M.S.G. ELECTRONICS: 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. ELECTRONICS
Largest movements
- Cash -€6,727
down €6,727 (-34.4%), from €19,551 to €12,824
mainly Net result for the year (-€7,736) and Receivables within one year (-€3,985)
- Receivables within one year +€3,985
up €3,985 (+14.1%), from €28,356 to €32,341
of which Trade receivables: +€2,935
- Profit (loss) carried forward -€7,735
down €7,735 (-12.8%), from -€60,410 to -€68,145
- Other debts +€2,780
up €2,780 (+401%), from €694 to €3,474
- Trade debts +€2,387
up €2,387 (+615%), from €388 to €2,775
- Gross operating margin -€11,342
down €11,342, from €7,520 to -€3,822
- Turnover -€7,321
down €7,321 (-28.3%), from €25,860 to €18,539
- Purchases and services +€5,006
up €5,006 (+27.3%), from €18,340 to €23,346
- Depreciation -€1,150
down €1,150 (-69.7%), from €1,650 to €500
- Write-downs -€396
down €396 (-25.0%), from €1,586 to €1,190
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 | €68,523 | €65,926 | -€2,597 | -3.8% |
| Fixed assets | 21/28 | €20,095 | €20,580 | +€485 | +2.4% |
| Tangible fixed assets | 22/27 | €19,500 | €19,985 | +€485 | +2.5% |
| Land and buildings | 22 | €19,500 | €19,985 | +€485 | +2.5% |
| Financial fixed assets | 28 | €595 | €595 | = | 0.0% |
| Current assets | 29/58 | €48,428 | €45,346 | -€3,082 | -6.4% |
| Stocks and contracts in progress | 3 | €205 | €181 | -€24 | -11.7% |
| Stocks | 30/36 | €205 | €181 | -€24 | -11.7% |
| Amounts receivable within one year | 40/41 | €28,356 | €32,341 | +€3,985 | +14.1% |
| Trade receivables | 40 | €15,042 | €17,977 | +€2,935 | +19.5% |
| Other amounts receivable | 41 | €13,314 | €14,364 | +€1,050 | +7.9% |
| Cash at bank and in hand | 54/58 | €19,551 | €12,824 | -€6,727 | -34.4% |
| Deferred charges and accrued income | 490/1 | €316 | - | -€316 | |
| Total equity and liabilities | 10/49 | €68,523 | €65,926 | -€2,597 | -3.8% |
| Equity | 10/15 | €67,201 | €59,466 | -€7,735 | -11.5% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €65,638 | €65,638 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,231 | €2,231 | = | 0.0% |
| Legal reserve | 130 | €2,231 | €2,231 | = | 0.0% |
| Distributable reserves | 133 | €63,407 | €63,407 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€60,410 | -€68,145 | -€7,735 | -12.8% |
| Amounts payable | 17/49 | €1,322 | €6,460 | +€5,138 | +389% |
| Amounts payable within one year | 42/48 | €1,322 | €6,460 | +€5,138 | +389% |
| Trade debts | 44 | €388 | €2,775 | +€2,387 | +615% |
| Suppliers | 440/4 | €388 | €2,775 | +€2,387 | +615% |
| Taxes, remuneration and social security | 45 | €240 | €211 | -€29 | -12.1% |
| Taxes | 450/3 | €240 | €211 | -€29 | -12.1% |
| Other amounts payable | 47/48 | €694 | €3,474 | +€2,780 | +401% |
| Turnover | 70 | €25,860 | €18,539 | -€7,321 | -28.3% |
| Non-recurring operating income | 76A | - | €985 | +€985 | |
| Goods, raw materials, services and sundry goods | 60/61 | €18,340 | €23,346 | +€5,006 | +27.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,650 | €500 | -€1,150 | -69.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,586 | €1,190 | -€396 | -25.0% |
| Other operating charges | 640/8 | €2,600 | €2,209 | -€391 | -15.0% |
| Gross operating margin | 9900 | €7,520 | -€3,822 | -€11,342 | |
| Operating profit (loss) | 9901 | €1,684 | -€7,721 | -€9,405 | |
| Financial charges | 65/66B | - | €15 | +€15 | |
| Recurring financial charges | 65 | - | €15 | +€15 | |
| Profit (loss) for the period before taxes | 9903 | €1,684 | -€7,736 | -€9,420 | |
| Profit (loss) for the period | 9904 | €1,684 | -€7,736 | -€9,420 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,684 | -€7,736 | -€9,420 |
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 20 October 2026 via checked.be.