M.S. BELGIQUE: what changed
What changed
M.S. BELGIQUE
NACE 47.713, Retail trade
filed annual accounts (NBB)
Net result for the year
€88,162
2024 · €76,803+€11,358
Equity
€1.8m
2024 · €1.9m-€91,958
Cash
€436,133
2024 · €45,185+€390,948
Balance sheet total
€3.1m
2024 · €5.9m-€2.8m
Largest movements
Assets
- Receivables within one year -€3.2m
down €3.2m (-58.1%), from €5.4m to €2.3m
of which Other amounts receivable: -€3.1m
- Cash +€390,948
up €390,948 (+865%), from €45,185 to €436,133
mainly Receivables within one year (+€3.2m) and Net result for the year (+€88,162)
Equity and liabilities
- Other debts -€2.6m
down €2.6m (-93.4%), from €2.7m to €180,120
- Trade debts -€159,307
down €159,307 (-16.0%), from €996,167 to €836,860
- Profit (loss) carried forward -€91,958
down €91,958 (-55.4%), from €166,119 to €74,160
Income statement
- Gross operating margin +€126,865
up €126,865 (+13.7%), from €928,230 to €1.1m
- Staff costs +€87,328
up €87,328 (+10.1%), from €860,567 to €947,895
- Financial income -€79,696
down €79,696 (-47.6%), from €167,293 to €87,598
- Taxes -€23,594
down €23,594 (-47.6%), from €49,546 to €25,952
- Financial charges -€21,200
down €21,200 (-23.8%), from €89,224 to €68,024
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.
Result 2024
€76,803
Gross operating margin
+€126,865
Staff costs
-€87,328
Depreciation
+€1,387
Write-downs
-€1,618
Other operating charges
+€5,226
Other operating items
+€1,727
Financial income
-€79,696
Financial charges
+€21,200
Taxes
+€23,594
Result 2025
€88,162
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€617,850
Investment
-€9,020
Financing
-€217,882
Cash 2024
€45,185
From operations (derived)
+€617,850
Net result for the year
+€88,162
Depreciation
+€9,995
Smaller working-capital items
+€7,664
Receivables within one year
+€3.2m
Deferred charges and accrued income
+€29,707
Trade debts
-€159,307
Tax, wage and social debts
+€35,402
Other debts
-€2.6m
Investment (derived)
-€9,020
Investment in fixed assets (net)
-€9,020
Financing
-€217,882
Short-term financial debts
-€37,762
Contributions, distributions and other
-€180,120
Cash 2025
€436,133
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €5,943,081 | €3,139,563 | -€2.8m | -47.2% |
| Fixed assets | 21/28 | €42,869 | €41,894 | -€975 | -2.3% |
| Tangible fixed assets | 22/27 | €42,469 | €41,494 | -€975 | -2.3% |
| Furniture and vehicles | 24 | €1,563 | €0 | -€1,563 | -100% |
| Other tangible fixed assets | 26 | €40,906 | €41,494 | +€588 | +1.4% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €5,900,212 | €3,097,669 | -€2.8m | -47.5% |
| Stocks and contracts in progress | 3 | €365,638 | €360,935 | -€4,703 | -1.3% |
| Stocks | 30/36 | €365,638 | €360,935 | -€4,703 | -1.3% |
| Amounts receivable within one year | 40/41 | €5,441,757 | €2,282,676 | -€3.2m | -58.1% |
| Trade receivables | 40 | €152,249 | €119,261 | -€32,987 | -21.7% |
| Other amounts receivable | 41 | €5,289,508 | €2,163,414 | -€3.1m | -59.1% |
| Cash at bank and in hand | 54/58 | €45,185 | €436,133 | +€390,948 | +865% |
| Deferred charges and accrued income | 490/1 | €47,632 | €17,925 | -€29,707 | -62.4% |
| Total equity and liabilities | 10/49 | €5,943,081 | €3,139,563 | -€2.8m | -47.2% |
