MSG TRADING: 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 TRADING
Largest movements
- Cash -€27,168
down €27,168 (-60.5%), from €44,928 to €17,760
mainly Net result for the year (-€51,905) and Tax, wage and social debts (-€49,299)
- Receivables within one year -€19,539
down €19,539 (-67.6%), from €28,888 to €9,349
of which Other amounts receivable: -€19,960
- Tangible fixed assets -€19,368
down €19,368 (-18.5%), from €104,523 to €85,155
of which Land and buildings: -€16,592
- Stocks and contracts -€19,131
down €19,131 (-5.7%), from €336,230 to €317,099
- Profit (loss) carried forward -€51,905
down €51,905, from €176 to -€51,730
- Tax, wage and social debts -€49,299
down €49,299 (-58.4%), from €84,372 to €35,073
of which Taxes: -€29,352
- Short-term financial debts +€35,000
up €35,000 (+43.4%), from €80,705 to €115,705
- Debts after one year -€9,901
no longer reported in 2025 (was €9,901)
- Current portion of long-term debt -€9,418
down €9,418 (-47.1%), from €20,012 to €10,594
- Gross operating margin -€140,230
down €140,230, from €136,172 to -€4,058
- Staff costs -€90,478
down €90,478 (-85.7%), from €105,541 to €15,063
- Financial charges -€4,565
down €4,565 (-29.6%), from €15,418 to €10,853
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 | €519,161 | €432,237 | -€86,923 | -16.7% |
| Fixed assets | 21/28 | €104,523 | €85,155 | -€19,368 | -18.5% |
| Tangible fixed assets | 22/27 | €104,523 | €85,155 | -€19,368 | -18.5% |
| Land and buildings | 22 | €95,807 | €79,215 | -€16,592 | -17.3% |
| Plant, machinery and equipment | 23 | €8,715 | €5,940 | -€2,776 | -31.8% |
| Current assets | 29/58 | €414,638 | €347,082 | -€67,556 | -16.3% |
| Stocks and contracts in progress | 3 | €336,230 | €317,099 | -€19,131 | -5.7% |
| Stocks | 30/36 | €336,230 | €317,099 | -€19,131 | -5.7% |
| Amounts receivable within one year | 40/41 | €28,888 | €9,349 | -€19,539 | -67.6% |
| Trade receivables | 40 | €690 | €1,112 | +€421 | +61.1% |
| Other amounts receivable | 41 | €28,198 | €8,237 | -€19,960 | -70.8% |
| Cash at bank and in hand | 54/58 | €44,928 | €17,760 | -€27,168 | -60.5% |
| Deferred charges and accrued income | 490/1 | €4,592 | €2,875 | -€1,718 | -37.4% |
| Total equity and liabilities | 10/49 | €519,161 | €432,237 | -€86,923 | -16.7% |
| Equity | 10/15 | €310,638 | €258,733 | -€51,905 | -16.7% |
| Contributions | 10/11 | €253,600 | €253,600 | = | 0.0% |
| Capital | 10 | €253,600 | €253,600 | = | 0.0% |
| Issued capital | 100 | €253,600 | €253,600 | = | 0.0% |
| Reserves | 13 | €56,862 | €56,862 | -€0 | 0.0% |
| Non-distributable reserves | 130/1 | €2,702 | €2,702 | = | 0.0% |
| Legal reserve | 130 | €2,702 | €2,702 | = | 0.0% |
| Tax-exempt reserves | 132 | €29 | €29 | = | 0.0% |
| Distributable reserves | 133 | €54,131 | €54,131 | -€0 | 0.0% |
| Profit (loss) carried forward | 14 | €176 | -€51,730 | -€51,905 | |
| Amounts payable | 17/49 | €208,522 | €173,504 | -€35,018 | -16.8% |
| Amounts payable after more than one year | 17 | €9,901 | - | -€9,901 | |
| Financial debts | 170/4 | €9,901 | - | -€9,901 | |
| Amounts payable within one year | 42/48 | €195,821 | €173,504 | -€22,316 | -11.4% |
| Current portion of amounts payable after more than one year | 42 | €20,012 | €10,594 | -€9,418 | -47.1% |
| Financial debts | 43 | €80,705 | €115,705 | +€35,000 | +43.4% |
| Credit institutions | 430/8 | €80,705 | €115,705 | +€35,000 | +43.4% |
| Trade debts | 44 | €10,541 | €3,006 | -€7,536 | -71.5% |
| Suppliers | 440/4 | €10,541 | €3,006 | -€7,536 | -71.5% |
| Taxes, remuneration and social security | 45 | €84,372 | €35,073 | -€49,299 | -58.4% |
| Taxes | 450/3 | €64,424 | €35,073 | -€29,352 | -45.6% |
| Remuneration and social security | 454/9 | €19,947 | - | -€19,947 | |
| Other amounts payable | 47/48 | €190 | €9,126 | +€8,936 | +4699.6% |
| Accrued charges and deferred income | 492/3 | €2,801 | - | -€2,801 | |
| Non-recurring operating income | 76A | - | €23,645 | +€23,645 | |
| Remuneration, social security and pensions | 62 | €105,541 | €15,063 | -€90,478 | -85.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,941 | €20,441 | -€500 | -2.4% |
| Other operating charges | 640/8 | €1,304 | €1,516 | +€212 | +16.3% |
| Gross operating margin | 9900 | €136,172 | -€4,058 | -€140,230 | |
| Operating profit (loss) | 9901 | €8,387 | -€41,079 | -€49,466 | |
| Financial income | 75/76B | €1,323 | €26 | -€1,297 | -98.0% |
| Recurring financial income | 75 | €1,323 | €26 | -€1,297 | -98.0% |
| Financial charges | 65/66B | €15,418 | €10,853 | -€4,565 | -29.6% |
| Recurring financial charges | 65 | €15,418 | €10,853 | -€4,565 | -29.6% |
| Profit (loss) for the period before taxes | 9903 | -€5,708 | -€51,905 | -€46,197 | -809.3% |
| Income taxes | 67/77 | €1,333 | - | -€1,333 | |
| Profit (loss) for the period | 9904 | -€7,041 | -€51,905 | -€44,865 | -637.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€7,041 | -€51,905 | -€44,865 | -637.2% |
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.