MSA Corporation: 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 Corporation
Largest movements
- Receivables within one year +€116,695
up €116,695 (+207%), from €56,461 to €173,156
of which Trade receivables: +€125,713
- Tangible fixed assets +€8,720
up €8,720 (+38.2%), from €22,847 to €31,568
of which Other tangible fixed assets: +€13,832
- Intangible fixed assets -€3,106
down €3,106 (-17.3%), from €17,971 to €14,865
- Trade debts +€83,819
up €83,819 (+798%), from €10,500 to €94,319
- Advances received +€62,828
new in 2025: €62,828
- Tax, wage and social debts -€16,655
down €16,655 (-87.7%), from €18,984 to €2,328
of which Taxes: -€13,909
- Profit (loss) carried forward -€6,153
down €6,153 (-8.9%), from €68,972 to €62,818
- Gross operating margin -€22,831
down €22,831 (-71.7%), from €31,847 to €9,016
- Staff costs -€6,284
no longer reported in 2025 (was €6,284)
- Depreciation +€6,225
up €6,225 (+204%), from €3,049 to €9,274
- Other operating charges -€2,086
down €2,086 (-56.7%), from €3,676 to €1,591
- Financial income -€1,180
down €1,180 (-35.0%), from €3,372 to €2,192
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 | €99,455 | €223,293 | +€123,839 | +125% |
| Fixed assets | 21/28 | €41,533 | €47,147 | +€5,614 | +13.5% |
| Intangible fixed assets | 21 | €17,971 | €14,865 | -€3,106 | -17.3% |
| Tangible fixed assets | 22/27 | €22,847 | €31,568 | +€8,720 | +38.2% |
| Plant, machinery and equipment | 23 | €10,650 | €7,876 | -€2,774 | -26.0% |
| Furniture and vehicles | 24 | €9,951 | €7,613 | -€2,338 | -23.5% |
| Other tangible fixed assets | 26 | €2,246 | €16,078 | +€13,832 | +616% |
| Financial fixed assets | 28 | €714 | €714 | = | 0.0% |
| Current assets | 29/58 | €57,922 | €176,147 | +€118,224 | +204% |
| Amounts receivable within one year | 40/41 | €56,461 | €173,156 | +€116,695 | +207% |
| Trade receivables | 40 | €13,220 | €138,933 | +€125,713 | +951% |
| Other amounts receivable | 41 | €43,240 | €34,222 | -€9,018 | -20.9% |
| Cash at bank and in hand | 54/58 | €1,461 | €1,321 | -€140 | -9.6% |
| Deferred charges and accrued income | 490/1 | - | €1,670 | +€1,670 | |
| Total equity and liabilities | 10/49 | €99,455 | €223,293 | +€123,839 | +125% |
| Equity | 10/15 | €69,972 | €63,818 | -€6,153 | -8.8% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Contributions outside capital | 11 | €1,000 | €1,000 | = | 0.0% |
| Other | 1109/19 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €68,972 | €62,818 | -€6,153 | -8.9% |
| Amounts payable | 17/49 | €29,483 | €159,475 | +€129,992 | +441% |
| Amounts payable within one year | 42/48 | €29,483 | €159,475 | +€129,992 | +441% |
| Trade debts | 44 | €10,500 | €94,319 | +€83,819 | +798% |
| Suppliers | 440/4 | €10,500 | €94,319 | +€83,819 | +798% |
| Advances received on contracts in progress | 46 | - | €62,828 | +€62,828 | |
| Taxes, remuneration and social security | 45 | €18,984 | €2,328 | -€16,655 | -87.7% |
| Taxes | 450/3 | €16,238 | €2,328 | -€13,909 | -85.7% |
| Remuneration and social security | 454/9 | €2,746 | - | -€2,746 | |
| Remuneration, social security and pensions | 62 | €6,284 | - | -€6,284 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,049 | €9,274 | +€6,225 | +204% |
| Other operating charges | 640/8 | €3,676 | €1,591 | -€2,086 | -56.7% |
| Non-recurring operating charges | 66A | €5,838 | - | -€5,838 | |
| Gross operating margin | 9900 | €31,847 | €9,016 | -€22,831 | -71.7% |
| Operating profit (loss) | 9901 | €13,000 | -€1,849 | -€14,849 | |
| Financial income | 75/76B | €3,372 | €2,192 | -€1,180 | -35.0% |
| Recurring financial income | 75 | €3,372 | €2,192 | -€1,180 | -35.0% |
| Financial charges | 65/66B | €2,651 | €3,119 | +€468 | +17.7% |
| Recurring financial charges | 65 | €2,651 | €3,119 | +€468 | +17.7% |
| Profit (loss) for the period before taxes | 9903 | €13,721 | -€2,776 | -€16,497 | |
| Income taxes | 67/77 | €4,053 | €3,377 | -€675 | -16.7% |
| Profit (loss) for the period | 9904 | €9,668 | -€6,153 | -€15,822 | |
| Profit (loss) for the period to be appropriated | 9905 | €9,668 | -€6,153 | -€15,822 |
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 24 October 2026 via checked.be.