MSC Holding: 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 Holding
Largest movements
- Current investments +€300,000
up €300,000 (+300.0%), from €100,000 to €400,000
- Financial fixed assets +€169,000
up €169,000 (+7.0%), from €2.4m to €2.6m
- Reserves +€566,746
up €566,746 (+45.1%), from €1.3m to €1.8m
of which Distributable reserves: +€566,746
- Debts after one year -€77,679
no longer reported in 2025 (was €77,679)
- Tax, wage and social debts +€56,059
up €56,059 (+93.0%), from €60,271 to €116,330
- Other debts -€54,283
down €54,283 (-4.3%), from €1.3m to €1.2m
- Financial charges +€80,787
up €80,787 (+2406.9%), from €3,357 to €84,144
- Taxes +€37,456
up €37,456 (+70.5%), from €53,131 to €90,587
- Gross operating margin -€34,311
down €34,311 (-12.8%), from €267,363 to €233,051
- Financial income -€31,490
down €31,490 (-5.2%), from €603,256 to €571,766
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 | €2,820,889 | €3,285,610 | +€464,722 | +16.5% |
| Fixed assets | 21/28 | €2,494,277 | €2,643,760 | +€149,483 | +6.0% |
| Tangible fixed assets | 22/27 | €68,277 | €48,760 | -€19,517 | -28.6% |
| Furniture and vehicles | 24 | €68,277 | €48,760 | -€19,517 | -28.6% |
| Financial fixed assets | 28 | €2,426,000 | €2,595,000 | +€169,000 | +7.0% |
| Current assets | 29/58 | €326,612 | €641,851 | +€315,239 | +96.5% |
| Amounts receivable within one year | 40/41 | €185,096 | €208,938 | +€23,843 | +12.9% |
| Trade receivables | 40 | €175,338 | €208,938 | +€33,600 | +19.2% |
| Other amounts receivable | 41 | €9,758 | - | -€9,758 | |
| Current investments | 50/53 | €100,000 | €400,000 | +€300,000 | +300.0% |
| Cash at bank and in hand | 54/58 | €41,516 | €32,227 | -€9,289 | -22.4% |
| Deferred charges and accrued income | 490/1 | - | €685 | +€685 | |
| Total equity and liabilities | 10/49 | €2,820,889 | €3,285,610 | +€464,722 | +16.5% |
| Equity | 10/15 | €1,306,889 | €1,873,635 | +€566,746 | +43.4% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €1,256,889 | €1,823,635 | +€566,746 | +45.1% |
| Non-distributable reserves | 130/1 | €2,450 | €2,450 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,450 | €2,450 | = | 0.0% |
| Distributable reserves | 133 | €1,254,439 | €1,821,185 | +€566,746 | +45.2% |
| Amounts payable | 17/49 | €1,513,999 | €1,411,975 | -€102,024 | -6.7% |
| Amounts payable after more than one year | 17 | €77,679 | - | -€77,679 | |
| Financial debts | 170/4 | €77,679 | - | -€77,679 | |
| Amounts payable within one year | 42/48 | €1,432,461 | €1,407,599 | -€24,862 | -1.7% |
| Current portion of amounts payable after more than one year | 42 | €103,571 | €77,679 | -€25,893 | -25.0% |
| Trade debts | 44 | €1,316 | €570 | -€745 | -56.7% |
| Suppliers | 440/4 | €1,316 | €570 | -€745 | -56.7% |
| Taxes, remuneration and social security | 45 | €60,271 | €116,330 | +€56,059 | +93.0% |
| Taxes | 450/3 | €60,271 | €116,330 | +€56,059 | +93.0% |
| Other amounts payable | 47/48 | €1,267,303 | €1,213,020 | -€54,283 | -4.3% |
| Accrued charges and deferred income | 492/3 | €3,859 | €4,376 | +€517 | +13.4% |
| Non-recurring operating income | 76A | €18,595 | - | -€18,595 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,994 | €19,517 | -€1,476 | -7.0% |
| Other operating charges | 640/8 | €1,908 | €1,749 | -€159 | -8.4% |
| Gross operating margin | 9900 | €267,363 | €233,051 | -€34,311 | -12.8% |
| Operating profit (loss) | 9901 | €244,461 | €211,786 | -€32,675 | -13.4% |
| Financial income | 75/76B | €603,256 | €571,766 | -€31,490 | -5.2% |
| Recurring financial income | 75 | €603,256 | €571,766 | -€31,490 | -5.2% |
| Financial charges | 65/66B | €3,357 | €84,144 | +€80,787 | +2406.9% |
| Recurring financial charges | 65 | €3,357 | €84,144 | +€80,787 | +2406.9% |
| Profit (loss) for the period before taxes | 9903 | €844,360 | €699,407 | -€144,953 | -17.2% |
| Income taxes | 67/77 | €53,131 | €90,587 | +€37,456 | +70.5% |
| Profit (loss) for the period | 9904 | €791,229 | €608,821 | -€182,409 | -23.1% |
| Profit (loss) for the period to be appropriated | 9905 | €791,229 | €608,821 | -€182,409 | -23.1% |
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.