MSJ SERVICES: 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 SERVICES
Largest movements
- Receivables within one year +€35,306
up €35,306 (+59.8%), from €59,014 to €94,320
of which Trade receivables: +€26,114
- Tangible fixed assets -€11,063
down €11,063 (-33.9%), from €32,681 to €21,618
of which Furniture and vehicles: -€11,929
- Cash +€9,156
up €9,156 (+46.3%), from €19,785 to €28,940
mainly Trade debts (+€32,314) and Depreciation (+€12,349)
- Trade debts +€32,314
up €32,314 (+58.2%), from €55,534 to €87,848
- Debts after one year -€4,487
down €4,487 (-27.4%), from €16,394 to €11,907
- Tax, wage and social debts +€3,930
up €3,930 (+35.2%), from €11,165 to €15,094
of which Remuneration and social security: +€3,411
- Profit (loss) carried forward +€1,837
up €1,837 (+7.1%), from €25,990 to €27,827
- Staff costs +€23,551
up €23,551 (+64.8%), from €36,320 to €59,871
- Gross operating margin +€20,112
up €20,112 (+33.4%), from €60,270 to €80,382
- Taxes -€2,694
down €2,694 (-81.3%), from €3,313 to €618
- Other operating charges +€2,535
up €2,535 (+152%), from €1,669 to €4,204
- Depreciation +€2,202
up €2,202 (+21.7%), from €10,147 to €12,349
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 | €111,480 | €144,879 | +€33,399 | +30.0% |
| Fixed assets | 21/28 | €32,681 | €21,618 | -€11,063 | -33.9% |
| Tangible fixed assets | 22/27 | €32,681 | €21,618 | -€11,063 | -33.9% |
| Plant, machinery and equipment | 23 | - | €866 | +€866 | |
| Furniture and vehicles | 24 | €32,681 | €20,752 | -€11,929 | -36.5% |
| Current assets | 29/58 | €78,799 | €123,261 | +€44,462 | +56.4% |
| Amounts receivable within one year | 40/41 | €59,014 | €94,320 | +€35,306 | +59.8% |
| Trade receivables | 40 | €54,775 | €80,888 | +€26,114 | +47.7% |
| Other amounts receivable | 41 | €4,240 | €13,432 | +€9,192 | +217% |
| Cash at bank and in hand | 54/58 | €19,785 | €28,940 | +€9,156 | +46.3% |
| Total equity and liabilities | 10/49 | €111,480 | €144,879 | +€33,399 | +30.0% |
| Equity | 10/15 | €26,193 | €28,030 | +€1,837 | +7.0% |
| Reserves | 13 | €203 | €203 | = | 0.0% |
| Non-distributable reserves | 130/1 | €203 | €203 | = | 0.0% |
| Reserves not available under the articles | 1311 | €203 | €203 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,990 | €27,827 | +€1,837 | +7.1% |
| Amounts payable | 17/49 | €85,287 | €116,849 | +€31,562 | +37.0% |
| Amounts payable after more than one year | 17 | €16,394 | €11,907 | -€4,487 | -27.4% |
| Financial debts | 170/4 | €16,394 | €11,907 | -€4,487 | -27.4% |
| Amounts payable within one year | 42/48 | €68,893 | €104,942 | +€36,049 | +52.3% |
| Trade debts | 44 | €55,534 | €87,848 | +€32,314 | +58.2% |
| Suppliers | 440/4 | €55,534 | €87,848 | +€32,314 | +58.2% |
| Taxes, remuneration and social security | 45 | €11,165 | €15,094 | +€3,930 | +35.2% |
| Taxes | 450/3 | €4,416 | €4,934 | +€519 | +11.7% |
| Remuneration and social security | 454/9 | €6,749 | €10,160 | +€3,411 | +50.5% |
| Other amounts payable | 47/48 | €2,194 | €2,000 | -€194 | -8.9% |
| Remuneration, social security and pensions | 62 | €36,320 | €59,871 | +€23,551 | +64.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,147 | €12,349 | +€2,202 | +21.7% |
| Other operating charges | 640/8 | €1,669 | €4,204 | +€2,535 | +152% |
| Non-recurring operating charges | 66A | - | €111 | +€111 | |
| Gross operating margin | 9900 | €60,270 | €80,382 | +€20,112 | +33.4% |
| Operating profit (loss) | 9901 | €12,133 | €3,846 | -€8,287 | -68.3% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €1,108 | €1,391 | +€284 | +25.6% |
| Recurring financial charges | 65 | €1,108 | €1,391 | +€284 | +25.6% |
| Profit (loss) for the period before taxes | 9903 | €11,026 | €2,455 | -€8,571 | -77.7% |
| Income taxes | 67/77 | €3,313 | €618 | -€2,694 | -81.3% |
| Profit (loss) for the period | 9904 | €7,713 | €1,837 | -€5,876 | -76.2% |
| Profit (loss) for the period to be appropriated | 9905 | €7,713 | €1,837 | -€5,876 | -76.2% |
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 16 October 2026 via checked.be.