3,780 | -74.2% |
| Other amounts payable | 47/48 | €3,771 | €98,152 | +€94,382 | +2503.1% |
| Accrued charges and deferred income | 492/3 | €2,060 | - | -€2,060 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,048 | €3,942 | -€4,106 | -51.0% |
| Other operating charges | 640/8 | €511 | €2,346 | +€1,835 | +358.9% |
| Gross operating margin | 9900 | €113,736 | €94,458 | -€19,278 | -16.9% |
| Operating profit (loss) | 9901 | €105,177 | €88,170 | -€17,007 | -16.2% |
| Financial charges | 65/66B | €141 | €156 | +€15 | +10.7% |
| Recurring financial charges | 65 | €141 | €156 | +€15 | +10.7% |
| Profit (loss) for the period before taxes | 9903 | €105,036 | €88,015 | -€17,022 | -16.2% |
| Income taxes | 67/77 | €22,796 | €18,017 | -€4,780 | -21.0% |
| Profit (loss) for the period | 9904 | €82,240 | €69,998 | -€12,242 | -14.9% |
| Profit (loss) for the period to be appropriated | 9905 | €82,240 | €69,998 | -€12,242 | -14.9% |
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 2 October 2026 via checked.be.