MSK BELGIUM: what changed
MSK BELGIUM
Largest movements
- Receivables within one year -€22,389
down €22,389 (-6.9%), from €326,693 to €304,304
of which Other amounts receivable: -€12,135
- Tangible fixed assets +€17,597
up €17,597 (+22.1%), from €79,535 to €97,132
of which Furniture and vehicles: +€26,166
- Stocks and contracts +€10,445
new in 2025: €10,445
- Cash +€8,951
up €8,951 (+7.1%), from €126,370 to €135,320
mainly Tax, wage and social debts (+€123,040) and Depreciation (+€22,529)
- Profit (loss) carried forward -€126,079
down €126,079 (-52.0%), from €242,578 to €116,499
- Tax, wage and social debts +€123,040
up €123,040 (+49.5%), from €248,779 to €371,819
of which Taxes: +€88,274
- Trade debts +€20,127
up €20,127 (+32.2%), from €62,456 to €82,583
- Staff costs +€208,952
up €208,952 (+49.3%), from €423,767 to €632,720
- Gross operating margin -€129,925
down €129,925 (-19.6%), from €664,193 to €534,268
- Taxes -€57,387
down €57,387 (-96.7%), from €59,347 to €1,960
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €561,873 | €578,960 | +€17,087 | +3.0% |
| Fixed assets | 21/28 | €107,445 | €125,659 | +€18,213 | +17.0% |
| Tangible fixed assets | 22/27 | €79,535 | €97,132 | +€17,597 | +22.1% |
| Plant, machinery and equipment | 23 | €11,490 | €9,894 | -€1,595 | -13.9% |
| Furniture and vehicles | 24 | €18,838 | €45,004 | +€26,166 | +139% |
| Other tangible fixed assets | 26 | €49,207 | €42,233 | -€6,974 | -14.2% |
| Financial fixed assets | 28 | €27,910 | €28,527 | +€617 | +2.2% |
| Current assets | 29/58 | €454,428 | €453,302 | -€1,126 | -0.2% |
| Stocks and contracts in progress | 3 | - | €10,445 | +€10,445 | |
| Stocks | 30/36 | - | €10,445 | +€10,445 | |
| Amounts receivable within one year | 40/41 | €326,693 | €304,304 | -€22,389 | -6.9% |
| Trade receivables | 40 | €281,194 | €270,940 | -€10,254 | -3.6% |
| Other amounts receivable | 41 | €45,498 | €33,364 | -€12,135 | -26.7% |
| Cash at bank and in hand | 54/58 | €126,370 | €135,320 | +€8,951 | +7.1% |
| Deferred charges and accrued income | 490/1 | €1,366 | €3,232 | +€1,866 | +137% |
| Total equity and liabilities | 10/49 | €561,873 | €578,960 | +€17,087 | +3.0% |
| Equity | 10/15 | €250,638 | €124,559 | -€126,079 | -50.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €242,578 | €116,499 | -€126,079 | -52.0% |
| Amounts payable | 17/49 | €311,235 | €454,402 | +€143,167 | +46.0% |
| Amounts payable within one year | 42/48 | €311,235 | €454,402 | +€143,167 | +46.0% |
| Trade debts | 44 | €62,456 | €82,583 | +€20,127 | +32.2% |
| Suppliers | 440/4 | €62,456 | €82,583 | +€20,127 | +32.2% |
| Taxes, remuneration and social security | 45 | €248,779 | €371,819 | +€123,040 | +49.5% |
| Taxes | 450/3 | €165,905 | €254,179 | +€88,274 | +53.2% |
| Remuneration and social security | 454/9 | €82,874 | €117,640 | +€34,766 | +42.0% |
| Remuneration, social security and pensions | 62 | €423,767 | €632,720 | +€208,952 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,867 | €22,529 | -€338 | -1.5% |
| Other operating charges | 640/8 | €5,611 | €3,403 | -€2,208 | -39.3% |
| Gross operating margin | 9900 | €664,193 | €534,268 | -€129,925 | -19.6% |
| Operating profit (loss) | 9901 | €211,948 | -€124,383 | -€336,331 | |
| Financial income | 75/76B | €326 | €1,129 | +€803 | +246% |
| Recurring financial income | 75 | €326 | €1,129 | +€803 | +246% |
| Financial charges | 65/66B | - | €865 | +€865 | |
| Recurring financial charges | 65 | - | €865 | +€865 | |
| Profit (loss) for the period before taxes | 9903 | €212,274 | -€124,119 | -€336,393 | |
| Income taxes | 67/77 | €59,347 | €1,960 | -€57,387 | -96.7% |
| Profit (loss) for the period | 9904 | €152,927 | -€126,079 | -€279,006 | |
| Profit (loss) for the period to be appropriated | 9905 | €152,927 | -€126,079 | -€279,006 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 8 November 2026 via checked.be.