MS-REFRIGERATION: 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-REFRIGERATION
Largest movements
- Receivables within one year +€44,873
up €44,873 (+157%), from €28,633 to €73,506
of which Trade receivables: +€34,682
- Tangible fixed assets -€20,093
down €20,093 (-39.4%), from €50,994 to €30,901
of which Furniture and vehicles: -€17,544
- Cash +€14,560
up €14,560 (+14.8%), from €98,604 to €113,164
mainly Trade debts (+€30,946) and Depreciation (+€20,093)
- Stocks and contracts -€3,743
no longer reported in 2025 (was €3,743)
- Trade debts +€30,946
up €30,946 (+129%), from €23,932 to €54,878
of which Bills of exchange payable: +€36,486
- Reserves +€6,500
up €6,500 (+5.0%), from €130,060 to €136,560
- Debts after one year -€5,278
no longer reported in 2025 (was €5,278)
- Current portion of long-term debt -€4,937
down €4,937 (-48.3%), from €10,215 to €5,278
- Tax, wage and social debts +€4,603
up €4,603 (+167%), from €2,764 to €7,367
- Gross operating margin +€6,403
up €6,403 (+24.3%), from €26,332 to €32,735
- Taxes +€2,602
up €2,602 (+94.1%), from €2,764 to €5,366
- Financial charges -€465
down €465 (-32.6%), from €1,425 to €960
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 | €184,455 | €220,123 | +€35,668 | +19.3% |
| Fixed assets | 21/28 | €50,994 | €30,901 | -€20,093 | -39.4% |
| Tangible fixed assets | 22/27 | €50,994 | €30,901 | -€20,093 | -39.4% |
| Plant, machinery and equipment | 23 | €8,777 | €6,228 | -€2,549 | -29.0% |
| Furniture and vehicles | 24 | €42,217 | €24,673 | -€17,544 | -41.6% |
| Current assets | 29/58 | €133,461 | €189,222 | +€55,761 | +41.8% |
| Stocks and contracts in progress | 3 | €3,743 | - | -€3,743 | |
| Stocks | 30/36 | €3,743 | - | -€3,743 | |
| Amounts receivable within one year | 40/41 | €28,633 | €73,506 | +€44,873 | +157% |
| Trade receivables | 40 | €27,755 | €62,437 | +€34,682 | +125% |
| Other amounts receivable | 41 | €878 | €11,069 | +€10,191 | +1,161% |
| Cash at bank and in hand | 54/58 | €98,604 | €113,164 | +€14,560 | +14.8% |
| Deferred charges and accrued income | 490/1 | €2,481 | €2,552 | +€71 | +2.9% |
| Total equity and liabilities | 10/49 | €184,455 | €220,123 | +€35,668 | +19.3% |
| Equity | 10/15 | €141,416 | €147,950 | +€6,534 | +4.6% |
| Contributions | 10/11 | €6,400 | €6,400 | = | 0.0% |
| Reserves | 13 | €130,060 | €136,560 | +€6,500 | +5.0% |
| Distributable reserves | 133 | €130,060 | €136,560 | +€6,500 | +5.0% |
| Profit (loss) carried forward | 14 | €4,956 | €4,990 | +€34 | +0.7% |
| Amounts payable | 17/49 | €43,039 | €72,173 | +€29,134 | +67.7% |
| Amounts payable after more than one year | 17 | €5,278 | - | -€5,278 | |
| Financial debts | 170/4 | €5,278 | - | -€5,278 | |
| Amounts payable within one year | 42/48 | €37,761 | €68,373 | +€30,612 | +81.1% |
| Current portion of amounts payable after more than one year | 42 | €10,215 | €5,278 | -€4,937 | -48.3% |
| Trade debts | 44 | €23,932 | €54,878 | +€30,946 | +129% |
| Suppliers | 440/4 | €23,932 | €18,392 | -€5,540 | -23.1% |
| Bills of exchange payable | 441 | - | €36,486 | +€36,486 | |
| Advances received on contracts in progress | 46 | €850 | €850 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,764 | €7,367 | +€4,603 | +167% |
| Taxes | 450/3 | €2,764 | €7,367 | +€4,603 | +167% |
| Accrued charges and deferred income | 492/3 | - | €3,800 | +€3,800 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,041 | €20,093 | +€52 | +0.3% |
| Other operating charges | 640/8 | €801 | €654 | -€147 | -18.4% |
| Gross operating margin | 9900 | €26,332 | €32,735 | +€6,403 | +24.3% |
| Operating profit (loss) | 9901 | €5,490 | €11,988 | +€6,498 | +118% |
| Financial income | 75/76B | €800 | €872 | +€72 | +9.0% |
| Recurring financial income | 75 | €800 | €872 | +€72 | +9.0% |
| Financial charges | 65/66B | €1,425 | €960 | -€465 | -32.6% |
| Recurring financial charges | 65 | €1,425 | €960 | -€465 | -32.6% |
| Profit (loss) for the period before taxes | 9903 | €4,865 | €11,900 | +€7,035 | +145% |
| Income taxes | 67/77 | €2,764 | €5,366 | +€2,602 | +94.1% |
| Profit (loss) for the period | 9904 | €2,101 | €6,534 | +€4,433 | +211% |
| Profit (loss) for the period to be appropriated | 9905 | €2,101 | €6,534 | +€4,433 | +211% |
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 30 October 2026 via checked.be.