MSI: what changed
Two fiscal 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.
MSI
Largest movements
- Receivables within one year +€85,712
up €85,712 (+416.1%), from €20,599 to €106,310
of which Trade receivables: +€83,176
- Stocks and contracts +€40,436
up €40,436 (+38.7%), from €104,392 to €144,828
- Tangible fixed assets -€21,489
down €21,489 (-43.9%), from €48,970 to €27,480
of which Furniture and vehicles: -€21,667
- Cash +€10,643
new in 2023: €10,643
mainly Tax, wage and social debts (+€39,560) and Debts after one year (+€28,253)
- Tax, wage and social debts +€39,560
up €39,560 (+234.4%), from €16,875 to €56,435
- Debts after one year +€28,253
up €28,253 (+204.1%), from €13,842 to €42,095
- Reserves +€24,699
up €24,699 (+35.6%), from €69,361 to €94,059
of which Distributable reserves: +€24,699
- Short-term financial debts +€10,937
up €10,937 (+74.9%), from €14,600 to €25,537
- Current portion of long-term debt +€9,209
up €9,209 (+109.0%), from €8,445 to €17,653
- Depreciation -€15,822
down €15,822 (-66.2%), from €23,891 to €8,069
- Gross operating margin -€9,815
down €9,815 (-16.9%), from €58,121 to €48,306
- Financial charges +€3,156
up €3,156 (+102.8%), from €3,071 to €6,227
- Other operating charges +€2,004
new in 2023: €2,004
- Taxes +€1,987
up €1,987 (+35.7%), from €5,564 to €7,551
From the 2022 result to the 2023 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 2022 and 2023 balance sheets and the 2023 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2022 | 2023 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €173,960 | €289,262 | +€115,302 | +66.3% |
| Fixed assets | 21/28 | €48,970 | €27,480 | -€21,489 | -43.9% |
| Tangible fixed assets | 22/27 | €48,970 | €27,480 | -€21,489 | -43.9% |
| Land and buildings | 22 | €3,139 | €2,407 | -€733 | -23.3% |
| Plant, machinery and equipment | 23 | €22,770 | €23,680 | +€910 | +4.0% |
| Furniture and vehicles | 24 | €23,061 | €1,394 | -€21,667 | -94.0% |
| Current assets | 29/58 | €124,990 | €261,781 | +€136,791 | +109.4% |
| Stocks and contracts in progress | 3 | €104,392 | €144,828 | +€40,436 | +38.7% |
| Stocks | 30/36 | €104,392 | €144,828 | +€40,436 | +38.7% |
| Amounts receivable within one year | 40/41 | €20,599 | €106,310 | +€85,712 | +416.1% |
| Trade receivables | 40 | €20,599 | €103,775 | +€83,176 | +403.8% |
| Other amounts receivable | 41 | - | €2,536 | +€2,536 | |
| Cash at bank and in hand | 54/58 | - | €10,643 | +€10,643 | |
| Total equity and liabilities | 10/49 | €173,960 | €289,262 | +€115,302 | +66.3% |
| Equity | 10/15 | €81,761 | €106,459 | +€24,699 | +30.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €69,361 | €94,059 | +€24,699 | +35.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €8,800 | €8,800 | = | 0.0% |
| Distributable reserves | 133 | €58,701 | €83,399 | +€24,699 | +42.1% |
| Amounts payable | 17/49 | €92,199 | €182,802 | +€90,603 | +98.3% |
| Amounts payable after more than one year | 17 | €13,842 | €42,095 | +€28,253 | +204.1% |
| Financial debts | 170/4 | €13,842 | €42,095 | +€28,253 | +204.1% |
| Amounts payable within one year | 42/48 | €78,357 | €140,708 | +€62,350 | +79.6% |
| Current portion of amounts payable after more than one year | 42 | €8,445 | €17,653 | +€9,209 | +109.0% |
| Financial debts | 43 | €14,600 | €25,537 | +€10,937 | +74.9% |
| Credit institutions | 430/8 | €14,600 | €25,537 | +€10,937 | +74.9% |
| Trade debts | 44 | €34,660 | €33,000 | -€1,660 | -4.8% |
| Suppliers | 440/4 | €34,660 | €33,000 | -€1,660 | -4.8% |
| Taxes, remuneration and social security | 45 | €16,875 | €56,435 | +€39,560 | +234.4% |
| Taxes | 450/3 | €16,875 | €56,435 | +€39,560 | +234.4% |
| Other amounts payable | 47/48 | €3,777 | €8,083 | +€4,306 | +114.0% |
| Non-recurring operating income | 76A | €21,629 | €11,777 | -€9,853 | -45.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,891 | €8,069 | -€15,822 | -66.2% |
| Other operating charges | 640/8 | - | €2,004 | +€2,004 | |
| Gross operating margin | 9900 | €58,121 | €48,306 | -€9,815 | -16.9% |
| Operating profit (loss) | 9901 | €34,229 | €38,233 | +€4,004 | +11.7% |
| Financial income | 75/76B | €0 | €244 | +€244 | +610425.0% |
| Recurring financial income | 75 | €0 | €244 | +€244 | +610425.0% |
| Financial charges | 65/66B | €3,071 | €6,227 | +€3,156 | +102.8% |
| Recurring financial charges | 65 | €3,071 | €6,227 | +€3,156 | +102.8% |
| Profit (loss) for the period before taxes | 9903 | €31,158 | €32,250 | +€1,092 | +3.5% |
| Income taxes | 67/77 | €5,564 | €7,551 | +€1,987 | +35.7% |
| Profit (loss) for the period | 9904 | €25,594 | €24,699 | -€895 | -3.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,594 | €24,699 | -€895 | -3.5% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2022 and 30 June 2023. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.