MSB ASSOCIATES: 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.
MSB ASSOCIATES
Largest movements
- Receivables after one year +€95,000
up €95,000 (+112%), from €85,000 to €180,000
- Receivables within one year +€40,762
up €40,762 (+13.9%), from €292,231 to €332,992
of which Trade receivables: +€50,734
- Profit (loss) carried forward +€102,907
up €102,907, from -€29,372 to €73,535
- Tax, wage and social debts +€26,415
up €26,415 (+35,837%), from €74 to €26,489
- Trade debts +€7,479
up €7,479 (+29.5%), from €25,385 to €32,864
- Gross operating margin +€167,198
up €167,198, from -€50,134 to €117,064
- Taxes +€17,629
new in 2025: €17,629
- Financial income +€4,777
up €4,777 (+123%), from €3,875 to €8,652
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 | €385,855 | €522,656 | +€136,801 | +35.5% |
| Fixed assets | 21/28 | €1,947 | €641 | -€1,306 | -67.1% |
| Tangible fixed assets | 22/27 | €1,947 | €641 | -€1,306 | -67.1% |
| Furniture and vehicles | 24 | €1,947 | €641 | -€1,306 | -67.1% |
| Current assets | 29/58 | €383,909 | €522,016 | +€138,107 | +36.0% |
| Amounts receivable after more than one year | 29 | €85,000 | €180,000 | +€95,000 | +112% |
| Other amounts receivable | 291 | €85,000 | €180,000 | +€95,000 | +112% |
| Amounts receivable within one year | 40/41 | €292,231 | €332,992 | +€40,762 | +13.9% |
| Trade receivables | 40 | €262,833 | €313,567 | +€50,734 | +19.3% |
| Other amounts receivable | 41 | €29,398 | €19,426 | -€9,972 | -33.9% |
| Cash at bank and in hand | 54/58 | €3,819 | €8,194 | +€4,375 | +115% |
| Deferred charges and accrued income | 490/1 | €2,859 | €829 | -€2,030 | -71.0% |
| Total equity and liabilities | 10/49 | €385,855 | €522,656 | +€136,801 | +35.5% |
| Equity | 10/15 | €360,397 | €463,304 | +€102,907 | +28.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Contributions outside capital | 11 | €18,550 | €18,550 | = | 0.0% |
| Other | 1109/19 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €371,219 | €371,219 | = | 0.0% |
| Distributable reserves | 133 | €371,219 | €371,219 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,372 | €73,535 | +€102,907 | |
| Amounts payable | 17/49 | €25,459 | €59,353 | +€33,894 | +133% |
| Amounts payable within one year | 42/48 | €25,459 | €59,353 | +€33,894 | +133% |
| Trade debts | 44 | €25,385 | €32,864 | +€7,479 | +29.5% |
| Suppliers | 440/4 | €25,385 | €32,864 | +€7,479 | +29.5% |
| Taxes, remuneration and social security | 45 | €74 | €26,489 | +€26,415 | +35,837% |
| Taxes | 450/3 | €74 | €26,489 | +€26,415 | +35,837% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,573 | €1,306 | -€267 | -17.0% |
| Other operating charges | 640/8 | €3,966 | €3,303 | -€662 | -16.7% |
| Gross operating margin | 9900 | -€50,134 | €117,064 | +€167,198 | |
| Operating profit (loss) | 9901 | -€55,672 | €112,455 | +€168,127 | |
| Financial income | 75/76B | €3,875 | €8,652 | +€4,777 | +123% |
| Recurring financial income | 75 | €3,875 | €8,652 | +€4,777 | +123% |
| Financial charges | 65/66B | €432 | €571 | +€139 | +32.2% |
| Recurring financial charges | 65 | €432 | €571 | +€139 | +32.2% |
| Profit (loss) for the period before taxes | 9903 | -€52,230 | €120,536 | +€172,766 | |
| Income taxes | 67/77 | - | €17,629 | +€17,629 | |
| Profit (loss) for the period | 9904 | -€52,230 | €102,907 | +€155,137 | |
| Profit (loss) for the period to be appropriated | 9905 | -€52,230 | €102,907 | +€155,137 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 17 October 2026 via checked.be.