MSL BELGIUM: 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.
MSL BELGIUM
Largest movements
- Receivables within one year -€5,009
down €5,009 (-26.7%), from €18,750 to €13,741
of which Trade receivables: -€8,917
- Tangible fixed assets +€2,003
up €2,003 (+102%), from €1,962 to €3,965
- Cash +€1,606
up €1,606 (+84.5%), from €1,902 to €3,508
mainly Receivables within one year (+€5,009) and Other debts (+€4,474)
- Stocks and contracts -€973
down €973 (-66.7%), from €1,459 to €486
- Formation expenses -€465
down €465 (-22.6%), from €2,054 to €1,589
- Other debts +€4,474
up €4,474 (+309%), from €1,448 to €5,922
- Profit (loss) carried forward -€3,730
down €3,730 (-48.5%), from €7,694 to €3,963
- Trade debts -€2,623
down €2,623 (-15.7%), from €16,728 to €14,105
- Tax, wage and social debts -€562
down €562 (-13.7%), from €4,118 to €3,556
of which Taxes: -€2,156
- Gross operating margin -€8,716
down €8,716 (-87.3%), from €9,987 to €1,271
- Other operating charges +€3,763
up €3,763 (+7,526%), from €50 to €3,813
- Taxes -€1,829
down €1,829 (-96.5%), from €1,896 to €67
- Depreciation +€1,119
up €1,119 (+364%), from €307 to €1,427
- Financial income +€375
up €375 (+312,883%), from €0 to €376
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 | €30,988 | €28,551 | -€2,437 | -7.9% |
| Formation expenses | 20 | €2,054 | €1,589 | -€465 | -22.6% |
| Fixed assets | 21/28 | €6,823 | €9,227 | +€2,403 | +35.2% |
| Tangible fixed assets | 22/27 | €1,962 | €3,965 | +€2,003 | +102% |
| Plant, machinery and equipment | 23 | €1,962 | €3,965 | +€2,003 | +102% |
| Financial fixed assets | 28 | €4,862 | €5,262 | +€400 | +8.2% |
| Current assets | 29/58 | €22,111 | €17,735 | -€4,376 | -19.8% |
| Stocks and contracts in progress | 3 | €1,459 | €486 | -€973 | -66.7% |
| Stocks | 30/36 | €1,459 | €486 | -€973 | -66.7% |
| Amounts receivable within one year | 40/41 | €18,750 | €13,741 | -€5,009 | -26.7% |
| Trade receivables | 40 | €18,732 | €9,814 | -€8,917 | -47.6% |
| Other amounts receivable | 41 | €19 | €3,927 | +€3,908 | +20,943% |
| Cash at bank and in hand | 54/58 | €1,902 | €3,508 | +€1,606 | +84.5% |
| Total equity and liabilities | 10/49 | €30,988 | €28,551 | -€2,437 | -7.9% |
| Equity | 10/15 | €8,694 | €4,963 | -€3,730 | -42.9% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €7,694 | €3,963 | -€3,730 | -48.5% |
| Amounts payable | 17/49 | €22,294 | €23,588 | +€1,293 | +5.8% |
| Amounts payable within one year | 42/48 | €22,294 | €23,583 | +€1,289 | +5.8% |
| Trade debts | 44 | €16,728 | €14,105 | -€2,623 | -15.7% |
| Suppliers | 440/4 | €16,728 | €14,105 | -€2,623 | -15.7% |
| Taxes, remuneration and social security | 45 | €4,118 | €3,556 | -€562 | -13.7% |
| Taxes | 450/3 | €4,118 | €1,962 | -€2,156 | -52.3% |
| Remuneration and social security | 454/9 | - | €1,593 | +€1,593 | |
| Other amounts payable | 47/48 | €1,448 | €5,922 | +€4,474 | +309% |
| Accrued charges and deferred income | 492/3 | - | €4 | +€4 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €307 | €1,427 | +€1,119 | +364% |
| Other operating charges | 640/8 | €50 | €3,813 | +€3,763 | +7,526% |
| Gross operating margin | 9900 | €9,987 | €1,271 | -€8,716 | -87.3% |
| Operating profit (loss) | 9901 | €9,630 | -€3,969 | -€13,599 | |
| Financial income | 75/76B | €0 | €376 | +€375 | +312,883% |
| Recurring financial income | 75 | €0 | €376 | +€375 | +312,883% |
| Financial charges | 65/66B | €40 | €70 | +€30 | +74.1% |
| Recurring financial charges | 65 | €40 | €70 | +€30 | +74.1% |
| Profit (loss) for the period before taxes | 9903 | €9,589 | -€3,664 | -€13,253 | |
| Income taxes | 67/77 | €1,896 | €67 | -€1,829 | -96.5% |
| Profit (loss) for the period | 9904 | €7,694 | -€3,730 | -€11,424 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,694 | -€3,730 | -€11,424 |
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 28 October 2026 via checked.be.