MS PROJECTS: what changed
What changed
MS PROJECTS
NACE 41.001, General construction of residential buildings
filed annual accounts (NBB)
Net result for the year
€16,458
2024 · €22,386-€5,929
Equity
€56,594
2024 · €40,136+€16,458
Cash
€30,243
2024 · €83,819-€53,576
Balance sheet total
€1.2m
2024 · €1.2m-€28,487
Largest movements
Assets
- Receivables within one year +€113,902
up €113,902 (+41.2%), from €276,187 to €390,089
of which Trade receivables: +€99,555
- Tangible fixed assets -€113,682
down €113,682 (-15.6%), from €727,988 to €614,306
of which Furniture and vehicles: -€115,560
- Cash -€53,576
down €53,576 (-63.9%), from €83,819 to €30,243
mainly Other debts (-€460,230) and Receivables within one year (-€113,902)
- Stocks and contracts +€30,128
up €30,128 (+25.3%), from €119,151 to €149,279
Equity and liabilities
- Other debts -€460,230
down €460,230 (-94.1%), from €489,060 to €28,830
- Debts after one year +€323,308
up €323,308 (+122%), from €264,025 to €587,332
- Trade debts +€74,623
up €74,623 (+44.6%), from €167,358 to €241,981
- Current portion of long-term debt +€19,483
up €19,483 (+23.0%), from €84,862 to €104,345
- Profit (loss) carried forward +€16,458
up €16,458 (+73.5%), from €22,386 to €38,844
Income statement
- Depreciation +€23,301
up €23,301 (+13.0%), from €179,492 to €202,793
- Staff costs -€13,265
down €13,265 (-2.7%), from €495,093 to €481,827
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.
Result 2024
€22,386
Gross operating margin
+€4,639
Staff costs
+€13,265
Depreciation
-€23,301
Other operating charges
-€6,352
Financial income
-€33
Financial charges
+€3,892
Taxes
+€1,961
Result 2025
€16,458
raises the resultlowers the result
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.
From operations
-€307,481
Investment
-€88,886
Financing
+€342,791
Cash 2024
€83,819
From operations (derived)
-€307,481
Net result for the year
+€16,458
Depreciation
+€202,793
Stocks and contracts
-€30,128
Receivables within one year
-€113,902
Deferred charges and accrued income
+€5,034
Trade debts
+€74,623
Tax, wage and social debts
-€2,129
Other debts
-€460,230
Investment (derived)
-€88,886
Investment in fixed assets (net)
-€88,886
Financing
+€342,791
Debts after one year
+€323,308
Current portion of long-term debt
+€19,483
Cash 2025
€30,243
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,217,722 | €1,189,235 | -€28,487 | -2.3% |
| Formation expenses | 20 | €747 | €522 | -€225 | -30.1% |
| Fixed assets | 21/28 | €727,988 | €614,306 | -€113,682 | -15.6% |
| Tangible fixed assets | 22/27 | €727,988 | €614,306 | -€113,682 | -15.6% |
| Plant, machinery and equipment | 23 | €259,321 | €236,298 | -€23,023 | -8.9% |
| Furniture and vehicles | 24 | €438,996 | €323,436 | -€115,560 | -26.3% |
| Leasing and similar rights | 25 | €27,735 | €53,131 | +€25,396 | +91.6% |
| Other tangible fixed assets | 26 | €1,936 | €1,441 | -€495 | -25.6% |
| Current assets | 29/58 | €488,988 | €574,407 | +€85,420 | +17.5% |
| Stocks and contracts in progress | 3 | €119,151 | €149,279 | +€30,128 | +25.3% |
| Stocks | 30/36 | €119,151 | €149,279 | +€30,128 | +25.3% |
| Amounts receivable within one year | 40/41 | €276,187 | €390,089 | +€113,902 | +41.2% |
| Trade receivables | 40 | €276,086 | €375,641 | +€99,555 | +36.1% |
| Other amounts receivable | 41 | €101 | €14,448 | +€14,348 | +14,232% |
| Cash at bank and in hand | 54/58 | €83,819 | €30,243 | -€53,576 | -63.9% |
| Deferred charges and accrued income | 490/1 | €9,831 | €4,796 | -€5,034 | -51.2% |
| Total equity and liabilities | 10/49 | €1,217,722 | €1,189,235 | -€28,487 | -2.3% |
| Equity | 10/15 | €40,136 | €56,594 | +€16,458 | +41.0% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €14,750 | €14,750 | = | 0.0% |
| Distributable reserves | 133 | €14,750 | €14,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €22,386 | €38,844 | +€16,458 | +73.5% |
| Amounts payable | 17/49 | €1,177,586 | €1,132,641 | -€44,945 | -3.8% |
| Amounts payable after more than one year | 17 | €264,025 | €587,332 | +€323,308 | +122% |
| Financial debts | 170/4 | €264,025 | €587,332 | +€323,308 | +122% |
| Amounts payable within one year | 42/48 | €913,562 | €545,309 | -€368,253 | -40.3% |
| Current portion of amounts payable after more than one year | 42 | €84,862 | €104,345 | +€19,483 | +23.0% |
| Financial debts | 43 | €150,000 | €150,000 | = | 0.0% |
| Credit institutions | 430/8 | €150,000 | €150,000 | = | 0.0% |
| Trade debts | 44 | €167,358 | €241,981 | +€74,623 | +44.6% |
| Suppliers | 440/4 | €167,358 | €241,981 | +€74,623 | +44.6% |
| Taxes, remuneration and social security | 45 | €22,282 | €20,153 | -€2,129 | -9.6% |
| Taxes | 450/3 | €10,398 | €7,640 | -€2,758 | -26.5% |
| Remuneration and social security | 454/9 | €11,884 | €12,513 | +€629 | +5.3% |
| Other amounts payable | 47/48 | €489,060 | €28,830 | -€460,230 | -94.1% |
| Non-recurring operating income | 76A | €3,781 | €16,649 | +€12,868 | +340% |
| Remuneration, social security and pensions | 62 | €495,093 | €481,827 | -€13,265 | -2.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €179,492 | €202,793 | +€23,301 | +13.0% |
| Other operating charges | 640/8 | €6,722 | €13,074 | +€6,352 | +94.5% |
| Gross operating margin | 9900 | €734,180 | €738,819 | +€4,639 | +0.6% |
| Operating profit (loss) | 9901 | €52,873 | €41,125 | -€11,748 | -22.2% |
| Financial income | 75/76B | €977 | €944 | -€33 | -3.4% |
| Recurring financial income | 75 | €977 | €944 | -€33 | -3.4% |
| Financial charges | 65/66B | €23,226 | €19,334 | -€3,892 | -16.8% |
| Recurring financial charges | 65 | €23,226 | €19,334 | -€3,892 | -16.8% |
| Profit (loss) for the period before taxes | 9903 | €30,624 | €22,734 | -€7,890 | -25.8% |
| Income taxes | 67/77 | €8,238 | €6,277 | -€1,961 | -23.8% |
| Profit (loss) for the period | 9904 | €22,386 | €16,458 | -€5,929 | -26.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,386 | €16,458 | -€5,929 | -26.5% |
Next steps
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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 7 November 2026 via checked.be.