MSE: 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.
MSE
Largest movements
- Cash +€8,396
new in 2025: €8,396
mainly Net result for the year (+€16,530) and Tax, wage and social debts (+€3,423)
- Receivables within one year +€6,861
up €6,861 (+117%), from €5,882 to €12,743
of which Trade receivables: +€11,239
- Tangible fixed assets +€1,668
new in 2025: €1,668
- Deferred charges and accrued income -€425
no longer reported in 2025 (was €425)
- Financial fixed assets -€286
no longer reported in 2025 (was €286)
- Profit (loss) carried forward +€16,530
up €16,530 (+91.2%), from -€18,129 to -€1,599
- Short-term financial debts -€4,991
no longer reported in 2025 (was €4,991)
- Tax, wage and social debts +€3,423
up €3,423 (+1,190%), from €288 to €3,711
- Other debts +€2,095
new in 2025: €2,095
- Trade debts -€844
no longer reported in 2025 (was €844)
- Gross operating margin -€19,550
down €19,550 (-46.6%), from €41,998 to €22,448
- Taxes +€4,645
up €4,645 (+1,615%), from €288 to €4,933
- Other operating charges -€631
down €631 (-59.7%), from €1,056 to €425
- Financial charges -€595
down €595 (-54.2%), from €1,098 to €503
- Financial income -€559
down €559 (-98.5%), from €568 to €8
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.
Derived cash bridge
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 | €6,593 | €22,807 | +€16,214 | +246% |
| Fixed assets | 21/28 | €286 | €1,668 | +€1,382 | +483% |
| Tangible fixed assets | 22/27 | - | €1,668 | +€1,668 | |
| Plant, machinery and equipment | 23 | - | €1,668 | +€1,668 | |
| Financial fixed assets | 28 | €286 | - | -€286 | |
| Current assets | 29/58 | €6,307 | €21,139 | +€14,832 | +235% |
| Amounts receivable within one year | 40/41 | €5,882 | €12,743 | +€6,861 | +117% |
| Trade receivables | 40 | - | €11,239 | +€11,239 | |
| Other amounts receivable | 41 | €5,882 | €1,504 | -€4,378 | -74.4% |
| Cash at bank and in hand | 54/58 | - | €8,396 | +€8,396 | |
| Deferred charges and accrued income | 490/1 | €425 | - | -€425 | |
| Total equity and liabilities | 10/49 | €6,593 | €22,807 | +€16,214 | +246% |
| Equity | 10/15 | €471 | €17,001 | +€16,530 | +3,512% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,129 | -€1,599 | +€16,530 | +91.2% |
| Amounts payable | 17/49 | €6,123 | €5,806 | -€317 | -5.2% |
| Amounts payable within one year | 42/48 | €6,123 | €5,806 | -€317 | -5.2% |
| Financial debts | 43 | €4,991 | - | -€4,991 | |
| Credit institutions | 430/8 | €4,991 | - | -€4,991 | |
| Trade debts | 44 | €844 | - | -€844 | |
| Suppliers | 440/4 | €844 | €0 | -€844 | -100% |
| Taxes, remuneration and social security | 45 | €288 | €3,711 | +€3,423 | +1,190% |
| Taxes | 450/3 | €288 | €3,711 | +€3,423 | +1,190% |
| Other amounts payable | 47/48 | - | €2,095 | +€2,095 | |
| Non-recurring operating income | 76A | €21,102 | - | -€21,102 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €65 | +€65 | |
| Other operating charges | 640/8 | €1,056 | €425 | -€631 | -59.7% |
| Non-recurring operating charges | 66A | €5,108 | - | -€5,108 | |
| Gross operating margin | 9900 | €41,998 | €22,448 | -€19,550 | -46.6% |
| Operating profit (loss) | 9901 | €35,834 | €21,958 | -€13,876 | -38.7% |
| Financial income | 75/76B | €568 | €8 | -€559 | -98.5% |
| Recurring financial income | 75 | €568 | €8 | -€559 | -98.5% |
| Financial charges | 65/66B | €1,098 | €503 | -€595 | -54.2% |
| Recurring financial charges | 65 | €1,098 | €503 | -€595 | -54.2% |
| Profit (loss) for the period before taxes | 9903 | €35,303 | €21,463 | -€13,840 | -39.2% |
| Income taxes | 67/77 | €288 | €4,933 | +€4,645 | +1,615% |
| Profit (loss) for the period | 9904 | €35,015 | €16,530 | -€18,485 | -52.8% |
| Profit (loss) for the period to be appropriated | 9905 | €35,015 | €16,530 | -€18,485 | -52.8% |
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 15 October 2026 via checked.be.