MS MANAGEMENT & PARTICIPATIONS: 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 & PARTICIPATIONS
Largest movements
- Cash -€245,385
down €245,385 (-55.9%), from €439,074 to €193,689
mainly Other debts (-€182,380) and Debts after one year (-€60,318)
- Tangible fixed assets -€41,670
down €41,670 (-4.2%), from €983,713 to €942,043
of which Land and buildings: -€41,670
- Other debts -€182,380
down €182,380 (-38.3%), from €476,157 to €293,777
- Debts after one year -€60,318
down €60,318 (-11.9%), from €508,115 to €447,796
- Gross operating margin -€215,347
down €215,347 (-77.3%), from €278,561 to €63,214
- Financial charges -€15,705
down €15,705 (-31.0%), from €50,739 to €35,034
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 | €2,078,859 | €1,797,355 | -€281,505 | -13.5% |
| Fixed assets | 21/28 | €1,547,672 | €1,506,002 | -€41,670 | -2.7% |
| Tangible fixed assets | 22/27 | €983,713 | €942,043 | -€41,670 | -4.2% |
| Land and buildings | 22 | €983,713 | €942,043 | -€41,670 | -4.2% |
| Furniture and vehicles | 24 | €0 | - | = | |
| Financial fixed assets | 28 | €563,959 | €563,959 | = | 0.0% |
| Current assets | 29/58 | €531,187 | €291,353 | -€239,835 | -45.2% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €90,494 | €95,994 | +€5,500 | +6.1% |
| Trade receivables | 40 | - | €11,500 | +€11,500 | |
| Other amounts receivable | 41 | €90,494 | €84,494 | -€6,000 | -6.6% |
| Cash at bank and in hand | 54/58 | €439,074 | €193,689 | -€245,385 | -55.9% |
| Deferred charges and accrued income | 490/1 | €1,619 | €1,670 | +€51 | +3.1% |
| Total equity and liabilities | 10/49 | €2,078,859 | €1,797,355 | -€281,505 | -13.5% |
| Equity | 10/15 | €1,002,262 | €983,873 | -€18,389 | -1.8% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Revaluation surpluses | 12 | €460,737 | €460,737 | = | 0.0% |
| Reserves | 13 | €8,971 | €8,971 | = | 0.0% |
| Non-distributable reserves | 130/1 | €8,971 | €8,971 | = | 0.0% |
| Reserves not available under the articles | 1311 | €8,971 | €8,971 | = | 0.0% |
| Profit (loss) carried forward | 14 | €512,554 | €494,164 | -€18,389 | -3.6% |
| Amounts payable | 17/49 | €1,076,597 | €813,482 | -€263,116 | -24.4% |
| Amounts payable after more than one year | 17 | €508,115 | €447,796 | -€60,318 | -11.9% |
| Financial debts | 170/4 | €508,115 | €447,796 | -€60,318 | -11.9% |
| Amounts payable within one year | 42/48 | €568,483 | €365,685 | -€202,798 | -35.7% |
| Current portion of amounts payable after more than one year | 42 | €58,492 | €59,851 | +€1,359 | +2.3% |
| Trade debts | 44 | €22,521 | €5,009 | -€17,512 | -77.8% |
| Suppliers | 440/4 | €22,521 | €5,009 | -€17,512 | -77.8% |
| Taxes, remuneration and social security | 45 | €11,313 | €7,048 | -€4,265 | -37.7% |
| Taxes | 450/3 | €11,313 | €7,048 | -€4,265 | -37.7% |
| Other amounts payable | 47/48 | €476,157 | €293,777 | -€182,380 | -38.3% |
| Non-recurring operating income | 76A | €230,369 | €338 | -€230,030 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,169 | €41,670 | -€499 | -1.2% |
| Other operating charges | 640/8 | €6,159 | €6,604 | +€445 | +7.2% |
| Gross operating margin | 9900 | €278,561 | €63,214 | -€215,347 | -77.3% |
| Operating profit (loss) | 9901 | €230,232 | €14,939 | -€215,293 | -93.5% |
| Financial income | 75/76B | €172 | €1,705 | +€1,533 | +892% |
| Recurring financial income | 75 | €172 | €1,705 | +€1,533 | +892% |
| Financial charges | 65/66B | €50,739 | €35,034 | -€15,705 | -31.0% |
| Recurring financial charges | 65 | €50,739 | €35,034 | -€15,705 | -31.0% |
| Profit (loss) for the period before taxes | 9903 | €179,666 | -€18,389 | -€198,055 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | €179,666 | -€18,389 | -€198,055 | |
| Profit (loss) for the period to be appropriated | 9905 | €179,666 | -€18,389 | -€198,055 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.