MSG CONSTRUCT: 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.
MSG CONSTRUCT
Largest movements
- Tangible fixed assets +€8,382
up €8,382 (+21.1%), from €39,753 to €48,135
of which Furniture and vehicles: +€8,520
- Receivables within one year +€3,074
up €3,074 (+13.5%), from €22,687 to €25,761
of which Other amounts receivable: +€2,637
- Deferred charges and accrued income +€890
up €890 (+68.3%), from €1,304 to €2,194
- Profit (loss) carried forward -€51,436
down €51,436 (-43.0%), from -€119,610 to -€171,046
- Trade debts +€41,210
up €41,210 (+1078.7%), from €3,820 to €45,030
- Other debts +€22,521
up €22,521 (+14.1%), from €159,371 to €181,892
- Gross operating margin -€23,620
down €23,620 (-139.2%), from -€16,971 to -€40,591
- Depreciation +€2,058
up €2,058 (+26.6%), from €7,742 to €9,800
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €63,744 | €76,090 | +€12,346 | +19.4% |
| Fixed assets | 21/28 | €39,753 | €48,135 | +€8,382 | +21.1% |
| Tangible fixed assets | 22/27 | €39,753 | €48,135 | +€8,382 | +21.1% |
| Plant, machinery and equipment | 23 | €1,271 | €1,133 | -€138 | -10.8% |
| Furniture and vehicles | 24 | €38,482 | €47,002 | +€8,520 | +22.1% |
| Current assets | 29/58 | €23,991 | €27,955 | +€3,964 | +16.5% |
| Amounts receivable within one year | 40/41 | €22,687 | €25,761 | +€3,074 | +13.5% |
| Trade receivables | 40 | €21,500 | €21,937 | +€437 | +2.0% |
| Other amounts receivable | 41 | €1,187 | €3,824 | +€2,637 | +222.1% |
| Deferred charges and accrued income | 490/1 | €1,304 | €2,194 | +€890 | +68.3% |
| Total equity and liabilities | 10/49 | €63,744 | €76,090 | +€12,346 | +19.4% |
| Equity | 10/15 | -€99,610 | -€151,046 | -€51,436 | -51.6% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€119,610 | -€171,046 | -€51,436 | -43.0% |
| Amounts payable | 17/49 | €163,354 | €227,136 | +€63,782 | +39.0% |
| Amounts payable within one year | 42/48 | €163,354 | €227,082 | +€63,728 | +39.0% |
| Trade debts | 44 | €3,820 | €45,030 | +€41,210 | +1078.7% |
| Suppliers | 440/4 | €3,820 | €45,030 | +€41,210 | +1078.7% |
| Taxes, remuneration and social security | 45 | €162 | €159 | -€3 | -2.1% |
| Taxes | 450/3 | €162 | €159 | -€3 | -2.1% |
| Other amounts payable | 47/48 | €159,371 | €181,892 | +€22,521 | +14.1% |
| Accrued charges and deferred income | 492/3 | - | €54 | +€54 | |
| Remuneration, social security and pensions | 62 | €146 | - | -€146 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,742 | €9,800 | +€2,058 | +26.6% |
| Other operating charges | 640/8 | €576 | €878 | +€302 | +52.4% |
| Gross operating margin | 9900 | -€16,971 | -€40,591 | -€23,620 | -139.2% |
| Operating profit (loss) | 9901 | -€25,434 | -€51,268 | -€25,834 | -101.6% |
| Financial charges | 65/66B | - | €9 | +€9 | |
| Recurring financial charges | 65 | - | €9 | +€9 | |
| Profit (loss) for the period before taxes | 9903 | -€25,434 | -€51,277 | -€25,843 | -101.6% |
| Income taxes | 67/77 | €162 | €159 | -€3 | -2.1% |
| Profit (loss) for the period | 9904 | -€25,596 | -€51,436 | -€25,840 | -101.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€25,596 | -€51,436 | -€25,840 | -101.0% |
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 6 October 2026 via checked.be.