MSC DISTRIBUTION: 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 DISTRIBUTION
Largest movements
- Cash +€33,270
up €33,270 (+82.9%), from €40,116 to €73,386
mainly Net result for the year (+€45,668) and Depreciation (+€21,682)
- Receivables within one year +€22,098
up €22,098 (+226%), from €9,790 to €31,888
of which Other amounts receivable: +€12,853
- Deferred charges and accrued income -€14,459
down €14,459 (-43.0%), from €33,633 to €19,174
- Stocks and contracts -€5,884
down €5,884 (-6.1%), from €96,555 to €90,671
- Profit (loss) carried forward +€45,668
up €45,668 (+1,678%), from €2,721 to €48,390
- Debts after one year -€14,495
down €14,495 (-15.6%), from €92,766 to €78,271
- Tax, wage and social debts +€7,482
up €7,482 (+54.6%), from €13,692 to €21,174
of which Remuneration and social security: +€4,576
- Trade debts -€4,844
down €4,844 (-4.7%), from €103,081 to €98,237
- Gross operating margin +€66,810
up €66,810 (+60.2%), from €110,939 to €177,749
- Staff costs +€41,961
up €41,961 (+98.6%), from €42,574 to €84,535
- Depreciation +€13,937
up €13,937 (+180%), from €7,745 to €21,682
- Financial charges +€3,610
up €3,610 (+60.4%), from €5,974 to €9,584
- Taxes +€2,906
up €2,906 (+33.7%), from €8,620 to €11,526
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €303,056 | €336,780 | +€33,725 | +11.1% |
| Fixed assets | 21/28 | €122,961 | €121,661 | -€1,300 | -1.1% |
| Tangible fixed assets | 22/27 | €112,461 | €111,161 | -€1,300 | -1.2% |
| Plant, machinery and equipment | 23 | €101,203 | €94,477 | -€6,727 | -6.6% |
| Furniture and vehicles | 24 | €8,366 | €14,092 | +€5,726 | +68.4% |
| Other tangible fixed assets | 26 | €2,892 | €2,593 | -€299 | -10.3% |
| Financial fixed assets | 28 | €10,500 | €10,500 | = | 0.0% |
| Current assets | 29/58 | €180,094 | €215,119 | +€35,025 | +19.4% |
| Stocks and contracts in progress | 3 | €96,555 | €90,671 | -€5,884 | -6.1% |
| Stocks | 30/36 | €96,555 | €90,671 | -€5,884 | -6.1% |
| Amounts receivable within one year | 40/41 | €9,790 | €31,888 | +€22,098 | +226% |
| Trade receivables | 40 | €723 | €9,968 | +€9,245 | +1,278% |
| Other amounts receivable | 41 | €9,067 | €21,920 | +€12,853 | +142% |
| Cash at bank and in hand | 54/58 | €40,116 | €73,386 | +€33,270 | +82.9% |
| Deferred charges and accrued income | 490/1 | €33,633 | €19,174 | -€14,459 | -43.0% |
| Total equity and liabilities | 10/49 | €303,056 | €336,780 | +€33,725 | +11.1% |
| Equity | 10/15 | €72,721 | €118,390 | +€45,668 | +62.8% |
| Contributions | 10/11 | €30,000 | €30,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €40,000 | = | 0.0% |
| Distributable reserves | 133 | €40,000 | €40,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €2,721 | €48,390 | +€45,668 | +1,678% |
| Amounts payable | 17/49 | €230,334 | €218,391 | -€11,944 | -5.2% |
| Amounts payable after more than one year | 17 | €92,766 | €78,271 | -€14,495 | -15.6% |
| Financial debts | 170/4 | €92,766 | €78,271 | -€14,495 | -15.6% |
| Amounts payable within one year | 42/48 | €130,644 | €133,906 | +€3,262 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €13,871 | €14,495 | +€624 | +4.5% |
| Trade debts | 44 | €103,081 | €98,237 | -€4,844 | -4.7% |
| Suppliers | 440/4 | €103,081 | €98,237 | -€4,844 | -4.7% |
| Taxes, remuneration and social security | 45 | €13,692 | €21,174 | +€7,482 | +54.6% |
| Taxes | 450/3 | €8,620 | €11,526 | +€2,906 | +33.7% |
| Remuneration and social security | 454/9 | €5,072 | €9,648 | +€4,576 | +90.2% |
| Accrued charges and deferred income | 492/3 | €6,924 | €6,214 | -€710 | -10.3% |
| Remuneration, social security and pensions | 62 | €42,574 | €84,535 | +€41,961 | +98.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,745 | €21,682 | +€13,937 | +180% |
| Other operating charges | 640/8 | €3,507 | €5,465 | +€1,958 | +55.8% |
| Gross operating margin | 9900 | €110,939 | €177,749 | +€66,810 | +60.2% |
| Operating profit (loss) | 9901 | €57,113 | €66,067 | +€8,953 | +15.7% |
| Financial income | 75/76B | €201 | €711 | +€509 | +253% |
| Recurring financial income | 75 | €201 | €711 | +€509 | +253% |
| Financial charges | 65/66B | €5,974 | €9,584 | +€3,610 | +60.4% |
| Recurring financial charges | 65 | €5,974 | €9,584 | +€3,610 | +60.4% |
| Profit (loss) for the period before taxes | 9903 | €51,341 | €57,194 | +€5,853 | +11.4% |
| Income taxes | 67/77 | €8,620 | €11,526 | +€2,906 | +33.7% |
| Profit (loss) for the period | 9904 | €42,721 | €45,668 | +€2,947 | +6.9% |
| Profit (loss) for the period to be appropriated | 9905 | €42,721 | €45,668 | +€2,947 | +6.9% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 14 October 2026 via checked.be.