MSA: what changed
Two fiscal 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.
MSA
Largest movements
- Cash -€21,270
down €21,270 (-63.8%), from €33,338 to €12,069
mainly Net result for the year (-€27,791) and Other debts (-€26,401)
- Receivables within one year -€16,828
down €16,828 (-82.4%), from €20,421 to €3,593
of which Other amounts receivable: -€15,203
- Tangible fixed assets -€15,611
down €15,611 (-12.4%), from €125,513 to €109,901
- Profit (loss) carried forward -€27,791
down €27,791 (-18.4%), from -€151,399 to -€179,190
- Other debts -€26,401
down €26,401 (-9.1%), from €290,422 to €264,021
- Other operating charges -€146,222
down €146,222 (-99.9%), from €146,342 to €120
- Gross operating margin -€32,485
down €32,485 (-90.9%), from €35,719 to €3,234
- Depreciation +€16,103
up €16,103 (+107.7%), from €14,945 to €31,048
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 | €180,340 | €126,676 | -€53,665 | -29.8% |
| Fixed assets | 21/28 | €125,513 | €109,901 | -€15,611 | -12.4% |
| Tangible fixed assets | 22/27 | €125,513 | €109,901 | -€15,611 | -12.4% |
| Furniture and vehicles | 24 | €125,513 | €109,901 | -€15,611 | -12.4% |
| Current assets | 29/58 | €54,828 | €16,774 | -€38,053 | -69.4% |
| Amounts receivable within one year | 40/41 | €20,421 | €3,593 | -€16,828 | -82.4% |
| Trade receivables | 40 | €1,625 | - | -€1,625 | |
| Other amounts receivable | 41 | €18,796 | €3,593 | -€15,203 | -80.9% |
| Cash at bank and in hand | 54/58 | €33,338 | €12,069 | -€21,270 | -63.8% |
| Deferred charges and accrued income | 490/1 | €1,069 | €1,113 | +€44 | +4.1% |
| Total equity and liabilities | 10/49 | €180,340 | €126,676 | -€53,665 | -29.8% |
| Equity | 10/15 | -€110,799 | -€138,590 | -€27,791 | -25.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €22,000 | €22,000 | = | 0.0% |
| Distributable reserves | 133 | €22,000 | €22,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€151,399 | -€179,190 | -€27,791 | -18.4% |
| Amounts payable | 17/49 | €291,139 | €265,266 | -€25,873 | -8.9% |
| Amounts payable within one year | 42/48 | €291,139 | €265,266 | -€25,873 | -8.9% |
| Trade debts | 44 | €474 | €1,001 | +€527 | +111.2% |
| Suppliers | 440/4 | €474 | €1,001 | +€527 | +111.2% |
| Taxes, remuneration and social security | 45 | €244 | €245 | +€1 | +0.3% |
| Taxes | 450/3 | €244 | €245 | +€1 | +0.3% |
| Other amounts payable | 47/48 | €290,422 | €264,021 | -€26,401 | -9.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,945 | €31,048 | +€16,103 | +107.7% |
| Other operating charges | 640/8 | €146,342 | €120 | -€146,222 | -99.9% |
| Gross operating margin | 9900 | €35,719 | €3,234 | -€32,485 | -90.9% |
| Operating profit (loss) | 9901 | -€125,569 | -€27,934 | +€97,634 | +77.8% |
| Financial income | 75/76B | €378 | €363 | -€16 | -4.1% |
| Recurring financial income | 75 | €378 | €363 | -€16 | -4.1% |
| Financial charges | 65/66B | €38 | €55 | +€18 | +46.7% |
| Recurring financial charges | 65 | €38 | €55 | +€18 | +46.7% |
| Profit (loss) for the period before taxes | 9903 | -€125,228 | -€27,627 | +€97,601 | +77.9% |
| Income taxes | 67/77 | €364 | €164 | -€200 | -54.9% |
| Profit (loss) for the period | 9904 | -€125,593 | -€27,791 | +€97,801 | +77.9% |
| Profit (loss) for the period to be appropriated | 9905 | -€125,593 | -€27,791 | +€97,801 | +77.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.