MSG CONCEPT: 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 CONCEPT
Largest movements
- Tangible fixed assets +€9,320
up €9,320 (+1,958%), from €476 to €9,796
- Deferred charges and accrued income +€3,810
up €3,810 (+201%), from €1,896 to €5,706
- Intangible fixed assets -€2,492
down €2,492 (-26.2%), from €9,504 to €7,012
- Receivables within one year +€2,361
new in 2025: €2,361
- Cash +€1,286
up €1,286 (+6.9%), from €18,521 to €19,807
mainly Net result for the year (+€14,105) and Tax, wage and social debts (+€5,587)
- Profit (loss) carried forward +€14,105
up €14,105 (+399%), from €3,539 to €17,644
- Tax, wage and social debts +€5,587
up €5,587 (+614%), from €910 to €6,497
of which Taxes: +€5,587
- Investment grants -€4,107
down €4,107 (-50.0%), from €8,215 to €4,108
- Other debts -€2,772
down €2,772 (-21.4%), from €12,934 to €10,162
- Trade debts +€1,972
up €1,972 (+68.0%), from €2,901 to €4,873
- Taxes +€5,775
up €5,775 (+3,438%), from €168 to €5,943
- Financial income +€4,107
up €4,107 (+410,700%), from €1 to €4,108
- Gross operating margin +€3,845
up €3,845 (+22.8%), from €16,854 to €20,699
- Depreciation -€644
down €644 (-17.0%), from €3,782 to €3,138
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 | €35,289 | €50,074 | +€14,785 | +41.9% |
| Fixed assets | 21/28 | €13,860 | €20,688 | +€6,828 | +49.3% |
| Intangible fixed assets | 21 | €9,504 | €7,012 | -€2,492 | -26.2% |
| Tangible fixed assets | 22/27 | €476 | €9,796 | +€9,320 | +1,958% |
| Furniture and vehicles | 24 | €476 | €9,796 | +€9,320 | +1,958% |
| Financial fixed assets | 28 | €3,880 | €3,880 | = | 0.0% |
| Current assets | 29/58 | €21,429 | €29,386 | +€7,957 | +37.1% |
| Amounts receivable within one year | 40/41 | - | €2,361 | +€2,361 | |
| Trade receivables | 40 | - | €2,361 | +€2,361 | |
| Current investments | 50/53 | €1,012 | €1,512 | +€500 | +49.4% |
| Cash at bank and in hand | 54/58 | €18,521 | €19,807 | +€1,286 | +6.9% |
| Deferred charges and accrued income | 490/1 | €1,896 | €5,706 | +€3,810 | +201% |
| Total equity and liabilities | 10/49 | €35,289 | €50,074 | +€14,785 | +41.9% |
| Equity | 10/15 | €18,544 | €28,542 | +€9,998 | +53.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €590 | €590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €590 | €590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €590 | €590 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,539 | €17,644 | +€14,105 | +399% |
| Investment grants | 15 | €8,215 | €4,108 | -€4,107 | -50.0% |
| Amounts payable | 17/49 | €16,745 | €21,532 | +€4,787 | +28.6% |
| Amounts payable within one year | 42/48 | €16,745 | €21,532 | +€4,787 | +28.6% |
| Trade debts | 44 | €2,901 | €4,873 | +€1,972 | +68.0% |
| Suppliers | 440/4 | €2,901 | €4,873 | +€1,972 | +68.0% |
| Taxes, remuneration and social security | 45 | €910 | €6,497 | +€5,587 | +614% |
| Taxes | 450/3 | €610 | €6,197 | +€5,587 | +916% |
| Remuneration and social security | 454/9 | €300 | €300 | = | 0.0% |
| Other amounts payable | 47/48 | €12,934 | €10,162 | -€2,772 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,782 | €3,138 | -€644 | -17.0% |
| Other operating charges | 640/8 | €1,556 | €1,378 | -€178 | -11.4% |
| Gross operating margin | 9900 | €16,854 | €20,699 | +€3,845 | +22.8% |
| Operating profit (loss) | 9901 | €11,516 | €16,183 | +€4,667 | +40.5% |
| Financial income | 75/76B | €1 | €4,108 | +€4,107 | +410,700% |
| Recurring financial income | 75 | €1 | €4,108 | +€4,107 | +410,700% |
| Financial charges | 65/66B | €305 | €243 | -€62 | -20.3% |
| Recurring financial charges | 65 | €305 | €243 | -€62 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €11,212 | €20,048 | +€8,836 | +78.8% |
| Income taxes | 67/77 | €168 | €5,943 | +€5,775 | +3,438% |
| Profit (loss) for the period | 9904 | €11,044 | €14,105 | +€3,061 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,044 | €14,105 | +€3,061 | +27.7% |
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 17 October 2026 via checked.be.