MSA: what changed
What changed
MSA
NACE 69.209, Other tax advisory services
filed annual accounts (NBB)
Net result for the year
€1,579
2024 · -€528+€2,107
Equity
€3,819
2024 · €2,240+€1,579
Cash
€21,326
2024 · €21,592-€266
Balance sheet total
€42,859
2024 · €28,191+€14,668
Largest movements
Assets
- Tangible fixed assets +€14,327
up €14,327 (+246%), from €5,830 to €20,157
of which Furniture and vehicles: +€16,557
- Receivables within one year +€607
up €607 (+78.9%), from €769 to €1,376
of which Trade receivables: +€598
Equity and liabilities
- Debts after one year +€11,276
new in 2025: €11,276
- Current portion of long-term debt +€2,915
up €2,915 (+280%), from €1,041 to €3,956
- Other debts -€2,908
down €2,908 (-13.5%), from €21,576 to €18,668
- Profit (loss) carried forward +€1,579
up €1,579 (+10.2%), from -€15,520 to -€13,941
- Trade debts +€1,019
up €1,019 (+918%), from €111 to €1,130
Income statement
- Gross operating margin +€8,642
up €8,642 (+82.6%), from €10,463 to €19,105
- Depreciation +€4,974
up €4,974 (+95.4%), from €5,215 to €10,189
- Taxes +€1,116
up €1,116 (+31.4%), from €3,554 to €4,670
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
-€528
Gross operating margin
+€8,642
Staff costs
-€123
Depreciation
-€4,974
Other operating charges
-€167
Financial income
-€34
Financial charges
-€121
Taxes
-€1,116
Result 2025
€1,579
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
+€10,059
Investment
-€24,516
Financing
+€14,191
Cash 2024
€21,592
From operations (derived)
+€10,059
Net result for the year
+€1,579
Depreciation
+€10,189
Receivables within one year
-€607
Trade debts
+€1,019
Tax, wage and social debts
+€787
Other debts
-€2,908
Investment (derived)
-€24,516
Investment in fixed assets (net)
-€24,516
Financing
+€14,191
Debts after one year
+€11,276
Current portion of long-term debt
+€2,915
Cash 2025
€21,326
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €28,191 | €42,859 | +€14,668 | +52.0% |
| Fixed assets | 21/28 | €5,830 | €20,157 | +€14,327 | +246% |
| Tangible fixed assets | 22/27 | €5,830 | €20,157 | +€14,327 | +246% |
| Plant, machinery and equipment | 23 | €5,830 | €3,600 | -€2,230 | -38.3% |
| Furniture and vehicles | 24 | - | €16,557 | +€16,557 | |
| Current assets | 29/58 | €22,361 | €22,702 | +€341 | +1.5% |
| Amounts receivable within one year | 40/41 | €769 | €1,376 | +€607 | +78.9% |
| Trade receivables | 40 | €714 | €1,312 | +€598 | +83.8% |
| Other amounts receivable | 41 | €55 | €64 | +€9 | +16.4% |
| Cash at bank and in hand | 54/58 | €21,592 | €21,326 | -€266 | -1.2% |
| Total equity and liabilities | 10/49 | €28,191 | €42,859 | +€14,668 | +52.0% |
| Equity | 10/15 | €2,240 | €3,819 | +€1,579 | +70.5% |
| Contributions | 10/11 | €15,900 | €15,900 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€15,520 | -€13,941 | +€1,579 | +10.2% |
| Amounts payable | 17/49 | €25,951 | €39,040 | +€13,089 | +50.4% |
| Amounts payable after more than one year | 17 | - | €11,276 | +€11,276 | |
| Financial debts | 170/4 | - | €11,276 | +€11,276 | |
| Amounts payable within one year | 42/48 | €25,951 | €27,764 | +€1,813 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €1,041 | €3,956 | +€2,915 | +280% |
| Trade debts | 44 | €111 | €1,130 | +€1,019 | +918% |
| Suppliers | 440/4 | €111 | €1,130 | +€1,019 | +918% |
| Taxes, remuneration and social security | 45 | €3,223 | €4,010 | +€787 | +24.4% |
| Taxes | 450/3 | €3,223 | €4,010 | +€787 | +24.4% |
| Other amounts payable | 47/48 | €21,576 | €18,668 | -€2,908 | -13.5% |
| Remuneration, social security and pensions | 62 | €441 | €564 | +€123 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,215 | €10,189 | +€4,974 | +95.4% |
| Other operating charges | 640/8 | €1,332 | €1,499 | +€167 | +12.5% |
| Gross operating margin | 9900 | €10,463 | €19,105 | +€8,642 | +82.6% |
| Operating profit (loss) | 9901 | €3,475 | €6,853 | +€3,378 | +97.2% |
| Financial income | 75/76B | €34 | - | -€34 | |
| Recurring financial income | 75 | €34 | - | -€34 | |
| Financial charges | 65/66B | €483 | €604 | +€121 | +25.1% |
| Recurring financial charges | 65 | €483 | €604 | +€121 | +25.1% |
| Profit (loss) for the period before taxes | 9903 | €3,026 | €6,249 | +€3,223 | +107% |
| Income taxes | 67/77 | €3,554 | €4,670 | +€1,116 | +31.4% |
| Profit (loss) for the period | 9904 | -€528 | €1,579 | +€2,107 | |
| Profit (loss) for the period to be appropriated | 9905 | -€528 | €1,579 | +€2,107 |
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.