M.S. CONSTRUCTION: 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. CONSTRUCTION
Largest movements
- Receivables within one year +€213,404
up €213,404 (+115%), from €185,777 to €399,181
of which Trade receivables: +€208,352
- Stocks and contracts +€15,106
up €15,106 (+87.1%), from €17,345 to €32,451
of which Stocks: +€28,654
- Cash -€12,777
down €12,777 (-51.9%), from €24,637 to €11,860
mainly Receivables within one year (-€213,404) and Debts after one year (-€19,648)
- Tangible fixed assets -€12,671
down €12,671 (-29.1%), from €43,469 to €30,798
of which Furniture and vehicles: -€12,184
- Deferred charges and accrued income -€10,143
down €10,143 (-29.7%), from €34,113 to €23,970
- Trade debts +€172,694
up €172,694 (+610%), from €28,301 to €200,995
- Profit (loss) carried forward +€33,797
up €33,797 (+42.2%), from €79,994 to €113,791
- Debts after one year -€19,648
down €19,648 (-37.3%), from €52,612 to €32,964
- Tax, wage and social debts -€10,932
down €10,932 (-13.1%), from €83,476 to €72,544
of which Taxes: -€23,047
- Short-term financial debts +€10,000
up €10,000 (+11.1%), from €90,000 to €100,000
- Gross operating margin +€73,731
up €73,731 (+70.0%), from €105,296 to €179,027
- Staff costs -€45,940
down €45,940 (-33.3%), from €138,162 to €92,222
- Financial charges +€14,144
up €14,144 (+132%), from €10,735 to €24,879
- Taxes +€10,424
up €10,424 (+195%), from €5,346 to €15,771
- Other operating charges -€10,161
down €10,161 (-91.9%), from €11,054 to €893
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 | €372,441 | €565,374 | +€192,933 | +51.8% |
| Fixed assets | 21/28 | €110,569 | €97,912 | -€12,657 | -11.4% |
| Tangible fixed assets | 22/27 | €43,469 | €30,798 | -€12,671 | -29.1% |
| Plant, machinery and equipment | 23 | €2,101 | €1,613 | -€487 | -23.2% |
| Furniture and vehicles | 24 | €41,369 | €29,185 | -€12,184 | -29.5% |
| Financial fixed assets | 28 | €67,100 | €67,114 | +€14 | 0.0% |
| Current assets | 29/58 | €261,872 | €467,462 | +€205,590 | +78.5% |
| Stocks and contracts in progress | 3 | €17,345 | €32,451 | +€15,106 | +87.1% |
| Stocks | 30/36 | €3,797 | €32,451 | +€28,654 | +755% |
| Contracts in progress | 37 | €13,547 | - | -€13,547 | |
| Amounts receivable within one year | 40/41 | €185,777 | €399,181 | +€213,404 | +115% |
| Trade receivables | 40 | €165,808 | €374,160 | +€208,352 | +126% |
| Other amounts receivable | 41 | €19,969 | €25,021 | +€5,052 | +25.3% |
| Cash at bank and in hand | 54/58 | €24,637 | €11,860 | -€12,777 | -51.9% |
| Deferred charges and accrued income | 490/1 | €34,113 | €23,970 | -€10,143 | -29.7% |
| Total equity and liabilities | 10/49 | €372,441 | €565,374 | +€192,933 | +51.8% |
| Equity | 10/15 | €98,677 | €132,474 | +€33,797 | +34.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €82 | €82 | = | 0.0% |
| Non-distributable reserves | 130/1 | €82 | €82 | = | 0.0% |
| Reserves not available under the articles | 1311 | €82 | €82 | = | 0.0% |
| Profit (loss) carried forward | 14 | €79,994 | €113,791 | +€33,797 | +42.2% |
| Amounts payable | 17/49 | €273,764 | €432,900 | +€159,136 | +58.1% |
| Amounts payable after more than one year | 17 | €52,612 | €32,964 | -€19,648 | -37.3% |
| Financial debts | 170/4 | €52,612 | €32,964 | -€19,648 | -37.3% |
| Amounts payable within one year | 42/48 | €221,152 | €399,936 | +€178,784 | +80.8% |
| Current portion of amounts payable after more than one year | 42 | €19,375 | €19,653 | +€278 | +1.4% |
| Financial debts | 43 | €90,000 | €100,000 | +€10,000 | +11.1% |
| Credit institutions | 430/8 | €90,000 | €100,000 | +€10,000 | +11.1% |
| Trade debts | 44 | €28,301 | €200,995 | +€172,694 | +610% |
| Suppliers | 440/4 | €28,301 | €200,995 | +€172,694 | +610% |
| Taxes, remuneration and social security | 45 | €83,476 | €72,544 | -€10,932 | -13.1% |
| Taxes | 450/3 | €53,563 | €30,516 | -€23,047 | -43.0% |
| Remuneration and social security | 454/9 | €29,913 | €42,028 | +€12,115 | +40.5% |
| Other amounts payable | 47/48 | - | €6,744 | +€6,744 | |
| Remuneration, social security and pensions | 62 | €138,162 | €92,222 | -€45,940 | -33.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,557 | €12,671 | +€3,114 | +32.6% |
| Other operating charges | 640/8 | €11,054 | €893 | -€10,161 | -91.9% |
| Gross operating margin | 9900 | €105,296 | €179,027 | +€73,731 | +70.0% |
| Operating profit (loss) | 9901 | -€53,477 | €73,241 | +€126,718 | |
| Financial income | 75/76B | €1,445 | €1,205 | -€239 | -16.6% |
| Recurring financial income | 75 | €1,445 | €1,205 | -€239 | -16.6% |
| Financial charges | 65/66B | €10,735 | €24,879 | +€14,144 | +132% |
| Recurring financial charges | 65 | €10,735 | €24,879 | +€14,144 | +132% |
| Profit (loss) for the period before taxes | 9903 | -€62,768 | €49,567 | +€112,335 | |
| Income taxes | 67/77 | €5,346 | €15,771 | +€10,424 | +195% |
| Profit (loss) for the period | 9904 | -€68,114 | €33,797 | +€101,911 | |
| Profit (loss) for the period to be appropriated | 9905 | -€68,114 | €33,797 | +€101,911 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.