Victoria MSD: what changed
Victoria MSD
Largest movements
- Cash +€2,942
up €2,942 (+6,437%), from €46 to €2,987
mainly Other debts (+€3,815) and Stocks and contracts (+€774)
- Stocks and contracts -€774
down €774 (-100%), from €774 to €0
- Deferred charges and accrued income -€95
down €95 (-59.2%), from €161 to €66
- Other debts +€3,815
up €3,815 (+58.9%), from €6,480 to €10,295
- Profit (loss) carried forward -€1,186
down €1,186 (-6.2%), from -€19,228 to -€20,415
- Trade debts -€412
down €412 (-34.8%), from €1,184 to €773
- Tax, wage and social debts -€144
down €144 (-100%), from €144 to €0
- Depreciation -€1,000
down €1,000 (-100%), from €1,000 to €0
- Gross operating margin +€448
up €448 (+49.8%), from -€899 to -€451
- Other operating charges -€437
down €437 (-42.7%), from €1,022 to €585
- Financial charges +€12
up €12 (+8.9%), from €137 to €150
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €981 | €3,053 | +€2,072 | +211% |
| Fixed assets | 21/28 | €0 | - | = | |
| Intangible fixed assets | 21 | €0 | - | = | |
| Current assets | 29/58 | €981 | €3,053 | +€2,072 | +211% |
| Stocks and contracts in progress | 3 | €774 | €0 | -€774 | -100% |
| Stocks | 30/36 | €774 | €0 | -€774 | -100% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €46 | €2,987 | +€2,942 | +6,437% |
| Deferred charges and accrued income | 490/1 | €161 | €66 | -€95 | -59.2% |
| Total equity and liabilities | 10/49 | €981 | €3,053 | +€2,072 | +211% |
| Equity | 10/15 | -€6,828 | -€8,015 | -€1,186 | -17.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€19,228 | -€20,415 | -€1,186 | -6.2% |
| Amounts payable | 17/49 | €7,809 | €11,068 | +€3,258 | +41.7% |
| Amounts payable within one year | 42/48 | €7,809 | €11,068 | +€3,258 | +41.7% |
| Trade debts | 44 | €1,184 | €773 | -€412 | -34.8% |
| Suppliers | 440/4 | €1,184 | €773 | -€412 | -34.8% |
| Taxes, remuneration and social security | 45 | €144 | €0 | -€144 | -100% |
| Taxes | 450/3 | €144 | €0 | -€144 | -100% |
| Other amounts payable | 47/48 | €6,480 | €10,295 | +€3,815 | +58.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,000 | €0 | -€1,000 | -100% |
| Other operating charges | 640/8 | €1,022 | €585 | -€437 | -42.7% |
| Gross operating margin | 9900 | -€899 | -€451 | +€448 | +49.8% |
| Operating profit (loss) | 9901 | -€2,922 | -€1,037 | +€1,885 | +64.5% |
| Financial income | 75/76B | €6 | €0 | -€6 | -100% |
| Recurring financial income | 75 | €6 | €0 | -€6 | -100% |
| Financial charges | 65/66B | €137 | €150 | +€12 | +8.9% |
| Recurring financial charges | 65 | €137 | €150 | +€12 | +8.9% |
| Profit (loss) for the period before taxes | 9903 | -€3,053 | -€1,186 | +€1,867 | +61.2% |
| Profit (loss) for the period | 9904 | -€3,053 | -€1,186 | +€1,867 | +61.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,053 | -€1,186 | +€1,867 | +61.2% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.