MSE & C°: 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.
MSE & C°
Largest movements
- Tangible fixed assets -€13,568
down €13,568 (-49.9%), from €27,217 to €13,649
of which Furniture and vehicles: -€13,099
- Cash +€9,063
up €9,063 (+85.9%), from €10,556 to €19,619
mainly Depreciation (+€13,568) and Net result for the year (+€7,861)
- Receivables within one year -€7,354
down €7,354 (-44.9%), from €16,395 to €9,041
- Other debts -€18,989
down €18,989 (-38.0%), from €49,956 to €30,968
- Profit (loss) carried forward +€7,861
up €7,861 (+9.1%), from -€86,384 to -€78,523
- Tax, wage and social debts -€3,662
down €3,662 (-27.0%), from €13,584 to €9,922
- Trade debts +€2,992
up €2,992 (+243.5%), from €1,229 to €4,221
- Gross operating margin -€867
down €867 (-3.0%), from €29,105 to €28,238
- Taxes +€445
up €445 (+9.6%), from €4,645 to €5,090
- Depreciation -€443
down €443 (-3.2%), from €14,011 to €13,568
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 | €54,172 | €42,309 | -€11,863 | -21.9% |
| Fixed assets | 21/28 | €27,217 | €13,649 | -€13,568 | -49.9% |
| Tangible fixed assets | 22/27 | €27,217 | €13,649 | -€13,568 | -49.9% |
| Plant, machinery and equipment | 23 | €1,957 | €1,488 | -€469 | -23.9% |
| Furniture and vehicles | 24 | €25,261 | €12,161 | -€13,099 | -51.9% |
| Current assets | 29/58 | €26,954 | €28,660 | +€1,705 | +6.3% |
| Amounts receivable within one year | 40/41 | €16,395 | €9,041 | -€7,354 | -44.9% |
| Trade receivables | 40 | €16,395 | €9,041 | -€7,354 | -44.9% |
| Current investments | 50/53 | €3 | - | -€3 | |
| Cash at bank and in hand | 54/58 | €10,556 | €19,619 | +€9,063 | +85.9% |
| Total equity and liabilities | 10/49 | €54,172 | €42,309 | -€11,863 | -21.9% |
| Equity | 10/15 | -€10,662 | -€2,801 | +€7,861 | +73.7% |
| Contributions | 10/11 | €74,358 | €74,358 | = | 0.0% |
| Capital | 10 | €74,358 | €74,358 | = | 0.0% |
| Issued capital | 100 | €74,358 | €74,358 | = | 0.0% |
| Reserves | 13 | €1,363 | €1,363 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,363 | €1,363 | = | 0.0% |
| Legal reserve | 130 | €1,363 | €1,363 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€86,384 | -€78,523 | +€7,861 | +9.1% |
| Amounts payable | 17/49 | €64,834 | €45,110 | -€19,724 | -30.4% |
| Amounts payable within one year | 42/48 | €64,769 | €45,110 | -€19,658 | -30.4% |
| Trade debts | 44 | €1,229 | €4,221 | +€2,992 | +243.5% |
| Suppliers | 440/4 | €1,229 | €4,221 | +€2,992 | +243.5% |
| Taxes, remuneration and social security | 45 | €13,584 | €9,922 | -€3,662 | -27.0% |
| Taxes | 450/3 | €13,584 | €9,922 | -€3,662 | -27.0% |
| Other amounts payable | 47/48 | €49,956 | €30,968 | -€18,989 | -38.0% |
| Accrued charges and deferred income | 492/3 | €66 | - | -€66 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,011 | €13,568 | -€443 | -3.2% |
| Other operating charges | 640/8 | €1,382 | €1,166 | -€216 | -15.6% |
| Gross operating margin | 9900 | €29,105 | €28,238 | -€867 | -3.0% |
| Operating profit (loss) | 9901 | €13,713 | €13,505 | -€208 | -1.5% |
| Financial income | 75/76B | €163 | €28 | -€134 | -82.5% |
| Recurring financial income | 75 | €163 | €28 | -€134 | -82.5% |
| Financial charges | 65/66B | €506 | €582 | +€76 | +15.1% |
| Recurring financial charges | 65 | €506 | €582 | +€76 | +15.1% |
| Profit (loss) for the period before taxes | 9903 | €13,370 | €12,951 | -€419 | -3.1% |
| Income taxes | 67/77 | €4,645 | €5,090 | +€445 | +9.6% |
| Profit (loss) for the period | 9904 | €8,725 | €7,861 | -€864 | -9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €8,725 | €7,861 | -€864 | -9.9% |
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 2 October 2026 via checked.be.