MS Management: what changed
MS Management
Largest movements
- Tangible fixed assets -€7,524
down €7,524 (-48.5%), from €15,505 to €7,981
of which Leasing and similar rights: -€6,979
- Cash +€3,635
up €3,635 (+3,717%), from €98 to €3,733
mainly Other debts (+€25,227) and Tax, wage and social debts (+€15,765)
- Profit (loss) carried forward -€32,731
down €32,731, from €23,464 to -€9,267
- Other debts +€25,227
up €25,227 (+95.4%), from €26,452 to €51,679
- Tax, wage and social debts +€15,765
up €15,765 (+53.4%), from €29,510 to €45,275
of which Remuneration and social security: +€16,087
- Trade debts -€4,793
down €4,793 (-23.5%), from €20,434 to €15,640
- Current portion of long-term debt -€4,330
down €4,330 (-100%), from €4,330 to €0
- Other operating charges -€52,891
down €52,891 (-95.7%), from €55,258 to €2,367
- Gross operating margin -€46,051
down €46,051, from €25,657 to -€20,393
- Depreciation -€4,235
down €4,235 (-88.6%), from €4,780 to €545
- Financial charges +€1,358
up €1,358 (+43.4%), from €3,130 to €4,487
- Taxes -€504
down €504 (-69.6%), from €724 to €220
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €112,212 | €108,328 | -€3,885 | -3.5% |
| Fixed assets | 21/28 | €44,156 | €36,632 | -€7,524 | -17.0% |
| Tangible fixed assets | 22/27 | €15,505 | €7,981 | -€7,524 | -48.5% |
| Furniture and vehicles | 24 | €749 | €369 | -€380 | -50.7% |
| Leasing and similar rights | 25 | €6,979 | €0 | -€6,979 | -100% |
| Other tangible fixed assets | 26 | €7,777 | €7,613 | -€165 | -2.1% |
| Financial fixed assets | 28 | €28,650 | €28,650 | = | 0.0% |
| Current assets | 29/58 | €68,057 | €71,696 | +€3,639 | +5.3% |
| Stocks and contracts in progress | 3 | €4,075 | €4,075 | = | 0.0% |
| Stocks | 30/36 | €4,075 | €4,075 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €55,483 | €56,542 | +€1,059 | +1.9% |
| Trade receivables | 40 | €16,349 | €13,940 | -€2,409 | -14.7% |
| Other amounts receivable | 41 | €39,134 | €42,602 | +€3,468 | +8.9% |
| Cash at bank and in hand | 54/58 | €98 | €3,733 | +€3,635 | +3,717% |
| Deferred charges and accrued income | 490/1 | €8,401 | €7,347 | -€1,055 | -12.6% |
| Total equity and liabilities | 10/49 | €112,212 | €108,328 | -€3,885 | -3.5% |
| Equity | 10/15 | €28,464 | -€4,267 | -€32,731 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,464 | -€9,267 | -€32,731 | |
| Amounts payable | 17/49 | €83,749 | €112,594 | +€28,846 | +34.4% |
| Amounts payable after more than one year | 17 | €2,557 | €0 | -€2,557 | -100% |
| Financial debts | 170/4 | €2,557 | €0 | -€2,557 | -100% |
| Amounts payable within one year | 42/48 | €81,192 | €112,594 | +€31,403 | +38.7% |
| Current portion of amounts payable after more than one year | 42 | €4,330 | €0 | -€4,330 | -100% |
| Financial debts | 43 | €466 | €0 | -€466 | -100% |
| Other loans | 439 | €466 | €0 | -€466 | -100% |
| Trade debts | 44 | €20,434 | €15,640 | -€4,793 | -23.5% |
| Suppliers | 440/4 | €20,434 | €15,640 | -€4,793 | -23.5% |
| Taxes, remuneration and social security | 45 | €29,510 | €45,275 | +€15,765 | +53.4% |
| Taxes | 450/3 | €29,510 | €29,188 | -€322 | -1.1% |
| Remuneration and social security | 454/9 | - | €16,087 | +€16,087 | |
| Other amounts payable | 47/48 | €26,452 | €51,679 | +€25,227 | +95.4% |
| Non-recurring operating income | 76A | €7,062 | €2,140 | -€4,921 | -69.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,780 | €545 | -€4,235 | -88.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €55,258 | €2,367 | -€52,891 | -95.7% |
| Non-recurring operating charges | 66A | - | €4,718 | +€4,718 | |
| Gross operating margin | 9900 | €25,657 | -€20,393 | -€46,051 | |
| Operating profit (loss) | 9901 | -€34,381 | -€28,024 | +€6,357 | +18.5% |
| Financial income | 75/76B | €1 | €0 | -€0 | -60.0% |
| Recurring financial income | 75 | €1 | €0 | -€0 | -60.0% |
| Financial charges | 65/66B | €3,130 | €4,487 | +€1,358 | +43.4% |
| Recurring financial charges | 65 | €3,130 | €4,487 | +€1,358 | +43.4% |
| Profit (loss) for the period before taxes | 9903 | -€37,510 | -€32,511 | +€4,999 | +13.3% |
| Income taxes | 67/77 | €724 | €220 | -€504 | -69.6% |
| Profit (loss) for the period | 9904 | -€38,234 | -€32,731 | +€5,503 | +14.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€38,234 | -€32,731 | +€5,503 | +14.4% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.