MS BELGIUM: 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 BELGIUM
Largest movements
- Receivables within one year +€31,075
up €31,075 (+82.2%), from €37,800 to €68,875
- Tangible fixed assets +€4,056
new in 2025: €4,056
- Cash -€2,802
down €2,802 (-20.5%), from €13,640 to €10,837
mainly Receivables within one year (-€31,075) and Tax, wage and social debts (-€10,754)
- Deferred charges and accrued income +€1,234
new in 2025: €1,234
- Advances received +€49,155
up €49,155 (+163%), from €30,177 to €79,332
- Tax, wage and social debts -€10,754
down €10,754 (-91.6%), from €11,741 to €987
- Profit (loss) carried forward -€4,657
down €4,657, from €783 to -€3,874
- Other debts -€1,321
no longer reported in 2025 (was €1,321)
- Trade debts +€1,139
up €1,139 (+21.0%), from €5,418 to €6,556
- Gross operating margin -€3,303
down €3,303, from €834 to -€2,469
- Depreciation +€1,144
new in 2025: €1,144
- Taxes +€589
new in 2025: €589
- Financial charges +€337
up €337 (+647%), from €52 to €389
- Other operating charges +€69
new in 2025: €69
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 | €51,440 | €85,002 | +€33,563 | +65.2% |
| Fixed assets | 21/28 | - | €4,056 | +€4,056 | |
| Tangible fixed assets | 22/27 | - | €4,056 | +€4,056 | |
| Furniture and vehicles | 24 | - | €4,056 | +€4,056 | |
| Current assets | 29/58 | €51,440 | €80,947 | +€29,507 | +57.4% |
| Amounts receivable within one year | 40/41 | €37,800 | €68,875 | +€31,075 | +82.2% |
| Trade receivables | 40 | €37,800 | €68,875 | +€31,075 | +82.2% |
| Cash at bank and in hand | 54/58 | €13,640 | €10,837 | -€2,802 | -20.5% |
| Deferred charges and accrued income | 490/1 | - | €1,234 | +€1,234 | |
| Total equity and liabilities | 10/49 | €51,440 | €85,002 | +€33,563 | +65.2% |
| Equity | 10/15 | €2,783 | -€1,874 | -€4,657 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €783 | -€3,874 | -€4,657 | |
| Amounts payable | 17/49 | €48,657 | €86,876 | +€38,219 | +78.5% |
| Amounts payable within one year | 42/48 | €48,657 | €86,876 | +€38,219 | +78.5% |
| Trade debts | 44 | €5,418 | €6,556 | +€1,139 | +21.0% |
| Suppliers | 440/4 | €5,418 | €6,556 | +€1,139 | +21.0% |
| Advances received on contracts in progress | 46 | €30,177 | €79,332 | +€49,155 | +163% |
| Taxes, remuneration and social security | 45 | €11,741 | €987 | -€10,754 | -91.6% |
| Taxes | 450/3 | €11,741 | €987 | -€10,754 | -91.6% |
| Other amounts payable | 47/48 | €1,321 | - | -€1,321 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €1,144 | +€1,144 | |
| Other operating charges | 640/8 | - | €69 | +€69 | |
| Gross operating margin | 9900 | €834 | -€2,469 | -€3,303 | |
| Operating profit (loss) | 9901 | €834 | -€3,682 | -€4,517 | |
| Financial income | 75/76B | €0 | €3 | +€3 | +510% |
| Recurring financial income | 75 | €0 | €3 | +€3 | +510% |
| Financial charges | 65/66B | €52 | €389 | +€337 | +647% |
| Recurring financial charges | 65 | €52 | €389 | +€337 | +647% |
| Profit (loss) for the period before taxes | 9903 | €783 | -€4,068 | -€4,851 | |
| Income taxes | 67/77 | - | €589 | +€589 | |
| Profit (loss) for the period | 9904 | €783 | -€4,657 | -€5,440 | |
| Profit (loss) for the period to be appropriated | 9905 | €783 | -€4,657 | -€5,440 |
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 21 October 2026 via checked.be.