MS Corporation: 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 Corporation
Largest movements
- Cash +€42,541
up €42,541 (+32.8%), from €129,551 to €172,092
mainly Net result for the year (+€58,587) and Investment in fixed assets (net) (+€18,740)
- Tangible fixed assets -€22,786
down €22,786 (-94.6%), from €24,077 to €1,291
- Receivables within one year -€14,453
down €14,453 (-85.4%), from €16,924 to €2,471
- Intangible fixed assets +€2,023
new in 2025: €2,023
- Profit (loss) carried forward +€58,587
up €58,587 (+57.3%), from €102,285 to €160,871
- Debts after one year -€34,900
no longer reported in 2025 (was €34,900)
- Tax, wage and social debts -€16,365
down €16,365 (-49.3%), from €33,215 to €16,851
- Gross operating margin -€33,342
down €33,342 (-27.8%), from €119,967 to €86,625
- Taxes -€8,507
down €8,507 (-35.1%), from €24,215 to €15,708
- Depreciation -€7,662
down €7,662 (-87.4%), from €8,766 to €1,105
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 | €171,821 | €180,001 | +€8,180 | +4.8% |
| Formation expenses | 20 | €706 | €472 | -€235 | -33.2% |
| Fixed assets | 21/28 | €24,377 | €4,767 | -€19,610 | -80.4% |
| Intangible fixed assets | 21 | - | €2,023 | +€2,023 | |
| Tangible fixed assets | 22/27 | €24,077 | €1,291 | -€22,786 | -94.6% |
| Furniture and vehicles | 24 | €24,077 | €1,291 | -€22,786 | -94.6% |
| Financial fixed assets | 28 | €300 | €1,454 | +€1,154 | +385% |
| Current assets | 29/58 | €146,738 | €174,762 | +€28,024 | +19.1% |
| Amounts receivable within one year | 40/41 | €16,924 | €2,471 | -€14,453 | -85.4% |
| Trade receivables | 40 | €16,924 | €2,471 | -€14,453 | -85.4% |
| Cash at bank and in hand | 54/58 | €129,551 | €172,092 | +€42,541 | +32.8% |
| Deferred charges and accrued income | 490/1 | €263 | €199 | -€64 | -24.3% |
| Total equity and liabilities | 10/49 | €171,821 | €180,001 | +€8,180 | +4.8% |
| Equity | 10/15 | €103,535 | €162,121 | +€58,587 | +56.6% |
| Contributions | 10/11 | €1,250 | €1,250 | = | 0.0% |
| Profit (loss) carried forward | 14 | €102,285 | €160,871 | +€58,587 | +57.3% |
| Amounts payable | 17/49 | €68,286 | €17,880 | -€50,407 | -73.8% |
| Amounts payable after more than one year | 17 | €34,900 | - | -€34,900 | |
| Financial debts | 170/4 | €34,900 | - | -€34,900 | |
| Amounts payable within one year | 42/48 | €33,386 | €17,880 | -€15,507 | -46.4% |
| Trade debts | 44 | €108 | - | -€108 | |
| Suppliers | 440/4 | €108 | - | -€108 | |
| Taxes, remuneration and social security | 45 | €33,215 | €16,851 | -€16,365 | -49.3% |
| Taxes | 450/3 | €33,215 | €16,851 | -€16,365 | -49.3% |
| Other amounts payable | 47/48 | €63 | €1,029 | +€966 | +1,538% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,766 | €1,105 | -€7,662 | -87.4% |
| Other operating charges | 640/8 | €352 | €214 | -€138 | -39.1% |
| Non-recurring operating charges | 66A | - | €10,408 | +€10,408 | |
| Gross operating margin | 9900 | €119,967 | €86,625 | -€33,342 | -27.8% |
| Operating profit (loss) | 9901 | €110,849 | €74,898 | -€35,951 | -32.4% |
| Financial income | 75/76B | €0 | €255 | +€255 | +2,551,200% |
| Recurring financial income | 75 | €0 | €255 | +€255 | +2,551,200% |
| Financial charges | 65/66B | €39 | €859 | +€820 | +2,099% |
| Recurring financial charges | 65 | €39 | €859 | +€820 | +2,099% |
| Profit (loss) for the period before taxes | 9903 | €110,810 | €74,295 | -€36,515 | -33.0% |
| Income taxes | 67/77 | €24,215 | €15,708 | -€8,507 | -35.1% |
| Profit (loss) for the period | 9904 | €86,595 | €58,587 | -€28,008 | -32.3% |
| Profit (loss) for the period to be appropriated | 9905 | €86,595 | €58,587 | -€28,008 | -32.3% |
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 26 October 2026 via checked.be.