MSCO: what changed
MSCO
Largest movements
- Cash +€26,472
up €26,472 (+29.0%), from €91,256 to €117,728
mainly Net result for the year (+€9,535) and Receivables within one year (+€8,601)
- Receivables within one year -€8,601
down €8,601 (-37.8%), from €22,767 to €14,166
of which Trade receivables: -€11,306
- Reserves +€7,550
up €7,550 (+11.5%), from €65,628 to €73,178
of which Distributable reserves: +€7,550
- Trade debts +€5,606
up €5,606 (+1,158%), from €484 to €6,090
- Other debts +€4,142
up €4,142 (+9.8%), from €42,213 to €46,355
- Tax, wage and social debts +€1,601
up €1,601 (+38.6%), from €4,149 to €5,750
of which Remuneration and social security: +€3,500
- Gross operating margin -€18,531
down €18,531 (-44.7%), from €41,416 to €22,885
- Taxes -€5,175
down €5,175 (-54.7%), from €9,464 to €4,289
- Depreciation -€447
down €447 (-9.8%), from €4,587 to €4,139
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €131,224 | €151,428 | +€20,205 | +15.4% |
| Fixed assets | 21/28 | €12,711 | €14,072 | +€1,361 | +10.7% |
| Tangible fixed assets | 22/27 | €12,586 | €13,947 | +€1,361 | +10.8% |
| Plant, machinery and equipment | 23 | €6,858 | €3,961 | -€2,896 | -42.2% |
| Furniture and vehicles | 24 | €887 | €331 | -€556 | -62.7% |
| Other tangible fixed assets | 26 | €4,842 | €9,655 | +€4,813 | +99.4% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €118,512 | €137,356 | +€18,844 | +15.9% |
| Amounts receivable within one year | 40/41 | €22,767 | €14,166 | -€8,601 | -37.8% |
| Trade receivables | 40 | €22,767 | €11,461 | -€11,306 | -49.7% |
| Other amounts receivable | 41 | - | €2,705 | +€2,705 | |
| Cash at bank and in hand | 54/58 | €91,256 | €117,728 | +€26,472 | +29.0% |
| Deferred charges and accrued income | 490/1 | €4,490 | €5,462 | +€972 | +21.7% |
| Total equity and liabilities | 10/49 | €131,224 | €151,428 | +€20,205 | +15.4% |
| Equity | 10/15 | €82,778 | €90,363 | +€7,585 | +9.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €65,628 | €73,178 | +€7,550 | +11.5% |
| Tax-exempt reserves | 132 | €7,350 | €7,350 | = | 0.0% |
| Distributable reserves | 133 | €58,278 | €65,828 | +€7,550 | +13.0% |
| Profit (loss) carried forward | 14 | €10,951 | €10,985 | +€35 | +0.3% |
| Amounts payable | 17/49 | €48,446 | €61,065 | +€12,620 | +26.0% |
| Amounts payable within one year | 42/48 | €46,846 | €58,195 | +€11,349 | +24.2% |
| Trade debts | 44 | €484 | €6,090 | +€5,606 | +1,158% |
| Suppliers | 440/4 | €484 | €6,090 | +€5,606 | +1,158% |
| Taxes, remuneration and social security | 45 | €4,149 | €5,750 | +€1,601 | +38.6% |
| Taxes | 450/3 | €4,149 | €2,250 | -€1,899 | -45.8% |
| Remuneration and social security | 454/9 | - | €3,500 | +€3,500 | |
| Other amounts payable | 47/48 | €42,213 | €46,355 | +€4,142 | +9.8% |
| Accrued charges and deferred income | 492/3 | €1,600 | €2,871 | +€1,271 | +79.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,587 | €4,139 | -€447 | -9.8% |
| Other operating charges | 640/8 | €1,612 | €1,360 | -€253 | -15.7% |
| Gross operating margin | 9900 | €41,416 | €22,885 | -€18,531 | -44.7% |
| Operating profit (loss) | 9901 | €35,217 | €17,386 | -€17,831 | -50.6% |
| Financial income | 75/76B | €340 | €9 | -€330 | -97.3% |
| Recurring financial income | 75 | €340 | €9 | -€330 | -97.3% |
| Financial charges | 65/66B | €3,339 | €3,571 | +€232 | +6.9% |
| Recurring financial charges | 65 | €3,339 | €3,571 | +€232 | +6.9% |
| Profit (loss) for the period before taxes | 9903 | €32,218 | €13,824 | -€18,394 | -57.1% |
| Income taxes | 67/77 | €9,464 | €4,289 | -€5,175 | -54.7% |
| Profit (loss) for the period | 9904 | €22,753 | €9,535 | -€13,219 | -58.1% |
| Profit (loss) for the period to be appropriated | 9905 | €22,753 | €9,535 | -€13,219 | -58.1% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.