MSIC: 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.
MSIC
Largest movements
- Receivables within one year +€80,083
up €80,083 (+142.8%), from €56,066 to €136,149
of which Trade receivables: +€41,207
- Cash -€8,759
down €8,759 (-80.5%), from €10,879 to €2,121
mainly Receivables within one year (-€80,083) and Contributions, distributions and other (-€42,324)
- Stocks and contracts -€4,642
down €4,642 (-7.4%), from €62,468 to €57,826
- Tangible fixed assets -€3,367
down €3,367 (-21.0%), from €16,037 to €12,669
- Trade debts +€67,616
up €67,616 (+211.3%), from €31,997 to €99,613
- Profit (loss) carried forward -€57,314
down €57,314, from €45,133 to -€12,181
- Other debts +€26,521
up €26,521 (+653.1%), from €4,061 to €30,582
- Contributions +€16,500
up €16,500 (+1650.0%), from €1,000 to €17,500
- Tax, wage and social debts +€9,688
up €9,688 (+26.3%), from €36,795 to €46,483
of which Remuneration and social security: +€17,775
- Turnover +€156,289
up €156,289 (+18.0%), from €870,570 to €1.0m
- Purchases and services +€100,504
up €100,504 (+11.7%), from €856,852 to €957,355
- Gross operating margin +€60,220
up €60,220 (+113.9%), from €52,876 to €113,096
- Staff costs +€34,157
up €34,157 (+198.1%), from €17,242 to €51,399
- Other operating charges +€18,561
up €18,561 (+261.7%), from €7,091 to €25,652
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
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 | €168,984 | €231,989 | +€63,005 | +37.3% |
| Fixed assets | 21/28 | €39,261 | €35,894 | -€3,367 | -8.6% |
| Tangible fixed assets | 22/27 | €16,037 | €12,669 | -€3,367 | -21.0% |
| Furniture and vehicles | 24 | €16,037 | €12,669 | -€3,367 | -21.0% |
| Financial fixed assets | 28 | €23,225 | €23,225 | = | 0.0% |
| Current assets | 29/58 | €129,723 | €196,095 | +€66,373 | +51.2% |
| Stocks and contracts in progress | 3 | €62,468 | €57,826 | -€4,642 | -7.4% |
| Stocks | 30/36 | €62,468 | €57,826 | -€4,642 | -7.4% |
| Amounts receivable within one year | 40/41 | €56,066 | €136,149 | +€80,083 | +142.8% |
| Trade receivables | 40 | €25,000 | €66,207 | +€41,207 | +164.8% |
| Other amounts receivable | 41 | €31,066 | €69,942 | +€38,876 | +125.1% |
| Cash at bank and in hand | 54/58 | €10,879 | €2,121 | -€8,759 | -80.5% |
| Deferred charges and accrued income | 490/1 | €310 | - | -€310 | |
| Total equity and liabilities | 10/49 | €168,984 | €231,989 | +€63,005 | +37.3% |
| Equity | 10/15 | €46,133 | €5,319 | -€40,814 | -88.5% |
| Contributions | 10/11 | €1,000 | €17,500 | +€16,500 | +1650.0% |
| Profit (loss) carried forward | 14 | €45,133 | -€12,181 | -€57,314 | |
| Amounts payable | 17/49 | €122,851 | €226,670 | +€103,819 | +84.5% |
| Amounts payable within one year | 42/48 | €122,851 | €226,670 | +€103,819 | +84.5% |
| Financial debts | 43 | €49,997 | €49,992 | -€6 | 0.0% |
| Credit institutions | 430/8 | €49,997 | €49,992 | -€6 | 0.0% |
| Trade debts | 44 | €31,997 | €99,613 | +€67,616 | +211.3% |
| Suppliers | 440/4 | €31,997 | €99,613 | +€67,616 | +211.3% |
| Taxes, remuneration and social security | 45 | €36,795 | €46,483 | +€9,688 | +26.3% |
| Taxes | 450/3 | €28,852 | €20,765 | -€8,087 | -28.0% |
| Remuneration and social security | 454/9 | €7,943 | €25,718 | +€17,775 | +223.8% |
| Other amounts payable | 47/48 | €4,061 | €30,582 | +€26,521 | +653.1% |
| Turnover | 70 | €870,570 | €1,026,859 | +€156,289 | +18.0% |
| Goods, raw materials, services and sundry goods | 60/61 | €856,852 | €957,355 | +€100,504 | +11.7% |
| Remuneration, social security and pensions | 62 | €17,242 | €51,399 | +€34,157 | +198.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €463 | €1,440 | +€977 | +210.8% |
| Other operating charges | 640/8 | €7,091 | €25,652 | +€18,561 | +261.7% |
| Non-recurring operating charges | 66A | - | €9,209 | +€9,209 | |
| Gross operating margin | 9900 | €52,876 | €113,096 | +€60,220 | +113.9% |
| Operating profit (loss) | 9901 | €28,080 | €25,397 | -€2,683 | -9.6% |
| Financial charges | 65/66B | €8,586 | €22,510 | +€13,924 | +162.2% |
| Recurring financial charges | 65 | €8,586 | €22,510 | +€13,924 | +162.2% |
| Profit (loss) for the period before taxes | 9903 | €19,494 | €2,887 | -€16,606 | -85.2% |
| Income taxes | 67/77 | €9,652 | €1,378 | -€8,274 | -85.7% |
| Profit (loss) for the period | 9904 | €9,842 | €1,510 | -€8,332 | -84.7% |
| Profit (loss) for the period to be appropriated | 9905 | €9,842 | €1,510 | -€8,332 | -84.7% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.