MSM: what changed
MSM
Largest movements
- Stocks and contracts +€369,325
up €369,325 (+58.8%), from €628,237 to €997,562
- Tangible fixed assets -€150,692
down €150,692 (-57.6%), from €261,555 to €110,863
of which Furniture and vehicles: -€148,496
- Receivables within one year -€137,382
down €137,382 (-24.0%), from €572,167 to €434,784
of which Trade receivables: -€102,781
- Cash -€84,498
down €84,498 (-73.9%), from €114,391 to €29,893
mainly Stocks and contracts (-€369,325) and Net result for the year (-€139,176)
- Financial fixed assets +€50,000
up €50,000 (+417%), from €12,000 to €62,000
- Trade debts +€149,885
up €149,885 (+28.4%), from €527,604 to €677,489
- Profit (loss) carried forward -€139,176
down €139,176 (-46.5%), from €299,066 to €159,890
- Tax, wage and social debts +€36,846
up €36,846 (+11.2%), from €328,339 to €365,186
of which Taxes: +€23,479
- Gross operating margin -€460,364
down €460,364 (-37.7%), from €1.2m to €759,940
- Taxes -€123,901
down €123,901 (-82.2%), from €150,679 to €26,777
- Staff costs +€53,499
up €53,499 (+8.1%), from €658,364 to €711,862
- Other operating charges -€22,750
down €22,750 (-57.3%), from €39,706 to €16,955
- Depreciation +€22,408
up €22,408 (+30.2%), from €74,233 to €96,641
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,588,716 | €1,636,272 | +€47,556 | +3.0% |
| Fixed assets | 21/28 | €273,555 | €172,863 | -€100,692 | -36.8% |
| Tangible fixed assets | 22/27 | €261,555 | €110,863 | -€150,692 | -57.6% |
| Plant, machinery and equipment | 23 | €7,649 | €5,586 | -€2,063 | -27.0% |
| Furniture and vehicles | 24 | €253,640 | €105,144 | -€148,496 | -58.5% |
| Other tangible fixed assets | 26 | €266 | €133 | -€133 | -50.0% |
| Financial fixed assets | 28 | €12,000 | €62,000 | +€50,000 | +417% |
| Current assets | 29/58 | €1,315,161 | €1,463,409 | +€148,248 | +11.3% |
| Stocks and contracts in progress | 3 | €628,237 | €997,562 | +€369,325 | +58.8% |
| Stocks | 30/36 | €628,237 | €997,562 | +€369,325 | +58.8% |
| Amounts receivable within one year | 40/41 | €572,167 | €434,784 | -€137,382 | -24.0% |
| Trade receivables | 40 | €403,094 | €300,314 | -€102,781 | -25.5% |
| Other amounts receivable | 41 | €169,072 | €134,470 | -€34,602 | -20.5% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €114,391 | €29,893 | -€84,498 | -73.9% |
| Deferred charges and accrued income | 490/1 | €366 | €1,169 | +€803 | +219% |
| Total equity and liabilities | 10/49 | €1,588,716 | €1,636,272 | +€47,556 | +3.0% |
| Equity | 10/15 | €731,466 | €592,290 | -€139,176 | -19.0% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €420,000 | €420,000 | = | 0.0% |
| Distributable reserves | 133 | €420,000 | €420,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,066 | €159,890 | -€139,176 | -46.5% |
| Amounts payable | 17/49 | €857,250 | €1,043,982 | +€186,732 | +21.8% |
| Amounts payable within one year | 42/48 | €857,250 | €1,043,982 | +€186,732 | +21.8% |
| Trade debts | 44 | €527,604 | €677,489 | +€149,885 | +28.4% |
| Suppliers | 440/4 | €527,604 | €677,489 | +€149,885 | +28.4% |
| Taxes, remuneration and social security | 45 | €328,339 | €365,186 | +€36,846 | +11.2% |
| Taxes | 450/3 | €244,936 | €268,416 | +€23,479 | +9.6% |
| Remuneration and social security | 454/9 | €83,403 | €96,770 | +€13,367 | +16.0% |
| Other amounts payable | 47/48 | €1,307 | €1,307 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | €2,211 | €33,750 | +€31,539 | +1,426% |
| Remuneration, social security and pensions | 62 | €658,364 | €711,862 | +€53,499 | +8.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,233 | €96,641 | +€22,408 | +30.2% |
| Other operating charges | 640/8 | €39,706 | €16,955 | -€22,750 | -57.3% |
| Non-recurring operating charges | 66A | €1,366 | €42,334 | +€40,968 | +3,000% |
| Gross operating margin | 9900 | €1,220,305 | €759,940 | -€460,364 | -37.7% |
| Operating profit (loss) | 9901 | €446,637 | -€107,852 | -€554,489 | |
| Financial income | 75/76B | €7,018 | €4,849 | -€2,169 | -30.9% |
| Recurring financial income | 75 | €7,018 | €4,849 | -€2,169 | -30.9% |
| Financial charges | 65/66B | €4,141 | €9,395 | +€5,254 | +127% |
| Recurring financial charges | 65 | €4,141 | €9,395 | +€5,254 | +127% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | €449,514 | -€112,398 | -€561,912 | |
| Income taxes | 67/77 | €150,679 | €26,777 | -€123,901 | -82.2% |
| Profit (loss) for the period | 9904 | €298,836 | -€139,176 | -€438,011 | |
| Profit (loss) for the period to be appropriated | 9905 | €298,836 | -€139,176 | -€438,011 |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.