MSA & CO: 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.
MSA & CO
Largest movements
- Receivables within one year -€7,390
down €7,390 (-22.9%), from €32,292 to €24,902
of which Trade receivables: -€19,663
- Cash +€879
new in 2025: €879
mainly Receivables within one year (+€7,390) and Net result for the year (+€304)
- Trade debts -€3,507
down €3,507 (-90.2%), from €3,890 to €382
- Tax, wage and social debts -€2,720
down €2,720 (-61.5%), from €4,426 to €1,706
of which Remuneration and social security: -€2,762
- Other debts -€569
down €569 (-7.3%), from €7,841 to €7,272
- Purchases and services -€12,830
down €12,830 (-15.1%), from €84,830 to €72,000
- Gross operating margin +€12,105
up €12,105 (+70.8%), from €17,097 to €29,202
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 | €32,483 | €25,781 | -€6,702 | -20.6% |
| Current assets | 29/58 | €32,483 | €25,781 | -€6,702 | -20.6% |
| Amounts receivable within one year | 40/41 | €32,292 | €24,902 | -€7,390 | -22.9% |
| Trade receivables | 40 | €26,163 | €6,500 | -€19,663 | -75.2% |
| Other amounts receivable | 41 | €6,129 | €18,402 | +€12,273 | +200% |
| Cash at bank and in hand | 54/58 | - | €879 | +€879 | |
| Deferred charges and accrued income | 490/1 | €190 | - | -€190 | |
| Total equity and liabilities | 10/49 | €32,483 | €25,781 | -€6,702 | -20.6% |
| Equity | 10/15 | €16,117 | €16,421 | +€304 | +1.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €948 | €948 | = | 0.0% |
| Non-distributable reserves | 130/1 | €948 | €948 | = | 0.0% |
| Reserves not available under the articles | 1311 | €948 | €948 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,431 | -€3,127 | +€304 | +8.9% |
| Amounts payable | 17/49 | €16,366 | €9,360 | -€7,006 | -42.8% |
| Amounts payable within one year | 42/48 | €16,264 | €9,360 | -€6,905 | -42.5% |
| Financial debts | 43 | €108 | - | -€108 | |
| Credit institutions | 430/8 | €108 | - | -€108 | |
| Trade debts | 44 | €3,890 | €382 | -€3,507 | -90.2% |
| Suppliers | 440/4 | €3,890 | €382 | -€3,507 | -90.2% |
| Taxes, remuneration and social security | 45 | €4,426 | €1,706 | -€2,720 | -61.5% |
| Taxes | 450/3 | €1,664 | €1,706 | +€42 | +2.5% |
| Remuneration and social security | 454/9 | €2,762 | - | -€2,762 | |
| Other amounts payable | 47/48 | €7,841 | €7,272 | -€569 | -7.3% |
| Accrued charges and deferred income | 492/3 | €101 | - | -€101 | |
| Turnover | 70 | €93,566 | €93,835 | +€269 | +0.3% |
| Non-recurring operating income | 76A | €4,254 | - | -€4,254 | |
| Goods, raw materials, services and sundry goods | 60/61 | €84,830 | €72,000 | -€12,830 | -15.1% |
| Remuneration, social security and pensions | 62 | €26,402 | €25,680 | -€723 | -2.7% |
| Other operating charges | 640/8 | €2,865 | €2,291 | -€574 | -20.0% |
| Non-recurring operating charges | 66A | €138 | - | -€138 | |
| Gross operating margin | 9900 | €17,097 | €29,202 | +€12,105 | +70.8% |
| Operating profit (loss) | 9901 | -€12,309 | €1,231 | +€13,540 | |
| Financial charges | 65/66B | €292 | €95 | -€197 | -67.5% |
| Recurring financial charges | 65 | €292 | €95 | -€197 | -67.5% |
| Profit (loss) for the period before taxes | 9903 | -€12,601 | €1,136 | +€13,737 | |
| Income taxes | 67/77 | €8 | €832 | +€824 | +10,889% |
| Profit (loss) for the period | 9904 | -€12,609 | €304 | +€12,913 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,609 | €304 | +€12,913 |
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 23 October 2026 via checked.be.