MSea: 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.
MSea
Largest movements
- Cash +€299,646
up €299,646 (+881.6%), from €33,988 to €333,634
mainly Net result for the year (+€316,277) and Investment in fixed assets (net) (+€105,823)
- Financial fixed assets -€124,891
down €124,891 (-18.6%), from €670,280 to €545,389
- Receivables within one year +€104,501
up €104,501 (+530.4%), from €19,701 to €124,202
of which Other amounts receivable: +€122,651
- Tangible fixed assets +€14,586
up €14,586 (+340.8%), from €4,280 to €18,866
of which Furniture and vehicles: +€13,204
- Profit (loss) carried forward +€316,277
up €316,277, from €0 to €316,277
- Other debts +€70,000
new in 2025: €70,000
- Reserves -€58,824
down €58,824 (-45.4%), from €129,428 to €70,604
- Debts after one year -€30,821
down €30,821 (-5.6%), from €555,076 to €524,256
- Financial income +€298,069
up €298,069 (+3167.4%), from €9,410 to €307,480
- Financial charges +€4,870
up €4,870 (+438.3%), from €1,111 to €5,981
- Taxes -€4,299
down €4,299 (-47.4%), from €9,069 to €4,770
- Depreciation +€1,453
up €1,453 (+48.0%), from €3,029 to €4,482
- Gross operating margin -€981
down €981 (-3.8%), from €25,990 to €25,009
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 | €731,347 | €1,025,535 | +€294,188 | +40.2% |
| Fixed assets | 21/28 | €674,560 | €564,255 | -€110,305 | -16.4% |
| Tangible fixed assets | 22/27 | €4,280 | €18,866 | +€14,586 | +340.8% |
| Plant, machinery and equipment | 23 | €2,313 | €954 | -€1,359 | -58.7% |
| Furniture and vehicles | 24 | €1,967 | €15,171 | +€13,204 | +671.4% |
| Other tangible fixed assets | 26 | - | €2,741 | +€2,741 | |
| Financial fixed assets | 28 | €670,280 | €545,389 | -€124,891 | -18.6% |
| Current assets | 29/58 | €56,787 | €461,281 | +€404,493 | +712.3% |
| Amounts receivable within one year | 40/41 | €19,701 | €124,202 | +€104,501 | +530.4% |
| Trade receivables | 40 | €18,150 | €0 | -€18,150 | -100.0% |
| Other amounts receivable | 41 | €1,551 | €124,202 | +€122,651 | +7907.4% |
| Cash at bank and in hand | 54/58 | €33,988 | €333,634 | +€299,646 | +881.6% |
| Deferred charges and accrued income | 490/1 | €3,098 | €3,445 | +€347 | +11.2% |
| Total equity and liabilities | 10/49 | €731,347 | €1,025,535 | +€294,188 | +40.2% |
| Equity | 10/15 | €134,428 | €391,881 | +€257,453 | +191.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €129,428 | €70,604 | -€58,824 | -45.4% |
| Distributable reserves | 133 | €129,428 | €70,604 | -€58,824 | -45.4% |
| Profit (loss) carried forward | 14 | €0 | €316,277 | +€316,277 | |
| Amounts payable | 17/49 | €596,919 | €633,654 | +€36,735 | +6.2% |
| Amounts payable after more than one year | 17 | €555,076 | €524,256 | -€30,821 | -5.6% |
| Financial debts | 170/4 | €555,076 | €524,256 | -€30,821 | -5.6% |
| Amounts payable within one year | 42/48 | €41,842 | €109,398 | +€67,556 | +161.5% |
| Current portion of amounts payable after more than one year | 42 | €29,724 | €30,821 | +€1,097 | +3.7% |
| Financial debts | 43 | - | €477 | +€477 | |
| Credit institutions | 430/8 | - | €477 | +€477 | |
| Trade debts | 44 | €2,050 | €510 | -€1,540 | -75.1% |
| Suppliers | 440/4 | €2,050 | €510 | -€1,540 | -75.1% |
| Taxes, remuneration and social security | 45 | €10,069 | €7,592 | -€2,477 | -24.6% |
| Taxes | 450/3 | €10,069 | €7,592 | -€2,477 | -24.6% |
| Other amounts payable | 47/48 | - | €70,000 | +€70,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,029 | €4,482 | +€1,453 | +48.0% |
| Other operating charges | 640/8 | €931 | €979 | +€48 | +5.1% |
| Gross operating margin | 9900 | €25,990 | €25,009 | -€981 | -3.8% |
| Operating profit (loss) | 9901 | €22,030 | €19,548 | -€2,482 | -11.3% |
| Financial income | 75/76B | €9,410 | €307,480 | +€298,069 | +3167.4% |
| Recurring financial income | 75 | €9,410 | €307,480 | +€298,069 | +3167.4% |
| Financial charges | 65/66B | €1,111 | €5,981 | +€4,870 | +438.3% |
| Recurring financial charges | 65 | €1,111 | €5,981 | +€4,870 | +438.3% |
| Profit (loss) for the period before taxes | 9903 | €30,329 | €321,047 | +€290,718 | +958.5% |
| Income taxes | 67/77 | €9,069 | €4,770 | -€4,299 | -47.4% |
| Profit (loss) for the period | 9904 | €21,260 | €316,277 | +€295,017 | +1387.7% |
| Profit (loss) for the period to be appropriated | 9905 | €21,260 | €316,277 | +€295,017 | +1387.7% |
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 8 October 2026 via checked.be.