MS CAPITAL: 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 CAPITAL
Largest movements
- Receivables within one year +€29,781
up €29,781 (+1312.6%), from €2,269 to €32,050
of which Trade receivables: +€29,085
- Cash -€24,936
down €24,936 (-70.1%), from €35,579 to €10,643
mainly Receivables within one year (-€29,781) and Investment in fixed assets (net) (-€18,694)
- Tangible fixed assets +€15,217
new in 2025: €15,217
- Deferred charges and accrued income +€6,312
up €6,312 (+7303.7%), from €86 to €6,398
- Financial fixed assets +€1,000
new in 2025: €1,000
- Other debts +€27,367
up €27,367 (+423.2%), from €6,467 to €33,835
- Tax, wage and social debts -€6,496
down €6,496 (-73.6%), from €8,826 to €2,330
- Reserves +€4,000
up €4,000 (+30.8%), from €13,000 to €17,000
- Trade debts +€1,910
up €1,910 (+142.6%), from €1,339 to €3,249
- Gross operating margin -€7,659
down €7,659 (-41.3%), from €18,547 to €10,889
- Depreciation +€2,477
new in 2025: €2,477
- Taxes -€1,156
down €1,156 (-26.4%), from €4,381 to €3,225
- Other operating charges +€615
new in 2025: €615
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 | €37,934 | €65,308 | +€27,374 | +72.2% |
| Fixed assets | 21/28 | - | €16,217 | +€16,217 | |
| Tangible fixed assets | 22/27 | - | €15,217 | +€15,217 | |
| Furniture and vehicles | 24 | - | €15,217 | +€15,217 | |
| Financial fixed assets | 28 | - | €1,000 | +€1,000 | |
| Current assets | 29/58 | €37,934 | €49,091 | +€11,157 | +29.4% |
| Amounts receivable within one year | 40/41 | €2,269 | €32,050 | +€29,781 | +1312.6% |
| Trade receivables | 40 | €650 | €29,735 | +€29,085 | +4475.1% |
| Other amounts receivable | 41 | €1,619 | €2,315 | +€696 | +43.0% |
| Cash at bank and in hand | 54/58 | €35,579 | €10,643 | -€24,936 | -70.1% |
| Deferred charges and accrued income | 490/1 | €86 | €6,398 | +€6,312 | +7303.7% |
| Total equity and liabilities | 10/49 | €37,934 | €65,308 | +€27,374 | +72.2% |
| Equity | 10/15 | €21,301 | €25,894 | +€4,593 | +21.6% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €13,000 | €17,000 | +€4,000 | +30.8% |
| Distributable reserves | 133 | €13,000 | €17,000 | +€4,000 | +30.8% |
| Profit (loss) carried forward | 14 | €301 | €894 | +€593 | +196.9% |
| Amounts payable | 17/49 | €16,633 | €39,414 | +€22,781 | +137.0% |
| Amounts payable within one year | 42/48 | €16,633 | €39,414 | +€22,781 | +137.0% |
| Trade debts | 44 | €1,339 | €3,249 | +€1,910 | +142.6% |
| Suppliers | 440/4 | €1,339 | €3,249 | +€1,910 | +142.6% |
| Taxes, remuneration and social security | 45 | €8,826 | €2,330 | -€6,496 | -73.6% |
| Taxes | 450/3 | €8,826 | €2,330 | -€6,496 | -73.6% |
| Other amounts payable | 47/48 | €6,467 | €33,835 | +€27,367 | +423.2% |
| Remuneration, social security and pensions | 62 | - | €0 | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €2,477 | +€2,477 | |
| Other operating charges | 640/8 | - | €615 | +€615 | |
| Gross operating margin | 9900 | €18,547 | €10,889 | -€7,659 | -41.3% |
| Operating profit (loss) | 9901 | €18,547 | €7,797 | -€10,751 | -58.0% |
| Financial income | 75/76B | - | €74 | +€74 | |
| Recurring financial income | 75 | - | €74 | +€74 | |
| Financial charges | 65/66B | €6 | €52 | +€47 | +795.6% |
| Recurring financial charges | 65 | €6 | €52 | +€47 | +795.6% |
| Profit (loss) for the period before taxes | 9903 | €18,541 | €7,818 | -€10,723 | -57.8% |
| Income taxes | 67/77 | €4,381 | €3,225 | -€1,156 | -26.4% |
| Profit (loss) for the period | 9904 | €14,160 | €4,593 | -€9,567 | -67.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,160 | €4,593 | -€9,567 | -67.6% |
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 11 October 2026 via checked.be.