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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.

What changed

MSGA

BE 0801.300.766
NACE 43.120, Site preparation
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€8,467
2024 · €38,212-€29,745
Equity
€96,280
2024 · €87,813+€8,467
Cash
€6,773
2024 · €58,219-€51,447
Balance sheet total
€1.1m
2024 · €297,076+€818,515

Largest movements

2024 to 2025
Assets
  • 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)

Equity and liabilities
  • 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

Income statement
  • 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

effect on the 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.

Result 2024 €38,212
Gross operating margin -€27,909
Staff costs +€5,005
Depreciation -€7,386
Other operating charges +€268
Financial income -€1,110
Financial charges -€4,140
Taxes +€5,528
Result 2025 €8,467
raises the resultlowers the result

Derived cash bridge

cash 2024 to 2025

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.

From operations +€60,762
Investment -€908,828
Financing +€796,619
Cash 2024 €58,219
Net result for the year +€8,467
Depreciation +€42,714
Stocks and contracts -€5,804
Receivables within one year +€2,308
Smaller working-capital items +€848
Trade debts +€20,573
Tax, wage and social debts -€13,940
Other debts +€5,597
Investment in fixed assets (net) -€908,828
Debts after one year +€755,269
Current portion of long-term debt +€41,350
Cash 2025 €6,773
brings cash intakes cash out
Every line side by side 45 lines
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.