| Equity | 10/15 | €1,850,166 | €1,758,208 | -€91,958 | -5.0% |
| Contributions | 10/11 | €1,533,947 | €1,533,947 | = | 0.0% |
| Capital | 10 | €1,501,000 | €1,501,000 | = | 0.0% |
| Issued capital | 100 | €1,501,000 | €1,501,000 | = | 0.0% |
| Contributions outside capital | 11 | €32,947 | €32,947 | = | 0.0% |
| Share premium | 1100/10 | €32,947 | €32,947 | = | 0.0% |
| Reserves | 13 | €150,100 | €150,100 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,100 | €150,100 | = | 0.0% |
| Legal reserve | 130 | €150,100 | €150,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €166,119 | €74,160 | -€91,958 | -55.4% |
| Provisions and deferred taxes | 16 | €7,816 | €7,015 | -€801 | -10.2% |
| Provisions for liabilities and charges | 160/5 | €7,816 | €7,015 | -€801 | -10.2% |
| Environmental obligations | 163 | €7,816 | - | -€7,816 | |
| Other liabilities and charges | 164/5 | - | €7,015 | +€7,015 | |
| Amounts payable | 17/49 | €4,085,099 | €1,374,340 | -€2.7m | -66.4% |
| Amounts payable within one year | 42/48 | €3,983,174 | €1,268,654 | -€2.7m | -68.1% |
| Financial debts | 43 | €37,762 | €0 | -€37,762 | -100% |
| Credit institutions | 430/8 | €37,762 | €0 | -€37,762 | -100% |
| Trade debts | 44 | €996,167 | €836,860 | -€159,307 | -16.0% |
| Suppliers | 440/4 | €996,167 | €836,860 | -€159,307 | -16.0% |
| Taxes, remuneration and social security | 45 | €216,271 | €251,673 | +€35,402 | +16.4% |
| Taxes | 450/3 | €117,176 | €142,288 | +€25,112 | +21.4% |
| Remuneration and social security | 454/9 | €99,096 | €109,386 | +€10,290 | +10.4% |
| Other amounts payable | 47/48 | €2,732,974 | €180,120 | -€2.6m | -93.4% |
| Accrued charges and deferred income | 492/3 | €101,925 | €105,686 | +€3,762 | +3.7% |
| Non-recurring operating income | 76A | €7,149 | €10,497 | +€3,348 | +46.8% |
| Remuneration, social security and pensions | 62 | €860,567 | €947,895 | +€87,328 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,383 | €9,995 | -€1,387 | -12.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€440 | €1,178 | +€1,618 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €0 | - | = | |
| Other operating charges | 640/8 | €6,713 | €1,487 | -€5,226 | -77.9% |
| Non-recurring operating charges | 66A | €1,727 | €0 | -€1,727 | -100% |
| Gross operating margin | 9900 | €928,230 | €1,055,095 | +€126,865 | +13.7% |
| Operating profit (loss) | 9901 | €48,280 | €94,540 | +€46,260 | +95.8% |
| Financial income | 75/76B | €167,293 | €87,598 | -€79,696 | -47.6% |
| Recurring financial income | 75 | €167,293 | €87,598 | -€79,696 | -47.6% |
| Financial charges | 65/66B | €89,224 | €68,024 | -€21,200 | -23.8% |
| Recurring financial charges | 65 | €89,224 | €68,024 | -€21,200 | -23.8% |
| Profit (loss) for the period before taxes | 9903 | €126,349 | €114,114 | -€12,235 | -9.7% |
| Income taxes | 67/77 | €49,546 | €25,952 | -€23,594 | -47.6% |
| Profit (loss) for the period | 9904 | €76,803 | €88,162 | +€11,358 | +14.8% |
| Profit (loss) for the period to be appropriated | 9905 | €76,803 | €88,162 | +€11,358 | +14.8% |
Next steps
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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 8 November 2026 via checked.be.