MSH TRADE: 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 TRADE
Largest movements
- Cash +€59,801
up €59,801 (+3,584%), from €1,669 to €61,470
mainly Net result for the year (+€43,909) and Trade debts (+€28,013)
- Receivables within one year +€12,556
up €12,556 (+50.5%), from €24,856 to €37,413
of which Trade receivables: +€20,300
- Profit (loss) carried forward +€43,909
up €43,909 (+76.7%), from -€57,263 to -€13,354
- Trade debts +€28,013
up €28,013 (+38.6%), from €72,595 to €100,608
- Gross operating margin +€33,613
up €33,613 (+287%), from €11,726 to €45,339
- Other operating charges -€561
down €561 (-43.8%), from €1,280 to €720
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 | €27,332 | €99,261 | +€71,929 | +263% |
| Fixed assets | 21/28 | €807 | €378 | -€429 | -53.1% |
| Tangible fixed assets | 22/27 | €807 | €378 | -€429 | -53.1% |
| Plant, machinery and equipment | 23 | €807 | €378 | -€429 | -53.1% |
| Current assets | 29/58 | €26,525 | €98,882 | +€72,357 | +273% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Stocks | 30/36 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €24,856 | €37,413 | +€12,556 | +50.5% |
| Trade receivables | 40 | €4,742 | €25,042 | +€20,300 | +428% |
| Other amounts receivable | 41 | €20,114 | €12,371 | -€7,744 | -38.5% |
| Cash at bank and in hand | 54/58 | €1,669 | €61,470 | +€59,801 | +3,584% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €27,332 | €99,261 | +€71,929 | +263% |
| Equity | 10/15 | -€45,263 | -€1,354 | +€43,909 | +97.0% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€57,263 | -€13,354 | +€43,909 | +76.7% |
| Amounts payable | 17/49 | €72,595 | €100,615 | +€28,020 | +38.6% |
| Amounts payable within one year | 42/48 | €72,595 | €100,615 | +€28,020 | +38.6% |
| Trade debts | 44 | €72,595 | €100,608 | +€28,013 | +38.6% |
| Suppliers | 440/4 | €72,595 | €100,608 | +€28,013 | +38.6% |
| Other amounts payable | 47/48 | - | €7 | +€7 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €429 | €429 | -€0 | 0.0% |
| Other operating charges | 640/8 | €1,280 | €720 | -€561 | -43.8% |
| Gross operating margin | 9900 | €11,726 | €45,339 | +€33,613 | +287% |
| Operating profit (loss) | 9901 | €10,017 | €44,190 | +€34,174 | +341% |
| Financial income | 75/76B | €0 | €3 | +€3 | |
| Recurring financial income | 75 | €0 | €3 | +€3 | |
| Financial charges | 65/66B | €729 | €285 | -€444 | -60.9% |
| Recurring financial charges | 65 | €729 | €285 | -€444 | -60.9% |
| Profit (loss) for the period before taxes | 9903 | €9,288 | €43,909 | +€34,621 | +373% |
| Profit (loss) for the period | 9904 | €9,288 | €43,909 | +€34,621 | +373% |
| Profit (loss) for the period to be appropriated | 9905 | €9,288 | €43,909 | +€34,621 | +373% |
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 27 October 2026 via checked.be.