MSAR: 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.
MSAR
Largest movements
- Receivables within one year +€24,652
up €24,652 (+24.7%), from €99,714 to €124,366
of which Other amounts receivable: +€71,880
- Cash +€24,618
new in 2025: €24,618
mainly Tax, wage and social debts (+€64,662) and Depreciation (+€13,278)
- Tangible fixed assets -€10,696
down €10,696 (-18.2%), from €58,629 to €47,933
of which Leasing and similar rights: -€11,012
- Tax, wage and social debts +€64,662
up €64,662 (+139.8%), from €46,248 to €110,910
of which Taxes: +€53,540
- Trade debts -€16,039
down €16,039 (-22.9%), from €69,948 to €53,909
- Debts after one year -€8,032
down €8,032 (-22.4%), from €35,877 to €27,845
- Profit (loss) carried forward -€3,426
down €3,426 (-87.4%), from -€3,921 to -€7,347
- Gross operating margin +€47,161
up €47,161 (+178.4%), from €26,440 to €73,601
- Staff costs +€26,071
up €26,071 (+479.4%), from €5,438 to €31,509
- Other operating charges +€19,938
up €19,938 (+641.1%), from €3,110 to €23,048
- Depreciation +€12,348
up €12,348 (+1327.6%), from €930 to €13,278
- Taxes -€2,889
no longer reported in 2025 (was €2,889)
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 | €159,818 | €198,600 | +€38,782 | +24.3% |
| Fixed assets | 21/28 | €60,104 | €49,616 | -€10,488 | -17.4% |
| Tangible fixed assets | 22/27 | €58,629 | €47,933 | -€10,696 | -18.2% |
| Plant, machinery and equipment | 23 | - | €873 | +€873 | |
| Furniture and vehicles | 24 | €3,600 | €3,043 | -€557 | -15.5% |
| Leasing and similar rights | 25 | €55,029 | €44,017 | -€11,012 | -20.0% |
| Financial fixed assets | 28 | €1,475 | €1,683 | +€208 | +14.1% |
| Current assets | 29/58 | €99,714 | €148,984 | +€49,270 | +49.4% |
| Amounts receivable within one year | 40/41 | €99,714 | €124,366 | +€24,652 | +24.7% |
| Trade receivables | 40 | €60,205 | €12,977 | -€47,228 | -78.4% |
| Other amounts receivable | 41 | €39,509 | €111,389 | +€71,880 | +181.9% |
| Cash at bank and in hand | 54/58 | - | €24,618 | +€24,618 | |
| Total equity and liabilities | 10/49 | €159,818 | €198,600 | +€38,782 | +24.3% |
| Equity | 10/15 | €79 | -€3,347 | -€3,426 | |
| Contributions | 10/11 | €4,000 | €4,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€3,921 | -€7,347 | -€3,426 | -87.4% |
| Provisions and deferred taxes | 16 | - | €1 | +€1 | |
| Deferred taxes | 168 | - | €1 | +€1 | |
| Amounts payable | 17/49 | €159,739 | €201,946 | +€42,207 | +26.4% |
| Amounts payable after more than one year | 17 | €35,877 | €27,845 | -€8,032 | -22.4% |
| Financial debts | 170/4 | €35,877 | €27,845 | -€8,032 | -22.4% |
| Amounts payable within one year | 42/48 | €123,862 | €172,851 | +€48,989 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €7,664 | €8,032 | +€368 | +4.8% |
| Financial debts | 43 | €3 | - | -€3 | |
| Credit institutions | 430/8 | €3 | - | -€3 | |
| Trade debts | 44 | €69,948 | €53,909 | -€16,039 | -22.9% |
| Suppliers | 440/4 | €69,948 | €53,909 | -€16,039 | -22.9% |
| Taxes, remuneration and social security | 45 | €46,248 | €110,910 | +€64,662 | +139.8% |
| Taxes | 450/3 | €45,168 | €98,708 | +€53,540 | +118.5% |
| Remuneration and social security | 454/9 | €1,080 | €12,202 | +€11,122 | +1029.9% |
| Accrued charges and deferred income | 492/3 | - | €1,250 | +€1,250 | |
| Remuneration, social security and pensions | 62 | €5,438 | €31,509 | +€26,071 | +479.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €930 | €13,278 | +€12,348 | +1327.6% |
| Other operating charges | 640/8 | €3,110 | €23,048 | +€19,938 | +641.1% |
| Non-recurring operating charges | 66A | €10,340 | - | -€10,340 | |
| Gross operating margin | 9900 | €26,440 | €73,601 | +€47,161 | +178.4% |
| Operating profit (loss) | 9901 | €6,622 | €5,766 | -€856 | -12.9% |
| Financial income | 75/76B | €36 | €1 | -€35 | -97.2% |
| Recurring financial income | 75 | €36 | €1 | -€35 | -97.2% |
| Financial charges | 65/66B | €7,690 | €9,193 | +€1,503 | +19.5% |
| Recurring financial charges | 65 | €7,690 | €9,193 | +€1,503 | +19.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,032 | -€3,426 | -€2,394 | -231.9% |
| Income taxes | 67/77 | €2,889 | - | -€2,889 | |
| Profit (loss) for the period | 9904 | -€3,921 | -€3,426 | +€495 | +12.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,921 | -€3,426 | +€495 | +12.6% |
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 28 September 2026 via checked.be.