MSG: 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.
MSG
Largest movements
- Financial fixed assets +€118,700
up €118,700 (+708%), from €16,775 to €135,475
- Receivables within one year -€43,323
down €43,323 (-30.3%), from €142,845 to €99,522
of which Other amounts receivable: -€30,480
- Debts after one year +€73,427
up €73,427 (+731%), from €10,041 to €83,468
- Reserves -€27,857
down €27,857 (-49.1%), from €56,744 to €28,888
- Current portion of long-term debt +€18,961
up €18,961 (+312%), from €6,076 to €25,038
- Short-term financial debts +€8,763
up €8,763 (+95.6%), from €9,167 to €17,929
- Tax, wage and social debts +€7,569
up €7,569 (+52.7%), from €14,352 to €21,921
- Depreciation +€6,955
up €6,955 (+514%), from €1,354 to €8,310
- Gross operating margin -€5,126
down €5,126 (-7.8%), from €65,520 to €60,394
- Financial charges -€1,345
down €1,345 (-13.7%), from €9,824 to €8,479
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 | €179,068 | €256,595 | +€77,527 | +43.3% |
| Fixed assets | 21/28 | €20,602 | €138,137 | +€117,535 | +571% |
| Tangible fixed assets | 22/27 | €3,827 | €2,662 | -€1,165 | -30.4% |
| Plant, machinery and equipment | 23 | €1,508 | €1,370 | -€138 | -9.1% |
| Furniture and vehicles | 24 | €2,319 | €1,292 | -€1,027 | -44.3% |
| Financial fixed assets | 28 | €16,775 | €135,475 | +€118,700 | +708% |
| Current assets | 29/58 | €158,467 | €118,458 | -€40,009 | -25.2% |
| Amounts receivable within one year | 40/41 | €142,845 | €99,522 | -€43,323 | -30.3% |
| Trade receivables | 40 | €59,571 | €46,729 | -€12,842 | -21.6% |
| Other amounts receivable | 41 | €83,273 | €52,793 | -€30,480 | -36.6% |
| Cash at bank and in hand | 54/58 | €15,622 | €17,913 | +€2,291 | +14.7% |
| Deferred charges and accrued income | 490/1 | - | €1,022 | +€1,022 | |
| Total equity and liabilities | 10/49 | €179,068 | €256,595 | +€77,527 | +43.3% |
| Equity | 10/15 | €76,744 | €48,888 | -€27,857 | -36.3% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €56,744 | €28,888 | -€27,857 | -49.1% |
| Distributable reserves | 133 | €56,744 | €28,888 | -€27,857 | -49.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €102,324 | €207,708 | +€105,383 | +103% |
| Amounts payable after more than one year | 17 | €10,041 | €83,468 | +€73,427 | +731% |
| Financial debts | 170/4 | €10,041 | €83,468 | +€73,427 | +731% |
| Amounts payable within one year | 42/48 | €92,283 | €124,240 | +€31,957 | +34.6% |
| Current portion of amounts payable after more than one year | 42 | €6,076 | €25,038 | +€18,961 | +312% |
| Financial debts | 43 | €9,167 | €17,929 | +€8,763 | +95.6% |
| Credit institutions | 430/8 | €9,167 | €17,929 | +€8,763 | +95.6% |
| Trade debts | 44 | €8,818 | €7,807 | -€1,011 | -11.5% |
| Suppliers | 440/4 | €8,818 | €7,807 | -€1,011 | -11.5% |
| Taxes, remuneration and social security | 45 | €14,352 | €21,921 | +€7,569 | +52.7% |
| Taxes | 450/3 | €14,352 | €21,921 | +€7,569 | +52.7% |
| Other amounts payable | 47/48 | €53,871 | €51,545 | -€2,326 | -4.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,354 | €8,310 | +€6,955 | +514% |
| Other operating charges | 640/8 | €494 | €551 | +€57 | +11.5% |
| Gross operating margin | 9900 | €65,520 | €60,394 | -€5,126 | -7.8% |
| Operating profit (loss) | 9901 | €63,671 | €51,533 | -€12,138 | -19.1% |
| Financial income | 75/76B | €419 | €1 | -€418 | -99.9% |
| Recurring financial income | 75 | €419 | €1 | -€418 | -99.9% |
| Financial charges | 65/66B | €9,824 | €8,479 | -€1,345 | -13.7% |
| Recurring financial charges | 65 | €9,824 | €8,479 | -€1,345 | -13.7% |
| Profit (loss) for the period before taxes | 9903 | €54,266 | €43,055 | -€11,212 | -20.7% |
| Income taxes | 67/77 | €16,216 | €15,912 | -€304 | -1.9% |
| Profit (loss) for the period | 9904 | €38,050 | €27,143 | -€10,907 | -28.7% |
| Profit (loss) for the period to be appropriated | 9905 | €38,050 | €27,143 | -€10,907 | -28.7% |
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 18 October 2026 via checked.be.