MSL ICT: 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 ICT
Largest movements
- Cash +€73,259
up €73,259 (+48.0%), from €152,581 to €225,840
mainly Other debts (+€51,411) and Net result for the year (+€23,106)
- Receivables within one year -€21,204
down €21,204 (-61.5%), from €34,494 to €13,290
of which Trade receivables: -€21,338
- Other debts +€51,411
up €51,411 (+88.6%), from €58,011 to €109,422
- Reserves -€27,600
down €27,600 (-40.6%), from €67,900 to €40,300
- Trade debts +€15,752
up €15,752 (+52.1%), from €30,236 to €45,988
- Tax, wage and social debts +€11,291
up €11,291 (+58.5%), from €19,288 to €30,579
of which Taxes: +€7,946
- Gross operating margin +€15,048
up €15,048 (+69.1%), from €21,767 to €36,815
- Taxes +€5,161
up €5,161 (+93.0%), from €5,552 to €10,713
- Depreciation -€1,300
down €1,300 (-51.7%), from €2,515 to €1,215
- Other operating charges +€456
up €456 (+55.3%), from €824 to €1,280
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.
Cash bridge derived
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 | €188,732 | €239,592 | +€50,860 | +26.9% |
| Fixed assets | 21/28 | €1,354 | €139 | -€1,215 | -89.7% |
| Tangible fixed assets | 22/27 | €1,261 | €46 | -€1,215 | -96.4% |
| Furniture and vehicles | 24 | €1,261 | €46 | -€1,215 | -96.4% |
| Financial fixed assets | 28 | €94 | €94 | = | 0.0% |
| Current assets | 29/58 | €187,377 | €239,452 | +€52,075 | +27.8% |
| Amounts receivable within one year | 40/41 | €34,494 | €13,290 | -€21,204 | -61.5% |
| Trade receivables | 40 | €34,485 | €13,147 | -€21,338 | -61.9% |
| Other amounts receivable | 41 | €9 | €143 | +€134 | +1524.3% |
| Cash at bank and in hand | 54/58 | €152,581 | €225,840 | +€73,259 | +48.0% |
| Deferred charges and accrued income | 490/1 | €302 | €322 | +€20 | +6.6% |
| Total equity and liabilities | 10/49 | €188,732 | €239,592 | +€50,860 | +26.9% |
| Equity | 10/15 | €81,196 | €53,603 | -€27,594 | -34.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €67,900 | €40,300 | -€27,600 | -40.6% |
| Distributable reserves | 133 | €67,900 | €40,300 | -€27,600 | -40.6% |
| Profit (loss) carried forward | 14 | €896 | €903 | +€6 | +0.7% |
| Amounts payable | 17/49 | €107,535 | €185,989 | +€78,454 | +73.0% |
| Amounts payable within one year | 42/48 | €107,535 | €185,989 | +€78,454 | +73.0% |
| Trade debts | 44 | €30,236 | €45,988 | +€15,752 | +52.1% |
| Suppliers | 440/4 | €30,236 | €45,988 | +€15,752 | +52.1% |
| Taxes, remuneration and social security | 45 | €19,288 | €30,579 | +€11,291 | +58.5% |
| Taxes | 450/3 | €15,570 | €23,516 | +€7,946 | +51.0% |
| Remuneration and social security | 454/9 | €3,718 | €7,063 | +€3,345 | +90.0% |
| Other amounts payable | 47/48 | €58,011 | €109,422 | +€51,411 | +88.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,515 | €1,215 | -€1,300 | -51.7% |
| Other operating charges | 640/8 | €824 | €1,280 | +€456 | +55.3% |
| Gross operating margin | 9900 | €21,767 | €36,815 | +€15,048 | +69.1% |
| Operating profit (loss) | 9901 | €18,428 | €34,321 | +€15,893 | +86.2% |
| Financial charges | 65/66B | €584 | €501 | -€82 | -14.1% |
| Recurring financial charges | 65 | €584 | €501 | -€82 | -14.1% |
| Profit (loss) for the period before taxes | 9903 | €17,844 | €33,819 | +€15,975 | +89.5% |
| Income taxes | 67/77 | €5,552 | €10,713 | +€5,161 | +93.0% |
| Profit (loss) for the period | 9904 | €12,292 | €23,106 | +€10,814 | +88.0% |
| Profit (loss) for the period to be appropriated | 9905 | €12,292 | €23,106 | +€10,814 | +88.0% |
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 10 October 2026 via checked.be.