MSDP: 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.
MSDP
Largest movements
- Receivables within one year -€133,046
down €133,046 (-53.6%), from €248,067 to €115,022
of which Trade receivables: -€124,720
- Cash +€30,218
up €30,218 (+538%), from €5,619 to €35,837
mainly Receivables within one year (+€133,046) and Net result for the year (+€81,390)
- Profit (loss) carried forward -€63,353
down €63,353 (-43.8%), from €144,742 to €81,390
- Debts after one year -€45,979
down €45,979 (-16.7%), from €274,568 to €228,589
of which Financial debts: -€55,236
- Tax, wage and social debts +€33,257
up €33,257 (+705%), from €4,716 to €37,974
- Trade debts -€27,060
down €27,060 (-89.8%), from €30,132 to €3,072
- Gross operating margin +€36,188
up €36,188 (+38.9%), from €93,104 to €129,291
- Taxes +€13,911
up €13,911 (+65.0%), from €21,394 to €35,305
- Financial charges -€2,275
down €2,275 (-22.1%), from €10,297 to €8,022
From the 2025 result to the 2026 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.
Derived cash bridge
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €535,998 | €429,402 | -€106,597 | -19.9% |
| Fixed assets | 21/28 | €282,202 | €278,118 | -€4,084 | -1.4% |
| Tangible fixed assets | 22/27 | €272,202 | €268,118 | -€4,084 | -1.5% |
| Land and buildings | 22 | €250,000 | €250,000 | = | 0.0% |
| Furniture and vehicles | 24 | €3,108 | €1,746 | -€1,362 | -43.8% |
| Other tangible fixed assets | 26 | €19,093 | €16,371 | -€2,722 | -14.3% |
| Financial fixed assets | 28 | €10,000 | €10,000 | = | 0.0% |
| Current assets | 29/58 | €253,797 | €151,284 | -€102,513 | -40.4% |
| Amounts receivable within one year | 40/41 | €248,067 | €115,022 | -€133,046 | -53.6% |
| Trade receivables | 40 | €239,742 | €115,022 | -€124,720 | -52.0% |
| Other amounts receivable | 41 | €8,325 | €0 | -€8,325 | -100% |
| Cash at bank and in hand | 54/58 | €5,619 | €35,837 | +€30,218 | +538% |
| Deferred charges and accrued income | 490/1 | €110 | €425 | +€315 | +286% |
| Total equity and liabilities | 10/49 | €535,998 | €429,402 | -€106,597 | -19.9% |
| Equity | 10/15 | €163,342 | €99,990 | -€63,353 | -38.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €144,742 | €81,390 | -€63,353 | -43.8% |
| Amounts payable | 17/49 | €372,656 | €329,412 | -€43,244 | -11.6% |
| Amounts payable after more than one year | 17 | €274,568 | €228,589 | -€45,979 | -16.7% |
| Financial debts | 170/4 | €169,346 | €114,110 | -€55,236 | -32.6% |
| Other amounts payable | 178/9 | €105,222 | €114,479 | +€9,257 | +8.8% |
| Amounts payable within one year | 42/48 | €96,911 | €99,685 | +€2,774 | +2.9% |
| Current portion of amounts payable after more than one year | 42 | €62,062 | €58,026 | -€4,036 | -6.5% |
| Trade debts | 44 | €30,132 | €3,072 | -€27,060 | -89.8% |
| Suppliers | 440/4 | €30,132 | €3,072 | -€27,060 | -89.8% |
| Taxes, remuneration and social security | 45 | €4,716 | €37,974 | +€33,257 | +705% |
| Taxes | 450/3 | €4,716 | €37,974 | +€33,257 | +705% |
| Other amounts payable | 47/48 | €0 | €613 | +€613 | |
| Accrued charges and deferred income | 492/3 | €1,177 | €1,138 | -€39 | -3.3% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,911 | €4,084 | +€173 | +4.4% |
| Other operating charges | 640/8 | €528 | €490 | -€38 | -7.2% |
| Non-recurring operating charges | 66A | €253 | €0 | -€253 | -100% |
| Gross operating margin | 9900 | €93,104 | €129,291 | +€36,188 | +38.9% |
| Operating profit (loss) | 9901 | €88,412 | €124,717 | +€36,305 | +41.1% |
| Financial income | 75/76B | €0 | €0 | +€0 | +1,000% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +1,000% |
| Financial charges | 65/66B | €10,297 | €8,022 | -€2,275 | -22.1% |
| Recurring financial charges | 65 | €10,297 | €8,022 | -€2,275 | -22.1% |
| Profit (loss) for the period before taxes | 9903 | €78,115 | €116,695 | +€38,580 | +49.4% |
| Income taxes | 67/77 | €21,394 | €35,305 | +€13,911 | +65.0% |
| Profit (loss) for the period | 9904 | €56,721 | €81,390 | +€24,669 | +43.5% |
| Profit (loss) for the period to be appropriated | 9905 | €56,721 | €81,390 | +€24,669 | +43.5% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.