MSCUBE: 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.
MSCUBE
Largest movements
- Cash -€25,623
down €25,623 (-44.7%), from €57,341 to €31,718
mainly Contributions, distributions and other (-€31,111) and Receivables within one year (-€21,399)
- Receivables within one year +€21,399
up €21,399 (+42.2%), from €50,757 to €72,157
of which Trade receivables: +€17,362
- Deferred charges and accrued income +€7,523
up €7,523 (+1820.9%), from €413 to €7,936
- Tangible fixed assets -€7,514
down €7,514 (-33.9%), from €22,160 to €14,646
of which Furniture and vehicles: -€6,714
- Reserves -€28,640
down €28,640 (-19.7%), from €145,582 to €116,942
- Trade debts +€16,162
up €16,162 (+70.7%), from €22,847 to €39,009
- Other debts +€15,176
up €15,176 (+593.3%), from €2,558 to €17,733
- Tax, wage and social debts -€6,912
down €6,912 (-37.9%), from €18,248 to €11,336
- Gross operating margin -€10,317
down €10,317 (-46.5%), from €22,188 to €11,871
- Taxes -€3,111
down €3,111 (-71.0%), from €4,381 to €1,270
- Depreciation +€417
up €417 (+5.9%), from €7,097 to €7,514
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 | €195,474 | €191,259 | -€4,215 | -2.2% |
| Fixed assets | 21/28 | €26,962 | €19,448 | -€7,514 | -27.9% |
| Tangible fixed assets | 22/27 | €22,160 | €14,646 | -€7,514 | -33.9% |
| Plant, machinery and equipment | 23 | €1,226 | €426 | -€800 | -65.3% |
| Furniture and vehicles | 24 | €20,934 | €14,220 | -€6,714 | -32.1% |
| Financial fixed assets | 28 | €4,802 | €4,802 | = | 0.0% |
| Current assets | 29/58 | €168,512 | €171,811 | +€3,299 | +2.0% |
| Amounts receivable within one year | 40/41 | €50,757 | €72,157 | +€21,399 | +42.2% |
| Trade receivables | 40 | €33,996 | €51,358 | +€17,362 | +51.1% |
| Other amounts receivable | 41 | €16,762 | €20,799 | +€4,037 | +24.1% |
| Current investments | 50/53 | €60,000 | €60,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €57,341 | €31,718 | -€25,623 | -44.7% |
| Deferred charges and accrued income | 490/1 | €413 | €7,936 | +€7,523 | +1820.9% |
| Total equity and liabilities | 10/49 | €195,474 | €191,259 | -€4,215 | -2.2% |
| Equity | 10/15 | €151,822 | €123,182 | -€28,640 | -18.9% |
| Contributions | 10/11 | €6,240 | €6,240 | = | 0.0% |
| Reserves | 13 | €145,582 | €116,942 | -€28,640 | -19.7% |
| Distributable reserves | 133 | €145,582 | €116,942 | -€28,640 | -19.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €43,652 | €68,078 | +€24,425 | +56.0% |
| Amounts payable within one year | 42/48 | €43,652 | €68,078 | +€24,425 | +56.0% |
| Trade debts | 44 | €22,847 | €39,009 | +€16,162 | +70.7% |
| Suppliers | 440/4 | €22,847 | €39,009 | +€16,162 | +70.7% |
| Taxes, remuneration and social security | 45 | €18,248 | €11,336 | -€6,912 | -37.9% |
| Taxes | 450/3 | €18,248 | €11,336 | -€6,912 | -37.9% |
| Other amounts payable | 47/48 | €2,558 | €17,733 | +€15,176 | +593.3% |
| Remuneration, social security and pensions | 62 | €46 | €164 | +€119 | +259.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,097 | €7,514 | +€417 | +5.9% |
| Other operating charges | 640/8 | €477 | €500 | +€24 | +4.9% |
| Gross operating margin | 9900 | €22,188 | €11,871 | -€10,317 | -46.5% |
| Operating profit (loss) | 9901 | €14,569 | €3,693 | -€10,876 | -74.7% |
| Financial income | 75/76B | €347 | €202 | -€145 | -41.8% |
| Recurring financial income | 75 | €347 | €202 | -€145 | -41.8% |
| Financial charges | 65/66B | €149 | €153 | +€4 | +2.9% |
| Recurring financial charges | 65 | €149 | €153 | +€4 | +2.9% |
| Profit (loss) for the period before taxes | 9903 | €14,767 | €3,741 | -€11,026 | -74.7% |
| Income taxes | 67/77 | €4,381 | €1,270 | -€3,111 | -71.0% |
| Profit (loss) for the period | 9904 | €10,386 | €2,471 | -€7,915 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €10,386 | €2,471 | -€7,915 | -76.2% |
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.