M.S.G.: 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.G.
Largest movements
- Receivables within one year +€6.3m
up €6.3m (+100%), from €6.3m to €12.6m
- Financial fixed assets -€3.9m
down €3.9m (-79.0%), from €5.0m to €1.0m
- Stocks and contracts -€548,671
down €548,671 (-4.2%), from €13.0m to €12.5m
- Debts after one year -€5.0m
down €5.0m (-87.0%), from €5.8m to €752,000
- Short-term financial debts +€5.0m
new in 2025: €5.0m
- Reserves +€1.9m
up €1.9m (+26.9%), from €7.1m to €9.1m
of which Distributable reserves: +€1.8m
- Gross operating margin -€2.1m
down €2.1m (-68.0%), from €3.1m to €997,864
- Financial income -€1.2m
down €1.2m (-45.8%), from €2.6m to €1.4m
- Taxes -€511,986
down €511,986 (-75.2%), from €680,613 to €168,627
- Financial charges -€78,746
down €78,746 (-26.8%), from €293,684 to €214,938
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 | €24,555,464 | €26,499,255 | +€1.9m | +7.9% |
| Fixed assets | 21/28 | €4,951,630 | €1,040,078 | -€3.9m | -79.0% |
| Financial fixed assets | 28 | €4,951,630 | €1,040,078 | -€3.9m | -79.0% |
| Current assets | 29/58 | €19,603,833 | €25,459,177 | +€5.9m | +29.9% |
| Stocks and contracts in progress | 3 | €13,011,949 | €12,463,279 | -€548,671 | -4.2% |
| Stocks | 30/36 | €13,011,949 | €12,463,279 | -€548,671 | -4.2% |
| Amounts receivable within one year | 40/41 | €6,286,758 | €12,592,583 | +€6.3m | +100% |
| Other amounts receivable | 41 | €6,286,758 | €12,592,583 | +€6.3m | +100% |
| Cash at bank and in hand | 54/58 | €287,084 | €385,118 | +€98,034 | +34.1% |
| Deferred charges and accrued income | 490/1 | €18,041 | €18,196 | +€155 | +0.9% |
| Total equity and liabilities | 10/49 | €24,555,464 | €26,499,255 | +€1.9m | +7.9% |
| Equity | 10/15 | €18,481,151 | €20,403,461 | +€1.9m | +10.4% |
| Contributions | 10/11 | €11,343,813 | €11,343,813 | = | 0.0% |
| Capital | 10 | €7,961,098 | €7,961,098 | = | 0.0% |
| Issued capital | 100 | €7,961,098 | €7,961,098 | = | 0.0% |
| Contributions outside capital | 11 | €3,382,715 | €3,382,715 | = | 0.0% |
| Share premium | 1100/10 | €3,382,715 | €3,382,715 | = | 0.0% |
| Reserves | 13 | €7,137,338 | €9,059,649 | +€1.9m | +26.9% |
| Non-distributable reserves | 130/1 | €429,269 | €525,384 | +€96,116 | +22.4% |
| Legal reserve | 130 | €429,269 | €525,384 | +€96,116 | +22.4% |
| Distributable reserves | 133 | €6,708,069 | €8,534,264 | +€1.8m | +27.2% |
| Amounts payable | 17/49 | €6,074,313 | €6,095,794 | +€21,481 | +0.4% |
| Amounts payable after more than one year | 17 | €5,767,000 | €752,000 | -€5.0m | -87.0% |
| Financial debts | 170/4 | €5,767,000 | €752,000 | -€5.0m | -87.0% |
| Amounts payable within one year | 42/48 | €301,410 | €5,338,665 | +€5.0m | +1,671% |
| Financial debts | 43 | - | €5,015,000 | +€5.0m | |
| Credit institutions | 430/8 | - | €5,015,000 | +€5.0m | |
| Trade debts | 44 | €13,996 | €10,312 | -€3,684 | -26.3% |
| Suppliers | 440/4 | €13,996 | €10,312 | -€3,684 | -26.3% |
| Advances received on contracts in progress | 46 | €90,525 | €90,613 | +€88 | +0.1% |
| Taxes, remuneration and social security | 45 | €94,113 | €122,740 | +€28,627 | +30.4% |
| Taxes | 450/3 | €94,113 | €122,740 | +€28,627 | +30.4% |
| Other amounts payable | 47/48 | €102,777 | €100,000 | -€2,777 | -2.7% |
| Accrued charges and deferred income | 492/3 | €5,903 | €5,129 | -€774 | -13.1% |
| Other operating charges | 640/8 | €104,353 | €108,492 | +€4,138 | +4.0% |
| Gross operating margin | 9900 | €3,116,529 | €997,864 | -€2.1m | -68.0% |
| Operating profit (loss) | 9901 | €3,012,176 | €889,372 | -€2.1m | -70.5% |
| Financial income | 75/76B | €2,613,975 | €1,416,504 | -€1.2m | -45.8% |
| Recurring financial income | 75 | €2,613,975 | €1,416,504 | -€1.2m | -45.8% |
| Financial charges | 65/66B | €293,684 | €214,938 | -€78,746 | -26.8% |
| Recurring financial charges | 65 | €293,684 | €214,938 | -€78,746 | -26.8% |
| Profit (loss) for the period before taxes | 9903 | €5,332,467 | €2,090,938 | -€3.2m | -60.8% |
| Income taxes | 67/77 | €680,613 | €168,627 | -€511,986 | -75.2% |
| Profit (loss) for the period | 9904 | €4,651,854 | €1,922,311 | -€2.7m | -58.7% |
| Profit (loss) for the period to be appropriated | 9905 | €4,651,854 | €1,922,311 | -€2.7m | -58.7% |
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 19 October 2026 via checked.be.