MSG OFFICE: 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 OFFICE
Largest movements
- Cash -€10,931
down €10,931 (-59.5%), from €18,361 to €7,430
mainly Debts after one year (-€53,368) and Investment in fixed assets (net) (-€31,916)
- Tangible fixed assets -€8,012
down €8,012 (-1.9%), from €417,786 to €409,775
of which Land and buildings: -€25,799
- Debts after one year -€53,368
down €53,368 (-39.7%), from €134,307 to €80,939
of which Financial debts: -€62,208
- Reserves +€27,035
up €27,035 (+36.2%), from €74,776 to €101,811
of which Distributable reserves: +€27,500
- Tax, wage and social debts -€11,842
down €11,842 (-48.3%), from €24,521 to €12,679
of which Taxes: -€12,826
- Current portion of long-term debt +€11,124
up €11,124 (+14.1%), from €78,760 to €89,884
- Advances received +€5,000
new in 2024: €5,000
- Gross operating margin -€9,136
down €9,136 (-5.6%), from €161,999 to €152,863
- Depreciation +€5,942
up €5,942 (+17.5%), from €33,986 to €39,928
- Taxes -€3,833
down €3,833 (-27.8%), from €13,809 to €9,975
- Staff costs +€2,896
up €2,896 (+5.2%), from €55,192 to €58,088
- Financial charges -€2,300
down €2,300 (-20.9%), from €11,004 to €8,703
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €442,570 | €422,450 | -€20,120 | -4.5% |
| Fixed assets | 21/28 | €417,786 | €409,775 | -€8,012 | -1.9% |
| Tangible fixed assets | 22/27 | €417,786 | €409,775 | -€8,012 | -1.9% |
| Land and buildings | 22 | €393,936 | €368,138 | -€25,799 | -6.5% |
| Furniture and vehicles | 24 | €23,850 | €41,637 | +€17,787 | +74.6% |
| Current assets | 29/58 | €24,784 | €12,676 | -€12,108 | -48.9% |
| Amounts receivable within one year | 40/41 | €4,554 | €3,103 | -€1,450 | -31.8% |
| Trade receivables | 40 | €3,573 | €1,079 | -€2,495 | -69.8% |
| Other amounts receivable | 41 | €980 | €2,025 | +€1,044 | +106.5% |
| Cash at bank and in hand | 54/58 | €18,361 | €7,430 | -€10,931 | -59.5% |
| Deferred charges and accrued income | 490/1 | €1,870 | €2,143 | +€273 | +14.6% |
| Total equity and liabilities | 10/49 | €442,570 | €422,450 | -€20,120 | -4.5% |
| Equity | 10/15 | €184,879 | €211,939 | +€27,060 | +14.6% |
| Contributions | 10/11 | €110,000 | €110,000 | = | 0.0% |
| Reserves | 13 | €74,776 | €101,811 | +€27,035 | +36.2% |
| Tax-exempt reserves | 132 | €3,776 | €3,311 | -€465 | -12.3% |
| Distributable reserves | 133 | €71,000 | €98,500 | +€27,500 | +38.7% |
| Profit (loss) carried forward | 14 | €103 | €128 | +€25 | +24.4% |
| Provisions and deferred taxes | 16 | €1,259 | €1,104 | -€155 | -12.3% |
| Deferred taxes | 168 | €1,259 | €1,104 | -€155 | -12.3% |
| Amounts payable | 17/49 | €256,433 | €209,407 | -€47,025 | -18.3% |
| Amounts payable after more than one year | 17 | €134,307 | €80,939 | -€53,368 | -39.7% |
| Financial debts | 170/4 | €134,307 | €72,099 | -€62,208 | -46.3% |
| Other amounts payable | 178/9 | - | €8,841 | +€8,841 | |
| Amounts payable within one year | 42/48 | €122,126 | €128,468 | +€6,342 | +5.2% |
| Current portion of amounts payable after more than one year | 42 | €78,760 | €89,884 | +€11,124 | +14.1% |
| Financial debts | 43 | €7,000 | €10,681 | +€3,681 | +52.6% |
| Other loans | 439 | €7,000 | €10,681 | +€3,681 | +52.6% |
| Trade debts | 44 | €11,845 | €8,175 | -€3,670 | -31.0% |
| Suppliers | 440/4 | €11,845 | €8,175 | -€3,670 | -31.0% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €24,521 | €12,679 | -€11,842 | -48.3% |
| Taxes | 450/3 | €16,398 | €3,572 | -€12,826 | -78.2% |
| Remuneration and social security | 454/9 | €8,123 | €9,106 | +€983 | +12.1% |
| Other amounts payable | 47/48 | - | €2,049 | +€2,049 | |
| Remuneration, social security and pensions | 62 | €55,192 | €58,088 | +€2,896 | +5.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,986 | €39,928 | +€5,942 | +17.5% |
| Other operating charges | 640/8 | €8,815 | €9,344 | +€528 | +6.0% |
| Gross operating margin | 9900 | €161,999 | €152,863 | -€9,136 | -5.6% |
| Operating profit (loss) | 9901 | €64,006 | €45,503 | -€18,503 | -28.9% |
| Financial income | 75/76B | €81 | €81 | -€0 | -0.4% |
| Recurring financial income | 75 | €81 | €81 | -€0 | -0.4% |
| Financial charges | 65/66B | €11,004 | €8,703 | -€2,300 | -20.9% |
| Recurring financial charges | 65 | €11,004 | €8,703 | -€2,300 | -20.9% |
| Profit (loss) for the period before taxes | 9903 | €53,083 | €36,880 | -€16,203 | -30.5% |
| Transfer from deferred taxes | 780 | €155 | €155 | = | 0.0% |
| Income taxes | 67/77 | €13,809 | €9,975 | -€3,833 | -27.8% |
| Profit (loss) for the period | 9904 | €39,430 | €27,060 | -€12,370 | -31.4% |
| Transfer from tax-exempt reserves | 789 | €465 | €465 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €39,895 | €27,525 | -€12,370 | -31.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.