MSGL SERVICES: 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.
MSGL SERVICES
Largest movements
- Cash +€13,224
up €13,224 (+24.4%), from €54,153 to €67,377
mainly Net result for the year (+€18,482) and Depreciation (+€5,086)
- Receivables within one year -€4,329
down €4,329 (-65.2%), from €6,639 to €2,310
of which Trade receivables: -€4,272
- Tangible fixed assets -€4,261
down €4,261 (-29.3%), from €14,549 to €10,289
- Profit (loss) carried forward +€18,482
up €18,482 (+53.8%), from €34,379 to €52,861
- Advances received -€9,772
down €9,772 (-83.7%), from €11,669 to €1,897
- Tax, wage and social debts -€4,022
down €4,022 (-16.5%), from €24,366 to €20,344
- Other debts +€1,394
up €1,394 (+39.4%), from €3,535 to €4,930
- Trade debts -€1,221
down €1,221 (-51.4%), from €2,375 to €1,154
- Gross operating margin -€16,125
down €16,125 (-31.4%), from €51,293 to €35,168
- Depreciation +€4,635
up €4,635 (+1028.3%), from €451 to €5,086
- Taxes -€4,204
down €4,204 (-27.6%), from €15,213 to €11,009
- Other operating charges -€721
down €721 (-64.3%), from €1,121 to €400
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 | €76,325 | €81,185 | +€4,860 | +6.4% |
| Fixed assets | 21/28 | €14,912 | €10,652 | -€4,261 | -28.6% |
| Tangible fixed assets | 22/27 | €14,549 | €10,289 | -€4,261 | -29.3% |
| Furniture and vehicles | 24 | €14,549 | €10,289 | -€4,261 | -29.3% |
| Financial fixed assets | 28 | €363 | €363 | = | 0.0% |
| Current assets | 29/58 | €61,413 | €70,533 | +€9,121 | +14.9% |
| Amounts receivable within one year | 40/41 | €6,639 | €2,310 | -€4,329 | -65.2% |
| Trade receivables | 40 | €6,582 | €2,310 | -€4,272 | -64.9% |
| Other amounts receivable | 41 | €57 | - | -€57 | |
| Cash at bank and in hand | 54/58 | €54,153 | €67,377 | +€13,224 | +24.4% |
| Deferred charges and accrued income | 490/1 | €620 | €846 | +€226 | +36.4% |
| Total equity and liabilities | 10/49 | €76,325 | €81,185 | +€4,860 | +6.4% |
| Equity | 10/15 | €34,379 | €52,861 | +€18,482 | +53.8% |
| Profit (loss) carried forward | 14 | €34,379 | €52,861 | +€18,482 | +53.8% |
| Amounts payable | 17/49 | €41,946 | €28,324 | -€13,621 | -32.5% |
| Amounts payable within one year | 42/48 | €41,946 | €28,324 | -€13,621 | -32.5% |
| Trade debts | 44 | €2,375 | €1,154 | -€1,221 | -51.4% |
| Suppliers | 440/4 | €2,375 | €1,154 | -€1,221 | -51.4% |
| Advances received on contracts in progress | 46 | €11,669 | €1,897 | -€9,772 | -83.7% |
| Taxes, remuneration and social security | 45 | €24,366 | €20,344 | -€4,022 | -16.5% |
| Taxes | 450/3 | €24,366 | €20,344 | -€4,022 | -16.5% |
| Other amounts payable | 47/48 | €3,535 | €4,930 | +€1,394 | +39.4% |
| Non-recurring operating income | 76A | €13 | - | -€13 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €451 | €5,086 | +€4,635 | +1028.3% |
| Other operating charges | 640/8 | €1,121 | €400 | -€721 | -64.3% |
| Gross operating margin | 9900 | €51,293 | €35,168 | -€16,125 | -31.4% |
| Operating profit (loss) | 9901 | €49,721 | €29,682 | -€20,039 | -40.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €129 | €192 | +€63 | +49.1% |
| Recurring financial charges | 65 | €129 | €192 | +€63 | +49.1% |
| Profit (loss) for the period before taxes | 9903 | €49,593 | €29,490 | -€20,102 | -40.5% |
| Income taxes | 67/77 | €15,213 | €11,009 | -€4,204 | -27.6% |
| Profit (loss) for the period | 9904 | €34,379 | €18,482 | -€15,898 | -46.2% |
| Profit (loss) for the period to be appropriated | 9905 | €34,379 | €18,482 | -€15,898 | -46.2% |
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 10 October 2026 via checked.be.