MSK HOLDING: 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 HOLDING
Largest movements
- Receivables within one year +€331,681
up €331,681 (+39.0%), from €851,110 to €1.2m
of which Other amounts receivable: +€367,309
- Cash +€25,680
up €25,680 (+10.5%), from €244,087 to €269,767
mainly Net result for the year (+€359,518) and Depreciation (+€7,574)
- Reserves +€359,518
up €359,518 (+34.3%), from €1.0m to €1.4m
- Financial income -€327,344
down €327,344 (-45.0%), from €728,127 to €400,783
- Gross operating margin -€98,104
down €98,104 (-95.4%), from €102,833 to €4,729
- Taxes -€65,498
down €65,498 (-63.7%), from €102,843 to €37,345
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 | €1,408,407 | €1,759,197 | +€350,791 | +24.9% |
| Fixed assets | 21/28 | €279,613 | €272,038 | -€7,574 | -2.7% |
| Tangible fixed assets | 22/27 | €37,953 | €30,378 | -€7,574 | -20.0% |
| Plant, machinery and equipment | 23 | €3,401 | €2,496 | -€904 | -26.6% |
| Furniture and vehicles | 24 | €7,028 | €3,765 | -€3,263 | -46.4% |
| Other tangible fixed assets | 26 | €27,524 | €24,117 | -€3,407 | -12.4% |
| Financial fixed assets | 28 | €241,660 | €241,660 | = | 0.0% |
| Current assets | 29/58 | €1,128,794 | €1,487,159 | +€358,365 | +31.7% |
| Amounts receivable after more than one year | 29 | €26,796 | €27,579 | +€783 | +2.9% |
| Other amounts receivable | 291 | €26,796 | €27,579 | +€783 | +2.9% |
| Amounts receivable within one year | 40/41 | €851,110 | €1,182,791 | +€331,681 | +39.0% |
| Trade receivables | 40 | €145,200 | €109,572 | -€35,628 | -24.5% |
| Other amounts receivable | 41 | €705,910 | €1,073,219 | +€367,309 | +52.0% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €244,087 | €269,767 | +€25,680 | +10.5% |
| Deferred charges and accrued income | 490/1 | €6,800 | €7,022 | +€222 | +3.3% |
| Total equity and liabilities | 10/49 | €1,408,407 | €1,759,197 | +€350,791 | +24.9% |
| Equity | 10/15 | €1,290,162 | €1,649,680 | +€359,518 | +27.9% |
| Contributions | 10/11 | €240,670 | €240,670 | = | 0.0% |
| Reserves | 13 | €1,049,492 | €1,409,010 | +€359,518 | +34.3% |
| Distributable reserves | 133 | €1,049,492 | €1,409,010 | +€359,518 | +34.3% |
| Amounts payable | 17/49 | €118,245 | €109,518 | -€8,727 | -7.4% |
| Amounts payable within one year | 42/48 | €48,655 | €39,929 | -€8,727 | -17.9% |
| Financial debts | 43 | €11,667 | €0 | -€11,667 | -100% |
| Other loans | 439 | €11,667 | €0 | -€11,667 | -100% |
| Trade debts | 44 | €1,131 | €2,136 | +€1,004 | +88.8% |
| Suppliers | 440/4 | €1,131 | €2,136 | +€1,004 | +88.8% |
| Taxes, remuneration and social security | 45 | €34,527 | €30,129 | -€4,398 | -12.7% |
| Taxes | 450/3 | €33,413 | €30,129 | -€3,284 | -9.8% |
| Remuneration and social security | 454/9 | €1,114 | €0 | -€1,114 | -100% |
| Other amounts payable | 47/48 | €1,330 | €7,664 | +€6,334 | +476% |
| Accrued charges and deferred income | 492/3 | €69,589 | €69,589 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,040 | €7,574 | +€534 | +7.6% |
| Other operating charges | 640/8 | €928 | €944 | +€15 | +1.7% |
| Gross operating margin | 9900 | €102,833 | €4,729 | -€98,104 | -95.4% |
| Operating profit (loss) | 9901 | €94,865 | -€3,789 | -€98,654 | |
| Financial income | 75/76B | €728,127 | €400,783 | -€327,344 | -45.0% |
| Recurring financial income | 75 | €728,127 | €400,783 | -€327,344 | -45.0% |
| Financial charges | 65/66B | €1,116 | €131 | -€984 | -88.2% |
| Recurring financial charges | 65 | €1,116 | €131 | -€984 | -88.2% |
| Profit (loss) for the period before taxes | 9903 | €821,876 | €396,862 | -€425,014 | -51.7% |
| Income taxes | 67/77 | €102,843 | €37,345 | -€65,498 | -63.7% |
| Profit (loss) for the period | 9904 | €719,033 | €359,518 | -€359,515 | -50.0% |
| Profit (loss) for the period to be appropriated | 9905 | €719,033 | €359,518 | -€359,515 | -50.0% |
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 13 October 2026 via checked.be.