GROUP MSA: 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.
GROUP MSA
Largest movements
- Tangible fixed assets -€11,377
down €11,377 (-43.6%), from €26,077 to €14,701
of which Plant, machinery and equipment: -€13,259
- Deferred charges and accrued income +€292
new in 2025: €292
- Other debts +€30,154
up €30,154 (+110.5%), from €27,289 to €57,443
- Trade debts -€25,502
down €25,502 (-94.3%), from €27,032 to €1,531
- Profit (loss) carried forward -€16,415
down €16,415 (-50.9%), from -€32,282 to -€48,697
- Tax, wage and social debts +€603
up €603 (+9815.0%), from €6 to €609
- Write-downs -€11,320
no longer reported in 2025 (was €11,320)
- Gross operating margin +€5,634
up €5,634 (+53.7%), from -€10,497 to -€4,863
- Depreciation -€1,608
down €1,608 (-17.0%), from €9,484 to €7,877
- Financial charges +€263
up €263 (+262.6%), from €100 to €363
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 | €28,246 | €17,085 | -€11,160 | -39.5% |
| Fixed assets | 21/28 | €26,077 | €14,701 | -€11,377 | -43.6% |
| Tangible fixed assets | 22/27 | €26,077 | €14,701 | -€11,377 | -43.6% |
| Plant, machinery and equipment | 23 | €25,424 | €12,165 | -€13,259 | -52.2% |
| Furniture and vehicles | 24 | €654 | €2,536 | +€1,882 | +287.9% |
| Current assets | 29/58 | €2,168 | €2,385 | +€217 | +10.0% |
| Amounts receivable within one year | 40/41 | €606 | €651 | +€46 | +7.6% |
| Trade receivables | 40 | - | €520 | +€520 | |
| Other amounts receivable | 41 | €606 | €131 | -€474 | -78.3% |
| Cash at bank and in hand | 54/58 | €1,563 | €1,441 | -€122 | -7.8% |
| Deferred charges and accrued income | 490/1 | - | €292 | +€292 | |
| Total equity and liabilities | 10/49 | €28,246 | €17,085 | -€11,160 | -39.5% |
| Equity | 10/15 | -€26,082 | -€42,497 | -€16,415 | -62.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,282 | -€48,697 | -€16,415 | -50.9% |
| Amounts payable | 17/49 | €54,327 | €59,582 | +€5,255 | +9.7% |
| Amounts payable within one year | 42/48 | €54,327 | €59,582 | +€5,255 | +9.7% |
| Trade debts | 44 | €27,032 | €1,531 | -€25,502 | -94.3% |
| Suppliers | 440/4 | €27,032 | €1,531 | -€25,502 | -94.3% |
| Taxes, remuneration and social security | 45 | €6 | €609 | +€603 | +9815.0% |
| Taxes | 450/3 | €6 | €609 | +€603 | +9815.0% |
| Other amounts payable | 47/48 | €27,289 | €57,443 | +€30,154 | +110.5% |
| Remuneration, social security and pensions | 62 | €95 | €200 | +€105 | +109.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,484 | €7,877 | -€1,608 | -17.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €11,320 | - | -€11,320 | |
| Other operating charges | 640/8 | €785 | €830 | +€45 | +5.7% |
| Non-recurring operating charges | 66A | - | €2,116 | +€2,116 | |
| Gross operating margin | 9900 | -€10,497 | -€4,863 | +€5,634 | +53.7% |
| Operating profit (loss) | 9901 | -€32,181 | -€15,885 | +€16,296 | +50.6% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €100 | €363 | +€263 | +262.6% |
| Recurring financial charges | 65 | €100 | €363 | +€263 | +262.6% |
| Profit (loss) for the period before taxes | 9903 | -€32,282 | -€16,243 | +€16,038 | +49.7% |
| Income taxes | 67/77 | - | €94 | +€94 | |
| Profit (loss) for the period | 9904 | -€32,282 | -€16,337 | +€15,944 | +49.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€32,282 | -€16,337 | +€15,944 | +49.4% |
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 6 October 2026 via checked.be.