MS INDUTEK: 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 INDUTEK
Largest movements
- Receivables within one year +€50,322
up €50,322 (+54.4%), from €92,494 to €142,816
of which Other amounts receivable: +€68,650
- Tangible fixed assets -€13,265
down €13,265 (-20.8%), from €63,795 to €50,530
of which Furniture and vehicles: -€8,295
- Cash +€7,227
up €7,227 (+8.5%), from €84,625 to €91,852
mainly Tax, wage and social debts (+€43,031) and Depreciation (+€21,399)
- Tax, wage and social debts +€43,031
up €43,031 (+75.6%), from €56,919 to €99,950
of which Taxes: +€30,896
- Reserves +€13,000
new in 2025: €13,000
- Debts after one year -€9,176
down €9,176 (-72.6%), from €12,638 to €3,462
- Current portion of long-term debt +€4,065
new in 2025: €4,065
- Other debts -€3,442
no longer reported in 2025 (was €3,442)
- Staff costs +€165,302
up €165,302 (+90.6%), from €182,397 to €347,699
- Gross operating margin +€144,075
up €144,075 (+55.8%), from €258,146 to €402,221
- Depreciation +€20,509
up €20,509 (+2,304%), from €890 to €21,399
- Taxes -€6,526
down €6,526 (-45.2%), from €14,433 to €7,907
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 | €248,652 | €297,017 | +€48,365 | +19.5% |
| Fixed assets | 21/28 | €64,180 | €50,915 | -€13,265 | -20.7% |
| Tangible fixed assets | 22/27 | €63,795 | €50,530 | -€13,265 | -20.8% |
| Plant, machinery and equipment | 23 | €18,288 | €14,143 | -€4,145 | -22.7% |
| Furniture and vehicles | 24 | €37,261 | €28,966 | -€8,295 | -22.3% |
| Other tangible fixed assets | 26 | €8,246 | €7,421 | -€825 | -10.0% |
| Financial fixed assets | 28 | €385 | €385 | -€0 | 0.0% |
| Current assets | 29/58 | €184,472 | €246,103 | +€61,631 | +33.4% |
| Stocks and contracts in progress | 3 | - | €2,550 | +€2,550 | |
| Stocks | 30/36 | - | €2,550 | +€2,550 | |
| Amounts receivable within one year | 40/41 | €92,494 | €142,816 | +€50,322 | +54.4% |
| Trade receivables | 40 | €92,494 | €74,166 | -€18,328 | -19.8% |
| Other amounts receivable | 41 | - | €68,650 | +€68,650 | |
| Cash at bank and in hand | 54/58 | €84,625 | €91,852 | +€7,227 | +8.5% |
| Deferred charges and accrued income | 490/1 | €7,353 | €8,885 | +€1,532 | +20.8% |
| Total equity and liabilities | 10/49 | €248,652 | €297,017 | +€48,365 | +19.5% |
| Equity | 10/15 | €68,070 | €81,612 | +€13,542 | +19.9% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Reserves | 13 | - | €13,000 | +€13,000 | |
| Distributable reserves | 133 | - | €13,000 | +€13,000 | |
| Profit (loss) carried forward | 14 | €53,070 | €53,612 | +€542 | +1.0% |
| Amounts payable | 17/49 | €180,582 | €215,405 | +€34,823 | +19.3% |
| Amounts payable after more than one year | 17 | €12,638 | €3,462 | -€9,176 | -72.6% |
| Financial debts | 170/4 | €12,638 | €3,462 | -€9,176 | -72.6% |
| Amounts payable within one year | 42/48 | €167,504 | €211,944 | +€44,440 | +26.5% |
| Current portion of amounts payable after more than one year | 42 | - | €4,065 | +€4,065 | |
| Trade debts | 44 | €107,143 | €107,929 | +€786 | +0.7% |
| Suppliers | 440/4 | €105,750 | €107,929 | +€2,179 | +2.1% |
| Bills of exchange payable | 441 | €1,393 | - | -€1,393 | |
| Taxes, remuneration and social security | 45 | €56,919 | €99,950 | +€43,031 | +75.6% |
| Taxes | 450/3 | €28,958 | €59,854 | +€30,896 | +107% |
| Remuneration and social security | 454/9 | €27,961 | €40,096 | +€12,135 | +43.4% |
| Other amounts payable | 47/48 | €3,442 | - | -€3,442 | |
| Accrued charges and deferred income | 492/3 | €440 | - | -€440 | |
| Non-recurring operating income | 76A | - | €2,280 | +€2,280 | |
| Remuneration, social security and pensions | 62 | €182,397 | €347,699 | +€165,302 | +90.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €890 | €21,399 | +€20,509 | +2,304% |
| Other operating charges | 640/8 | €1,887 | €400 | -€1,487 | -78.8% |
| Non-recurring operating charges | 66A | - | €2,883 | +€2,883 | |
| Gross operating margin | 9900 | €258,146 | €402,221 | +€144,075 | +55.8% |
| Operating profit (loss) | 9901 | €72,972 | €29,840 | -€43,132 | -59.1% |
| Financial income | 75/76B | €156 | €70 | -€87 | -55.4% |
| Recurring financial income | 75 | €156 | €70 | -€87 | -55.4% |
| Financial charges | 65/66B | €5,625 | €8,460 | +€2,835 | +50.4% |
| Recurring financial charges | 65 | €5,625 | €8,460 | +€2,835 | +50.4% |
| Profit (loss) for the period before taxes | 9903 | €67,503 | €21,449 | -€46,054 | -68.2% |
| Income taxes | 67/77 | €14,433 | €7,907 | -€6,526 | -45.2% |
| Profit (loss) for the period | 9904 | €53,070 | €13,542 | -€39,528 | -74.5% |
| Profit (loss) for the period to be appropriated | 9905 | €53,070 | €13,542 | -€39,528 | -74.5% |
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 15 October 2026 via checked.be.