M.S.C.: 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.
M.S.C.
Largest movements
- Receivables within one year +€198,753
up €198,753 (+240%), from €82,697 to €281,451
of which Trade receivables: +€209,123
- Stocks and contracts -€34,517
down €34,517 (-54.3%), from €63,545 to €29,028
- Cash +€15,582
up €15,582 (+90.5%), from €17,213 to €32,796
mainly Trade debts (+€220,412) and Stocks and contracts (+€34,517)
- Tangible fixed assets -€10,428
down €10,428 (-32.8%), from €31,804 to €21,375
of which Furniture and vehicles: -€6,300
- Intangible fixed assets -€5,000
down €5,000 (-16.7%), from €30,000 to €25,000
- Trade debts +€220,412
up €220,412 (+391%), from €56,357 to €276,770
- Reserves -€150,601
down €150,601 (-98.8%), from €152,461 to €1,860
of which Distributable reserves: -€150,601
- Profit (loss) carried forward +€106,035
up €106,035, from -€4,006 to €102,030
- Other debts -€7,474
no longer reported in 2025 (was €7,474)
- Tax, wage and social debts -€3,982
down €3,982 (-38.9%), from €10,243 to €6,261
of which Remuneration and social security: -€5,438
- Turnover +€1.9m
new in 2025: €1.9m
- Purchases and services +€1.9m
new in 2025: €1.9m
- Gross operating margin +€82,896
up €82,896 (+711%), from €11,651 to €94,547
- Other operating charges +€20,362
up €20,362 (+1,312%), from €1,552 to €21,914
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.
Derived cash bridge
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 | €228,729 | €393,120 | +€164,391 | +71.9% |
| Fixed assets | 21/28 | €65,274 | €49,845 | -€15,428 | -23.6% |
| Intangible fixed assets | 21 | €30,000 | €25,000 | -€5,000 | -16.7% |
| Tangible fixed assets | 22/27 | €31,804 | €21,375 | -€10,428 | -32.8% |
| Plant, machinery and equipment | 23 | €8,681 | €4,553 | -€4,128 | -47.6% |
| Furniture and vehicles | 24 | €23,122 | €16,822 | -€6,300 | -27.2% |
| Financial fixed assets | 28 | €3,470 | €3,470 | = | 0.0% |
| Current assets | 29/58 | €163,456 | €343,275 | +€179,819 | +110% |
| Stocks and contracts in progress | 3 | €63,545 | €29,028 | -€34,517 | -54.3% |
| Stocks | 30/36 | €63,545 | €29,028 | -€34,517 | -54.3% |
| Amounts receivable within one year | 40/41 | €82,697 | €281,451 | +€198,753 | +240% |
| Trade receivables | 40 | €46,621 | €255,743 | +€209,123 | +449% |
| Other amounts receivable | 41 | €36,077 | €25,707 | -€10,369 | -28.7% |
| Cash at bank and in hand | 54/58 | €17,213 | €32,796 | +€15,582 | +90.5% |
| Total equity and liabilities | 10/49 | €228,729 | €393,120 | +€164,391 | +71.9% |
| Equity | 10/15 | €154,655 | €110,090 | -€44,565 | -28.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €152,461 | €1,860 | -€150,601 | -98.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €150,601 | - | -€150,601 | |
| Profit (loss) carried forward | 14 | -€4,006 | €102,030 | +€106,035 | |
| Amounts payable | 17/49 | €74,074 | €283,031 | +€208,956 | +282% |
| Amounts payable within one year | 42/48 | €74,074 | €283,031 | +€208,956 | +282% |
| Trade debts | 44 | €56,357 | €276,770 | +€220,412 | +391% |
| Suppliers | 440/4 | €56,357 | €276,770 | +€220,412 | +391% |
| Taxes, remuneration and social security | 45 | €10,243 | €6,261 | -€3,982 | -38.9% |
| Taxes | 450/3 | €2,397 | €3,852 | +€1,455 | +60.7% |
| Remuneration and social security | 454/9 | €7,846 | €2,409 | -€5,438 | -69.3% |
| Other amounts payable | 47/48 | €7,474 | - | -€7,474 | |
| Turnover | 70 | - | €1,889,265 | +€1.9m | |
| Non-recurring operating income | 76A | - | €25,167 | +€25,167 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,870,855 | +€1.9m | |
| Remuneration, social security and pensions | 62 | - | €15,701 | +€15,701 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,545 | €15,596 | +€3,050 | +24.3% |
| Other operating charges | 640/8 | €1,552 | €21,914 | +€20,362 | +1,312% |
| Non-recurring operating charges | 66A | - | €80,177 | +€80,177 | |
| Gross operating margin | 9900 | €11,651 | €94,547 | +€82,896 | +711% |
| Operating profit (loss) | 9901 | -€2,446 | -€38,841 | -€36,395 | -1,488% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €606 | €1,149 | +€543 | +89.7% |
| Recurring financial charges | 65 | €606 | €1,149 | +€543 | +89.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,051 | -€39,989 | -€36,938 | -1,211% |
| Income taxes | 67/77 | €0 | €4,576 | +€4,576 | |
| Profit (loss) for the period | 9904 | -€3,051 | -€44,565 | -€41,514 | -1,361% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,051 | -€44,565 | -€41,514 | -1,361% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 25 October 2026 via checked.be.