MS Project BV: 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 Project BV
Largest movements
- Receivables within one year +€39,856
up €39,856 (+244.5%), from €16,302 to €56,157
of which Trade receivables: +€37,851
- Tangible fixed assets +€22,482
up €22,482 (+1227.0%), from €1,832 to €24,314
- Cash -€10,571
down €10,571 (-78.2%), from €13,522 to €2,952
mainly Receivables within one year (-€39,856) and Investment in fixed assets (net) (-€28,804)
- Deferred charges and accrued income +€884
new in 2025: €884
- Trade debts +€24,521
up €24,521 (+506.8%), from €4,838 to €29,359
- Debts after one year +€17,765
new in 2025: €17,765
- Current portion of long-term debt +€6,810
new in 2025: €6,810
- Profit (loss) carried forward +€6,050
up €6,050 (+42.4%), from €14,254 to €20,304
- Tax, wage and social debts -€3,668
down €3,668 (-31.7%), from €11,564 to €7,896
of which Remuneration and social security: -€5,180
- Gross operating margin -€4,528
down €4,528 (-22.7%), from €19,962 to €15,434
- Depreciation +€4,416
up €4,416 (+231.7%), from €1,906 to €6,322
- Taxes -€2,051
down €2,051 (-57.6%), from €3,564 to €1,512
- Financial charges +€1,062
up €1,062 (+796.5%), from €133 to €1,195
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.
Cash bridge derived
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 | €31,656 | €84,307 | +€52,651 | +166.3% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €1,832 | €24,314 | +€22,482 | +1227.0% |
| Tangible fixed assets | 22/27 | €1,832 | €24,314 | +€22,482 | +1227.0% |
| Furniture and vehicles | 24 | €1,832 | €24,314 | +€22,482 | +1227.0% |
| Current assets | 29/58 | €29,824 | €59,993 | +€30,169 | +101.2% |
| Amounts receivable within one year | 40/41 | €16,302 | €56,157 | +€39,856 | +244.5% |
| Trade receivables | 40 | €15,789 | €53,640 | +€37,851 | +239.7% |
| Other amounts receivable | 41 | €512 | €2,517 | +€2,005 | +391.4% |
| Cash at bank and in hand | 54/58 | €13,522 | €2,952 | -€10,571 | -78.2% |
| Deferred charges and accrued income | 490/1 | - | €884 | +€884 | |
| Total equity and liabilities | 10/49 | €31,656 | €84,307 | +€52,651 | +166.3% |
| Equity | 10/15 | €15,254 | €21,304 | +€6,050 | +39.7% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,254 | €20,304 | +€6,050 | +42.4% |
| Amounts payable | 17/49 | €16,402 | €63,003 | +€46,601 | +284.1% |
| Amounts payable after more than one year | 17 | - | €17,765 | +€17,765 | |
| Financial debts | 170/4 | - | €17,765 | +€17,765 | |
| Amounts payable within one year | 42/48 | €16,402 | €45,238 | +€28,837 | +175.8% |
| Current portion of amounts payable after more than one year | 42 | - | €6,810 | +€6,810 | |
| Trade debts | 44 | €4,838 | €29,359 | +€24,521 | +506.8% |
| Suppliers | 440/4 | €4,838 | €29,359 | +€24,521 | +506.8% |
| Taxes, remuneration and social security | 45 | €11,564 | €7,896 | -€3,668 | -31.7% |
| Taxes | 450/3 | €3,564 | €5,076 | +€1,512 | +42.4% |
| Remuneration and social security | 454/9 | €8,000 | €2,820 | -€5,180 | -64.8% |
| Other amounts payable | 47/48 | - | €1,173 | +€1,173 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,906 | €6,322 | +€4,416 | +231.7% |
| Other operating charges | 640/8 | €303 | €361 | +€58 | +19.2% |
| Gross operating margin | 9900 | €19,962 | €15,434 | -€4,528 | -22.7% |
| Operating profit (loss) | 9901 | €17,754 | €8,751 | -€9,003 | -50.7% |
| Financial income | 75/76B | €198 | €6 | -€191 | -96.8% |
| Recurring financial income | 75 | €198 | €6 | -€191 | -96.8% |
| Financial charges | 65/66B | €133 | €1,195 | +€1,062 | +796.5% |
| Recurring financial charges | 65 | €133 | €1,195 | +€1,062 | +796.5% |
| Profit (loss) for the period before taxes | 9903 | €17,818 | €7,562 | -€10,256 | -57.6% |
| Income taxes | 67/77 | €3,564 | €1,512 | -€2,051 | -57.6% |
| Profit (loss) for the period | 9904 | €14,254 | €6,050 | -€8,205 | -57.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,254 | €6,050 | -€8,205 | -57.6% |
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 11 October 2026 via checked.be.