MSGM: 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.
MSGM
Largest movements
- Tangible fixed assets +€29,997
up €29,997 (+277.9%), from €10,793 to €40,790
- Receivables within one year -€22,590
down €22,590 (-21.4%), from €105,656 to €83,066
of which Other amounts receivable: -€22,590
- Deferred charges and accrued income +€11,101
up €11,101 (+1543.9%), from €719 to €11,820
- Debts after one year +€21,268
new in 2025: €21,268
- Current portion of long-term debt -€16,872
down €16,872 (-60.0%), from €28,101 to €11,229
- Short-term financial debts -€10,732
down €10,732 (-63.1%), from €17,000 to €6,268
of which Credit institutions: -€17,000
- Profit (loss) carried forward +€8,543
up €8,543 (+219.1%), from €3,899 to €12,442
- Tax, wage and social debts +€6,289
up €6,289 (+26.4%), from €23,816 to €30,105
of which Remuneration and social security: +€6,313
- Gross operating margin +€37,396
up €37,396 (+91.1%), from €41,043 to €78,439
- Financial charges +€15,171
up €15,171 (+37.1%), from €40,940 to €56,111
- Taxes +€5,982
up €5,982 (+369.7%), from €1,618 to €7,600
- Depreciation -€4,437
down €4,437 (-86.3%), from €5,140 to €703
- Other operating charges -€1,001
down €1,001 (-67.3%), from €1,487 to €486
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
Cash or the result is not a separate line in both sets of accounts; the cash flow cannot be derived from them.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €117,932 | €135,676 | +€17,744 | +15.0% |
| Fixed assets | 21/28 | €10,793 | €40,790 | +€29,997 | +277.9% |
| Tangible fixed assets | 22/27 | €10,793 | €40,790 | +€29,997 | +277.9% |
| Plant, machinery and equipment | 23 | €2,535 | €15,089 | +€12,554 | +495.2% |
| Furniture and vehicles | 24 | €8,002 | €19,345 | +€11,343 | +141.8% |
| Other tangible fixed assets | 26 | €256 | €6,356 | +€6,100 | +2382.8% |
| Current assets | 29/58 | €107,139 | €94,886 | -€12,253 | -11.4% |
| Amounts receivable within one year | 40/41 | €105,656 | €83,066 | -€22,590 | -21.4% |
| Trade receivables | 40 | €7,260 | €7,260 | = | 0.0% |
| Other amounts receivable | 41 | €98,396 | €75,806 | -€22,590 | -23.0% |
| Current investments | 50/53 | €764 | - | -€764 | |
| Deferred charges and accrued income | 490/1 | €719 | €11,820 | +€11,101 | +1543.9% |
| Total equity and liabilities | 10/49 | €117,932 | €135,676 | +€17,744 | +15.0% |
| Equity | 10/15 | €40,585 | €49,128 | +€8,543 | +21.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €30,486 | €30,486 | = | 0.0% |
| Non-distributable reserves | 130/1 | €30,486 | €30,486 | = | 0.0% |
| Reserves not available under the articles | 1311 | €30,486 | €30,486 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,899 | €12,442 | +€8,543 | +219.1% |
| Amounts payable | 17/49 | €77,347 | €86,548 | +€9,201 | +11.9% |
| Amounts payable after more than one year | 17 | - | €21,268 | +€21,268 | |
| Financial debts | 170/4 | - | €21,268 | +€21,268 | |
| Amounts payable within one year | 42/48 | €77,347 | €64,491 | -€12,856 | -16.6% |
| Current portion of amounts payable after more than one year | 42 | €28,101 | €11,229 | -€16,872 | -60.0% |
| Financial debts | 43 | €17,000 | €6,268 | -€10,732 | -63.1% |
| Credit institutions | 430/8 | €17,000 | - | -€17,000 | |
| Other loans | 439 | - | €6,268 | +€6,268 | |
| Trade debts | 44 | €8,430 | €11,889 | +€3,459 | +41.0% |
| Suppliers | 440/4 | €8,430 | €11,889 | +€3,459 | +41.0% |
| Taxes, remuneration and social security | 45 | €23,816 | €30,105 | +€6,289 | +26.4% |
| Taxes | 450/3 | €23,816 | €23,792 | -€24 | -0.1% |
| Remuneration and social security | 454/9 | - | €6,313 | +€6,313 | |
| Other amounts payable | 47/48 | - | €5,000 | +€5,000 | |
| Accrued charges and deferred income | 492/3 | - | €789 | +€789 | |
| Non-recurring operating income | 76A | - | €117 | +€117 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,140 | €703 | -€4,437 | -86.3% |
| Other operating charges | 640/8 | €1,487 | €486 | -€1,001 | -67.3% |
| Gross operating margin | 9900 | €41,043 | €78,439 | +€37,396 | +91.1% |
| Operating profit (loss) | 9901 | €34,416 | €77,250 | +€42,834 | +124.5% |
| Financial income | 75/76B | €773 | €4 | -€769 | -99.5% |
| Recurring financial income | 75 | €773 | €4 | -€769 | -99.5% |
| Financial charges | 65/66B | €40,940 | €56,111 | +€15,171 | +37.1% |
| Recurring financial charges | 65 | €40,940 | €56,111 | +€15,171 | +37.1% |
| Profit (loss) for the period before taxes | 9903 | -€5,751 | €21,143 | +€26,894 | |
| Income taxes | 67/77 | €1,618 | €7,600 | +€5,982 | +369.7% |
| Profit (loss) for the period | 9904 | -€7,369 | €13,543 | +€20,912 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,369 | €13,543 | +€20,912 |
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 12 October 2026 via checked.be.