M.S.R. Construct: what changed
Two fiscal 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.R. Construct
Largest movements
- Receivables within one year +€10,347
up €10,347 (+70.3%), from €14,722 to €25,069
of which Other amounts receivable: +€7,503
- Tangible fixed assets +€5,325
up €5,325 (+30.5%), from €17,456 to €22,781
of which Plant, machinery and equipment: +€6,646
- Cash -€2,746
down €2,746 (-2.4%), from €114,910 to €112,164
mainly Receivables within one year (-€10,347) and Contributions, distributions and other (-€10,000)
- Other debts +€10,000
up €10,000, from €0 to €10,000
- Profit (loss) carried forward +€3,270
new in 2024: €3,270
- Gross operating margin -€46,781
down €46,781 (-70.6%), from €66,298 to €19,517
- Taxes -€17,245
down €17,245 (-96.1%), from €17,942 to €697
- Depreciation -€6,174
down €6,174 (-61.1%), from €10,098 to €3,924
From the 2023 result to the 2024 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.
Cash bridge derived
Derived from the 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €147,088 | €160,014 | +€12,926 | +8.8% |
| Fixed assets | 21/28 | €17,456 | €22,781 | +€5,325 | +30.5% |
| Tangible fixed assets | 22/27 | €17,456 | €22,781 | +€5,325 | +30.5% |
| Plant, machinery and equipment | 23 | €5,858 | €12,504 | +€6,646 | +113.5% |
| Furniture and vehicles | 24 | €11,598 | €10,277 | -€1,321 | -11.4% |
| Current assets | 29/58 | €129,632 | €137,233 | +€7,601 | +5.9% |
| Amounts receivable within one year | 40/41 | €14,722 | €25,069 | +€10,347 | +70.3% |
| Trade receivables | 40 | €10,523 | €13,367 | +€2,844 | +27.0% |
| Other amounts receivable | 41 | €4,199 | €11,702 | +€7,503 | +178.7% |
| Cash at bank and in hand | 54/58 | €114,910 | €112,164 | -€2,746 | -2.4% |
| Total equity and liabilities | 10/49 | €147,088 | €160,014 | +€12,926 | +8.8% |
| Equity | 10/15 | €144,350 | €147,620 | +€3,270 | +2.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €138,150 | €138,150 | +€0 | 0.0% |
| Distributable reserves | 133 | €138,150 | €138,150 | +€0 | 0.0% |
| Profit (loss) carried forward | 14 | - | €3,270 | +€3,270 | |
| Amounts payable | 17/49 | €2,738 | €12,394 | +€9,656 | +352.6% |
| Amounts payable within one year | 42/48 | €2,738 | €12,394 | +€9,656 | +352.6% |
| Trade debts | 44 | €2,738 | €2,394 | -€344 | -12.6% |
| Suppliers | 440/4 | €2,738 | €2,394 | -€344 | -12.6% |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €0 | €10,000 | +€10,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,098 | €3,924 | -€6,174 | -61.1% |
| Other operating charges | 640/8 | €897 | €1,519 | +€622 | +69.4% |
| Gross operating margin | 9900 | €66,298 | €19,517 | -€46,781 | -70.6% |
| Operating profit (loss) | 9901 | €55,303 | €14,074 | -€41,229 | -74.6% |
| Financial income | 75/76B | €0 | €35 | +€35 | |
| Recurring financial income | 75 | €0 | €35 | +€35 | |
| Financial charges | 65/66B | €120 | €142 | +€22 | +18.3% |
| Recurring financial charges | 65 | €120 | €142 | +€22 | +18.3% |
| Profit (loss) for the period before taxes | 9903 | €55,183 | €13,967 | -€41,216 | -74.7% |
| Income taxes | 67/77 | €17,942 | €697 | -€17,245 | -96.1% |
| Profit (loss) for the period | 9904 | €37,241 | €13,270 | -€23,971 | -64.4% |
| Profit (loss) for the period to be appropriated | 9905 | €37,241 | €13,270 | -€23,971 | -64.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.