MSA INVEST: what changed
MSA INVEST
Largest movements
- Receivables within one year -€52,313
down €52,313 (-48.8%), from €107,225 to €54,912
of which Other amounts receivable: -€47,477
- Cash +€28,342
up €28,342 (+1,684%), from €1,683 to €30,025
mainly Net result for the year (+€105,657) and Other debts (+€76,680)
- Stocks and contracts -€22,489
down €22,489 (-5.4%), from €415,721 to €393,233
- Tangible fixed assets -€5,895
down €5,895 (-67.5%), from €8,738 to €2,843
- Debts after one year -€235,000
down €235,000 (-56.6%), from €415,000 to €180,000
- Profit (loss) carried forward +€88,853
up €88,853 (+202%), from €43,939 to €132,792
- Other debts +€76,680
up €76,680 (+639%), from €12,000 to €88,680
- Tax, wage and social debts +€22,241
up €22,241 (+146%), from €15,204 to €37,445
of which Taxes: +€20,441
- Gross operating margin +€91,321
up €91,321 (+73.1%), from €124,850 to €216,171
- Financial charges +€12,034
up €12,034 (+98.0%), from €12,281 to €24,316
- Taxes +€11,521
up €11,521 (+101%), from €11,383 to €22,903
- Financial income -€3,468
no longer reported in 2025 (was €3,468)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €533,367 | €481,013 | -€52,355 | -9.8% |
| Fixed assets | 21/28 | €8,738 | €2,843 | -€5,895 | -67.5% |
| Tangible fixed assets | 22/27 | €8,738 | €2,843 | -€5,895 | -67.5% |
| Furniture and vehicles | 24 | €8,738 | €2,843 | -€5,895 | -67.5% |
| Current assets | 29/58 | €524,629 | €478,170 | -€46,460 | -8.9% |
| Stocks and contracts in progress | 3 | €415,721 | €393,233 | -€22,489 | -5.4% |
| Stocks | 30/36 | €415,721 | €393,233 | -€22,489 | -5.4% |
| Amounts receivable within one year | 40/41 | €107,225 | €54,912 | -€52,313 | -48.8% |
| Trade receivables | 40 | €36,959 | €32,123 | -€4,836 | -13.1% |
| Other amounts receivable | 41 | €70,266 | €22,789 | -€47,477 | -67.6% |
| Cash at bank and in hand | 54/58 | €1,683 | €30,025 | +€28,342 | +1,684% |
| Total equity and liabilities | 10/49 | €533,367 | €481,013 | -€52,355 | -9.8% |
| Equity | 10/15 | €63,939 | €152,792 | +€88,853 | +139% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €43,939 | €132,792 | +€88,853 | +202% |
| Amounts payable | 17/49 | €469,428 | €328,220 | -€141,208 | -30.1% |
| Amounts payable after more than one year | 17 | €415,000 | €180,000 | -€235,000 | -56.6% |
| Financial debts | 170/4 | €415,000 | €180,000 | -€235,000 | -56.6% |
| Amounts payable within one year | 42/48 | €54,428 | €148,220 | +€93,792 | +172% |
| Trade debts | 44 | €27,224 | €22,095 | -€5,129 | -18.8% |
| Suppliers | 440/4 | €27,224 | €22,095 | -€5,129 | -18.8% |
| Taxes, remuneration and social security | 45 | €15,204 | €37,445 | +€22,241 | +146% |
| Taxes | 450/3 | €15,204 | €35,645 | +€20,441 | +134% |
| Remuneration and social security | 454/9 | - | €1,800 | +€1,800 | |
| Other amounts payable | 47/48 | €12,000 | €88,680 | +€76,680 | +639% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,487 | €2,941 | -€1,546 | -34.5% |
| Other operating charges | 640/8 | €59,945 | €60,354 | +€409 | +0.7% |
| Gross operating margin | 9900 | €124,850 | €216,171 | +€91,321 | +73.1% |
| Operating profit (loss) | 9901 | €60,418 | €152,876 | +€92,458 | +153% |
| Financial income | 75/76B | €3,468 | - | -€3,468 | |
| Recurring financial income | 75 | €3,468 | - | -€3,468 | |
| Financial charges | 65/66B | €12,281 | €24,316 | +€12,034 | +98.0% |
| Recurring financial charges | 65 | €12,281 | €24,316 | +€12,034 | +98.0% |
| Profit (loss) for the period before taxes | 9903 | €51,605 | €128,561 | +€76,955 | +149% |
| Income taxes | 67/77 | €11,383 | €22,903 | +€11,521 | +101% |
| Profit (loss) for the period | 9904 | €40,223 | €105,657 | +€65,434 | +163% |
| Profit (loss) for the period to be appropriated | 9905 | €40,223 | €105,657 | +€65,434 | +163% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.