MS Finance: 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 Finance
Largest movements
- Deferred charges and accrued income +€158,706
up €158,706 (+98.3%), from €161,406 to €320,112
- Intangible fixed assets -€79,105
down €79,105 (-12.5%), from €632,843 to €553,738
- Tangible fixed assets -€28,162
down €28,162 (-25.7%), from €109,600 to €81,438
- Receivables within one year -€19,193
down €19,193 (-98.1%), from €19,568 to €375
- Cash -€13,852
down €13,852 (-13.8%), from €100,342 to €86,490
mainly Contributions, distributions and other (-€212,202) and Tax, wage and social debts (-€169,654)
- Other debts +€240,718
up €240,718 (+309%), from €77,819 to €318,537
- Tax, wage and social debts -€169,654
down €169,654 (-72.0%), from €235,483 to €65,829
of which Taxes: -€169,556
- Debts after one year -€48,699
down €48,699 (-37.5%), from €129,708 to €81,009
- Gross operating margin +€201,717
up €201,717 (+45.6%), from €442,251 to €643,968
- Taxes +€46,580
up €46,580 (+190%), from €24,529 to €71,109
- Provisions +€9,000
no longer reported in 2025 (was -€9,000)
- Staff costs +€8,450
up €8,450 (+3.8%), from €223,246 to €231,696
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 | €1,023,759 | €1,042,153 | +€18,394 | +1.8% |
| Fixed assets | 21/28 | €742,443 | €635,176 | -€107,267 | -14.4% |
| Intangible fixed assets | 21 | €632,843 | €553,738 | -€79,105 | -12.5% |
| Tangible fixed assets | 22/27 | €109,600 | €81,438 | -€28,162 | -25.7% |
| Furniture and vehicles | 24 | €109,600 | €81,438 | -€28,162 | -25.7% |
| Current assets | 29/58 | €281,316 | €406,977 | +€125,661 | +44.7% |
| Amounts receivable within one year | 40/41 | €19,568 | €375 | -€19,193 | -98.1% |
| Other amounts receivable | 41 | €19,568 | €375 | -€19,193 | -98.1% |
| Cash at bank and in hand | 54/58 | €100,342 | €86,490 | -€13,852 | -13.8% |
| Deferred charges and accrued income | 490/1 | €161,406 | €320,112 | +€158,706 | +98.3% |
| Total equity and liabilities | 10/49 | €1,023,759 | €1,042,153 | +€18,394 | +1.8% |
| Equity | 10/15 | €507,661 | €507,661 | = | 0.0% |
| Contributions | 10/11 | €102,661 | €102,661 | = | 0.0% |
| Reserves | 13 | €405,000 | €405,000 | = | 0.0% |
| Distributable reserves | 133 | €405,000 | €405,000 | = | 0.0% |
| Amounts payable | 17/49 | €516,098 | €534,492 | +€18,394 | +3.6% |
| Amounts payable after more than one year | 17 | €129,708 | €81,009 | -€48,699 | -37.5% |
| Financial debts | 170/4 | €129,708 | €81,009 | -€48,699 | -37.5% |
| Amounts payable within one year | 42/48 | €378,168 | €446,391 | +€68,223 | +18.0% |
| Current portion of amounts payable after more than one year | 42 | €50,167 | €48,698 | -€1,469 | -2.9% |
| Trade debts | 44 | €14,699 | €13,327 | -€1,372 | -9.3% |
| Suppliers | 440/4 | €14,699 | €13,327 | -€1,372 | -9.3% |
| Taxes, remuneration and social security | 45 | €235,483 | €65,829 | -€169,654 | -72.0% |
| Taxes | 450/3 | €207,002 | €37,446 | -€169,556 | -81.9% |
| Remuneration and social security | 454/9 | €28,481 | €28,383 | -€98 | -0.3% |
| Other amounts payable | 47/48 | €77,819 | €318,537 | +€240,718 | +309% |
| Accrued charges and deferred income | 492/3 | €8,222 | €7,092 | -€1,130 | -13.7% |
| Remuneration, social security and pensions | 62 | €223,246 | €231,696 | +€8,450 | +3.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €114,192 | €112,926 | -€1,266 | -1.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€9,000 | - | +€9,000 | |
| Other operating charges | 640/8 | €1,701 | €2,035 | +€334 | +19.6% |
| Gross operating margin | 9900 | €442,251 | €643,968 | +€201,717 | +45.6% |
| Operating profit (loss) | 9901 | €112,112 | €297,311 | +€185,199 | +165% |
| Financial income | 75/76B | €5,743 | €256 | -€5,487 | -95.5% |
| Recurring financial income | 75 | €5,743 | €256 | -€5,487 | -95.5% |
| Financial charges | 65/66B | €16,648 | €14,256 | -€2,392 | -14.4% |
| Recurring financial charges | 65 | €16,648 | €14,256 | -€2,392 | -14.4% |
| Profit (loss) for the period before taxes | 9903 | €101,207 | €283,311 | +€182,104 | +180% |
| Income taxes | 67/77 | €24,529 | €71,109 | +€46,580 | +190% |
| Profit (loss) for the period | 9904 | €76,678 | €212,202 | +€135,524 | +177% |
| Profit (loss) for the period to be appropriated | 9905 | €76,678 | €212,202 | +€135,524 | +177% |
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 23 October 2026 via checked.be.