MSI GROUP: what changed
What changed
MSI GROUP
NACE 26.400, Manufacture of computer, electronic and optical products
filed annual accounts (NBB)
Net result for the year
€307,462
2024 · €244,890+€62,573
Equity
€1.1m
2024 · €616,201+€530,592
Cash
€1.0m
2024 · €309,475+€703,069
Balance sheet total
€3.5m
2024 · €1.9m+€1.7m
Largest movements
Assets
- Cash +€703,069
up €703,069 (+227%), from €309,475 to €1.0m
mainly Trade debts (+€359,253) and Depreciation (+€330,517)
- Tangible fixed assets +€418,470
up €418,470 (+58.7%), from €713,045 to €1.1m
of which Furniture and vehicles: +€314,965
- Receivables within one year +€391,329
up €391,329 (+46.9%), from €835,246 to €1.2m
of which Trade receivables: +€324,815
- Current investments +€110,000
new in 2025: €110,000
- Deferred charges and accrued income +€42,909
new in 2025: €42,909
Equity and liabilities
- Reserves +€530,592
up €530,592 (+91.3%), from €581,201 to €1.1m
of which Distributable reserves: +€307,462
- Trade debts +€359,253
up €359,253 (+176%), from €204,678 to €563,931
- Short-term financial debts +€270,000
new in 2025: €270,000
- Tax, wage and social debts +€225,720
up €225,720 (+78.4%), from €287,902 to €513,622
of which Remuneration and social security: +€188,119
- Debts after one year +€113,740
up €113,740 (+20.2%), from €561,946 to €675,686
Income statement
- Gross operating margin +€1.2m
up €1.2m (+61.1%), from €2.0m to €3.3m
- Staff costs +€670,048
up €670,048 (+47.2%), from €1.4m to €2.1m
- Depreciation +€149,224
up €149,224 (+82.3%), from €181,292 to €330,517
- Taxes +€97,701
up €97,701 (+77.2%), from €126,555 to €224,256
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€244,890
Gross operating margin
+€1.2m
Staff costs
-€670,048
Depreciation
-€149,224
Other operating charges
-€21,056
Financial income
+€1,539
Financial charges
-€26,026
Taxes
-€97,701
Deferred taxes and other
-€223,130
Result 2025
€307,462
raises the resultlowers the resultnot broken down further in the accounts
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€873,277
Investment
-€851,350
Financing
+€681,142
Cash 2024
€309,475
From operations (derived)
+€873,277
Net result for the year
+€307,462
Depreciation
+€330,517
Receivables within one year
-€391,329
Deferred charges and accrued income
-€42,909
Trade debts
+€359,253
Tax, wage and social debts
+€225,720
Other debts
+€84,562
Investment (derived)
-€851,350
Investment in fixed assets (net)
-€741,350
Current investments
-€110,000
Financing
+€681,142
Debts after one year
+€113,740
Current portion of long-term debt
+€74,272
Short-term financial debts
+€270,000
Contributions, distributions and other
+€223,130
Cash 2025
€1.0m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,890,073 | €3,548,212 | +€1.7m | +87.7% |
| Formation expenses | 20 | €189 | €0 | -€189 | -100% |
| Fixed assets | 21/28 | €745,163 | €1,156,185 | +€411,022 | +55.2% |
| Intangible fixed assets | 21 | €108 | €77 | -€32 | -29.3% |
| Tangible fixed assets | 22/27 | €713,045 | €1,131,515 | +€418,470 | +58.7% |
| Plant, machinery and equipment | 23 | €115,106 | €408,597 | +€293,491 | +255% |
| Furniture and vehicles | 24 | €39,803 | €354,768 | +€314,965 | +791% |
| Leasing and similar rights | 25 | €558,136 | €368,150 | -€189,986 | -34.0% |
