MSK Company: 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.
MSK Company
Largest movements
- Receivables within one year +€20,761
up €20,761 (+60.4%), from €34,371 to €55,132
of which Trade receivables: +€23,911
- Tangible fixed assets -€10,934
down €10,934 (-27.3%), from €40,053 to €29,118
of which Furniture and vehicles: -€9,485
- Cash +€6,209
up €6,209 (+9.3%), from €66,517 to €72,726
mainly Trade debts (+€13,788) and Depreciation (+€10,934)
- Trade debts +€13,788
up €13,788 (+47.2%), from €29,203 to €42,991
- Reserves +€7,200
up €7,200 (+6.4%), from €112,660 to €119,860
of which Distributable reserves: +€7,200
- Debts after one year -€4,089
down €4,089 (-38.6%), from €10,604 to €6,515
- Tax, wage and social debts -€3,075
down €3,075 (-14.0%), from €21,971 to €18,896
of which Remuneration and social security: -€2,626
- Gross operating margin +€16,996
up €16,996 (+16.1%), from €105,443 to €122,439
- Taxes +€4,113
up €4,113 (+216%), from €1,907 to €6,019
- Staff costs +€2,633
up €2,633 (+2.9%), from €91,123 to €93,756
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 | €193,893 | €211,375 | +€17,482 | +9.0% |
| Fixed assets | 21/28 | €40,053 | €29,118 | -€10,934 | -27.3% |
| Tangible fixed assets | 22/27 | €40,053 | €29,118 | -€10,934 | -27.3% |
| Plant, machinery and equipment | 23 | €7,379 | €5,930 | -€1,449 | -19.6% |
| Furniture and vehicles | 24 | €32,673 | €23,188 | -€9,485 | -29.0% |
| Current assets | 29/58 | €153,841 | €182,257 | +€28,416 | +18.5% |
| Stocks and contracts in progress | 3 | €52,952 | €54,398 | +€1,446 | +2.7% |
| Stocks | 30/36 | €52,952 | €54,398 | +€1,446 | +2.7% |
| Amounts receivable within one year | 40/41 | €34,371 | €55,132 | +€20,761 | +60.4% |
| Trade receivables | 40 | €22,239 | €46,150 | +€23,911 | +108% |
| Other amounts receivable | 41 | €12,132 | €8,982 | -€3,150 | -26.0% |
| Cash at bank and in hand | 54/58 | €66,517 | €72,726 | +€6,209 | +9.3% |
| Total equity and liabilities | 10/49 | €193,893 | €211,375 | +€17,482 | +9.0% |
| Equity | 10/15 | €119,454 | €126,703 | +€7,249 | +6.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €112,660 | €119,860 | +€7,200 | +6.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €110,800 | €118,000 | +€7,200 | +6.5% |
| Profit (loss) carried forward | 14 | €594 | €643 | +€49 | +8.2% |
| Amounts payable | 17/49 | €74,439 | €84,672 | +€10,233 | +13.7% |
| Amounts payable after more than one year | 17 | €10,604 | €6,515 | -€4,089 | -38.6% |
| Financial debts | 170/4 | €10,604 | €6,515 | -€4,089 | -38.6% |
| Amounts payable within one year | 42/48 | €61,609 | €74,010 | +€12,401 | +20.1% |
| Current portion of amounts payable after more than one year | 42 | €3,896 | €4,089 | +€193 | +4.9% |
| Financial debts | 43 | €2,535 | €2,524 | -€12 | -0.5% |
| Credit institutions | 430/8 | €2,535 | €2,524 | -€12 | -0.5% |
| Trade debts | 44 | €29,203 | €42,991 | +€13,788 | +47.2% |
| Suppliers | 440/4 | €29,203 | €42,991 | +€13,788 | +47.2% |
| Advances received on contracts in progress | 46 | €452 | €1,988 | +€1,536 | +339% |
| Taxes, remuneration and social security | 45 | €21,971 | €18,896 | -€3,075 | -14.0% |
| Taxes | 450/3 | €2,073 | €1,625 | -€448 | -21.6% |
| Remuneration and social security | 454/9 | €19,897 | €17,271 | -€2,626 | -13.2% |
| Other amounts payable | 47/48 | €3,551 | €3,522 | -€29 | -0.8% |
| Accrued charges and deferred income | 492/3 | €2,226 | €4,147 | +€1,920 | +86.3% |
| Remuneration, social security and pensions | 62 | €91,123 | €93,756 | +€2,633 | +2.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,866 | €10,934 | +€68 | +0.6% |
| Other operating charges | 640/8 | €1,190 | €2,198 | +€1,007 | +84.6% |
| Gross operating margin | 9900 | €105,443 | €122,439 | +€16,996 | +16.1% |
| Operating profit (loss) | 9901 | €2,264 | €15,551 | +€13,287 | +587% |
| Financial income | 75/76B | €2 | - | -€2 | |
| Recurring financial income | 75 | €2 | - | -€2 | |
| Financial charges | 65/66B | €2,752 | €2,283 | -€469 | -17.0% |
| Recurring financial charges | 65 | €2,752 | €2,283 | -€469 | -17.0% |
| Profit (loss) for the period before taxes | 9903 | -€486 | €13,268 | +€13,754 | |
| Income taxes | 67/77 | €1,907 | €6,019 | +€4,113 | +216% |
| Profit (loss) for the period | 9904 | -€2,392 | €7,249 | +€9,641 | |
| Profit (loss) for the period to be appropriated | 9905 | -€2,392 | €7,249 | +€9,641 |
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 30 October 2026 via checked.be.