MSG Retail: 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 Retail
Largest movements
- Stocks and contracts -€163,533
down €163,533 (-61.3%), from €266,608 to €103,075
- Cash -€43,709
down €43,709 (-27.5%), from €158,695 to €114,987
mainly Net result for the year (-€156,321) and Trade debts (-€99,997)
- Tangible fixed assets -€36,573
down €36,573 (-12.8%), from €286,095 to €249,522
- Receivables within one year -€33,259
down €33,259 (-29.0%), from €114,633 to €81,374
of which Other amounts receivable: -€33,857
- Intangible fixed assets -€17,500
down €17,500 (-13.1%), from €134,007 to €116,507
- Profit (loss) carried forward -€156,321
down €156,321 (-36.8%), from -€425,350 to -€581,672
- Trade debts -€99,997
down €99,997 (-21.3%), from €469,852 to €369,855
- Debts after one year -€35,000
down €35,000 (-14.3%), from €245,000 to €210,000
- Tax, wage and social debts -€18,857
down €18,857 (-22.7%), from €82,924 to €64,067
of which Taxes: -€12,280
- Accrued charges and deferred income +€10,200
up €10,200 (+100.0%), from €10,200 to €20,400
- Staff costs -€153,899
down €153,899 (-26.7%), from €575,340 to €421,441
- Financial charges -€27,397
down €27,397 (-37.4%), from €73,199 to €45,802
- Other operating charges -€16,163
down €16,163 (-85.0%), from €19,014 to €2,851
- Gross operating margin -€11,910
down €11,910 (-3.2%), from €376,036 to €364,126
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 | €967,625 | €667,691 | -€299,935 | -31.0% |
| Fixed assets | 21/28 | €420,102 | €366,029 | -€54,073 | -12.9% |
| Intangible fixed assets | 21 | €134,007 | €116,507 | -€17,500 | -13.1% |
| Tangible fixed assets | 22/27 | €286,095 | €249,522 | -€36,573 | -12.8% |
| Plant, machinery and equipment | 23 | €286,095 | €249,522 | -€36,573 | -12.8% |
| Current assets | 29/58 | €547,524 | €301,662 | -€245,862 | -44.9% |
| Stocks and contracts in progress | 3 | €266,608 | €103,075 | -€163,533 | -61.3% |
| Stocks | 30/36 | €266,608 | €103,075 | -€163,533 | -61.3% |
| Amounts receivable within one year | 40/41 | €114,633 | €81,374 | -€33,259 | -29.0% |
| Trade receivables | 40 | €56,802 | €57,400 | +€598 | +1.1% |
| Other amounts receivable | 41 | €57,831 | €23,974 | -€33,857 | -58.5% |
| Cash at bank and in hand | 54/58 | €158,695 | €114,987 | -€43,709 | -27.5% |
| Deferred charges and accrued income | 490/1 | €7,588 | €2,226 | -€5,361 | -70.7% |
| Total equity and liabilities | 10/49 | €967,625 | €667,691 | -€299,935 | -31.0% |
| Equity | 10/15 | -€410,350 | -€566,672 | -€156,321 | -38.1% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€425,350 | -€581,672 | -€156,321 | -36.8% |
| Amounts payable | 17/49 | €1,377,976 | €1,234,362 | -€143,613 | -10.4% |
| Amounts payable after more than one year | 17 | €245,000 | €210,000 | -€35,000 | -14.3% |
| Financial debts | 170/4 | €245,000 | €210,000 | -€35,000 | -14.3% |
| Amounts payable within one year | 42/48 | €1,122,776 | €1,003,962 | -€118,813 | -10.6% |
| Current portion of amounts payable after more than one year | 42 | €35,000 | €35,000 | = | 0.0% |
| Trade debts | 44 | €469,852 | €369,855 | -€99,997 | -21.3% |
| Suppliers | 440/4 | €469,852 | €369,855 | -€99,997 | -21.3% |
| Taxes, remuneration and social security | 45 | €82,924 | €64,067 | -€18,857 | -22.7% |
| Taxes | 450/3 | €12,996 | €716 | -€12,280 | -94.5% |
| Remuneration and social security | 454/9 | €69,928 | €63,351 | -€6,577 | -9.4% |
| Other amounts payable | 47/48 | €535,000 | €535,040 | +€40 | 0.0% |
| Accrued charges and deferred income | 492/3 | €10,200 | €20,400 | +€10,200 | +100.0% |
| Remuneration, social security and pensions | 62 | €575,340 | €421,441 | -€153,899 | -26.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,837 | €54,073 | +€1,235 | +2.3% |
| Other operating charges | 640/8 | €19,014 | €2,851 | -€16,163 | -85.0% |
| Gross operating margin | 9900 | €376,036 | €364,126 | -€11,910 | -3.2% |
| Operating profit (loss) | 9901 | -€271,156 | -€114,239 | +€156,917 | +57.9% |
| Financial income | 75/76B | €5,951 | €3,720 | -€2,232 | -37.5% |
| Recurring financial income | 75 | €5,951 | €3,720 | -€2,232 | -37.5% |
| Financial charges | 65/66B | €73,199 | €45,802 | -€27,397 | -37.4% |
| Recurring financial charges | 65 | €73,199 | €45,802 | -€27,397 | -37.4% |
| Profit (loss) for the period before taxes | 9903 | -€338,404 | -€156,321 | +€182,082 | +53.8% |
| Profit (loss) for the period | 9904 | -€338,404 | -€156,321 | +€182,082 | +53.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€338,404 | -€156,321 | +€182,082 | +53.8% |
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 2 October 2026 via checked.be.