M.S.E: 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.E
Largest movements
- Tangible fixed assets +€41,332
up €41,332 (+916%), from €4,512 to €45,844
of which Furniture and vehicles: +€37,998
- Cash -€36,846
down €36,846 (-18.3%), from €200,919 to €164,072
mainly Investment in fixed assets (net) (-€50,040) and Receivables within one year (-€24,146)
- Receivables within one year +€24,146
up €24,146 (+410%), from €5,892 to €30,039
of which Trade receivables: +€12,793
- Stocks and contracts +€5,168
up €5,168 (+22.1%), from €23,367 to €28,534
- Profit (loss) carried forward +€17,405
up €17,405 (+106%), from €16,478 to €33,883
- Trade debts +€13,247
up €13,247 (+159%), from €8,308 to €21,555
- Debts after one year +€12,009
new in 2025: €12,009
- Reserves -€10,588
down €10,588 (-5.8%), from €183,376 to €172,788
of which Distributable reserves: -€10,588
- Current portion of long-term debt +€4,851
new in 2025: €4,851
- Gross operating margin -€59,019
down €59,019 (-65.1%), from €90,711 to €31,692
- Taxes -€23,341
down €23,341 (-82.9%), from €28,166 to €4,824
- Depreciation +€3,195
up €3,195 (+58.0%), from €5,512 to €8,708
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 | €234,690 | €268,489 | +€33,800 | +14.4% |
| Fixed assets | 21/28 | €4,512 | €45,844 | +€41,332 | +916% |
| Tangible fixed assets | 22/27 | €4,512 | €45,844 | +€41,332 | +916% |
| Plant, machinery and equipment | 23 | €496 | €3,830 | +€3,334 | +672% |
| Furniture and vehicles | 24 | €4,016 | €42,014 | +€37,998 | +946% |
| Current assets | 29/58 | €230,178 | €222,646 | -€7,532 | -3.3% |
| Stocks and contracts in progress | 3 | €23,367 | €28,534 | +€5,168 | +22.1% |
| Stocks | 30/36 | €23,367 | €28,534 | +€5,168 | +22.1% |
| Amounts receivable within one year | 40/41 | €5,892 | €30,039 | +€24,146 | +410% |
| Trade receivables | 40 | €5,892 | €18,685 | +€12,793 | +217% |
| Other amounts receivable | 41 | - | €11,353 | +€11,353 | |
| Cash at bank and in hand | 54/58 | €200,919 | €164,072 | -€36,846 | -18.3% |
| Total equity and liabilities | 10/49 | €234,690 | €268,489 | +€33,800 | +14.4% |
| Equity | 10/15 | €218,453 | €225,271 | +€6,818 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | €18,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €183,376 | €172,788 | -€10,588 | -5.8% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €181,516 | €170,928 | -€10,588 | -5.8% |
| Profit (loss) carried forward | 14 | €16,478 | €33,883 | +€17,405 | +106% |
| Amounts payable | 17/49 | €16,237 | €43,219 | +€26,982 | +166% |
| Amounts payable after more than one year | 17 | - | €12,009 | +€12,009 | |
| Financial debts | 170/4 | - | €12,009 | +€12,009 | |
| Amounts payable within one year | 42/48 | €16,237 | €31,210 | +€14,973 | +92.2% |
| Current portion of amounts payable after more than one year | 42 | - | €4,851 | +€4,851 | |
| Trade debts | 44 | €8,308 | €21,555 | +€13,247 | +159% |
| Suppliers | 440/4 | €8,308 | €21,555 | +€13,247 | +159% |
| Taxes, remuneration and social security | 45 | €4,872 | €4,747 | -€125 | -2.6% |
| Taxes | 450/3 | €4,872 | €4,747 | -€125 | -2.6% |
| Other amounts payable | 47/48 | €3,057 | €57 | -€3,000 | -98.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,512 | €8,708 | +€3,195 | +58.0% |
| Other operating charges | 640/8 | €460 | €697 | +€237 | +51.5% |
| Gross operating margin | 9900 | €90,711 | €31,692 | -€59,019 | -65.1% |
| Operating profit (loss) | 9901 | €84,738 | €22,287 | -€62,451 | -73.7% |
| Financial income | 75/76B | €870 | €592 | -€278 | -31.9% |
| Recurring financial income | 75 | €870 | €592 | -€278 | -31.9% |
| Financial charges | 65/66B | €95 | €650 | +€555 | +585% |
| Recurring financial charges | 65 | €95 | €650 | +€555 | +585% |
| Profit (loss) for the period before taxes | 9903 | €85,513 | €22,230 | -€63,284 | -74.0% |
| Income taxes | 67/77 | €28,166 | €4,824 | -€23,341 | -82.9% |
| Profit (loss) for the period | 9904 | €57,348 | €17,405 | -€39,943 | -69.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,348 | €17,405 | -€39,943 | -69.6% |
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 15 October 2026 via checked.be.