MS PARTNERSHIP: 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 PARTNERSHIP
Largest movements
- Cash +€108,462
up €108,462 (+82.6%), from €131,303 to €239,765
mainly Net result for the year (+€104,197) and Receivables within one year (+€27,300)
- Tangible fixed assets +€31,048
up €31,048 (+27.0%), from €115,100 to €146,148
of which Furniture and vehicles: +€35,774
- Receivables within one year -€27,300
down €27,300 (-94.3%), from €28,943 to €1,643
of which Trade receivables: -€24,817
- Profit (loss) carried forward +€54,197
up €54,197 (+22.7%), from €238,242 to €292,439
- Debts after one year +€27,079
new in 2026: €27,079
- Current portion of long-term debt +€14,835
new in 2026: €14,835
- Tax, wage and social debts +€13,605
up €13,605 (+98.1%), from €13,869 to €27,474
of which Taxes: +€12,205
- Gross operating margin +€37,254
up €37,254 (+32.1%), from €115,903 to €153,157
- Taxes +€8,168
up €8,168 (+35.9%), from €22,729 to €30,897
- Depreciation +€3,736
up €3,736 (+36.9%), from €10,132 to €13,868
From the 2025 result to the 2026 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.
Cash bridge derived
Derived from the 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €276,863 | €387,556 | +€110,693 | +40.0% |
| Fixed assets | 21/28 | €115,100 | €146,148 | +€31,048 | +27.0% |
| Tangible fixed assets | 22/27 | €115,100 | €146,148 | +€31,048 | +27.0% |
| Land and buildings | 22 | €94,313 | €90,656 | -€3,657 | -3.9% |
| Furniture and vehicles | 24 | €14,454 | €50,228 | +€35,774 | +247.5% |
| Other tangible fixed assets | 26 | €6,333 | €5,264 | -€1,069 | -16.9% |
| Current assets | 29/58 | €161,763 | €241,408 | +€79,645 | +49.2% |
| Amounts receivable within one year | 40/41 | €28,943 | €1,643 | -€27,300 | -94.3% |
| Trade receivables | 40 | €24,817 | - | -€24,817 | |
| Other amounts receivable | 41 | €4,126 | €1,643 | -€2,483 | -60.2% |
| Cash at bank and in hand | 54/58 | €131,303 | €239,765 | +€108,462 | +82.6% |
| Deferred charges and accrued income | 490/1 | €1,517 | - | -€1,517 | |
| Total equity and liabilities | 10/49 | €276,863 | €387,556 | +€110,693 | +40.0% |
| Equity | 10/15 | €258,702 | €312,899 | +€54,197 | +20.9% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Profit (loss) carried forward | 14 | €238,242 | €292,439 | +€54,197 | +22.7% |
| Amounts payable | 17/49 | €18,161 | €74,657 | +€56,496 | +311.1% |
| Amounts payable after more than one year | 17 | - | €27,079 | +€27,079 | |
| Financial debts | 170/4 | - | €27,079 | +€27,079 | |
| Amounts payable within one year | 42/48 | €18,161 | €47,578 | +€29,417 | +162.0% |
| Current portion of amounts payable after more than one year | 42 | - | €14,835 | +€14,835 | |
| Trade debts | 44 | €4,292 | €5,269 | +€977 | +22.8% |
| Suppliers | 440/4 | €4,292 | €5,269 | +€977 | +22.8% |
| Taxes, remuneration and social security | 45 | €13,869 | €27,474 | +€13,605 | +98.1% |
| Taxes | 450/3 | €12,969 | €25,174 | +€12,205 | +94.1% |
| Remuneration and social security | 454/9 | €900 | €2,300 | +€1,400 | +155.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,132 | €13,868 | +€3,736 | +36.9% |
| Other operating charges | 640/8 | €1,191 | €2,556 | +€1,365 | +114.6% |
| Gross operating margin | 9900 | €115,903 | €153,157 | +€37,254 | +32.1% |
| Operating profit (loss) | 9901 | €104,580 | €136,733 | +€32,153 | +30.7% |
| Financial income | 75/76B | €1,200 | €882 | -€318 | -26.5% |
| Recurring financial income | 75 | €1,200 | €882 | -€318 | -26.5% |
| Financial charges | 65/66B | €2,921 | €2,521 | -€400 | -13.7% |
| Recurring financial charges | 65 | €2,921 | €2,521 | -€400 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €102,859 | €135,094 | +€32,235 | +31.3% |
| Income taxes | 67/77 | €22,729 | €30,897 | +€8,168 | +35.9% |
| Profit (loss) for the period | 9904 | €80,130 | €104,197 | +€24,067 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €80,130 | €104,197 | +€24,067 | +30.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.