MSG Management: 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 Management
Largest movements
- Receivables within one year -€57,756
down €57,756 (-73.0%), from €79,084 to €21,328
of which Other amounts receivable: -€37,704
- Current investments +€24,000
up €24,000 (+133.3%), from €18,000 to €42,000
- Deferred charges and accrued income -€3,330
down €3,330 (-22.3%), from €14,938 to €11,608
- Tangible fixed assets -€2,867
down €2,867 (-19.5%), from €14,664 to €11,798
of which Other tangible fixed assets: -€1,613
- Tax, wage and social debts -€18,242
down €18,242 (-69.3%), from €26,335 to €8,093
- Profit (loss) carried forward -€16,539
down €16,539 (-10.5%), from €157,051 to €140,511
- Debts after one year -€15,234
down €15,234 (-26.1%), from €58,479 to €43,245
- Other debts +€10,580
new in 2025: €10,580
- Trade debts -€3,477
down €3,477 (-61.1%), from €5,695 to €2,218
- Gross operating margin +€5,761
up €5,761 (+4.9%), from €117,120 to €122,881
- Financial income -€1,408
down €1,408 (-98.4%), from €1,431 to €23
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 | €265,285 | €223,710 | -€41,575 | -15.7% |
| Fixed assets | 21/28 | €119,066 | €116,199 | -€2,867 | -2.4% |
| Tangible fixed assets | 22/27 | €14,664 | €11,798 | -€2,867 | -19.5% |
| Plant, machinery and equipment | 23 | €3,839 | €2,585 | -€1,254 | -32.7% |
| Other tangible fixed assets | 26 | €10,825 | €9,212 | -€1,613 | -14.9% |
| Financial fixed assets | 28 | €104,402 | €104,402 | = | 0.0% |
| Current assets | 29/58 | €146,218 | €107,511 | -€38,708 | -26.5% |
| Amounts receivable within one year | 40/41 | €79,084 | €21,328 | -€57,756 | -73.0% |
| Trade receivables | 40 | €41,380 | €21,328 | -€20,052 | -48.5% |
| Other amounts receivable | 41 | €37,704 | €0 | -€37,704 | -100.0% |
| Current investments | 50/53 | €18,000 | €42,000 | +€24,000 | +133.3% |
| Cash at bank and in hand | 54/58 | €34,197 | €32,575 | -€1,621 | -4.7% |
| Deferred charges and accrued income | 490/1 | €14,938 | €11,608 | -€3,330 | -22.3% |
| Total equity and liabilities | 10/49 | €265,285 | €223,710 | -€41,575 | -15.7% |
| Equity | 10/15 | €160,051 | €143,511 | -€16,539 | -10.3% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €157,051 | €140,511 | -€16,539 | -10.5% |
| Amounts payable | 17/49 | €105,234 | €80,199 | -€25,035 | -23.8% |
| Amounts payable after more than one year | 17 | €58,479 | €43,245 | -€15,234 | -26.1% |
| Financial debts | 170/4 | €58,479 | €43,245 | -€15,234 | -26.1% |
| Amounts payable within one year | 42/48 | €46,755 | €36,125 | -€10,630 | -22.7% |
| Current portion of amounts payable after more than one year | 42 | €14,725 | €15,234 | +€509 | +3.5% |
| Trade debts | 44 | €5,695 | €2,218 | -€3,477 | -61.1% |
| Suppliers | 440/4 | €5,695 | €2,218 | -€3,477 | -61.1% |
| Taxes, remuneration and social security | 45 | €26,335 | €8,093 | -€18,242 | -69.3% |
| Taxes | 450/3 | €26,335 | €8,093 | -€18,242 | -69.3% |
| Other amounts payable | 47/48 | - | €10,580 | +€10,580 | |
| Accrued charges and deferred income | 492/3 | €0 | €829 | +€829 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,175 | €3,191 | +€16 | +0.5% |
| Other operating charges | 640/8 | €992 | €1,071 | +€79 | +7.9% |
| Non-recurring operating charges | 66A | - | €1,512 | +€1,512 | |
| Gross operating margin | 9900 | €117,120 | €122,881 | +€5,761 | +4.9% |
| Operating profit (loss) | 9901 | €112,953 | €117,106 | +€4,153 | +3.7% |
| Financial income | 75/76B | €1,431 | €23 | -€1,408 | -98.4% |
| Recurring financial income | 75 | €1,431 | €23 | -€1,408 | -98.4% |
| Financial charges | 65/66B | €9,728 | €10,091 | +€363 | +3.7% |
| Recurring financial charges | 65 | €9,728 | €10,091 | +€363 | +3.7% |
| Profit (loss) for the period before taxes | 9903 | €104,656 | €107,038 | +€2,382 | +2.3% |
| Income taxes | 67/77 | €27,471 | €28,577 | +€1,106 | +4.0% |
| Profit (loss) for the period | 9904 | €77,185 | €78,461 | +€1,276 | +1.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,185 | €78,461 | +€1,276 | +1.7% |
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 11 October 2026 via checked.be.