MS. CONSTRUCT: 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. CONSTRUCT
Largest movements
- Receivables within one year -€16,408
down €16,408 (-63.7%), from €25,746 to €9,338
of which Trade receivables: -€17,388
- Tangible fixed assets -€8,259
down €8,259 (-39.4%), from €20,949 to €12,690
of which Leasing and similar rights: -€7,144
- Current investments +€7,638
new in 2025: €7,638
- Cash -€4,880
no longer reported in 2025 (was €4,880)
mainly Current investments (-€7,638) and Current portion of long-term debt (-€4,929)
- Stocks and contracts +€4,681
up €4,681 (+422.6%), from €1,107 to €5,788
- Current portion of long-term debt -€4,929
down €4,929 (-74.2%), from €6,639 to €1,710
- Trade debts -€4,357
down €4,357 (-44.8%), from €9,729 to €5,372
- Tax, wage and social debts -€2,966
down €2,966 (-84.8%), from €3,497 to €531
of which Remuneration and social security: -€2,469
- Profit (loss) carried forward -€2,738
down €2,738 (-31.3%), from -€8,738 to -€11,476
- Debts after one year -€1,862
down €1,862 (-24.2%), from €7,707 to €5,845
- Gross operating margin -€13,415
down €13,415 (-63.0%), from €21,306 to €7,891
- Depreciation -€752
down €752 (-8.3%), from €9,011 to €8,259
- Financial charges -€309
down €309 (-36.0%), from €859 to €550
- Other operating charges -€254
down €254 (-15.2%), from €1,672 to €1,418
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 | €53,079 | €35,801 | -€17,278 | -32.6% |
| Fixed assets | 21/28 | €20,949 | €12,690 | -€8,259 | -39.4% |
| Tangible fixed assets | 22/27 | €20,949 | €12,690 | -€8,259 | -39.4% |
| Plant, machinery and equipment | 23 | €5,264 | €4,149 | -€1,115 | -21.2% |
| Leasing and similar rights | 25 | €15,684 | €8,540 | -€7,144 | -45.5% |
| Current assets | 29/58 | €32,130 | €23,112 | -€9,018 | -28.1% |
| Stocks and contracts in progress | 3 | €1,107 | €5,788 | +€4,681 | +422.6% |
| Stocks | 30/36 | €1,107 | €5,788 | +€4,681 | +422.6% |
| Amounts receivable within one year | 40/41 | €25,746 | €9,338 | -€16,408 | -63.7% |
| Trade receivables | 40 | €22,978 | €5,591 | -€17,388 | -75.7% |
| Other amounts receivable | 41 | €2,768 | €3,747 | +€980 | +35.4% |
| Current investments | 50/53 | - | €7,638 | +€7,638 | |
| Cash at bank and in hand | 54/58 | €4,880 | - | -€4,880 | |
| Deferred charges and accrued income | 490/1 | €397 | €348 | -€49 | -12.3% |
| Total equity and liabilities | 10/49 | €53,079 | €35,801 | -€17,278 | -32.6% |
| Equity | 10/15 | €4,796 | €2,058 | -€2,738 | -57.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,134 | €1,134 | = | 0.0% |
| Distributable reserves | 133 | €1,134 | €1,134 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,738 | -€11,476 | -€2,738 | -31.3% |
| Amounts payable | 17/49 | €48,283 | €33,743 | -€14,540 | -30.1% |
| Amounts payable after more than one year | 17 | €7,707 | €5,845 | -€1,862 | -24.2% |
| Financial debts | 170/4 | €7,707 | €5,845 | -€1,862 | -24.2% |
| Amounts payable within one year | 42/48 | €40,529 | €27,850 | -€12,679 | -31.3% |
| Current portion of amounts payable after more than one year | 42 | €6,639 | €1,710 | -€4,929 | -74.2% |
| Trade debts | 44 | €9,729 | €5,372 | -€4,357 | -44.8% |
| Suppliers | 440/4 | €9,729 | €5,372 | -€4,357 | -44.8% |
| Taxes, remuneration and social security | 45 | €3,497 | €531 | -€2,966 | -84.8% |
| Taxes | 450/3 | €497 | - | -€497 | |
| Remuneration and social security | 454/9 | €3,000 | €531 | -€2,469 | -82.3% |
| Other amounts payable | 47/48 | €20,664 | €20,237 | -€428 | -2.1% |
| Accrued charges and deferred income | 492/3 | €48 | €49 | +€2 | +3.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,011 | €8,259 | -€752 | -8.3% |
| Other operating charges | 640/8 | €1,672 | €1,418 | -€254 | -15.2% |
| Non-recurring operating charges | 66A | - | €126 | +€126 | |
| Gross operating margin | 9900 | €21,306 | €7,891 | -€13,415 | -63.0% |
| Operating profit (loss) | 9901 | €10,623 | -€1,913 | -€12,535 | |
| Financial income | 75/76B | €20 | €18 | -€3 | -12.4% |
| Recurring financial income | 75 | €20 | €18 | -€3 | -12.4% |
| Financial charges | 65/66B | €859 | €550 | -€309 | -36.0% |
| Recurring financial charges | 65 | €859 | €550 | -€309 | -36.0% |
| Profit (loss) for the period before taxes | 9903 | €9,784 | -€2,445 | -€12,229 | |
| Income taxes | 67/77 | €303 | €293 | -€10 | -3.2% |
| Profit (loss) for the period | 9904 | €9,482 | -€2,738 | -€12,219 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,482 | -€2,738 | -€12,219 |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.