MS Elektrik: 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 Elektrik
Largest movements
- Receivables within one year -€25,985
down €25,985 (-30.8%), from €84,257 to €58,272
of which Trade receivables: -€23,982
- Tangible fixed assets -€20,221
down €20,221 (-40.7%), from €49,693 to €29,472
of which Furniture and vehicles: -€25,145
- Stocks and contracts +€14,193
up €14,193 (+20.7%), from €68,489 to €82,682
of which Contracts in progress: +€21,652
- Cash -€6,766
down €6,766 (-90.0%), from €7,514 to €748
mainly Net result for the year (-€35,120) and Stocks and contracts (-€14,193)
- Profit (loss) carried forward -€35,120
down €35,120 (-39.4%), from €89,116 to €53,996
- Debts after one year -€11,036
down €11,036 (-45.2%), from €24,421 to €13,384
- Trade debts +€8,568
up €8,568 (+31.7%), from €27,002 to €35,570
- Short-term financial debts +€5,738
new in 2025: €5,738
- Other debts -€3,027
down €3,027 (-10.1%), from €29,840 to €26,813
- Gross operating margin -€56,136
down €56,136 (-65.6%), from €85,634 to €29,499
- Staff costs +€26,321
up €26,321 (+97.8%), from €26,920 to €53,241
- Financial charges -€10,115
down €10,115 (-76.2%), from €13,270 to €3,155
of which Financial charges: -€6,218
- Depreciation -€8,686
down €8,686 (-54.5%), from €15,932 to €7,245
- Taxes -€5,576
no longer reported in 2025 (was €5,576)
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 | €213,159 | €173,062 | -€40,097 | -18.8% |
| Fixed assets | 21/28 | €51,622 | €30,757 | -€20,865 | -40.4% |
| Intangible fixed assets | 21 | €1,930 | €1,286 | -€644 | -33.4% |
| Tangible fixed assets | 22/27 | €49,693 | €29,472 | -€20,221 | -40.7% |
| Plant, machinery and equipment | 23 | €23,697 | €28,621 | +€4,924 | +20.8% |
| Furniture and vehicles | 24 | €25,995 | €851 | -€25,145 | -96.7% |
| Current assets | 29/58 | €161,537 | €142,304 | -€19,233 | -11.9% |
| Stocks and contracts in progress | 3 | €68,489 | €82,682 | +€14,193 | +20.7% |
| Stocks | 30/36 | €38,241 | €30,782 | -€7,459 | -19.5% |
| Contracts in progress | 37 | €30,248 | €51,900 | +€21,652 | +71.6% |
| Amounts receivable within one year | 40/41 | €84,257 | €58,272 | -€25,985 | -30.8% |
| Trade receivables | 40 | €71,322 | €47,340 | -€23,982 | -33.6% |
| Other amounts receivable | 41 | €12,935 | €10,932 | -€2,003 | -15.5% |
| Cash at bank and in hand | 54/58 | €7,514 | €748 | -€6,766 | -90.0% |
| Deferred charges and accrued income | 490/1 | €1,276 | €602 | -€674 | -52.8% |
| Total equity and liabilities | 10/49 | €213,159 | €173,062 | -€40,097 | -18.8% |
| Equity | 10/15 | €95,316 | €60,196 | -€35,120 | -36.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €89,116 | €53,996 | -€35,120 | -39.4% |
| Amounts payable | 17/49 | €117,843 | €112,865 | -€4,977 | -4.2% |
| Amounts payable after more than one year | 17 | €24,421 | €13,384 | -€11,036 | -45.2% |
| Financial debts | 170/4 | €24,421 | €13,384 | -€11,036 | -45.2% |
| Amounts payable within one year | 42/48 | €93,422 | €99,054 | +€5,631 | +6.0% |
| Current portion of amounts payable after more than one year | 42 | €13,778 | €11,036 | -€2,742 | -19.9% |
| Financial debts | 43 | - | €5,738 | +€5,738 | |
| Credit institutions | 430/8 | - | €5,738 | +€5,738 | |
| Trade debts | 44 | €27,002 | €35,570 | +€8,568 | +31.7% |
| Suppliers | 440/4 | €27,002 | €35,570 | +€8,568 | +31.7% |
| Taxes, remuneration and social security | 45 | €22,802 | €19,896 | -€2,906 | -12.7% |
| Taxes | 450/3 | €9,632 | €7,872 | -€1,760 | -18.3% |
| Remuneration and social security | 454/9 | €13,169 | €12,023 | -€1,146 | -8.7% |
| Other amounts payable | 47/48 | €29,840 | €26,813 | -€3,027 | -10.1% |
| Accrued charges and deferred income | 492/3 | - | €428 | +€428 | |
| Non-recurring operating income | 76A | - | €6,831 | +€6,831 | |
| Remuneration, social security and pensions | 62 | €26,920 | €53,241 | +€26,321 | +97.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,932 | €7,245 | -€8,686 | -54.5% |
| Other operating charges | 640/8 | €1,081 | €1,064 | -€16 | -1.5% |
| Non-recurring operating charges | 66A | €100 | €80 | -€20 | -20.0% |
| Gross operating margin | 9900 | €85,634 | €29,499 | -€56,136 | -65.6% |
| Operating profit (loss) | 9901 | €41,602 | -€32,132 | -€73,734 | |
| Financial income | 75/76B | €76 | €167 | +€91 | +120% |
| Recurring financial income | 75 | €76 | €167 | +€91 | +120% |
| Financial charges | 65/66B | €13,270 | €3,155 | -€10,115 | -76.2% |
| Recurring financial charges | 65 | €9,373 | €3,155 | -€6,218 | -66.3% |
| Non-recurring financial charges | 66B | €3,897 | - | -€3,897 | |
| Profit (loss) for the period before taxes | 9903 | €28,408 | -€35,120 | -€63,528 | |
| Income taxes | 67/77 | €5,576 | - | -€5,576 | |
| Profit (loss) for the period | 9904 | €22,831 | -€35,120 | -€57,951 | |
| Profit (loss) for the period to be appropriated | 9905 | €22,831 | -€35,120 | -€57,951 |
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 29 October 2026 via checked.be.