MSJ: 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.
MSJ
Largest movements
- Tangible fixed assets +€470,225
up €470,225 (+85.4%), from €550,409 to €1.0m
of which Land and buildings: +€439,482
- Cash -€94,256
down €94,256 (-80.3%), from €117,383 to €23,127
mainly Investment in fixed assets (net) (-€565,046) and Receivables within one year (-€45,002)
- Receivables within one year +€45,002
up €45,002 (+117%), from €38,481 to €83,483
of which Trade receivables: +€42,451
- Debts after one year +€291,159
up €291,159 (+88.1%), from €330,351 to €621,510
of which Financial debts: +€293,159
- Profit (loss) carried forward +€108,583
up €108,583 (+53.5%), from €202,788 to €311,371
- Gross operating margin +€93,457
up €93,457 (+24.5%), from €381,996 to €475,453
- Staff costs +€24,663
up €24,663 (+16.7%), from €147,266 to €171,929
- Depreciation +€15,719
up €15,719 (+19.9%), from €79,102 to €94,821
- Financial charges +€5,294
up €5,294 (+33.9%), from €15,624 to €20,918
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 | €727,490 | €1,137,241 | +€409,751 | +56.3% |
| Fixed assets | 21/28 | €550,949 | €1,021,174 | +€470,225 | +85.3% |
| Tangible fixed assets | 22/27 | €550,409 | €1,020,634 | +€470,225 | +85.4% |
| Land and buildings | 22 | €249,430 | €688,911 | +€439,482 | +176% |
| Plant, machinery and equipment | 23 | €1,717 | €3,587 | +€1,870 | +109% |
| Furniture and vehicles | 24 | €236,793 | €201,402 | -€35,391 | -14.9% |
| Leasing and similar rights | 25 | €62,469 | €126,734 | +€64,265 | +103% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €540 | €540 | = | 0.0% |
| Current assets | 29/58 | €176,540 | €116,066 | -€60,474 | -34.3% |
| Amounts receivable within one year | 40/41 | €38,481 | €83,483 | +€45,002 | +117% |
| Trade receivables | 40 | €38,471 | €80,922 | +€42,451 | +110% |
| Other amounts receivable | 41 | €10 | €2,561 | +€2,551 | +26,115% |
| Cash at bank and in hand | 54/58 | €117,383 | €23,127 | -€94,256 | -80.3% |
| Deferred charges and accrued income | 490/1 | €20,676 | €9,456 | -€11,220 | -54.3% |
| Total equity and liabilities | 10/49 | €727,490 | €1,137,241 | +€409,751 | +56.3% |
| Equity | 10/15 | €205,788 | €314,371 | +€108,583 | +52.8% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €202,788 | €311,371 | +€108,583 | +53.5% |
| Amounts payable | 17/49 | €521,702 | €822,869 | +€301,168 | +57.7% |
| Amounts payable after more than one year | 17 | €330,351 | €621,510 | +€291,159 | +88.1% |
| Financial debts | 170/4 | €328,351 | €621,510 | +€293,159 | +89.3% |
| Other amounts payable | 178/9 | €2,000 | €0 | -€2,000 | -100% |
| Amounts payable within one year | 42/48 | €191,351 | €199,860 | +€8,509 | +4.4% |
| Current portion of amounts payable after more than one year | 42 | €141,120 | €151,088 | +€9,968 | +7.1% |
| Trade debts | 44 | €21,990 | €17,857 | -€4,133 | -18.8% |
| Suppliers | 440/4 | €21,990 | €17,857 | -€4,133 | -18.8% |
| Taxes, remuneration and social security | 45 | €27,924 | €30,675 | +€2,751 | +9.9% |
| Taxes | 450/3 | €12,533 | €15,985 | +€3,453 | +27.5% |
| Remuneration and social security | 454/9 | €15,391 | €14,689 | -€701 | -4.6% |
| Other amounts payable | 47/48 | €317 | €240 | -€77 | -24.3% |
| Accrued charges and deferred income | 492/3 | - | €1,500 | +€1,500 | |
| Non-recurring operating income | 76A | €0 | €9,628 | +€9,628 | |
| Remuneration, social security and pensions | 62 | €147,266 | €171,929 | +€24,663 | +16.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €79,102 | €94,821 | +€15,719 | +19.9% |
| Other operating charges | 640/8 | €28,067 | €31,457 | +€3,390 | +12.1% |
| Non-recurring operating charges | 66A | €3,344 | €17,619 | +€14,275 | +427% |
| Gross operating margin | 9900 | €381,996 | €475,453 | +€93,457 | +24.5% |
| Operating profit (loss) | 9901 | €124,216 | €159,627 | +€35,411 | +28.5% |
| Financial income | 75/76B | €1,753 | €0 | -€1,753 | -100% |
| Recurring financial income | 75 | €1,753 | €0 | -€1,753 | -100% |
| Financial charges | 65/66B | €15,624 | €20,918 | +€5,294 | +33.9% |
| Recurring financial charges | 65 | €15,624 | €20,918 | +€5,294 | +33.9% |
| Profit (loss) for the period before taxes | 9903 | €110,345 | €138,709 | +€28,364 | +25.7% |
| Income taxes | 67/77 | €28,437 | €30,126 | +€1,689 | +5.9% |
| Profit (loss) for the period | 9904 | €81,908 | €108,583 | +€26,675 | +32.6% |
| Profit (loss) for the period to be appropriated | 9905 | €81,908 | €108,583 | +€26,675 | +32.6% |
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.