MSL RENOVATION: 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 RENOVATION
Largest movements
- Receivables within one year +€895,278
up €895,278 (+216%), from €414,125 to €1.3m
of which Trade receivables: +€964,246
- Stocks and contracts +€60,535
new in 2025: €60,535
- Trade debts +€823,623
up €823,623 (+316%), from €260,496 to €1.1m
- Profit (loss) carried forward +€98,933
up €98,933 (+61.1%), from €161,894 to €260,828
- Tax, wage and social debts +€75,392
up €75,392 (+93.0%), from €81,083 to €156,475
of which Remuneration and social security: +€40,206
- Debts after one year -€23,717
down €23,717 (-16.2%), from €146,409 to €122,692
- Turnover +€1.6m
new in 2025: €1.6m
- Purchases and services +€1.1m
new in 2025: €1.1m
- Gross operating margin +€179,302
up €179,302 (+46.7%), from €384,324 to €563,626
- Staff costs +€62,139
up €62,139 (+18.0%), from €345,454 to €407,593
- Taxes +€29,366
up €29,366 (+215%), from €13,632 to €42,998
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 | €678,368 | €1,653,372 | +€975,004 | +144% |
| Fixed assets | 21/28 | €181,685 | €189,615 | +€7,930 | +4.4% |
| Tangible fixed assets | 22/27 | €6,685 | €4,615 | -€2,070 | -31.0% |
| Plant, machinery and equipment | 23 | €4,572 | €2,927 | -€1,646 | -36.0% |
| Furniture and vehicles | 24 | €2,113 | €1,688 | -€425 | -20.1% |
| Financial fixed assets | 28 | €175,000 | €185,000 | +€10,000 | +5.7% |
| Current assets | 29/58 | €496,683 | €1,463,757 | +€967,074 | +195% |
| Stocks and contracts in progress | 3 | - | €60,535 | +€60,535 | |
| Stocks | 30/36 | - | €60,535 | +€60,535 | |
| Amounts receivable within one year | 40/41 | €414,125 | €1,309,402 | +€895,278 | +216% |
| Trade receivables | 40 | €297,469 | €1,261,715 | +€964,246 | +324% |
| Other amounts receivable | 41 | €116,656 | €47,688 | -€68,968 | -59.1% |
| Cash at bank and in hand | 54/58 | €81,790 | €93,139 | +€11,350 | +13.9% |
| Deferred charges and accrued income | 490/1 | €769 | €681 | -€88 | -11.4% |
| Total equity and liabilities | 10/49 | €678,368 | €1,653,372 | +€975,004 | +144% |
| Equity | 10/15 | €166,894 | €265,828 | +€98,933 | +59.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €161,894 | €260,828 | +€98,933 | +61.1% |
| Amounts payable | 17/49 | €511,473 | €1,387,544 | +€876,071 | +171% |
| Amounts payable after more than one year | 17 | €146,409 | €122,692 | -€23,717 | -16.2% |
| Financial debts | 170/4 | €146,409 | €122,692 | -€23,717 | -16.2% |
| Amounts payable within one year | 42/48 | €365,065 | €1,264,852 | +€899,787 | +246% |
| Current portion of amounts payable after more than one year | 42 | €23,486 | €24,038 | +€552 | +2.4% |
| Trade debts | 44 | €260,496 | €1,084,119 | +€823,623 | +316% |
| Suppliers | 440/4 | €260,496 | €1,084,119 | +€823,623 | +316% |
| Taxes, remuneration and social security | 45 | €81,083 | €156,475 | +€75,392 | +93.0% |
| Taxes | 450/3 | €20,706 | €55,892 | +€35,186 | +170% |
| Remuneration and social security | 454/9 | €60,377 | €100,583 | +€40,206 | +66.6% |
| Other amounts payable | 47/48 | - | €220 | +€220 | |
| Turnover | 70 | - | €1,628,977 | +€1.6m | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €1,145,105 | +€1.1m | |
| Remuneration, social security and pensions | 62 | €345,454 | €407,593 | +€62,139 | +18.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,086 | €1,650 | -€1,435 | -46.5% |
| Other operating charges | 640/8 | €980 | €6,769 | +€5,789 | +591% |
| Non-recurring operating charges | 66A | €1,256 | €0 | -€1,256 | -100% |
| Gross operating margin | 9900 | €384,324 | €563,626 | +€179,302 | +46.7% |
| Operating profit (loss) | 9901 | €33,549 | €147,613 | +€114,065 | +340% |
| Financial income | 75/76B | €0 | €10 | +€10 | |
| Recurring financial income | 75 | €0 | €10 | +€10 | |
| Financial charges | 65/66B | €677 | €5,691 | +€5,014 | +741% |
| Recurring financial charges | 65 | €677 | €5,691 | +€5,014 | +741% |
| Profit (loss) for the period before taxes | 9903 | €32,872 | €141,932 | +€109,060 | +332% |
| Income taxes | 67/77 | €13,632 | €42,998 | +€29,366 | +215% |
| Profit (loss) for the period | 9904 | €19,239 | €98,933 | +€79,694 | +414% |
| Profit (loss) for the period to be appropriated | 9905 | €19,239 | €98,933 | +€79,694 | +414% |
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.