MS: 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.
MS
Largest movements
- Receivables within one year +€84,100
up €84,100 (+733.0%), from €11,474 to €95,574
of which Other amounts receivable: +€84,067
- Cash -€28,910
down €28,910 (-80.7%), from €35,808 to €6,898
mainly Receivables within one year (-€84,100) and Contributions, distributions and other (-€40,000)
- Stocks and contracts +€4,150
up €4,150 (+1169.0%), from €355 to €4,505
- Tax, wage and social debts +€33,308
up €33,308 (+1733.9%), from €1,921 to €35,229
of which Taxes: +€32,192
- Other debts +€28,000
new in 2025: €28,000
- Reserves +€12,017
up €12,017 (+646.1%), from €1,860 to €13,877
of which Distributable reserves: +€12,017
- Profit (loss) carried forward -€5,051
down €5,051 (-12.5%), from €40,312 to €35,261
- Short-term financial debts -€4,385
down €4,385 (-39.9%), from €10,985 to €6,600
- Gross operating margin +€68,433
up €68,433 (+443.5%), from €15,430 to €83,863
- Taxes +€16,932
up €16,932, from -€1,231 to €15,701
- Depreciation +€2,500
up €2,500 (+99.3%), from €2,517 to €5,017
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.
Cash bridge derived
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 | €76,481 | €137,287 | +€60,806 | +79.5% |
| Fixed assets | 21/28 | €28,844 | €29,310 | +€466 | +1.6% |
| Tangible fixed assets | 22/27 | €28,635 | €29,101 | +€466 | +1.6% |
| Plant, machinery and equipment | 23 | €28,635 | €29,101 | +€466 | +1.6% |
| Financial fixed assets | 28 | €209 | €209 | = | 0.0% |
| Current assets | 29/58 | €47,637 | €107,977 | +€60,340 | +126.7% |
| Stocks and contracts in progress | 3 | €355 | €4,505 | +€4,150 | +1169.0% |
| Stocks | 30/36 | €355 | €4,505 | +€4,150 | +1169.0% |
| Amounts receivable within one year | 40/41 | €11,474 | €95,574 | +€84,100 | +733.0% |
| Trade receivables | 40 | €15 | €48 | +€33 | +220.0% |
| Other amounts receivable | 41 | €11,459 | €95,526 | +€84,067 | +733.6% |
| Cash at bank and in hand | 54/58 | €35,808 | €6,898 | -€28,910 | -80.7% |
| Deferred charges and accrued income | 490/1 | - | €1,000 | +€1,000 | |
| Total equity and liabilities | 10/49 | €76,481 | €137,287 | +€60,806 | +79.5% |
| Equity | 10/15 | €54,572 | €61,538 | +€6,966 | +12.8% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €13,877 | +€12,017 | +646.1% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €12,017 | +€12,017 | |
| Profit (loss) carried forward | 14 | €40,312 | €35,261 | -€5,051 | -12.5% |
| Amounts payable | 17/49 | €21,909 | €75,749 | +€53,840 | +245.7% |
| Amounts payable within one year | 42/48 | €21,909 | €75,749 | +€53,840 | +245.7% |
| Financial debts | 43 | €10,985 | €6,600 | -€4,385 | -39.9% |
| Credit institutions | 430/8 | €10,985 | €6,600 | -€4,385 | -39.9% |
| Trade debts | 44 | €9,003 | €5,920 | -€3,083 | -34.2% |
| Suppliers | 440/4 | €9,003 | €5,920 | -€3,083 | -34.2% |
| Taxes, remuneration and social security | 45 | €1,921 | €35,229 | +€33,308 | +1733.9% |
| Taxes | 450/3 | €155 | €32,347 | +€32,192 | +20769.0% |
| Remuneration and social security | 454/9 | €1,766 | €2,882 | +€1,116 | +63.2% |
| Other amounts payable | 47/48 | - | €28,000 | +€28,000 | |
| Non-recurring operating income | 76A | - | €52,017 | +€52,017 | |
| Remuneration, social security and pensions | 62 | €12,035 | €11,240 | -€795 | -6.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,517 | €5,017 | +€2,500 | +99.3% |
| Other operating charges | 640/8 | €1,313 | €1,316 | +€3 | +0.2% |
| Non-recurring operating charges | 66A | €454 | €2,782 | +€2,328 | +512.8% |
| Gross operating margin | 9900 | €15,430 | €83,863 | +€68,433 | +443.5% |
| Operating profit (loss) | 9901 | -€889 | €63,508 | +€64,397 | |
| Financial income | 75/76B | - | €4 | +€4 | |
| Recurring financial income | 75 | - | €4 | +€4 | |
| Financial charges | 65/66B | €711 | €845 | +€134 | +18.8% |
| Recurring financial charges | 65 | €711 | €845 | +€134 | +18.8% |
| Profit (loss) for the period before taxes | 9903 | -€1,600 | €62,667 | +€64,267 | |
| Income taxes | 67/77 | -€1,231 | €15,701 | +€16,932 | |
| Profit (loss) for the period | 9904 | -€369 | €46,966 | +€47,335 | |
| Profit (loss) for the period to be appropriated | 9905 | -€369 | €46,966 | +€47,335 |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 September 2026 via checked.be.