MSH Consult: 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.
MSH Consult
Largest movements
- Cash +€201,201
up €201,201 (+68.7%), from €292,819 to €494,019
mainly Other debts (+€335,548) and Net result for the year (+€160,409)
- Other debts +€335,548
up €335,548 (+436%), from €76,984 to €412,532
- Reserves -€149,157
down €149,157 (-31.7%), from €470,836 to €321,679
- Accrued charges and deferred income -€10,899
down €10,899 (-84.5%), from €12,899 to €2,000
- Gross operating margin +€39,118
up €39,118 (+13.0%), from €300,214 to €339,332
- Financial charges +€30,434
up €30,434 (+46.8%), from €65,035 to €95,470
- Taxes -€13,499
down €13,499 (-15.3%), from €88,009 to €74,509
- Provisions -€10,365
down €10,365 (-67.6%), from €15,338 to €4,973
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 | €680,653 | €870,551 | +€189,898 | +27.9% |
| Fixed assets | 21/28 | €46,756 | €45,508 | -€1,247 | -2.7% |
| Tangible fixed assets | 22/27 | €46,756 | €45,508 | -€1,247 | -2.7% |
| Furniture and vehicles | 24 | €26,633 | €28,083 | +€1,450 | +5.4% |
| Other tangible fixed assets | 26 | €20,122 | €17,425 | -€2,698 | -13.4% |
| Current assets | 29/58 | €633,897 | €825,043 | +€191,146 | +30.2% |
| Amounts receivable within one year | 40/41 | €46,182 | €39,050 | -€7,132 | -15.4% |
| Trade receivables | 40 | €46,182 | €39,050 | -€7,132 | -15.4% |
| Other amounts receivable | 41 | €0 | - | = | |
| Current investments | 50/53 | €293,302 | €287,600 | -€5,702 | -1.9% |
| Cash at bank and in hand | 54/58 | €292,819 | €494,019 | +€201,201 | +68.7% |
| Deferred charges and accrued income | 490/1 | €1,595 | €4,373 | +€2,779 | +174% |
| Total equity and liabilities | 10/49 | €680,653 | €870,551 | +€189,898 | +27.9% |
| Equity | 10/15 | €491,867 | €342,711 | -€149,157 | -30.3% |
| Contributions | 10/11 | €21,032 | €21,032 | = | 0.0% |
| Reserves | 13 | €470,836 | €321,679 | -€149,157 | -31.7% |
| Distributable reserves | 133 | €470,836 | €321,679 | -€149,157 | -31.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €79,350 | €84,323 | +€4,973 | +6.3% |
| Provisions for liabilities and charges | 160/5 | €79,350 | €84,323 | +€4,973 | +6.3% |
| Other liabilities and charges | 164/5 | €79,350 | €84,323 | +€4,973 | +6.3% |
| Amounts payable | 17/49 | €109,435 | €443,518 | +€334,082 | +305% |
| Amounts payable within one year | 42/48 | €96,536 | €441,518 | +€344,982 | +357% |
| Trade debts | 44 | €1,195 | €7,960 | +€6,765 | +566% |
| Suppliers | 440/4 | €1,195 | €7,960 | +€6,765 | +566% |
| Taxes, remuneration and social security | 45 | €18,357 | €21,026 | +€2,669 | +14.5% |
| Taxes | 450/3 | €18,357 | €21,026 | +€2,669 | +14.5% |
| Other amounts payable | 47/48 | €76,984 | €412,532 | +€335,548 | +436% |
| Accrued charges and deferred income | 492/3 | €12,899 | €2,000 | -€10,899 | -84.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,958 | €7,854 | +€897 | +12.9% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,338 | €4,973 | -€10,365 | -67.6% |
| Other operating charges | 640/8 | €2,065 | €588 | -€1,476 | -71.5% |
| Gross operating margin | 9900 | €300,214 | €339,332 | +€39,118 | +13.0% |
| Operating profit (loss) | 9901 | €275,854 | €325,916 | +€50,062 | +18.1% |
| Financial income | 75/76B | €2,866 | €4,472 | +€1,605 | +56.0% |
| Recurring financial income | 75 | €2,866 | €4,472 | +€1,605 | +56.0% |
| Financial charges | 65/66B | €65,035 | €95,470 | +€30,434 | +46.8% |
| Recurring financial charges | 65 | €65,035 | €95,470 | +€30,434 | +46.8% |
| Profit (loss) for the period before taxes | 9903 | €213,685 | €234,918 | +€21,233 | +9.9% |
| Income taxes | 67/77 | €88,009 | €74,509 | -€13,499 | -15.3% |
| Profit (loss) for the period | 9904 | €125,676 | €160,409 | +€34,732 | +27.6% |
| Profit (loss) for the period to be appropriated | 9905 | €125,676 | €160,409 | +€34,732 | +27.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.