MSA Holding - Architectes: 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 Holding - Architectes
Largest movements
- Receivables within one year -€54,281
down €54,281 (-46.9%), from €115,791 to €61,509
of which Other amounts receivable: -€51,887
- Cash +€33,313
up €33,313 (+20.6%), from €162,010 to €195,323
mainly Net result for the year (+€119,462) and Receivables within one year (+€54,281)
- Other debts -€63,340
down €63,340 (-41.3%), from €153,340 to €90,000
- Reserves +€29,462
up €29,462 (+10.4%), from €283,500 to €312,962
- Tax, wage and social debts +€9,349
up €9,349 (+90.8%), from €10,292 to €19,641
- Financial income -€48,293
down €48,293 (-100%), from €48,293 to €0
- Gross operating margin -€5,551
down €5,551 (-3.3%), from €168,236 to €162,685
- Taxes -€3,133
down €3,133 (-7.1%), from €43,898 to €40,766
- Depreciation -€1,734
down €1,734 (-65.7%), from €2,638 to €904
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 | €454,138 | €433,558 | -€20,580 | -4.5% |
| Fixed assets | 21/28 | €176,229 | €175,326 | -€904 | -0.5% |
| Tangible fixed assets | 22/27 | €1,874 | €971 | -€904 | -48.2% |
| Furniture and vehicles | 24 | €1,874 | €971 | -€904 | -48.2% |
| Financial fixed assets | 28 | €174,355 | €174,355 | = | 0.0% |
| Current assets | 29/58 | €277,909 | €258,233 | -€19,676 | -7.1% |
| Amounts receivable within one year | 40/41 | €115,791 | €61,509 | -€54,281 | -46.9% |
| Trade receivables | 40 | €39,723 | €37,329 | -€2,394 | -6.0% |
| Other amounts receivable | 41 | €76,067 | €24,180 | -€51,887 | -68.2% |
| Cash at bank and in hand | 54/58 | €162,010 | €195,323 | +€33,313 | +20.6% |
| Deferred charges and accrued income | 490/1 | €109 | €1,401 | +€1,292 | +1,190% |
| Total equity and liabilities | 10/49 | €454,138 | €433,558 | -€20,580 | -4.5% |
| Equity | 10/15 | €288,000 | €317,462 | +€29,462 | +10.2% |
| Contributions | 10/11 | €4,500 | €4,500 | = | 0.0% |
| Reserves | 13 | €283,500 | €312,962 | +€29,462 | +10.4% |
| Distributable reserves | 133 | €283,500 | €312,962 | +€29,462 | +10.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €166,138 | €116,096 | -€50,042 | -30.1% |
| Amounts payable within one year | 42/48 | €166,138 | €116,096 | -€50,042 | -30.1% |
| Trade debts | 44 | €2,142 | €6,455 | +€4,313 | +201% |
| Suppliers | 440/4 | €2,142 | €6,455 | +€4,313 | +201% |
| Advances received on contracts in progress | 46 | €364 | €0 | -€364 | -100% |
| Taxes, remuneration and social security | 45 | €10,292 | €19,641 | +€9,349 | +90.8% |
| Taxes | 450/3 | €10,292 | €19,641 | +€9,349 | +90.8% |
| Other amounts payable | 47/48 | €153,340 | €90,000 | -€63,340 | -41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,638 | €904 | -€1,734 | -65.7% |
| Other operating charges | 640/8 | €387 | €1,354 | +€967 | +250% |
| Gross operating margin | 9900 | €168,236 | €162,685 | -€5,551 | -3.3% |
| Operating profit (loss) | 9901 | €165,210 | €160,427 | -€4,783 | -2.9% |
| Financial income | 75/76B | €48,293 | €0 | -€48,293 | -100% |
| Recurring financial income | 75 | €48,293 | €0 | -€48,293 | -100% |
| Financial charges | 65/66B | €265 | €200 | -€66 | -24.9% |
| Recurring financial charges | 65 | €265 | €200 | -€66 | -24.9% |
| Profit (loss) for the period before taxes | 9903 | €213,238 | €160,228 | -€53,010 | -24.9% |
| Income taxes | 67/77 | €43,898 | €40,766 | -€3,133 | -7.1% |
| Profit (loss) for the period | 9904 | €169,340 | €119,462 | -€49,878 | -29.5% |
| Profit (loss) for the period to be appropriated | 9905 | €169,340 | €119,462 | -€49,878 | -29.5% |
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 22 October 2026 via checked.be.