MSG Ecom: 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 Ecom
Largest movements
- Receivables within one year +€3,233
up €3,233 (+231.4%), from €1,397 to €4,630
of which Trade receivables: +€2,960
- Tangible fixed assets -€1,541
down €1,541 (-64.9%), from €2,372 to €832
- Cash +€536
up €536 (+19.1%), from €2,807 to €3,344
mainly Other debts (+€8,917) and Accrued charges and deferred income (+€7,111)
- Profit (loss) carried forward -€14,186
down €14,186 (-62.3%), from -€22,765 to -€36,951
- Other debts +€8,917
up €8,917 (+34.0%), from €26,253 to €35,169
- Accrued charges and deferred income +€7,111
up €7,111 (+653.0%), from €1,089 to €8,200
- Trade debts +€387
new in 2025: €387
- Gross operating margin +€7,025
up €7,025 (+36.1%), from -€19,459 to -€12,434
- Financial charges -€904
down €904 (-85.7%), from €1,054 to €150
- Depreciation -€668
down €668 (-30.2%), from €2,208 to €1,541
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 | €6,577 | €8,806 | +€2,229 | +33.9% |
| Fixed assets | 21/28 | €2,372 | €832 | -€1,541 | -64.9% |
| Tangible fixed assets | 22/27 | €2,372 | €832 | -€1,541 | -64.9% |
| Plant, machinery and equipment | 23 | €2,372 | €832 | -€1,541 | -64.9% |
| Current assets | 29/58 | €4,205 | €7,974 | +€3,769 | +89.6% |
| Amounts receivable within one year | 40/41 | €1,397 | €4,630 | +€3,233 | +231.4% |
| Trade receivables | 40 | €1,114 | €4,074 | +€2,960 | +265.7% |
| Other amounts receivable | 41 | €283 | €556 | +€273 | +96.5% |
| Cash at bank and in hand | 54/58 | €2,807 | €3,344 | +€536 | +19.1% |
| Total equity and liabilities | 10/49 | €6,577 | €8,806 | +€2,229 | +33.9% |
| Equity | 10/15 | -€20,765 | -€34,951 | -€14,186 | -68.3% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€22,765 | -€36,951 | -€14,186 | -62.3% |
| Amounts payable | 17/49 | €27,342 | €43,756 | +€16,415 | +60.0% |
| Amounts payable within one year | 42/48 | €26,253 | €35,556 | +€9,303 | +35.4% |
| Trade debts | 44 | - | €387 | +€387 | |
| Suppliers | 440/4 | - | €387 | +€387 | |
| Other amounts payable | 47/48 | €26,253 | €35,169 | +€8,917 | +34.0% |
| Accrued charges and deferred income | 492/3 | €1,089 | €8,200 | +€7,111 | +653.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,208 | €1,541 | -€668 | -30.2% |
| Other operating charges | 640/8 | €163 | €62 | -€101 | -62.0% |
| Gross operating margin | 9900 | -€19,459 | -€12,434 | +€7,025 | +36.1% |
| Operating profit (loss) | 9901 | -€21,830 | -€14,036 | +€7,793 | +35.7% |
| Financial income | 75/76B | €119 | €1 | -€118 | -99.3% |
| Recurring financial income | 75 | €119 | €1 | -€118 | -99.3% |
| Financial charges | 65/66B | €1,054 | €150 | -€904 | -85.7% |
| Recurring financial charges | 65 | €1,054 | €150 | -€904 | -85.7% |
| Profit (loss) for the period before taxes | 9903 | -€22,765 | -€14,186 | +€8,579 | +37.7% |
| Profit (loss) for the period | 9904 | -€22,765 | -€14,186 | +€8,579 | +37.7% |
| Profit (loss) for the period to be appropriated | 9905 | -€22,765 | -€14,186 | +€8,579 | +37.7% |
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 28 September 2026 via checked.be.