| Financial fixed assets | 28 | €32,010 | €24,593 | -€7,417 | -23.2% |
| Current assets | 29/58 | €1,144,720 | €2,392,027 | +€1.2m | +109% |
| Amounts receivable within one year | 40/41 | €835,246 | €1,226,575 | +€391,329 | +46.9% |
| Trade receivables | 40 | €755,698 | €1,080,514 | +€324,815 | +43.0% |
| Other amounts receivable | 41 | €79,547 | €146,061 | +€66,514 | +83.6% |
| Current investments | 50/53 | - | €110,000 | +€110,000 | |
| Cash at bank and in hand | 54/58 | €309,475 | €1,012,544 | +€703,069 | +227% |
| Deferred charges and accrued income | 490/1 | - | €42,909 | +€42,909 | |
| Total equity and liabilities | 10/49 | €1,890,073 | €3,548,212 | +€1.7m | +87.7% |
| Equity | 10/15 | €616,201 | €1,146,794 | +€530,592 | +86.1% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €581,201 | €1,111,794 | +€530,592 | +91.3% |
| Tax-exempt reserves | 132 | - | €223,130 | +€223,130 | |
| Distributable reserves | 133 | €581,201 | €888,664 | +€307,462 | +52.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €1,273,871 | €2,401,419 | +€1.1m | +88.5% |
| Amounts payable after more than one year | 17 | €561,946 | €675,686 | +€113,740 | +20.2% |
| Financial debts | 170/4 | €561,946 | €675,686 | +€113,740 | +20.2% |
| Amounts payable within one year | 42/48 | €711,925 | €1,725,733 | +€1.0m | +142% |
| Current portion of amounts payable after more than one year | 42 | €197,065 | €271,338 | +€74,272 | +37.7% |
| Financial debts | 43 | - | €270,000 | +€270,000 | |
| Credit institutions | 430/8 | - | €270,000 | +€270,000 | |
| Trade debts | 44 | €204,678 | €563,931 | +€359,253 | +176% |
| Suppliers | 440/4 | €204,678 | €563,931 | +€359,253 | +176% |
| Taxes, remuneration and social security | 45 | €287,902 | €513,622 | +€225,720 | +78.4% |
| Taxes | 450/3 | €196,738 | €234,340 | +€37,602 | +19.1% |
| Remuneration and social security | 454/9 | €91,163 | €279,282 | +€188,119 | +206% |
| Other amounts payable | 47/48 | €22,280 | €106,842 | +€84,562 | +380% |
| Non-recurring operating income | 76A | - | €4,287 | +€4,287 | |
| Remuneration, social security and pensions | 62 | €1,419,031 | €2,089,078 | +€670,048 | +47.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €181,292 | €330,517 | +€149,224 | +82.3% |
| Other operating charges | 640/8 | €19,844 | €40,901 | +€21,056 | +106% |
| Gross operating margin | 9900 | €2,042,048 | €3,290,267 | +€1.2m | +61.1% |
| Operating profit (loss) | 9901 | €421,881 | €829,772 | +€407,891 | +96.7% |
| Financial income | 75/76B | €0 | €1,539 | +€1,539 | +2,564,467% |
| Recurring financial income | 75 | €0 | €1,539 | +€1,539 | +2,564,467% |
| Financial charges | 65/66B | €50,436 | €76,462 | +€26,026 | +51.6% |
| Recurring financial charges | 65 | €50,436 | €76,462 | +€26,026 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | €371,445 | €754,848 | +€383,404 | +103% |
| Transfer to deferred taxes | 680 | - | €223,130 | +€223,130 | |
| Income taxes | 67/77 | €126,555 | €224,256 | +€97,701 | +77.2% |
| Profit (loss) for the period | 9904 | €244,890 | €307,462 | +€62,573 | +25.6% |
| Profit (loss) for the period to be appropriated | 9905 | €244,890 | €307,462 | +€62,573 | +25.6% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 4 November 2026 via checked.be.