MSK GROUP: 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 GROUP
Largest movements
- Receivables within one year +€113,466
up €113,466 (+272%), from €41,653 to €155,119
of which Trade receivables: +€93,219
- Tangible fixed assets +€68,479
up €68,479 (+44.7%), from €153,168 to €221,647
of which Furniture and vehicles: +€52,475
- Cash +€32,395
up €32,395 (+100%), from €32,380 to €64,775
mainly Net result for the year (+€105,741) and Depreciation (+€51,976)
- Profit (loss) carried forward +€105,741
up €105,741 (+254%), from €41,704 to €147,445
- Debts after one year +€51,207
up €51,207 (+44.2%), from €115,911 to €167,118
- Tax, wage and social debts +€42,057
up €42,057 (+121%), from €34,805 to €76,862
of which Taxes: +€32,326
- Current portion of long-term debt +€15,327
up €15,327 (+45.3%), from €33,798 to €49,124
- Turnover +€582,241
up €582,241 (+108%), from €540,473 to €1.1m
- Gross operating margin +€470,206
up €470,206 (+118%), from €397,490 to €867,697
- Staff costs +€345,410
up €345,410 (+110%), from €314,194 to €659,604
- Purchases and services +€112,035
up €112,035 (+78.4%), from €142,983 to €255,017
- Taxes +€21,798
up €21,798 (+231%), from €9,454 to €31,253
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 | €228,701 | €443,041 | +€214,340 | +93.7% |
| Fixed assets | 21/28 | €154,668 | €223,147 | +€68,479 | +44.3% |
| Tangible fixed assets | 22/27 | €153,168 | €221,647 | +€68,479 | +44.7% |
| Furniture and vehicles | 24 | €8,528 | €61,003 | +€52,475 | +615% |
| Leasing and similar rights | 25 | €144,640 | €160,644 | +€16,004 | +11.1% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €74,033 | €219,894 | +€145,861 | +197% |
| Amounts receivable within one year | 40/41 | €41,653 | €155,119 | +€113,466 | +272% |
| Trade receivables | 40 | - | €93,219 | +€93,219 | |
| Other amounts receivable | 41 | €41,653 | €61,900 | +€20,247 | +48.6% |
| Cash at bank and in hand | 54/58 | €32,380 | €64,775 | +€32,395 | +100% |
| Total equity and liabilities | 10/49 | €228,701 | €443,041 | +€214,340 | +93.7% |
| Equity | 10/15 | €43,704 | €149,445 | +€105,741 | +242% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,704 | €147,445 | +€105,741 | +254% |
| Amounts payable | 17/49 | €184,997 | €293,597 | +€108,600 | +58.7% |
| Amounts payable after more than one year | 17 | €115,911 | €167,118 | +€51,207 | +44.2% |
| Financial debts | 170/4 | €115,911 | €167,118 | +€51,207 | +44.2% |
| Amounts payable within one year | 42/48 | €69,086 | €126,479 | +€57,393 | +83.1% |
| Current portion of amounts payable after more than one year | 42 | €33,798 | €49,124 | +€15,327 | +45.3% |
| Trade debts | 44 | €483 | €492 | +€10 | +2.0% |
| Suppliers | 440/4 | €483 | €492 | +€10 | +2.0% |
| Taxes, remuneration and social security | 45 | €34,805 | €76,862 | +€42,057 | +121% |
| Taxes | 450/3 | €20,040 | €52,365 | +€32,326 | +161% |
| Remuneration and social security | 454/9 | €14,766 | €24,497 | +€9,731 | +65.9% |
| Turnover | 70 | €540,473 | €1,122,714 | +€582,241 | +108% |
| Goods, raw materials, services and sundry goods | 60/61 | €142,983 | €255,017 | +€112,035 | +78.4% |
| Remuneration, social security and pensions | 62 | €314,194 | €659,604 | +€345,410 | +110% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,424 | €51,976 | +€11,552 | +28.6% |
| Other operating charges | 640/8 | €909 | €8,562 | +€7,652 | +842% |
| Non-recurring operating charges | 66A | - | €620 | +€620 | |
| Gross operating margin | 9900 | €397,490 | €867,697 | +€470,206 | +118% |
| Operating profit (loss) | 9901 | €41,963 | €146,935 | +€104,972 | +250% |
| Financial income | 75/76B | €0 | €0 | = | 0.0% |
| Recurring financial income | 75 | €0 | €0 | = | 0.0% |
| Financial charges | 65/66B | €173 | €9,942 | +€9,768 | +5,639% |
| Recurring financial charges | 65 | €173 | €9,942 | +€9,768 | +5,639% |
| Profit (loss) for the period before taxes | 9903 | €41,790 | €136,993 | +€95,203 | +228% |
| Income taxes | 67/77 | €9,454 | €31,253 | +€21,798 | +231% |
| Profit (loss) for the period | 9904 | €32,335 | €105,741 | +€73,405 | +227% |
| Profit (loss) for the period to be appropriated | 9905 | €32,335 | €105,741 | +€73,405 | +227% |
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 26 October 2026 via checked.be.