MS GROUP: 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 GROUP
Largest movements
- Receivables within one year +€85,890
up €85,890 (+270%), from €31,821 to €117,711
of which Trade receivables: +€80,404
- Tangible fixed assets -€38,739
down €38,739 (-37.7%), from €102,807 to €64,068
of which Furniture and vehicles: -€35,472
- Cash +€17,797
up €17,797 (+25.6%), from €69,650 to €87,446
mainly Trade debts (+€129,887) and Investment in fixed assets (net) (+€19,686)
- Trade debts +€129,887
up €129,887 (+923%), from €14,072 to €143,959
- Other debts -€68,433
down €68,433 (-80.6%), from €84,928 to €16,496
- Reserves +€7,907
up €7,907 (+11.7%), from €67,366 to €75,273
of which Distributable reserves: +€7,907
- Tax, wage and social debts -€5,792
down €5,792 (-17.5%), from €33,090 to €27,297
of which Remuneration and social security: -€5,791
- Depreciation -€11,064
down €11,064 (-36.7%), from €30,116 to €19,052
- Other operating charges +€6,657
up €6,657 (+83.3%), from €7,990 to €14,647
- Financial charges +€6,280
up €6,280 (+120%), from €5,218 to €11,498
- Staff costs -€3,374
down €3,374 (-43.6%), from €7,742 to €4,368
- Gross operating margin +€1,425
up €1,425 (+1.8%), from €80,405 to €81,830
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €206,101 | €269,225 | +€63,124 | +30.6% |
| Fixed assets | 21/28 | €102,807 | €64,068 | -€38,739 | -37.7% |
| Tangible fixed assets | 22/27 | €102,807 | €64,068 | -€38,739 | -37.7% |
| Plant, machinery and equipment | 23 | €0 | - | = | |
| Furniture and vehicles | 24 | €76,305 | €40,834 | -€35,472 | -46.5% |
| Other tangible fixed assets | 26 | €26,501 | €23,234 | -€3,267 | -12.3% |
| Current assets | 29/58 | €103,295 | €205,158 | +€101,863 | +98.6% |
| Amounts receivable within one year | 40/41 | €31,821 | €117,711 | +€85,890 | +270% |
| Trade receivables | 40 | €25,070 | €105,474 | +€80,404 | +321% |
| Other amounts receivable | 41 | €6,751 | €12,237 | +€5,486 | +81.3% |
| Cash at bank and in hand | 54/58 | €69,650 | €87,446 | +€17,797 | +25.6% |
| Deferred charges and accrued income | 490/1 | €1,824 | - | -€1,824 | |
| Total equity and liabilities | 10/49 | €206,101 | €269,225 | +€63,124 | +30.6% |
| Equity | 10/15 | €73,566 | €81,473 | +€7,907 | +10.7% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €67,366 | €75,273 | +€7,907 | +11.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €65,506 | €73,413 | +€7,907 | +12.1% |
| Amounts payable | 17/49 | €132,535 | €187,752 | +€55,217 | +41.7% |
| Amounts payable within one year | 42/48 | €132,090 | €187,752 | +€55,662 | +42.1% |
| Trade debts | 44 | €14,072 | €143,959 | +€129,887 | +923% |
| Suppliers | 440/4 | €14,072 | €143,959 | +€129,887 | +923% |
| Taxes, remuneration and social security | 45 | €33,090 | €27,297 | -€5,792 | -17.5% |
| Taxes | 450/3 | €27,298 | €27,297 | -€1 | 0.0% |
| Remuneration and social security | 454/9 | €5,791 | - | -€5,791 | |
| Other amounts payable | 47/48 | €84,928 | €16,496 | -€68,433 | -80.6% |
| Accrued charges and deferred income | 492/3 | €445 | - | -€445 | |
| Remuneration, social security and pensions | 62 | €7,742 | €4,368 | -€3,374 | -43.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,116 | €19,052 | -€11,064 | -36.7% |
| Other operating charges | 640/8 | €7,990 | €14,647 | +€6,657 | +83.3% |
| Non-recurring operating charges | 66A | - | €14,091 | +€14,091 | |
| Gross operating margin | 9900 | €80,405 | €81,830 | +€1,425 | +1.8% |
| Operating profit (loss) | 9901 | €34,557 | €29,672 | -€4,885 | -14.1% |
| Financial income | 75/76B | €1 | - | -€1 | |
| Recurring financial income | 75 | €1 | - | -€1 | |
| Financial charges | 65/66B | €5,218 | €11,498 | +€6,280 | +120% |
| Recurring financial charges | 65 | €5,218 | €11,498 | +€6,280 | +120% |
| Profit (loss) for the period before taxes | 9903 | €29,340 | €18,174 | -€11,167 | -38.1% |
| Income taxes | 67/77 | €11,375 | €10,267 | -€1,108 | -9.7% |
| Profit (loss) for the period | 9904 | €17,966 | €7,907 | -€10,059 | -56.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,966 | €7,907 | -€10,059 | -56.0% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 19 October 2026 via checked.be.