MS Management: 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 Management
Largest movements
- Cash +€17,285
up €17,285 (+559%), from €3,091 to €20,375
mainly Net result for the year (+€82,023) and Current portion of long-term debt (+€1,445)
- Profit (loss) carried forward +€82,023
up €82,023 (+45.3%), from €181,264 to €263,287
- Debts after one year -€64,119
down €64,119 (-27.1%), from €236,679 to €172,560
- Financial charges -€1,520
down €1,520 (-14.2%), from €10,699 to €9,179
- Other operating charges +€393
up €393 (+156%), from €252 to €646
- Depreciation +€300
up €300 (+40.3%), from €745 to €1,045
- Gross operating margin +€48
up €48 (+19.7%), from €242 to €290
- Financial income +€29
up €29 (0.0%), from €92,756 to €92,785
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 | €494,460 | €513,856 | +€19,396 | +3.9% |
| Fixed assets | 21/28 | €450,861 | €453,364 | +€2,503 | +0.6% |
| Tangible fixed assets | 22/27 | €1,061 | €3,564 | +€2,503 | +236% |
| Furniture and vehicles | 24 | €1,061 | €2,553 | +€1,492 | +141% |
| Other tangible fixed assets | 26 | - | €1,011 | +€1,011 | |
| Financial fixed assets | 28 | €449,800 | €449,800 | = | 0.0% |
| Current assets | 29/58 | €43,599 | €60,492 | +€16,893 | +38.7% |
| Amounts receivable within one year | 40/41 | €508 | €1,116 | +€608 | +120% |
| Other amounts receivable | 41 | €508 | €1,116 | +€608 | +120% |
| Cash at bank and in hand | 54/58 | €3,091 | €20,375 | +€17,285 | +559% |
| Deferred charges and accrued income | 490/1 | €40,000 | €39,000 | -€1,000 | -2.5% |
| Total equity and liabilities | 10/49 | €494,460 | €513,856 | +€19,396 | +3.9% |
| Equity | 10/15 | €191,264 | €273,287 | +€82,023 | +42.9% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,264 | €263,287 | +€82,023 | +45.3% |
| Amounts payable | 17/49 | €303,196 | €240,569 | -€62,627 | -20.7% |
| Amounts payable after more than one year | 17 | €236,679 | €172,560 | -€64,119 | -27.1% |
| Financial debts | 170/4 | €236,679 | €172,560 | -€64,119 | -27.1% |
| Amounts payable within one year | 42/48 | €66,518 | €68,009 | +€1,492 | +2.2% |
| Current portion of amounts payable after more than one year | 42 | €62,674 | €64,119 | +€1,445 | +2.3% |
| Trade debts | 44 | €25 | €766 | +€741 | +2,968% |
| Suppliers | 440/4 | €25 | €766 | +€741 | +2,968% |
| Taxes, remuneration and social security | 45 | €3,818 | €3,124 | -€694 | -18.2% |
| Taxes | 450/3 | €3,818 | €3,124 | -€694 | -18.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €745 | €1,045 | +€300 | +40.3% |
| Other operating charges | 640/8 | €252 | €646 | +€393 | +156% |
| Gross operating margin | 9900 | €242 | €290 | +€48 | +19.7% |
| Operating profit (loss) | 9901 | -€755 | -€1,401 | -€646 | -85.6% |
| Financial income | 75/76B | €92,756 | €92,785 | +€29 | 0.0% |
| Recurring financial income | 75 | €92,756 | €92,785 | +€29 | 0.0% |
| Financial charges | 65/66B | €10,699 | €9,179 | -€1,520 | -14.2% |
| Recurring financial charges | 65 | €10,699 | €9,179 | -€1,520 | -14.2% |
| Profit (loss) for the period before taxes | 9903 | €81,303 | €82,206 | +€903 | +1.1% |
| Income taxes | 67/77 | €194 | €182 | -€12 | -6.2% |
| Profit (loss) for the period | 9904 | €81,108 | €82,023 | +€915 | +1.1% |
| Profit (loss) for the period to be appropriated | 9905 | €81,108 | €82,023 | +€915 | +1.1% |
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 21 October 2026 via checked.be.