MS-CO: 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-CO
Largest movements
- Receivables within one year +€17,393
up €17,393 (+90.4%), from €19,238 to €36,630
of which Other amounts receivable: +€15,552
- Tangible fixed assets -€9,852
down €9,852 (-27.5%), from €35,869 to €26,017
- Cash +€5,217
up €5,217 (+7.9%), from €66,417 to €71,634
mainly Net result for the year (+€27,869) and Depreciation (+€10,504)
- Reserves +€27,869
up €27,869 (+35.2%), from €79,161 to €107,030
- Debts after one year -€13,044
down €13,044 (-65.9%), from €19,784 to €6,740
- Tax, wage and social debts -€2,306
down €2,306 (-47.6%), from €4,848 to €2,542
- Gross operating margin -€26,209
down €26,209 (-35.1%), from €74,649 to €48,440
- Taxes -€5,135
down €5,135 (-37.7%), from €13,638 to €8,503
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 | €123,274 | €135,989 | +€12,715 | +10.3% |
| Fixed assets | 21/28 | €35,869 | €26,017 | -€9,852 | -27.5% |
| Tangible fixed assets | 22/27 | €35,869 | €26,017 | -€9,852 | -27.5% |
| Furniture and vehicles | 24 | €35,869 | €26,017 | -€9,852 | -27.5% |
| Current assets | 29/58 | €87,405 | €109,973 | +€22,567 | +25.8% |
| Amounts receivable within one year | 40/41 | €19,238 | €36,630 | +€17,393 | +90.4% |
| Trade receivables | 40 | €18,876 | €20,717 | +€1,841 | +9.8% |
| Other amounts receivable | 41 | €362 | €15,913 | +€15,552 | +4301.1% |
| Cash at bank and in hand | 54/58 | €66,417 | €71,634 | +€5,217 | +7.9% |
| Deferred charges and accrued income | 490/1 | €1,750 | €1,708 | -€42 | -2.4% |
| Total equity and liabilities | 10/49 | €123,274 | €135,989 | +€12,715 | +10.3% |
| Equity | 10/15 | €84,161 | €112,030 | +€27,869 | +33.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €79,161 | €107,030 | +€27,869 | +35.2% |
| Distributable reserves | 133 | €79,161 | €107,030 | +€27,869 | +35.2% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €39,114 | €23,959 | -€15,154 | -38.7% |
| Amounts payable after more than one year | 17 | €19,784 | €6,740 | -€13,044 | -65.9% |
| Financial debts | 170/4 | €19,784 | €6,740 | -€13,044 | -65.9% |
| Amounts payable within one year | 42/48 | €19,330 | €17,220 | -€2,110 | -10.9% |
| Current portion of amounts payable after more than one year | 42 | €12,485 | €13,044 | +€559 | +4.5% |
| Trade debts | 44 | €1,129 | €1,634 | +€504 | +44.7% |
| Suppliers | 440/4 | €1,129 | €1,634 | +€504 | +44.7% |
| Taxes, remuneration and social security | 45 | €4,848 | €2,542 | -€2,306 | -47.6% |
| Taxes | 450/3 | €4,848 | €2,542 | -€2,306 | -47.6% |
| Other amounts payable | 47/48 | €867 | €0 | -€867 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,284 | €10,504 | +€220 | +2.1% |
| Other operating charges | 640/8 | €280 | €266 | -€14 | -4.9% |
| Gross operating margin | 9900 | €74,649 | €48,440 | -€26,209 | -35.1% |
| Operating profit (loss) | 9901 | €64,085 | €37,670 | -€26,415 | -41.2% |
| Financial income | 75/76B | €0 | €115 | +€115 | +1154400.0% |
| Recurring financial income | 75 | €0 | €115 | +€115 | +1154400.0% |
| Financial charges | 65/66B | €1,755 | €1,413 | -€342 | -19.5% |
| Recurring financial charges | 65 | €1,755 | €1,413 | -€342 | -19.5% |
| Profit (loss) for the period before taxes | 9903 | €62,330 | €36,372 | -€25,958 | -41.6% |
| Income taxes | 67/77 | €13,638 | €8,503 | -€5,135 | -37.7% |
| Profit (loss) for the period | 9904 | €48,691 | €27,869 | -€20,822 | -42.8% |
| Profit (loss) for the period to be appropriated | 9905 | €48,691 | €27,869 | -€20,822 | -42.8% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.