MSC: 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.
MSC
Largest movements
- Cash +€23,144
up €23,144 (+42.7%), from €54,178 to €77,322
mainly Net result for the year (+€56,087) and Deferred charges and accrued income (+€13,300)
- Deferred charges and accrued income -€13,300
down €13,300 (-100.0%), from €13,300 to €0
- Receivables within one year -€6,653
down €6,653 (-18.9%), from €35,203 to €28,550
of which Other amounts receivable: -€13,153
- Profit (loss) carried forward +€24,087
up €24,087 (+56.9%), from €42,328 to €66,415
- Trade debts -€18,545
down €18,545 (-93.4%), from €19,865 to €1,320
- Accrued charges and deferred income -€4,824
down €4,824 (-49.6%), from €9,718 to €4,894
- Tax, wage and social debts +€2,021
new in 2025: €2,021
- Gross operating margin +€36,066
up €36,066 (+119.0%), from €30,313 to €66,379
- Other operating charges -€5,301
down €5,301 (-68.3%), from €7,758 to €2,457
- Taxes -€2,807
down €2,807 (-28.1%), from €10,000 to €7,193
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 | €103,410 | €106,150 | +€2,740 | +2.6% |
| Fixed assets | 21/28 | €730 | €278 | -€452 | -61.9% |
| Tangible fixed assets | 22/27 | €730 | €278 | -€452 | -61.9% |
| Furniture and vehicles | 24 | €730 | €278 | -€452 | -61.9% |
| Current assets | 29/58 | €102,681 | €105,872 | +€3,191 | +3.1% |
| Amounts receivable within one year | 40/41 | €35,203 | €28,550 | -€6,653 | -18.9% |
| Trade receivables | 40 | - | €6,500 | +€6,500 | |
| Other amounts receivable | 41 | €35,203 | €22,050 | -€13,153 | -37.4% |
| Cash at bank and in hand | 54/58 | €54,178 | €77,322 | +€23,144 | +42.7% |
| Deferred charges and accrued income | 490/1 | €13,300 | €0 | -€13,300 | -100.0% |
| Total equity and liabilities | 10/49 | €103,410 | €106,150 | +€2,740 | +2.6% |
| Equity | 10/15 | €73,828 | €97,915 | +€24,087 | +32.6% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Reserves | 13 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,328 | €66,415 | +€24,087 | +56.9% |
| Amounts payable | 17/49 | €29,583 | €8,235 | -€21,348 | -72.2% |
| Amounts payable within one year | 42/48 | €19,865 | €3,342 | -€16,523 | -83.2% |
| Trade debts | 44 | €19,865 | €1,320 | -€18,545 | -93.4% |
| Suppliers | 440/4 | €19,865 | €1,320 | -€18,545 | -93.4% |
| Taxes, remuneration and social security | 45 | - | €2,021 | +€2,021 | |
| Taxes | 450/3 | - | €2,021 | +€2,021 | |
| Accrued charges and deferred income | 492/3 | €9,718 | €4,894 | -€4,824 | -49.6% |
| Non-recurring operating income | 76A | €0 | €271 | +€271 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €452 | €452 | = | 0.0% |
| Other operating charges | 640/8 | €7,758 | €2,457 | -€5,301 | -68.3% |
| Non-recurring operating charges | 66A | €7,540 | €0 | -€7,540 | -100.0% |
| Gross operating margin | 9900 | €30,313 | €66,379 | +€36,066 | +119.0% |
| Operating profit (loss) | 9901 | €14,564 | €63,470 | +€48,907 | +335.8% |
| Financial income | 75/76B | €9 | €32 | +€23 | +264.1% |
| Recurring financial income | 75 | €9 | €32 | +€23 | +264.1% |
| Financial charges | 65/66B | €599 | €222 | -€377 | -62.9% |
| Recurring financial charges | 65 | €599 | €222 | -€377 | -62.9% |
| Profit (loss) for the period before taxes | 9903 | €13,973 | €63,280 | +€49,307 | +352.9% |
| Income taxes | 67/77 | €10,000 | €7,193 | -€2,807 | -28.1% |
| Profit (loss) for the period | 9904 | €3,973 | €56,087 | +€52,114 | +1311.6% |
| Profit (loss) for the period to be appropriated | 9905 | €3,973 | €56,087 | +€52,114 | +1311.6% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 11 October 2026 via checked.be.