MSE EVENTS: 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 EVENTS
Largest movements
- Receivables within one year -€27,800
down €27,800 (-64.7%), from €42,972 to €15,172
of which Trade receivables: -€32,005
- Stocks and contracts +€25,876
up €25,876 (+381%), from €6,795 to €32,671
- Tangible fixed assets -€21,460
down €21,460 (-48.0%), from €44,748 to €23,289
of which Furniture and vehicles: -€12,947
- Financial fixed assets +€1,720
new in 2025: €1,720
- Tax, wage and social debts -€27,054
down €27,054 (-28.0%), from €96,593 to €69,539
of which Taxes: -€25,888
- Other debts +€5,060
up €5,060 (+5.6%), from €90,727 to €95,786
- Profit (loss) carried forward +€3,304
up €3,304 (+3.0%), from -€108,509 to -€105,205
- Trade debts -€2,850
no longer reported in 2025 (was €2,850)
- Gross operating margin +€13,930
up €13,930 (+93.6%), from €14,876 to €28,806
- Staff costs -€10,401
no longer reported in 2025 (was €10,401)
- Other operating charges -€1,571
down €1,571 (-50.9%), from €3,084 to €1,513
- Financial charges -€1,378
down €1,378 (-35.0%), from €3,942 to €2,564
- Taxes -€454
no longer reported in 2025 (was €454)
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 | €95,921 | €74,381 | -€21,540 | -22.5% |
| Fixed assets | 21/28 | €44,763 | €25,009 | -€19,755 | -44.1% |
| Intangible fixed assets | 21 | €15 | - | -€15 | |
| Tangible fixed assets | 22/27 | €44,748 | €23,289 | -€21,460 | -48.0% |
| Plant, machinery and equipment | 23 | €5,828 | €3,328 | -€2,500 | -42.9% |
| Furniture and vehicles | 24 | €19,238 | €6,291 | -€12,947 | -67.3% |
| Other tangible fixed assets | 26 | €19,682 | €13,669 | -€6,013 | -30.5% |
| Financial fixed assets | 28 | - | €1,720 | +€1,720 | |
| Current assets | 29/58 | €51,158 | €49,373 | -€1,785 | -3.5% |
| Stocks and contracts in progress | 3 | €6,795 | €32,671 | +€25,876 | +381% |
| Stocks | 30/36 | €6,795 | €32,671 | +€25,876 | +381% |
| Amounts receivable within one year | 40/41 | €42,972 | €15,172 | -€27,800 | -64.7% |
| Trade receivables | 40 | €32,726 | €720 | -€32,005 | -97.8% |
| Other amounts receivable | 41 | €10,247 | €14,452 | +€4,206 | +41.0% |
| Cash at bank and in hand | 54/58 | €514 | €428 | -€86 | -16.8% |
| Deferred charges and accrued income | 490/1 | €876 | €1,102 | +€225 | +25.7% |
| Total equity and liabilities | 10/49 | €95,921 | €74,381 | -€21,540 | -22.5% |
| Equity | 10/15 | -€94,249 | -€90,945 | +€3,304 | +3.5% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€108,509 | -€105,205 | +€3,304 | +3.0% |
| Amounts payable | 17/49 | €190,170 | €165,326 | -€24,844 | -13.1% |
| Amounts payable within one year | 42/48 | €190,170 | €165,326 | -€24,844 | -13.1% |
| Trade debts | 44 | €2,850 | - | -€2,850 | |
| Suppliers | 440/4 | €2,850 | - | -€2,850 | |
| Taxes, remuneration and social security | 45 | €96,593 | €69,539 | -€27,054 | -28.0% |
| Taxes | 450/3 | €88,405 | €62,518 | -€25,888 | -29.3% |
| Remuneration and social security | 454/9 | €8,188 | €7,022 | -€1,166 | -14.2% |
| Other amounts payable | 47/48 | €90,727 | €95,786 | +€5,060 | +5.6% |
| Remuneration, social security and pensions | 62 | €10,401 | - | -€10,401 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,825 | €21,475 | -€350 | -1.6% |
| Other operating charges | 640/8 | €3,084 | €1,513 | -€1,571 | -50.9% |
| Gross operating margin | 9900 | €14,876 | €28,806 | +€13,930 | +93.6% |
| Operating profit (loss) | 9901 | -€20,433 | €5,818 | +€26,251 | |
| Financial income | 75/76B | €5 | €50 | +€46 | +996% |
| Recurring financial income | 75 | €5 | €50 | +€46 | +996% |
| Financial charges | 65/66B | €3,942 | €2,564 | -€1,378 | -35.0% |
| Recurring financial charges | 65 | €3,942 | €2,564 | -€1,378 | -35.0% |
| Profit (loss) for the period before taxes | 9903 | -€24,371 | €3,304 | +€27,675 | |
| Income taxes | 67/77 | €454 | - | -€454 | |
| Profit (loss) for the period | 9904 | -€24,826 | €3,304 | +€28,130 | |
| Profit (loss) for the period to be appropriated | 9905 | -€24,826 | €3,304 | +€28,130 |
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 25 October 2026 via checked.be.