MSICS: 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.
MSICS
Largest movements
- Cash +€51,178
up €51,178 (+76.1%), from €67,231 to €118,409
mainly Net result for the year (+€116,948) and Receivables within one year (+€4,350)
- Receivables within one year -€4,350
down €4,350 (-21.5%), from €20,265 to €15,915
of which Trade receivables: -€4,356
- Reserves +€116,948
up €116,948 (+6,304%), from €1,855 to €118,803
- Other debts -€68,752
down €68,752 (-84.4%), from €81,429 to €12,678
- Gross operating margin +€171,799
up €171,799, from -€16,771 to €155,027
- Taxes +€34,584
up €34,584 (+10,832%), from €319 to €34,903
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 | €92,620 | €140,645 | +€48,025 | +51.9% |
| Fixed assets | 21/28 | €2,663 | €2,500 | -€163 | -6.1% |
| Tangible fixed assets | 22/27 | €2,663 | €2,500 | -€163 | -6.1% |
| Plant, machinery and equipment | 23 | - | €933 | +€933 | |
| Furniture and vehicles | 24 | €2,663 | €1,567 | -€1,096 | -41.2% |
| Current assets | 29/58 | €89,957 | €138,145 | +€48,188 | +53.6% |
| Amounts receivable within one year | 40/41 | €20,265 | €15,915 | -€4,350 | -21.5% |
| Trade receivables | 40 | €20,147 | €15,791 | -€4,356 | -21.6% |
| Other amounts receivable | 41 | €119 | €125 | +€6 | +4.9% |
| Cash at bank and in hand | 54/58 | €67,231 | €118,409 | +€51,178 | +76.1% |
| Deferred charges and accrued income | 490/1 | €2,461 | €3,822 | +€1,360 | +55.3% |
| Total equity and liabilities | 10/49 | €92,620 | €140,645 | +€48,025 | +51.9% |
| Equity | 10/15 | €331 | €117,279 | +€116,948 | +35,303% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €1,855 | €118,803 | +€116,948 | +6,304% |
| Distributable reserves | 133 | €1,855 | €118,803 | +€116,948 | +6,304% |
| Profit (loss) carried forward | 14 | -€20,074 | -€20,074 | = | 0.0% |
| Amounts payable | 17/49 | €92,289 | €23,366 | -€68,922 | -74.7% |
| Amounts payable within one year | 42/48 | €90,723 | €21,799 | -€68,924 | -76.0% |
| Trade debts | 44 | €97 | €220 | +€124 | +128% |
| Suppliers | 440/4 | €97 | €220 | +€124 | +128% |
| Taxes, remuneration and social security | 45 | €9,197 | €8,901 | -€296 | -3.2% |
| Taxes | 450/3 | €9,197 | €8,901 | -€296 | -3.2% |
| Other amounts payable | 47/48 | €81,429 | €12,678 | -€68,752 | -84.4% |
| Accrued charges and deferred income | 492/3 | €1,566 | €1,567 | +€1 | +0.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,096 | €1,519 | +€424 | +38.6% |
| Other operating charges | 640/8 | €1,641 | €1,424 | -€218 | -13.3% |
| Gross operating margin | 9900 | -€16,771 | €155,027 | +€171,799 | |
| Operating profit (loss) | 9901 | -€19,509 | €152,084 | +€171,593 | |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €246 | €233 | -€13 | -5.2% |
| Recurring financial charges | 65 | €246 | €233 | -€13 | -5.2% |
| Profit (loss) for the period before taxes | 9903 | -€19,754 | €151,851 | +€171,606 | |
| Income taxes | 67/77 | €319 | €34,903 | +€34,584 | +10,832% |
| Profit (loss) for the period | 9904 | -€20,074 | €116,948 | +€137,021 | |
| Profit (loss) for the period to be appropriated | 9905 | -€20,074 | €116,948 | +€137,021 |
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 13 October 2026 via checked.be.