MSBG: 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.
MSBG
Largest movements
- Receivables within one year +€45,176
up €45,176 (+156.2%), from €28,916 to €74,092
of which Trade receivables: +€41,617
- Cash -€29,298
down €29,298 (-88.9%), from €32,944 to €3,646
mainly Receivables within one year (-€45,176) and Stocks and contracts (-€28,252)
- Stocks and contracts +€28,252
up €28,252 (+196.6%), from €14,370 to €42,622
- Tangible fixed assets -€2,541
down €2,541 (-29.0%), from €8,765 to €6,224
of which Furniture and vehicles: -€2,201
- Trade debts +€28,924
up €28,924 (+58.9%), from €49,073 to €77,997
- Tax, wage and social debts -€27,203
down €27,203 (-32.5%), from €83,829 to €56,626
of which Remuneration and social security: -€15,710
- Current portion of long-term debt +€13,791
new in 2025: €13,791
- Debts after one year +€12,137
new in 2025: €12,137
- Other debts +€8,396
up €8,396 (+49.4%), from €17,002 to €25,397
- Financial charges +€15,507
up €15,507 (+236.4%), from €6,561 to €22,067
- Depreciation -€5,013
down €5,013 (-66.4%), from €7,554 to €2,541
- Gross operating margin +€4,573
up €4,573 (+1.5%), from €301,477 to €306,050
- Staff costs -€4,236
down €4,236 (-1.5%), from €275,585 to €271,348
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 | €95,826 | €138,663 | +€42,837 | +44.7% |
| Fixed assets | 21/28 | €17,068 | €14,527 | -€2,541 | -14.9% |
| Tangible fixed assets | 22/27 | €8,765 | €6,224 | -€2,541 | -29.0% |
| Plant, machinery and equipment | 23 | €1,830 | €1,556 | -€274 | -15.0% |
| Furniture and vehicles | 24 | €6,577 | €4,376 | -€2,201 | -33.5% |
| Other tangible fixed assets | 26 | €357 | €291 | -€66 | -18.5% |
| Financial fixed assets | 28 | €8,304 | €8,304 | = | 0.0% |
| Current assets | 29/58 | €78,758 | €124,136 | +€45,378 | +57.6% |
| Stocks and contracts in progress | 3 | €14,370 | €42,622 | +€28,252 | +196.6% |
| Stocks | 30/36 | €14,370 | €42,622 | +€28,252 | +196.6% |
| Amounts receivable within one year | 40/41 | €28,916 | €74,092 | +€45,176 | +156.2% |
| Trade receivables | 40 | €27,888 | €69,505 | +€41,617 | +149.2% |
| Other amounts receivable | 41 | €1,028 | €4,587 | +€3,559 | +346.2% |
| Cash at bank and in hand | 54/58 | €32,944 | €3,646 | -€29,298 | -88.9% |
| Deferred charges and accrued income | 490/1 | €2,528 | €3,775 | +€1,248 | +49.4% |
| Total equity and liabilities | 10/49 | €95,826 | €138,663 | +€42,837 | +44.7% |
| Equity | 10/15 | -€59,848 | -€56,820 | +€3,028 | +5.1% |
| Contributions | 10/11 | €40,720 | €40,720 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,568 | -€97,540 | +€3,028 | +3.0% |
| Amounts payable | 17/49 | €155,674 | €195,483 | +€39,809 | +25.6% |
| Amounts payable after more than one year | 17 | - | €12,137 | +€12,137 | |
| Financial debts | 170/4 | - | €12,137 | +€12,137 | |
| Amounts payable within one year | 42/48 | €155,674 | €183,347 | +€27,672 | +17.8% |
| Current portion of amounts payable after more than one year | 42 | - | €13,791 | +€13,791 | |
| Financial debts | 43 | €5,420 | €9,185 | +€3,765 | +69.5% |
| Credit institutions | 430/8 | €5,420 | €9,185 | +€3,765 | +69.5% |
| Trade debts | 44 | €49,073 | €77,997 | +€28,924 | +58.9% |
| Suppliers | 440/4 | €49,073 | €77,997 | +€28,924 | +58.9% |
| Advances received on contracts in progress | 46 | €350 | €350 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €83,829 | €56,626 | -€27,203 | -32.5% |
| Taxes | 450/3 | €32,370 | €20,877 | -€11,493 | -35.5% |
| Remuneration and social security | 454/9 | €51,459 | €35,750 | -€15,710 | -30.5% |
| Other amounts payable | 47/48 | €17,002 | €25,397 | +€8,396 | +49.4% |
| Non-recurring operating income | 76A | €19,008 | - | -€19,008 | |
| Remuneration, social security and pensions | 62 | €275,585 | €271,348 | -€4,236 | -1.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,554 | €2,541 | -€5,013 | -66.4% |
| Other operating charges | 640/8 | €2,542 | €3,816 | +€1,274 | +50.1% |
| Gross operating margin | 9900 | €301,477 | €306,050 | +€4,573 | +1.5% |
| Operating profit (loss) | 9901 | €15,795 | €28,345 | +€12,549 | +79.4% |
| Financial income | 75/76B | €3 | €339 | +€335 | +10011.0% |
| Recurring financial income | 75 | €3 | €339 | +€335 | +10011.0% |
| Financial charges | 65/66B | €6,561 | €22,067 | +€15,507 | +236.4% |
| Recurring financial charges | 65 | €6,561 | €22,067 | +€15,507 | +236.4% |
| Profit (loss) for the period before taxes | 9903 | €9,238 | €6,616 | -€2,622 | -28.4% |
| Income taxes | 67/77 | €2,162 | €3,588 | +€1,426 | +66.0% |
| Profit (loss) for the period | 9904 | €7,076 | €3,028 | -€4,048 | -57.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,076 | €3,028 | -€4,048 | -57.2% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.