MS ValueCapture: 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 ValueCapture
Largest movements
- Cash +€18,576
up €18,576 (+26.2%), from €70,932 to €89,508
mainly Net result for the year (+€20,212) and Depreciation (+€1,400)
- Receivables within one year +€1,493
up €1,493 (+11.5%), from €12,945 to €14,438
of which Trade receivables: +€1,610
- Profit (loss) carried forward +€20,212
up €20,212 (+68.4%), from €29,536 to €49,749
- Accrued charges and deferred income -€1,479
no longer reported in 2025 (was €1,479)
- Tax, wage and social debts +€1,283
up €1,283 (+11.4%), from €11,273 to €12,556
of which Taxes: +€5,033
- Gross operating margin -€11,774
down €11,774 (-30.7%), from €38,291 to €26,517
- Taxes -€2,473
down €2,473 (-32.7%), from €7,562 to €5,089
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 | €86,503 | €106,179 | +€19,676 | +22.7% |
| Fixed assets | 21/28 | €2,625 | €1,921 | -€705 | -26.8% |
| Tangible fixed assets | 22/27 | €2,625 | €1,921 | -€705 | -26.8% |
| Plant, machinery and equipment | 23 | €2,625 | €1,921 | -€705 | -26.8% |
| Current assets | 29/58 | €83,878 | €104,258 | +€20,381 | +24.3% |
| Amounts receivable within one year | 40/41 | €12,945 | €14,438 | +€1,493 | +11.5% |
| Trade receivables | 40 | €11,914 | €13,524 | +€1,610 | +13.5% |
| Other amounts receivable | 41 | €1,031 | €914 | -€117 | -11.4% |
| Cash at bank and in hand | 54/58 | €70,932 | €89,508 | +€18,576 | +26.2% |
| Deferred charges and accrued income | 490/1 | - | €312 | +€312 | |
| Total equity and liabilities | 10/49 | €86,503 | €106,179 | +€19,676 | +22.7% |
| Equity | 10/15 | €71,242 | €91,455 | +€20,212 | +28.4% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €31,706 | €31,706 | = | 0.0% |
| Distributable reserves | 133 | €31,706 | €31,706 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,536 | €49,749 | +€20,212 | +68.4% |
| Amounts payable | 17/49 | €15,260 | €14,724 | -€536 | -3.5% |
| Amounts payable within one year | 42/48 | €13,781 | €14,724 | +€943 | +6.8% |
| Trade debts | 44 | €2,508 | €2,168 | -€341 | -13.6% |
| Suppliers | 440/4 | €2,508 | €2,168 | -€341 | -13.6% |
| Taxes, remuneration and social security | 45 | €11,273 | €12,556 | +€1,283 | +11.4% |
| Taxes | 450/3 | €7,523 | €12,556 | +€5,033 | +66.9% |
| Remuneration and social security | 454/9 | €3,750 | - | -€3,750 | |
| Accrued charges and deferred income | 492/3 | €1,479 | - | -€1,479 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,065 | €1,400 | +€335 | +31.4% |
| Gross operating margin | 9900 | €38,291 | €26,517 | -€11,774 | -30.7% |
| Operating profit (loss) | 9901 | €37,226 | €25,117 | -€12,108 | -32.5% |
| Financial income | 75/76B | €5 | €374 | +€369 | +7006.7% |
| Recurring financial income | 75 | €5 | €374 | +€369 | +7006.7% |
| Financial charges | 65/66B | €133 | €190 | +€58 | +43.5% |
| Recurring financial charges | 65 | €133 | €190 | +€58 | +43.5% |
| Profit (loss) for the period before taxes | 9903 | €37,098 | €25,301 | -€11,798 | -31.8% |
| Income taxes | 67/77 | €7,562 | €5,089 | -€2,473 | -32.7% |
| Profit (loss) for the period | 9904 | €29,536 | €20,212 | -€9,324 | -31.6% |
| Profit (loss) for the period to be appropriated | 9905 | €29,536 | €20,212 | -€9,324 | -31.6% |
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 9 October 2026 via checked.be.