MS 28: 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.
MS 28
Largest movements
- Receivables within one year +€23,134
up €23,134 (+171%), from €13,531 to €36,665
of which Trade receivables: +€17,769
- Cash -€21,899
down €21,899 (-93.9%), from €23,322 to €1,422
mainly Receivables within one year (-€23,134) and Tax, wage and social debts (-€4,372)
- Stocks and contracts -€5,501
down €5,501 (-13.5%), from €40,789 to €35,288
- Profit (loss) carried forward +€4,676
up €4,676 (+41.4%), from €11,290 to €15,966
- Tax, wage and social debts -€4,372
down €4,372 (-57.5%), from €7,609 to €3,237
of which Taxes: -€7,609
- Other debts -€3,758
down €3,758 (-9.4%), from €39,868 to €36,110
- Accrued charges and deferred income -€800
no longer reported in 2025 (was €800)
- Gross operating margin +€14,359
up €14,359 (+1,166%), from €1,232 to €15,591
- Staff costs +€9,582
new in 2025: €9,582
- Taxes -€2,659
no longer reported in 2025 (was €2,659)
- Other operating charges -€528
down €528 (-36.5%), from €1,448 to €919
- Financial charges -€224
down €224 (-35.2%), from €637 to €413
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 | €77,840 | €73,574 | -€4,266 | -5.5% |
| Fixed assets | 21/28 | €198 | €198 | = | 0.0% |
| Financial fixed assets | 28 | €198 | €198 | = | 0.0% |
| Current assets | 29/58 | €77,642 | €73,376 | -€4,266 | -5.5% |
| Stocks and contracts in progress | 3 | €40,789 | €35,288 | -€5,501 | -13.5% |
| Stocks | 30/36 | €40,789 | €35,288 | -€5,501 | -13.5% |
| Amounts receivable within one year | 40/41 | €13,531 | €36,665 | +€23,134 | +171% |
| Trade receivables | 40 | €12,639 | €30,408 | +€17,769 | +141% |
| Other amounts receivable | 41 | €892 | €6,257 | +€5,365 | +602% |
| Cash at bank and in hand | 54/58 | €23,322 | €1,422 | -€21,899 | -93.9% |
| Total equity and liabilities | 10/49 | €77,840 | €73,574 | -€4,266 | -5.5% |
| Equity | 10/15 | €26,290 | €30,966 | +€4,676 | +17.8% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €11,290 | €15,966 | +€4,676 | +41.4% |
| Amounts payable | 17/49 | €51,550 | €42,607 | -€8,943 | -17.3% |
| Amounts payable within one year | 42/48 | €50,750 | €42,607 | -€8,143 | -16.0% |
| Trade debts | 44 | €3,273 | €3,260 | -€13 | -0.4% |
| Suppliers | 440/4 | €3,273 | €3,260 | -€13 | -0.4% |
| Taxes, remuneration and social security | 45 | €7,609 | €3,237 | -€4,372 | -57.5% |
| Taxes | 450/3 | €7,609 | - | -€7,609 | |
| Remuneration and social security | 454/9 | - | €3,237 | +€3,237 | |
| Other amounts payable | 47/48 | €39,868 | €36,110 | -€3,758 | -9.4% |
| Accrued charges and deferred income | 492/3 | €800 | - | -€800 | |
| Remuneration, social security and pensions | 62 | - | €9,582 | +€9,582 | |
| Other operating charges | 640/8 | €1,448 | €919 | -€528 | -36.5% |
| Gross operating margin | 9900 | €1,232 | €15,591 | +€14,359 | +1,166% |
| Operating profit (loss) | 9901 | -€216 | €5,089 | +€5,305 | |
| Financial charges | 65/66B | €637 | €413 | -€224 | -35.2% |
| Recurring financial charges | 65 | €637 | €413 | -€224 | -35.2% |
| Profit (loss) for the period before taxes | 9903 | -€854 | €4,676 | +€5,530 | |
| Income taxes | 67/77 | €2,659 | - | -€2,659 | |
| Profit (loss) for the period | 9904 | -€3,512 | €4,676 | +€8,189 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,512 | €4,676 | +€8,189 |
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 16 October 2026 via checked.be.