MS Expert: 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 Expert
Largest movements
- Tangible fixed assets +€84,621
up €84,621 (+154%), from €54,942 to €139,563
of which Land and buildings: +€130,396
- Receivables within one year +€35,318
new in 2025: €35,318
of which Trade receivables: +€35,270
- Cash +€12,642
up €12,642 (+12.0%), from €105,511 to €118,154
mainly Net result for the year (+€127,373) and Depreciation (+€17,851)
- Reserves +€127,373
up €127,373 (+99.1%), from €128,490 to €255,863
- Tax, wage and social debts +€3,616
up €3,616 (+18.3%), from €19,769 to €23,384
- Other debts +€3,520
up €3,520 (+79.3%), from €4,439 to €7,960
- Depreciation +€15,165
up €15,165 (+565%), from €2,685 to €17,851
- Gross operating margin +€14,545
up €14,545 (+8.5%), from €170,312 to €184,858
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 | €160,453 | €293,034 | +€132,581 | +82.6% |
| Fixed assets | 21/28 | €54,942 | €139,563 | +€84,621 | +154% |
| Tangible fixed assets | 22/27 | €54,942 | €139,563 | +€84,621 | +154% |
| Land and buildings | 22 | - | €130,396 | +€130,396 | |
| Plant, machinery and equipment | 23 | - | €440 | +€440 | |
| Furniture and vehicles | 24 | €54,942 | €8,726 | -€46,215 | -84.1% |
| Current assets | 29/58 | €105,511 | €153,472 | +€47,960 | +45.5% |
| Amounts receivable within one year | 40/41 | - | €35,318 | +€35,318 | |
| Trade receivables | 40 | - | €35,270 | +€35,270 | |
| Other amounts receivable | 41 | - | €48 | +€48 | |
| Cash at bank and in hand | 54/58 | €105,511 | €118,154 | +€12,642 | +12.0% |
| Total equity and liabilities | 10/49 | €160,453 | €293,034 | +€132,581 | +82.6% |
| Equity | 10/15 | €131,490 | €258,863 | +€127,373 | +96.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €128,490 | €255,863 | +€127,373 | +99.1% |
| Distributable reserves | 133 | €128,490 | €255,863 | +€127,373 | +99.1% |
| Amounts payable | 17/49 | €28,963 | €34,171 | +€5,208 | +18.0% |
| Amounts payable within one year | 42/48 | €28,963 | €34,171 | +€5,208 | +18.0% |
| Trade debts | 44 | €4,755 | €2,827 | -€1,928 | -40.5% |
| Suppliers | 440/4 | €4,755 | €2,827 | -€1,928 | -40.5% |
| Taxes, remuneration and social security | 45 | €19,769 | €23,384 | +€3,616 | +18.3% |
| Taxes | 450/3 | €19,769 | €23,384 | +€3,616 | +18.3% |
| Other amounts payable | 47/48 | €4,439 | €7,960 | +€3,520 | +79.3% |
| Non-recurring operating income | 76A | €0 | - | -€0 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,685 | €17,851 | +€15,165 | +565% |
| Gross operating margin | 9900 | €170,312 | €184,858 | +€14,545 | +8.5% |
| Operating profit (loss) | 9901 | €167,627 | €167,007 | -€620 | -0.4% |
| Financial income | 75/76B | €15 | €9 | -€6 | -39.0% |
| Recurring financial income | 75 | €15 | €1 | -€14 | -91.0% |
| Non-recurring financial income | 76B | - | €8 | +€8 | |
| Financial charges | 65/66B | €350 | €61 | -€290 | -82.7% |
| Recurring financial charges | 65 | €65 | €61 | -€4 | -6.3% |
| Non-recurring financial charges | 66B | €286 | €0 | -€286 | -100.0% |
| Profit (loss) for the period before taxes | 9903 | €167,292 | €166,956 | -€336 | -0.2% |
| Income taxes | 67/77 | €38,801 | €39,583 | +€782 | +2.0% |
| Profit (loss) for the period | 9904 | €128,490 | €127,373 | -€1,118 | -0.9% |
| Profit (loss) for the period to be appropriated | 9905 | €128,490 | €127,373 | -€1,118 | -0.9% |
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 19 October 2026 via checked.be.