M.S.A.: 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.
M.S.A.
Largest movements
- Stocks and contracts +€25,578
up €25,578 (+84.1%), from €30,407 to €55,985
- Receivables within one year +€10,502
up €10,502 (+104.0%), from €10,096 to €20,599
of which Trade receivables: +€13,547
- Tangible fixed assets -€6,644
down €6,644 (-10.6%), from €62,501 to €55,856
of which Plant, machinery and equipment: -€5,044
- Cash +€4,172
up €4,172 (+110.2%), from €3,788 to €7,960
mainly Net result for the year (+€37,167) and Depreciation (+€6,644)
- Profit (loss) carried forward +€37,167
up €37,167 (+41.3%), from -€89,953 to -€52,787
- Other debts -€2,850
down €2,850 (-2.5%), from €115,915 to €113,065
- Short-term financial debts -€1,500
no longer reported in 2025 (was €1,500)
- Gross operating margin +€46,583
up €46,583 (+1516.9%), from €3,071 to €49,654
- Depreciation +€688
up €688 (+11.5%), from €5,956 to €6,644
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 | €106,791 | €140,400 | +€33,609 | +31.5% |
| Fixed assets | 21/28 | €62,501 | €55,856 | -€6,644 | -10.6% |
| Tangible fixed assets | 22/27 | €62,501 | €55,856 | -€6,644 | -10.6% |
| Land and buildings | 22 | €46,690 | €46,690 | = | 0.0% |
| Plant, machinery and equipment | 23 | €7,994 | €2,950 | -€5,044 | -63.1% |
| Furniture and vehicles | 24 | €7,816 | €6,216 | -€1,600 | -20.5% |
| Current assets | 29/58 | €44,290 | €84,543 | +€40,253 | +90.9% |
| Stocks and contracts in progress | 3 | €30,407 | €55,985 | +€25,578 | +84.1% |
| Stocks | 30/36 | €30,407 | €55,985 | +€25,578 | +84.1% |
| Amounts receivable within one year | 40/41 | €10,096 | €20,599 | +€10,502 | +104.0% |
| Trade receivables | 40 | €7,052 | €20,599 | +€13,547 | +192.1% |
| Other amounts receivable | 41 | €3,045 | - | -€3,045 | |
| Cash at bank and in hand | 54/58 | €3,788 | €7,960 | +€4,172 | +110.2% |
| Total equity and liabilities | 10/49 | €106,791 | €140,400 | +€33,609 | +31.5% |
| Equity | 10/15 | -€10,953 | €26,213 | +€37,167 | |
| Contributions | 10/11 | €79,000 | €79,000 | = | 0.0% |
| Capital | 10 | €79,000 | €79,000 | = | 0.0% |
| Issued capital | 100 | €79,000 | €79,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€89,953 | -€52,787 | +€37,167 | +41.3% |
| Amounts payable | 17/49 | €117,744 | €114,186 | -€3,558 | -3.0% |
| Amounts payable within one year | 42/48 | €117,744 | €114,186 | -€3,558 | -3.0% |
| Financial debts | 43 | €1,500 | - | -€1,500 | |
| Credit institutions | 430/8 | €1,500 | - | -€1,500 | |
| Trade debts | 44 | €329 | €233 | -€96 | -29.3% |
| Suppliers | 440/4 | €329 | €233 | -€96 | -29.3% |
| Taxes, remuneration and social security | 45 | - | €888 | +€888 | |
| Taxes | 450/3 | - | €888 | +€888 | |
| Other amounts payable | 47/48 | €115,915 | €113,065 | -€2,850 | -2.5% |
| Non-recurring operating income | 76A | €1,088 | €737 | -€351 | -32.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,956 | €6,644 | +€688 | +11.5% |
| Other operating charges | 640/8 | €1,021 | €1,229 | +€209 | +20.4% |
| Gross operating margin | 9900 | €3,071 | €49,654 | +€46,583 | +1516.9% |
| Operating profit (loss) | 9901 | -€3,906 | €41,780 | +€45,686 | |
| Financial income | 75/76B | €1 | €57 | +€56 | +5411.5% |
| Recurring financial income | 75 | €1 | €57 | +€56 | +5411.5% |
| Financial charges | 65/66B | €4,747 | €4,671 | -€76 | -1.6% |
| Recurring financial charges | 65 | €4,747 | €4,671 | -€76 | -1.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,652 | €37,167 | +€45,819 | |
| Profit (loss) for the period | 9904 | -€8,652 | €37,167 | +€45,819 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,652 | €37,167 | +€45,819 |
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 7 October 2026 via checked.be.