MS 38: 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 38
Largest movements
- Cash -€2,335
down €2,335 (-52.4%), from €4,460 to €2,125
mainly Other debts (-€2,878) and Tax, wage and social debts (-€1,407)
- Tangible fixed assets -€1,337
no longer reported in 2025 (was €1,337)
- Intangible fixed assets -€714
down €714 (-34.3%), from €2,084 to €1,370
- Receivables within one year +€450
up €450 (+1.3%), from €34,365 to €34,815
of which Trade receivables: +€1,669
- Other debts -€2,878
down €2,878 (-44.4%), from €6,484 to €3,606
- Tax, wage and social debts -€1,407
down €1,407 (-25.0%), from €5,638 to €4,231
of which Remuneration and social security: -€1,520
- Profit (loss) carried forward +€853
up €853 (+9.1%), from €9,342 to €10,195
- Trade debts -€504
down €504 (-19.8%), from €2,550 to €2,046
- Gross operating margin -€2,593
down €2,593 (-34.2%), from €7,577 to €4,984
- Taxes -€1,809
down €1,809 (-65.0%), from €2,784 to €975
- Other operating charges +€346
up €346 (+29.3%), from €1,182 to €1,528
- Depreciation +€192
up €192 (+26.6%), from €722 to €914
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 | €42,614 | €38,678 | -€3,936 | -9.2% |
| Fixed assets | 21/28 | €3,789 | €1,738 | -€2,051 | -54.1% |
| Intangible fixed assets | 21 | €2,084 | €1,370 | -€714 | -34.3% |
| Tangible fixed assets | 22/27 | €1,337 | - | -€1,337 | |
| Furniture and vehicles | 24 | €1,337 | - | -€1,337 | |
| Financial fixed assets | 28 | €368 | €368 | = | 0.0% |
| Current assets | 29/58 | €38,825 | €36,940 | -€1,885 | -4.9% |
| Amounts receivable within one year | 40/41 | €34,365 | €34,815 | +€450 | +1.3% |
| Trade receivables | 40 | €23,146 | €24,815 | +€1,669 | +7.2% |
| Other amounts receivable | 41 | €11,219 | €10,000 | -€1,219 | -10.9% |
| Cash at bank and in hand | 54/58 | €4,460 | €2,125 | -€2,335 | -52.4% |
| Total equity and liabilities | 10/49 | €42,614 | €38,678 | -€3,936 | -9.2% |
| Equity | 10/15 | €27,942 | €28,795 | +€853 | +3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,342 | €10,195 | +€853 | +9.1% |
| Amounts payable | 17/49 | €14,672 | €9,883 | -€4,789 | -32.6% |
| Amounts payable within one year | 42/48 | €14,672 | €9,883 | -€4,789 | -32.6% |
| Trade debts | 44 | €2,550 | €2,046 | -€504 | -19.8% |
| Suppliers | 440/4 | €2,550 | €2,046 | -€504 | -19.8% |
| Taxes, remuneration and social security | 45 | €5,638 | €4,231 | -€1,407 | -25.0% |
| Taxes | 450/3 | €118 | €231 | +€113 | +95.8% |
| Remuneration and social security | 454/9 | €5,520 | €4,000 | -€1,520 | -27.5% |
| Other amounts payable | 47/48 | €6,484 | €3,606 | -€2,878 | -44.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €722 | €914 | +€192 | +26.6% |
| Other operating charges | 640/8 | €1,182 | €1,528 | +€346 | +29.3% |
| Non-recurring operating charges | 66A | €854 | €595 | -€259 | -30.3% |
| Gross operating margin | 9900 | €7,577 | €4,984 | -€2,593 | -34.2% |
| Operating profit (loss) | 9901 | €4,819 | €1,947 | -€2,872 | -59.6% |
| Financial charges | 65/66B | €119 | €119 | = | 0.0% |
| Recurring financial charges | 65 | €119 | €119 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €4,700 | €1,828 | -€2,872 | -61.1% |
| Income taxes | 67/77 | €2,784 | €975 | -€1,809 | -65.0% |
| Profit (loss) for the period | 9904 | €1,916 | €853 | -€1,063 | -55.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,916 | €853 | -€1,063 | -55.5% |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.