MSA Management: what changed
Two fiscal 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 Management
Largest movements
- Cash +€150,422
up €150,422 (+29.4%), from €510,847 to €661,269
mainly Other debts (+€663,920) and Net result for the year (+€208,118)
- Other debts +€663,920
up €663,920 (+829900.0%), from €80 to €664,000
- Profit (loss) carried forward -€455,882
down €455,882 (-99.3%), from €459,153 to €3,271
- Tax, wage and social debts -€57,540
down €57,540 (-75.0%), from €76,682 to €19,142
- Gross operating margin +€7,773
up €7,773 (+3.0%), from €263,502 to €271,276
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 | €539,040 | €689,589 | +€150,549 | +27.9% |
| Current assets | 29/58 | €539,040 | €689,589 | +€150,549 | +27.9% |
| Amounts receivable within one year | 40/41 | €28,193 | €28,320 | +€127 | +0.5% |
| Trade receivables | 40 | €28,193 | €28,320 | +€127 | +0.5% |
| Cash at bank and in hand | 54/58 | €510,847 | €661,269 | +€150,422 | +29.4% |
| Total equity and liabilities | 10/49 | €539,040 | €689,589 | +€150,549 | +27.9% |
| Equity | 10/15 | €461,653 | €5,771 | -€455,882 | -98.7% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €459,153 | €3,271 | -€455,882 | -99.3% |
| Amounts payable | 17/49 | €77,387 | €683,818 | +€606,431 | +783.6% |
| Amounts payable within one year | 42/48 | €77,104 | €683,818 | +€606,714 | +786.9% |
| Trade debts | 44 | €342 | €676 | +€333 | +97.4% |
| Suppliers | 440/4 | €342 | €676 | +€333 | +97.4% |
| Taxes, remuneration and social security | 45 | €76,682 | €19,142 | -€57,540 | -75.0% |
| Taxes | 450/3 | €76,682 | €19,142 | -€57,540 | -75.0% |
| Other amounts payable | 47/48 | €80 | €664,000 | +€663,920 | +829900.0% |
| Accrued charges and deferred income | 492/3 | €283 | - | -€283 | |
| Other operating charges | 640/8 | €220 | €220 | = | 0.0% |
| Gross operating margin | 9900 | €263,502 | €271,276 | +€7,773 | +3.0% |
| Operating profit (loss) | 9901 | €263,282 | €271,056 | +€7,773 | +3.0% |
| Financial charges | 65/66B | €168 | €203 | +€35 | +20.9% |
| Recurring financial charges | 65 | €168 | €203 | +€35 | +20.9% |
| Profit (loss) for the period before taxes | 9903 | €263,114 | €270,852 | +€7,738 | +2.9% |
| Income taxes | 67/77 | €60,801 | €62,734 | +€1,934 | +3.2% |
| Profit (loss) for the period | 9904 | €202,314 | €208,118 | +€5,805 | +2.9% |
| Profit (loss) for the period to be appropriated | 9905 | €202,314 | €208,118 | +€5,805 | +2.9% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.