MS Elec: 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 Elec
Largest movements
- Receivables within one year +€57,808
up €57,808 (+65.8%), from €87,814 to €145,621
of which Trade receivables: +€48,872
- Tangible fixed assets +€29,688
up €29,688 (+134%), from €22,118 to €51,806
of which Furniture and vehicles: +€32,205
- Cash -€11,171
down €11,171 (-76.3%), from €14,636 to €3,465
mainly Receivables within one year (-€57,808) and Investment in fixed assets (net) (-€36,439)
- Debts after one year +€39,971
up €39,971 (+546%), from €7,318 to €47,289
- Profit (loss) carried forward +€31,982
up €31,982 (+30.9%), from €103,649 to €135,631
- Tax, wage and social debts +€8,369
up €8,369 (+86.7%), from €9,654 to €18,022
- Current portion of long-term debt -€4,284
down €4,284 (-39.9%), from €10,741 to €6,457
- Depreciation -€13,524
down €13,524 (-66.7%), from €20,275 to €6,751
- Taxes +€1,808
up €1,808 (+27.2%), from €6,640 to €8,448
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 | €131,760 | €207,892 | +€76,132 | +57.8% |
| Fixed assets | 21/28 | €29,118 | €58,806 | +€29,688 | +102% |
| Tangible fixed assets | 22/27 | €22,118 | €51,806 | +€29,688 | +134% |
| Plant, machinery and equipment | 23 | €2,693 | €175 | -€2,517 | -93.5% |
| Furniture and vehicles | 24 | €19,426 | €51,631 | +€32,205 | +166% |
| Financial fixed assets | 28 | €7,000 | €7,000 | = | 0.0% |
| Current assets | 29/58 | €102,642 | €149,086 | +€46,444 | +45.2% |
| Amounts receivable within one year | 40/41 | €87,814 | €145,621 | +€57,808 | +65.8% |
| Trade receivables | 40 | €71,281 | €120,153 | +€48,872 | +68.6% |
| Other amounts receivable | 41 | €16,533 | €25,469 | +€8,935 | +54.0% |
| Cash at bank and in hand | 54/58 | €14,636 | €3,465 | -€11,171 | -76.3% |
| Deferred charges and accrued income | 490/1 | €192 | - | -€192 | |
| Total equity and liabilities | 10/49 | €131,760 | €207,892 | +€76,132 | +57.8% |
| Equity | 10/15 | €103,749 | €135,731 | +€31,982 | +30.8% |
| Contributions | 10/11 | €100 | €100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €103,649 | €135,631 | +€31,982 | +30.9% |
| Amounts payable | 17/49 | €28,011 | €72,162 | +€44,150 | +158% |
| Amounts payable after more than one year | 17 | €7,318 | €47,289 | +€39,971 | +546% |
| Financial debts | 170/4 | €7,318 | €47,289 | +€39,971 | +546% |
| Amounts payable within one year | 42/48 | €20,693 | €24,872 | +€4,179 | +20.2% |
| Current portion of amounts payable after more than one year | 42 | €10,741 | €6,457 | -€4,284 | -39.9% |
| Trade debts | 44 | €299 | €393 | +€94 | +31.5% |
| Suppliers | 440/4 | €299 | €393 | +€94 | +31.5% |
| Taxes, remuneration and social security | 45 | €9,654 | €18,022 | +€8,369 | +86.7% |
| Taxes | 450/3 | €9,654 | €18,022 | +€8,369 | +86.7% |
| Remuneration, social security and pensions | 62 | €455 | - | -€455 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,275 | €6,751 | -€13,524 | -66.7% |
| Other operating charges | 640/8 | €1,467 | €1,217 | -€251 | -17.1% |
| Gross operating margin | 9900 | €49,007 | €49,152 | +€145 | +0.3% |
| Operating profit (loss) | 9901 | €26,810 | €41,184 | +€14,375 | +53.6% |
| Financial income | 75/76B | €283 | €9 | -€275 | -97.0% |
| Recurring financial income | 75 | €283 | €9 | -€275 | -97.0% |
| Financial charges | 65/66B | €1,211 | €763 | -€448 | -37.0% |
| Recurring financial charges | 65 | €1,211 | €763 | -€448 | -37.0% |
| Profit (loss) for the period before taxes | 9903 | €25,882 | €40,430 | +€14,548 | +56.2% |
| Income taxes | 67/77 | €6,640 | €8,448 | +€1,808 | +27.2% |
| Profit (loss) for the period | 9904 | €19,242 | €31,982 | +€12,740 | +66.2% |
| Profit (loss) for the period to be appropriated | 9905 | €19,242 | €31,982 | +€12,740 | +66.2% |
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 30 October 2026 via checked.be.