MSGA: 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.
MSGA
Largest movements
- Tangible fixed assets +€866,114
up €866,114 (+832%), from €104,080 to €970,194
of which Land and buildings: +€901,627
- Cash -€51,447
down €51,447 (-88.4%), from €58,219 to €6,773
mainly Investment in fixed assets (net) (-€908,828) and Tax, wage and social debts (-€13,940)
- Debts after one year +€755,269
new in 2025: €755,269
- Current portion of long-term debt +€41,350
new in 2025: €41,350
- Trade debts +€20,573
up €20,573 (+77.3%), from €26,620 to €47,193
- Tax, wage and social debts -€13,940
down €13,940 (-62.5%), from €22,317 to €8,377
of which Taxes: -€11,784
- Gross operating margin -€27,909
down €27,909 (-17.5%), from €159,681 to €131,771
- Depreciation +€7,386
up €7,386 (+20.9%), from €35,328 to €42,714
- Taxes -€5,528
down €5,528 (-72.1%), from €7,663 to €2,135
- Staff costs -€5,005
down €5,005 (-6.3%), from €79,578 to €74,573
- Financial charges +€4,140
up €4,140 (+10,434%), from €40 to €4,180
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.
Derived cash bridge
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 | €297,076 | €1,115,591 | +€818,515 | +276% |
| Fixed assets | 21/28 | €104,080 | €970,194 | +€866,114 | +832% |
| Tangible fixed assets | 22/27 | €104,080 | €970,194 | +€866,114 | +832% |
| Land and buildings | 22 | - | €901,627 | +€901,627 | |
| Plant, machinery and equipment | 23 | €48,702 | €25,288 | -€23,414 | -48.1% |
| Furniture and vehicles | 24 | €55,378 | €43,278 | -€12,099 | -21.8% |
| Current assets | 29/58 | €192,996 | €145,398 | -€47,598 | -24.7% |
| Stocks and contracts in progress | 3 | €17,283 | €23,087 | +€5,804 | +33.6% |
| Stocks | 30/36 | €17,283 | €23,087 | +€5,804 | +33.6% |
| Amounts receivable within one year | 40/41 | €114,083 | €111,775 | -€2,308 | -2.0% |
| Trade receivables | 40 | €112,542 | €91,938 | -€20,603 | -18.3% |
| Other amounts receivable | 41 | €1,541 | €19,837 | +€18,296 | +1,187% |
| Cash at bank and in hand | 54/58 | €58,219 | €6,773 | -€51,447 | -88.4% |
| Deferred charges and accrued income | 490/1 | €3,410 | €3,762 | +€352 | +10.3% |
| Total equity and liabilities | 10/49 | €297,076 | €1,115,591 | +€818,515 | +276% |
| Equity | 10/15 | €87,813 | €96,280 | +€8,467 | +9.6% |
| Contributions | 10/11 | €10,000 | €10,000 | = | 0.0% |
| Reserves | 13 | €77,000 | €86,000 | +€9,000 | +11.7% |
| Distributable reserves | 133 | €77,000 | €86,000 | +€9,000 | +11.7% |
| Profit (loss) carried forward | 14 | €813 | €280 | -€533 | -65.6% |
| Amounts payable | 17/49 | €209,263 | €1,019,311 | +€810,049 | +387% |
| Amounts payable after more than one year | 17 | - | €755,269 | +€755,269 | |
| Financial debts | 170/4 | - | €755,269 | +€755,269 | |
| Amounts payable within one year | 42/48 | €209,263 | €262,842 | +€53,580 | +25.6% |
| Current portion of amounts payable after more than one year | 42 | - | €41,350 | +€41,350 | |
| Trade debts | 44 | €26,620 | €47,193 | +€20,573 | +77.3% |
| Suppliers | 440/4 | €26,620 | €47,193 | +€20,573 | +77.3% |
| Taxes, remuneration and social security | 45 | €22,317 | €8,377 | -€13,940 | -62.5% |
| Taxes | 450/3 | €18,183 | €6,399 | -€11,784 | -64.8% |
| Remuneration and social security | 454/9 | €4,134 | €1,978 | -€2,156 | -52.2% |
| Other amounts payable | 47/48 | €160,325 | €165,922 | +€5,597 | +3.5% |
| Accrued charges and deferred income | 492/3 | - | €1,200 | +€1,200 | |
| Remuneration, social security and pensions | 62 | €79,578 | €74,573 | -€5,005 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,328 | €42,714 | +€7,386 | +20.9% |
| Other operating charges | 640/8 | €1,807 | €1,539 | -€268 | -14.8% |
| Gross operating margin | 9900 | €159,681 | €131,771 | -€27,909 | -17.5% |
| Operating profit (loss) | 9901 | €42,968 | €12,946 | -€30,022 | -69.9% |
| Financial income | 75/76B | €2,946 | €1,836 | -€1,110 | -37.7% |
| Recurring financial income | 75 | €2,946 | €1,836 | -€1,110 | -37.7% |
| Financial charges | 65/66B | €40 | €4,180 | +€4,140 | +10,434% |
| Recurring financial charges | 65 | €40 | €4,180 | +€4,140 | +10,434% |
| Profit (loss) for the period before taxes | 9903 | €45,875 | €10,602 | -€35,273 | -76.9% |
| Income taxes | 67/77 | €7,663 | €2,135 | -€5,528 | -72.1% |
| Profit (loss) for the period | 9904 | €38,212 | €8,467 | -€29,745 | -77.8% |
| Profit (loss) for the period to be appropriated | 9905 | €38,212 | €8,467 | -€29,745 | -77.8% |
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 22 October 2026 via checked.be.