MSA CONSULTING: 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 CONSULTING
Largest movements
- Receivables within one year +€18,251
up €18,251 (+2096.2%), from €871 to €19,122
of which Trade receivables: +€16,456
- Tangible fixed assets -€17,901
down €17,901 (-29.9%), from €59,889 to €41,988
- Cash +€16,984
up €16,984 (+56.9%), from €29,829 to €46,812
mainly Net result for the year (+€24,320) and Depreciation (+€17,901)
- Deferred charges and accrued income -€4,926
no longer reported in 2025 (was €4,926)
- Profit (loss) carried forward +€24,320
up €24,320 (+55.8%), from €43,593 to €67,913
- Debts after one year -€19,409
down €19,409 (-62.3%), from €31,173 to €11,764
- Tax, wage and social debts +€6,447
up €6,447 (+18.0%), from €35,873 to €42,319
- Gross operating margin -€8,453
down €8,453 (-13.0%), from €64,791 to €56,339
- Taxes -€1,558
down €1,558 (-12.3%), from €12,620 to €11,061
- Financial charges -€1,237
down €1,237 (-40.5%), from €3,052 to €1,815
- Depreciation -€1,124
down €1,124 (-5.9%), from €19,025 to €17,901
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 | €155,680 | €168,089 | +€12,408 | +8.0% |
| Fixed assets | 21/28 | €114,089 | €96,188 | -€17,901 | -15.7% |
| Tangible fixed assets | 22/27 | €59,889 | €41,988 | -€17,901 | -29.9% |
| Furniture and vehicles | 24 | €59,889 | €41,988 | -€17,901 | -29.9% |
| Financial fixed assets | 28 | €54,200 | €54,200 | = | 0.0% |
| Current assets | 29/58 | €41,591 | €71,900 | +€30,310 | +72.9% |
| Stocks and contracts in progress | 3 | €5,966 | €5,966 | = | 0.0% |
| Stocks | 30/36 | €5,966 | €5,966 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €871 | €19,122 | +€18,251 | +2096.2% |
| Trade receivables | 40 | - | €16,456 | +€16,456 | |
| Other amounts receivable | 41 | €871 | €2,666 | +€1,795 | +206.2% |
| Cash at bank and in hand | 54/58 | €29,829 | €46,812 | +€16,984 | +56.9% |
| Deferred charges and accrued income | 490/1 | €4,926 | - | -€4,926 | |
| Total equity and liabilities | 10/49 | €155,680 | €168,089 | +€12,408 | +8.0% |
| Equity | 10/15 | €56,093 | €80,413 | +€24,320 | +43.4% |
| Contributions | 10/11 | €12,500 | €12,500 | = | 0.0% |
| Capital | 10 | €12,500 | €12,500 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,100 | €6,100 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,593 | €67,913 | +€24,320 | +55.8% |
| Amounts payable | 17/49 | €99,588 | €87,676 | -€11,912 | -12.0% |
| Amounts payable after more than one year | 17 | €31,173 | €11,764 | -€19,409 | -62.3% |
| Financial debts | 170/4 | €31,173 | €11,764 | -€19,409 | -62.3% |
| Amounts payable within one year | 42/48 | €68,097 | €75,912 | +€7,815 | +11.5% |
| Current portion of amounts payable after more than one year | 42 | €18,491 | €19,409 | +€918 | +5.0% |
| Taxes, remuneration and social security | 45 | €35,873 | €42,319 | +€6,447 | +18.0% |
| Taxes | 450/3 | €35,873 | €42,319 | +€6,447 | +18.0% |
| Other amounts payable | 47/48 | €13,734 | €14,183 | +€450 | +3.3% |
| Accrued charges and deferred income | 492/3 | €317 | - | -€317 | |
| Non-recurring operating income | 76A | €1,000 | - | -€1,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,025 | €17,901 | -€1,124 | -5.9% |
| Other operating charges | 640/8 | €1,821 | €1,248 | -€573 | -31.5% |
| Gross operating margin | 9900 | €64,791 | €56,339 | -€8,453 | -13.0% |
| Operating profit (loss) | 9901 | €43,945 | €37,190 | -€6,756 | -15.4% |
| Financial income | 75/76B | €12 | €7 | -€5 | -40.8% |
| Recurring financial income | 75 | €12 | €7 | -€5 | -40.8% |
| Financial charges | 65/66B | €3,052 | €1,815 | -€1,237 | -40.5% |
| Recurring financial charges | 65 | €3,052 | €1,815 | -€1,237 | -40.5% |
| Profit (loss) for the period before taxes | 9903 | €40,905 | €35,381 | -€5,524 | -13.5% |
| Income taxes | 67/77 | €12,620 | €11,061 | -€1,558 | -12.3% |
| Profit (loss) for the period | 9904 | €28,285 | €24,320 | -€3,965 | -14.0% |
| Profit (loss) for the period to be appropriated | 9905 | €28,285 | €24,320 | -€3,965 | -14.0% |
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.