MSC: 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.
MSC
Largest movements
- Receivables within one year -€41,749
down €41,749 (-16.5%), from €253,435 to €211,686
of which Trade receivables: -€48,779
- Cash -€17,369
down €17,369 (-60.8%), from €28,567 to €11,198
mainly Accrued charges and deferred income (-€37,100) and Net result for the year (-€28,103)
- Tangible fixed assets -€6,162
down €6,162 (-16.1%), from €38,283 to €32,121
of which Furniture and vehicles: -€3,098
- Accrued charges and deferred income -€37,100
down €37,100 (-98.9%), from €37,500 to €400
- Profit (loss) carried forward -€28,103
new in 2025: -€28,103
- Gross operating margin -€46,985
down €46,985, from €30,737 to -€16,248
- Taxes -€14,262
down €14,262, from €10,985 to -€3,277
- Other operating charges -€3,508
down €3,508 (-68.9%), from €5,090 to €1,582
- Depreciation +€2,266
up €2,266 (+20.3%), from €11,185 to €13,451
- Financial charges -€378
down €378 (-79.4%), from €476 to €98
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 | €401,295 | €336,015 | -€65,280 | -16.3% |
| Fixed assets | 21/28 | €119,293 | €113,131 | -€6,162 | -5.2% |
| Tangible fixed assets | 22/27 | €38,283 | €32,121 | -€6,162 | -16.1% |
| Furniture and vehicles | 24 | €20,422 | €17,324 | -€3,098 | -15.2% |
| Other tangible fixed assets | 26 | €17,861 | €14,797 | -€3,063 | -17.2% |
| Financial fixed assets | 28 | €81,010 | €81,010 | = | 0.0% |
| Current assets | 29/58 | €282,002 | €222,884 | -€59,118 | -21.0% |
| Amounts receivable within one year | 40/41 | €253,435 | €211,686 | -€41,749 | -16.5% |
| Trade receivables | 40 | €250,029 | €201,250 | -€48,779 | -19.5% |
| Other amounts receivable | 41 | €3,406 | €10,436 | +€7,030 | +206.4% |
| Cash at bank and in hand | 54/58 | €28,567 | €11,198 | -€17,369 | -60.8% |
| Total equity and liabilities | 10/49 | €401,295 | €336,015 | -€65,280 | -16.3% |
| Equity | 10/15 | €329,633 | €301,531 | -€28,103 | -8.5% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €311,033 | €311,033 | = | 0.0% |
| Distributable reserves | 133 | €311,033 | €311,033 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€28,103 | -€28,103 | |
| Amounts payable | 17/49 | €71,661 | €34,484 | -€37,177 | -51.9% |
| Amounts payable within one year | 42/48 | €34,161 | €34,085 | -€77 | -0.2% |
| Current portion of amounts payable after more than one year | 42 | €849 | - | -€849 | |
| Trade debts | 44 | €2,595 | €3,003 | +€408 | +15.7% |
| Suppliers | 440/4 | €2,595 | €3,003 | +€408 | +15.7% |
| Taxes, remuneration and social security | 45 | €330 | €714 | +€384 | +116.3% |
| Taxes | 450/3 | €330 | €714 | +€384 | +116.3% |
| Other amounts payable | 47/48 | €30,387 | €30,368 | -€20 | -0.1% |
| Accrued charges and deferred income | 492/3 | €37,500 | €400 | -€37,100 | -98.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,185 | €13,451 | +€2,266 | +20.3% |
| Other operating charges | 640/8 | €5,090 | €1,582 | -€3,508 | -68.9% |
| Gross operating margin | 9900 | €30,737 | -€16,248 | -€46,985 | |
| Operating profit (loss) | 9901 | €14,462 | -€31,281 | -€45,743 | |
| Financial income | 75/76B | €213 | - | -€213 | |
| Recurring financial income | 75 | €213 | - | -€213 | |
| Financial charges | 65/66B | €476 | €98 | -€378 | -79.4% |
| Recurring financial charges | 65 | €476 | €98 | -€378 | -79.4% |
| Profit (loss) for the period before taxes | 9903 | €14,199 | -€31,380 | -€45,579 | |
| Income taxes | 67/77 | €10,985 | -€3,277 | -€14,262 | |
| Profit (loss) for the period | 9904 | €3,213 | -€28,103 | -€31,316 | |
| Profit (loss) for the period to be appropriated | 9905 | €3,213 | -€28,103 | -€31,316 |
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 5 October 2026 via checked.be.