MS Constructions: 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 Constructions
Largest movements
- Tangible fixed assets +€367,251
up €367,251 (+1168.3%), from €31,436 to €398,687
of which Land and buildings: +€374,688
- Cash -€45,363
down €45,363 (-91.4%), from €49,613 to €4,250
mainly Investment in fixed assets (net) (-€424,617) and Contributions, distributions and other (-€90,131)
- Receivables within one year -€11,854
down €11,854 (-18.8%), from €63,126 to €51,271
of which Other amounts receivable: -€21,962
- Debts after one year +€343,101
up €343,101 (+1619.7%), from €21,183 to €364,285
- Reserves -€52,499
down €52,499 (-58.2%), from €90,131 to €37,633
- Tax, wage and social debts +€11,640
up €11,640 (+283.4%), from €4,107 to €15,747
of which Taxes: +€6,563
- Trade debts +€7,226
up €7,226 (+436.7%), from €1,655 to €8,881
- Gross operating margin +€121,697
up €121,697 (+174.1%), from €69,906 to €191,603
- Staff costs +€64,235
up €64,235 (+355.1%), from €18,088 to €82,323
- Depreciation +€45,899
up €45,899 (+400.3%), from €11,467 to €57,366
- Taxes +€2,797
up €2,797 (+35.9%), from €7,799 to €10,596
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 | €148,174 | €458,209 | +€310,035 | +209.2% |
| Fixed assets | 21/28 | €35,436 | €402,687 | +€367,251 | +1036.4% |
| Tangible fixed assets | 22/27 | €31,436 | €398,687 | +€367,251 | +1168.3% |
| Land and buildings | 22 | - | €374,688 | +€374,688 | |
| Furniture and vehicles | 24 | €31,436 | €23,999 | -€7,437 | -23.7% |
| Financial fixed assets | 28 | €4,000 | €4,000 | = | 0.0% |
| Current assets | 29/58 | €112,739 | €55,522 | -€57,217 | -50.8% |
| Amounts receivable within one year | 40/41 | €63,126 | €51,271 | -€11,854 | -18.8% |
| Trade receivables | 40 | €18,627 | €28,735 | +€10,108 | +54.3% |
| Other amounts receivable | 41 | €44,499 | €22,537 | -€21,962 | -49.4% |
| Cash at bank and in hand | 54/58 | €49,613 | €4,250 | -€45,363 | -91.4% |
| Total equity and liabilities | 10/49 | €148,174 | €458,209 | +€310,035 | +209.2% |
| Equity | 10/15 | €93,131 | €40,633 | -€52,499 | -56.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €90,131 | €37,633 | -€52,499 | -58.2% |
| Distributable reserves | 133 | €90,131 | €37,633 | -€52,499 | -58.2% |
| Amounts payable | 17/49 | €55,043 | €417,576 | +€362,533 | +658.6% |
| Amounts payable after more than one year | 17 | €21,183 | €364,285 | +€343,101 | +1619.7% |
| Financial debts | 170/4 | €21,183 | €364,285 | +€343,101 | +1619.7% |
| Amounts payable within one year | 42/48 | €30,694 | €53,292 | +€22,598 | +73.6% |
| Current portion of amounts payable after more than one year | 42 | €24,932 | €25,705 | +€773 | +3.1% |
| Trade debts | 44 | €1,655 | €8,881 | +€7,226 | +436.7% |
| Suppliers | 440/4 | €1,655 | €8,881 | +€7,226 | +436.7% |
| Taxes, remuneration and social security | 45 | €4,107 | €15,747 | +€11,640 | +283.4% |
| Taxes | 450/3 | - | €6,563 | +€6,563 | |
| Remuneration and social security | 454/9 | €4,107 | €9,184 | +€5,077 | +123.6% |
| Other amounts payable | 47/48 | - | €2,960 | +€2,960 | |
| Accrued charges and deferred income | 492/3 | €3,166 | - | -€3,166 | |
| Remuneration, social security and pensions | 62 | €18,088 | €82,323 | +€64,235 | +355.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,467 | €57,366 | +€45,899 | +400.3% |
| Other operating charges | 640/8 | €1,093 | €1,101 | +€8 | +0.7% |
| Gross operating margin | 9900 | €69,906 | €191,603 | +€121,697 | +174.1% |
| Operating profit (loss) | 9901 | €39,258 | €50,813 | +€11,556 | +29.4% |
| Financial income | 75/76B | €1,530 | €0 | -€1,530 | -100.0% |
| Recurring financial income | 75 | €1,530 | €0 | -€1,530 | -100.0% |
| Financial charges | 65/66B | €3,208 | €2,585 | -€623 | -19.4% |
| Recurring financial charges | 65 | €3,208 | €2,585 | -€623 | -19.4% |
| Profit (loss) for the period before taxes | 9903 | €37,580 | €48,228 | +€10,648 | +28.3% |
| Income taxes | 67/77 | €7,799 | €10,596 | +€2,797 | +35.9% |
| Profit (loss) for the period | 9904 | €29,781 | €37,633 | +€7,851 | +26.4% |
| Profit (loss) for the period to be appropriated | 9905 | €29,781 | €37,633 | +€7,851 | +26.4% |
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 8 October 2026 via checked.be.