MS RENOV & PLUS: 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 RENOV & PLUS
Largest movements
- Receivables within one year -€16,930
down €16,930 (-19.0%), from €89,135 to €72,204
of which Other amounts receivable: -€12,716
- Deferred charges and accrued income -€5,089
down €5,089 (-53.9%), from €9,449 to €4,360
- Cash +€4,219
up €4,219 (+201%), from €2,101 to €6,319
mainly Trade debts (+€30,570) and Receivables within one year (+€16,930)
- Stocks and contracts -€3,673
down €3,673 (-43.2%), from €8,501 to €4,828
- Profit (loss) carried forward -€61,089
down €61,089, from €28,702 to -€32,387
- Trade debts +€30,570
up €30,570 (+93.4%), from €32,732 to €63,302
- Tax, wage and social debts +€8,069
up €8,069 (+49.2%), from €16,393 to €24,462
of which Remuneration and social security: +€4,591
- Debts after one year -€5,728
down €5,728 (-30.9%), from €18,550 to €12,822
- Short-term financial debts +€3,736
up €3,736 (+120%), from €3,125 to €6,861
- Gross operating margin -€74,382
down €74,382 (-62.9%), from €118,341 to €43,959
- Staff costs -€13,436
down €13,436 (-12.2%), from €110,108 to €96,672
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 | €109,597 | €87,780 | -€21,818 | -19.9% |
| Fixed assets | 21/28 | €413 | €69 | -€344 | -83.3% |
| Tangible fixed assets | 22/27 | €413 | €69 | -€344 | -83.3% |
| Furniture and vehicles | 24 | €413 | €69 | -€344 | -83.3% |
| Current assets | 29/58 | €109,185 | €87,711 | -€21,474 | -19.7% |
| Stocks and contracts in progress | 3 | €8,501 | €4,828 | -€3,673 | -43.2% |
| Stocks | 30/36 | €8,501 | €4,828 | -€3,673 | -43.2% |
| Amounts receivable within one year | 40/41 | €89,135 | €72,204 | -€16,930 | -19.0% |
| Trade receivables | 40 | €9,340 | €5,126 | -€4,214 | -45.1% |
| Other amounts receivable | 41 | €79,794 | €67,078 | -€12,716 | -15.9% |
| Cash at bank and in hand | 54/58 | €2,101 | €6,319 | +€4,219 | +201% |
| Deferred charges and accrued income | 490/1 | €9,449 | €4,360 | -€5,089 | -53.9% |
| Total equity and liabilities | 10/49 | €109,597 | €87,780 | -€21,818 | -19.9% |
| Equity | 10/15 | €30,702 | -€30,387 | -€61,089 | |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €28,702 | -€32,387 | -€61,089 | |
| Amounts payable | 17/49 | €78,896 | €118,167 | +€39,272 | +49.8% |
| Amounts payable after more than one year | 17 | €18,550 | €12,822 | -€5,728 | -30.9% |
| Financial debts | 170/4 | €18,550 | €12,822 | -€5,728 | -30.9% |
| Amounts payable within one year | 42/48 | €60,345 | €105,345 | +€45,000 | +74.6% |
| Current portion of amounts payable after more than one year | 42 | €8,094 | €7,113 | -€981 | -12.1% |
| Financial debts | 43 | €3,125 | €6,861 | +€3,736 | +120% |
| Credit institutions | 430/8 | €3,125 | €6,861 | +€3,736 | +120% |
| Trade debts | 44 | €32,732 | €63,302 | +€30,570 | +93.4% |
| Suppliers | 440/4 | €32,732 | €63,302 | +€30,570 | +93.4% |
| Advances received on contracts in progress | 46 | - | €3,606 | +€3,606 | |
| Taxes, remuneration and social security | 45 | €16,393 | €24,462 | +€8,069 | +49.2% |
| Taxes | 450/3 | €7,533 | €11,010 | +€3,477 | +46.2% |
| Remuneration and social security | 454/9 | €8,861 | €13,452 | +€4,591 | +51.8% |
| Remuneration, social security and pensions | 62 | €110,108 | €96,672 | -€13,436 | -12.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €344 | €344 | = | 0.0% |
| Other operating charges | 640/8 | €2,476 | €3,517 | +€1,041 | +42.1% |
| Gross operating margin | 9900 | €118,341 | €43,959 | -€74,382 | -62.9% |
| Operating profit (loss) | 9901 | €5,413 | -€56,574 | -€61,987 | |
| Financial income | 75/76B | €1 | €26 | +€26 | +3,252% |
| Recurring financial income | 75 | €1 | €26 | +€26 | +3,252% |
| Financial charges | 65/66B | €5,135 | €4,542 | -€594 | -11.6% |
| Recurring financial charges | 65 | €5,135 | €4,542 | -€594 | -11.6% |
| Profit (loss) for the period before taxes | 9903 | €278 | -€61,089 | -€61,368 | |
| Profit (loss) for the period | 9904 | €278 | -€61,089 | -€61,368 | |
| Profit (loss) for the period to be appropriated | 9905 | €278 | -€61,089 | -€61,368 |
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 14 October 2026 via checked.be.