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
- Cash +€35,274
up €35,274 (+61.7%), from €57,202 to €92,477
mainly Net result for the year (+€22,689) and Tax, wage and social debts (+€13,252)
- Receivables within one year +€2,164
up €2,164 (+13.0%), from €16,604 to €18,768
of which Other amounts receivable: +€3,226
- Tangible fixed assets -€1,505
down €1,505 (-9.2%), from €16,402 to €14,897
of which Furniture and vehicles: -€2,199
- Tax, wage and social debts +€13,252
up €13,252 (+107%), from €12,394 to €25,645
of which Remuneration and social security: +€6,786
- Profit (loss) carried forward +€12,689
up €12,689 (+30.0%), from €42,292 to €54,981
- Reserves +€10,000
up €10,000 (+26.8%), from €37,311 to €47,311
of which Distributable reserves: +€10,000
- Gross operating margin +€11,434
up €11,434 (+12.9%), from €88,507 to €99,941
- Taxes +€10,618
new in 2025: €10,618
- Other operating charges -€5,276
down €5,276 (-85.3%), from €6,185 to €909
- Staff costs -€4,003
down €4,003 (-6.4%), from €62,899 to €58,895
- Financial charges -€2,469
down €2,469 (-84.3%), from €2,928 to €459
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 | €96,556 | €133,434 | +€36,878 | +38.2% |
| Fixed assets | 21/28 | €16,582 | €15,077 | -€1,505 | -9.1% |
| Tangible fixed assets | 22/27 | €16,402 | €14,897 | -€1,505 | -9.2% |
| Plant, machinery and equipment | 23 | €5,866 | €6,559 | +€693 | +11.8% |
| Furniture and vehicles | 24 | €10,537 | €8,338 | -€2,199 | -20.9% |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €79,974 | €118,358 | +€38,384 | +48.0% |
| Stocks and contracts in progress | 3 | €6,168 | €7,113 | +€945 | +15.3% |
| Stocks | 30/36 | €6,168 | €7,113 | +€945 | +15.3% |
| Amounts receivable within one year | 40/41 | €16,604 | €18,768 | +€2,164 | +13.0% |
| Trade receivables | 40 | €1,685 | €623 | -€1,062 | -63.0% |
| Other amounts receivable | 41 | €14,919 | €18,145 | +€3,226 | +21.6% |
| Cash at bank and in hand | 54/58 | €57,202 | €92,477 | +€35,274 | +61.7% |
| Total equity and liabilities | 10/49 | €96,556 | €133,434 | +€36,878 | +38.2% |
| Equity | 10/15 | €79,603 | €102,292 | +€22,689 | +28.5% |
| Reserves | 13 | €37,311 | €47,311 | +€10,000 | +26.8% |
| Non-distributable reserves | 130/1 | €1,890 | €1,890 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,890 | €1,890 | = | 0.0% |
| Distributable reserves | 133 | €35,421 | €45,421 | +€10,000 | +28.2% |
| Profit (loss) carried forward | 14 | €42,292 | €54,981 | +€12,689 | +30.0% |
| Amounts payable | 17/49 | €16,953 | €31,142 | +€14,189 | +83.7% |
| Amounts payable within one year | 42/48 | €16,953 | €31,142 | +€14,189 | +83.7% |
| Trade debts | 44 | €3,600 | €4,398 | +€798 | +22.2% |
| Suppliers | 440/4 | €3,600 | €4,398 | +€798 | +22.2% |
| Advances received on contracts in progress | 46 | €960 | €1,099 | +€139 | +14.5% |
| Taxes, remuneration and social security | 45 | €12,394 | €25,645 | +€13,252 | +107% |
| Taxes | 450/3 | €11,097 | €17,563 | +€6,466 | +58.3% |
| Remuneration and social security | 454/9 | €1,296 | €8,082 | +€6,786 | +524% |
| Remuneration, social security and pensions | 62 | €62,899 | €58,895 | -€4,003 | -6.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,874 | €6,370 | +€497 | +8.5% |
| Other operating charges | 640/8 | €6,185 | €909 | -€5,276 | -85.3% |
| Gross operating margin | 9900 | €88,507 | €99,941 | +€11,434 | +12.9% |
| Operating profit (loss) | 9901 | €13,550 | €33,766 | +€20,216 | +149% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €2,928 | €459 | -€2,469 | -84.3% |
| Recurring financial charges | 65 | €2,928 | €459 | -€2,469 | -84.3% |
| Profit (loss) for the period before taxes | 9903 | €10,622 | €33,308 | +€22,686 | +214% |
| Income taxes | 67/77 | - | €10,618 | +€10,618 | |
| Profit (loss) for the period | 9904 | €10,622 | €22,689 | +€12,068 | +114% |
| Profit (loss) for the period to be appropriated | 9905 | €10,622 | €22,689 | +€12,068 | +114% |
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 15 October 2026 via checked.be.