MSJ BOX: 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 BOX
Largest movements
- Cash +€80,022
up €80,022 (+81.2%), from €98,551 to €178,573
mainly Advances received (+€55,403) and Trade debts (+€19,540)
- Receivables within one year -€11,975
down €11,975 (-40.7%), from €29,388 to €17,413
of which Trade receivables: -€12,225
- Advances received +€55,403
up €55,403 (+56.2%), from €98,524 to €153,927
- Trade debts +€19,540
up €19,540 (+193.7%), from €10,087 to €29,627
- Short-term financial debts -€12,641
down €12,641 (-100.0%), from €12,641 to €0
- Tax, wage and social debts +€4,144
up €4,144 (+25.5%), from €16,246 to €20,390
of which Taxes: +€6,878
- Gross operating margin -€16,895
down €16,895 (-67.0%), from €25,212 to €8,316
- Staff costs -€14,125
down €14,125, from €13,367 to -€758
- Other operating charges -€1,412
down €1,412 (-30.0%), from €4,702 to €3,290
- Financial charges -€1,035
down €1,035 (-50.4%), from €2,053 to €1,018
- Depreciation +€705
up €705 (+43.6%), from €1,616 to €2,321
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 | €136,184 | €202,826 | +€66,641 | +48.9% |
| Formation expenses | 20 | €705 | €539 | -€166 | -23.5% |
| Fixed assets | 21/28 | €4,266 | €2,849 | -€1,417 | -33.2% |
| Intangible fixed assets | 21 | €0 | €0 | = | |
| Tangible fixed assets | 22/27 | €3,966 | €2,849 | -€1,117 | -28.2% |
| Furniture and vehicles | 24 | €2,278 | €1,733 | -€545 | -23.9% |
| Other tangible fixed assets | 26 | €1,688 | €1,116 | -€572 | -33.9% |
| Financial fixed assets | 28 | €300 | €0 | -€300 | -100.0% |
| Current assets | 29/58 | €131,214 | €199,438 | +€68,224 | +52.0% |
| Amounts receivable within one year | 40/41 | €29,388 | €17,413 | -€11,975 | -40.7% |
| Trade receivables | 40 | €29,388 | €17,163 | -€12,225 | -41.6% |
| Other amounts receivable | 41 | €0 | €250 | +€250 | |
| Cash at bank and in hand | 54/58 | €98,551 | €178,573 | +€80,022 | +81.2% |
| Deferred charges and accrued income | 490/1 | €3,275 | €3,452 | +€177 | +5.4% |
| Total equity and liabilities | 10/49 | €136,184 | €202,826 | +€66,641 | +48.9% |
| Equity | 10/15 | -€7,489 | -€6,905 | +€584 | +7.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€26,089 | -€25,505 | +€584 | +2.2% |
| Investment grants | 15 | €0 | €0 | = | |
| Amounts payable | 17/49 | €143,673 | €209,731 | +€66,058 | +46.0% |
| Amounts payable within one year | 42/48 | €143,429 | €209,591 | +€66,162 | +46.1% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Financial debts | 43 | €12,641 | €0 | -€12,641 | -100.0% |
| Credit institutions | 430/8 | €12,641 | €0 | -€12,641 | -100.0% |
| Trade debts | 44 | €10,087 | €29,627 | +€19,540 | +193.7% |
| Suppliers | 440/4 | €10,087 | €29,627 | +€19,540 | +193.7% |
| Advances received on contracts in progress | 46 | €98,524 | €153,927 | +€55,403 | +56.2% |
| Taxes, remuneration and social security | 45 | €16,246 | €20,390 | +€4,144 | +25.5% |
| Taxes | 450/3 | €7,100 | €13,978 | +€6,878 | +96.9% |
| Remuneration and social security | 454/9 | €9,146 | €6,412 | -€2,734 | -29.9% |
| Other amounts payable | 47/48 | €5,932 | €5,647 | -€285 | -4.8% |
| Accrued charges and deferred income | 492/3 | €244 | €140 | -€104 | -42.6% |
| Remuneration, social security and pensions | 62 | €13,367 | -€758 | -€14,125 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,616 | €2,321 | +€705 | +43.6% |
| Other operating charges | 640/8 | €4,702 | €3,290 | -€1,412 | -30.0% |
| Gross operating margin | 9900 | €25,212 | €8,316 | -€16,895 | -67.0% |
| Operating profit (loss) | 9901 | €5,527 | €3,464 | -€2,063 | -37.3% |
| Financial income | 75/76B | - | €5 | +€5 | |
| Recurring financial income | 75 | - | €5 | +€5 | |
| Financial charges | 65/66B | €2,053 | €1,018 | -€1,035 | -50.4% |
| Recurring financial charges | 65 | €2,053 | €1,018 | -€1,035 | -50.4% |
| Profit (loss) for the period before taxes | 9903 | €3,473 | €2,450 | -€1,023 | -29.5% |
| Income taxes | 67/77 | €1,773 | €1,867 | +€94 | +5.3% |
| Profit (loss) for the period | 9904 | €1,700 | €584 | -€1,117 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €1,700 | €584 | -€1,117 | -65.7% |
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 11 October 2026 via checked.be.