MSE Solutions: 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 Solutions
Largest movements
- Stocks and contracts +€74,212
up €74,212 (+177.2%), from €41,888 to €116,100
- Receivables within one year +€28,178
up €28,178 (+112.9%), from €24,954 to €53,133
of which Trade receivables: +€27,677
- Cash -€13,755
down €13,755 (-97.9%), from €14,049 to €294
mainly Stocks and contracts (-€74,212) and Receivables within one year (-€28,178)
- Tangible fixed assets +€2,491
up €2,491 (+30.2%), from €8,260 to €10,751
of which Furniture and vehicles: +€3,066
- Current portion of long-term debt +€42,447
new in 2025: €42,447
- Trade debts +€21,104
up €21,104 (+143.4%), from €14,712 to €35,816
- Reserves +€15,000
up €15,000 (+62.8%), from €23,891 to €38,891
- Debts after one year -€13,588
down €13,588 (-85.1%), from €15,970 to €2,382
- Profit (loss) carried forward +€11,110
up €11,110 (+244.9%), from €4,536 to €15,646
- Turnover +€331,083
new in 2025: €331,083
- Purchases and services +€293,422
new in 2025: €293,422
- Gross operating margin +€11,267
up €11,267 (+32.6%), from €34,571 to €45,838
- Financial charges -€4,277
down €4,277 (-60.9%), from €7,019 to €2,743
- Taxes +€3,351
up €3,351 (+49.3%), from €6,802 to €10,154
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 | €89,151 | €180,278 | +€91,127 | +102.2% |
| Fixed assets | 21/28 | €8,260 | €10,751 | +€2,491 | +30.2% |
| Tangible fixed assets | 22/27 | €8,260 | €10,751 | +€2,491 | +30.2% |
| Plant, machinery and equipment | 23 | €2,060 | €1,485 | -€574 | -27.9% |
| Furniture and vehicles | 24 | €6,200 | €9,266 | +€3,066 | +49.4% |
| Current assets | 29/58 | €80,891 | €169,527 | +€88,635 | +109.6% |
| Stocks and contracts in progress | 3 | €41,888 | €116,100 | +€74,212 | +177.2% |
| Stocks | 30/36 | €41,888 | €116,100 | +€74,212 | +177.2% |
| Amounts receivable within one year | 40/41 | €24,954 | €53,133 | +€28,178 | +112.9% |
| Trade receivables | 40 | €24,954 | €52,631 | +€27,677 | +110.9% |
| Other amounts receivable | 41 | - | €501 | +€501 | |
| Cash at bank and in hand | 54/58 | €14,049 | €294 | -€13,755 | -97.9% |
| Total equity and liabilities | 10/49 | €89,151 | €180,278 | +€91,127 | +102.2% |
| Equity | 10/15 | €30,427 | €56,537 | +€26,110 | +85.8% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €23,891 | €38,891 | +€15,000 | +62.8% |
| Distributable reserves | 133 | €23,891 | €38,891 | +€15,000 | +62.8% |
| Profit (loss) carried forward | 14 | €4,536 | €15,646 | +€11,110 | +244.9% |
| Amounts payable | 17/49 | €58,725 | €123,742 | +€65,017 | +110.7% |
| Amounts payable after more than one year | 17 | €15,970 | €2,382 | -€13,588 | -85.1% |
| Financial debts | 170/4 | €15,970 | €2,382 | -€13,588 | -85.1% |
| Amounts payable within one year | 42/48 | €42,755 | €121,360 | +€78,605 | +183.9% |
| Current portion of amounts payable after more than one year | 42 | - | €42,447 | +€42,447 | |
| Financial debts | 43 | - | €5,842 | +€5,842 | |
| Credit institutions | 430/8 | - | €5,842 | +€5,842 | |
| Trade debts | 44 | €14,712 | €35,816 | +€21,104 | +143.4% |
| Suppliers | 440/4 | €14,712 | €35,816 | +€21,104 | +143.4% |
| Taxes, remuneration and social security | 45 | €27,474 | €37,254 | +€9,780 | +35.6% |
| Taxes | 450/3 | €27,474 | €37,254 | +€9,780 | +35.6% |
| Other amounts payable | 47/48 | €568 | - | -€568 | |
| Turnover | 70 | - | €331,083 | +€331,083 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €293,422 | +€293,422 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,341 | €4,055 | +€1,713 | +73.2% |
| Other operating charges | 640/8 | €3,944 | €3,448 | -€496 | -12.6% |
| Gross operating margin | 9900 | €34,571 | €45,838 | +€11,267 | +32.6% |
| Operating profit (loss) | 9901 | €28,286 | €38,336 | +€10,050 | +35.5% |
| Financial income | 75/76B | €72 | €671 | +€599 | +834.5% |
| Recurring financial income | 75 | €72 | €671 | +€599 | +834.5% |
| Financial charges | 65/66B | €7,019 | €2,743 | -€4,277 | -60.9% |
| Recurring financial charges | 65 | €7,019 | €2,743 | -€4,277 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €21,338 | €36,264 | +€14,926 | +69.9% |
| Income taxes | 67/77 | €6,802 | €10,154 | +€3,351 | +49.3% |
| Profit (loss) for the period | 9904 | €14,536 | €26,110 | +€11,574 | +79.6% |
| Profit (loss) for the period to be appropriated | 9905 | €14,536 | €26,110 | +€11,574 | +79.6% |
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 9 October 2026 via checked.be.