MSA Infra: 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 Infra
Largest movements
- Receivables within one year +€99,340
up €99,340 (+192.7%), from €51,542 to €150,881
of which Trade receivables: +€59,949
- Tangible fixed assets -€2,868
down €2,868 (-42.4%), from €6,763 to €3,895
- Cash -€2,845
down €2,845 (-8.5%), from €33,625 to €30,780
mainly Receivables within one year (-€99,340)
- Profit (loss) carried forward +€57,968
up €57,968 (+147.4%), from €39,336 to €97,304
- Tax, wage and social debts +€19,062
up €19,062 (+138.0%), from €13,809 to €32,871
of which Taxes: +€14,936
- Trade debts +€16,597
up €16,597 (+91.0%), from €18,245 to €34,842
- Gross operating margin +€61,412
up €61,412 (+250.9%), from €24,473 to €85,886
- Taxes +€11,936
up €11,936 (+234.4%), from €5,092 to €17,028
- Staff costs +€8,548
new in 2025: €8,548
- Financial income +€2,752
new in 2025: €2,752
- Financial charges +€1,955
up €1,955 (+722.3%), from €271 to €2,226
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 | €93,930 | €187,557 | +€93,627 | +99.7% |
| Fixed assets | 21/28 | €8,763 | €5,895 | -€2,868 | -32.7% |
| Tangible fixed assets | 22/27 | €6,763 | €3,895 | -€2,868 | -42.4% |
| Furniture and vehicles | 24 | €6,763 | €3,895 | -€2,868 | -42.4% |
| Financial fixed assets | 28 | €2,000 | €2,000 | = | 0.0% |
| Current assets | 29/58 | €85,167 | €181,662 | +€96,495 | +113.3% |
| Amounts receivable within one year | 40/41 | €51,542 | €150,881 | +€99,340 | +192.7% |
| Trade receivables | 40 | €12,041 | €71,989 | +€59,949 | +497.9% |
| Other amounts receivable | 41 | €39,501 | €78,892 | +€39,391 | +99.7% |
| Cash at bank and in hand | 54/58 | €33,625 | €30,780 | -€2,845 | -8.5% |
| Total equity and liabilities | 10/49 | €93,930 | €187,557 | +€93,627 | +99.7% |
| Equity | 10/15 | €51,736 | €109,704 | +€57,968 | +112.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,336 | €97,304 | +€57,968 | +147.4% |
| Amounts payable | 17/49 | €42,194 | €77,853 | +€35,659 | +84.5% |
| Amounts payable within one year | 42/48 | €42,194 | €77,853 | +€35,659 | +84.5% |
| Trade debts | 44 | €18,245 | €34,842 | +€16,597 | +91.0% |
| Suppliers | 440/4 | €18,245 | €34,842 | +€16,597 | +91.0% |
| Taxes, remuneration and social security | 45 | €13,809 | €32,871 | +€19,062 | +138.0% |
| Taxes | 450/3 | €13,809 | €28,745 | +€14,936 | +108.2% |
| Remuneration and social security | 454/9 | - | €4,126 | +€4,126 | |
| Other amounts payable | 47/48 | €10,140 | €10,140 | = | 0.0% |
| Remuneration, social security and pensions | 62 | - | €8,548 | +€8,548 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,566 | €2,868 | +€302 | +11.8% |
| Other operating charges | 640/8 | €1,195 | - | -€1,195 | |
| Gross operating margin | 9900 | €24,473 | €85,886 | +€61,412 | +250.9% |
| Operating profit (loss) | 9901 | €20,713 | €74,470 | +€53,757 | +259.5% |
| Financial income | 75/76B | - | €2,752 | +€2,752 | |
| Recurring financial income | 75 | - | €2,752 | +€2,752 | |
| Financial charges | 65/66B | €271 | €2,226 | +€1,955 | +722.3% |
| Recurring financial charges | 65 | €271 | €2,226 | +€1,955 | +722.3% |
| Profit (loss) for the period before taxes | 9903 | €20,442 | €74,997 | +€54,555 | +266.9% |
| Income taxes | 67/77 | €5,092 | €17,028 | +€11,936 | +234.4% |
| Profit (loss) for the period | 9904 | €15,349 | €57,968 | +€42,619 | +277.7% |
| Profit (loss) for the period to be appropriated | 9905 | €15,349 | €57,968 | +€42,619 | +277.7% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.