MSM PROJECTS: 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.
MSM PROJECTS
Largest movements
- Stocks and contracts +€32,338
up €32,338 (+43.3%), from €74,710 to €107,048
- Receivables within one year -€14,344
down €14,344 (-46.1%), from €31,143 to €16,799
of which Trade receivables: -€12,605
- Cash -€7,802
down €7,802 (-97.3%), from €8,016 to €214
mainly Stocks and contracts (-€32,338) and Trade debts (-€15,670)
- Intangible fixed assets -€2,856
down €2,856 (-14.6%), from €19,524 to €16,668
- Trade debts -€15,670
down €15,670 (-61.6%), from €25,451 to €9,781
- Tax, wage and social debts +€14,764
up €14,764, from €0 to €14,764
- Short-term financial debts +€12,038
new in 2025: €12,038
- Profit (loss) carried forward -€11,977
down €11,977 (-868.2%), from -€1,379 to -€13,356
- Other debts +€6,000
up €6,000 (+6.8%), from €88,000 to €94,000
- Purchases and services -€44,536
no longer reported in 2025 (was €44,536)
- Turnover -€44,283
no longer reported in 2025 (was €44,283)
- Gross operating margin -€7,838
down €7,838 (-3104.0%), from -€253 to -€8,090
- Depreciation +€2,999
up €2,999 (+408.0%), from €735 to €3,734
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 | €137,071 | €142,226 | +€5,155 | +3.8% |
| Fixed assets | 21/28 | €21,900 | €18,166 | -€3,734 | -17.1% |
| Intangible fixed assets | 21 | €19,524 | €16,668 | -€2,856 | -14.6% |
| Tangible fixed assets | 22/27 | €2,376 | €1,498 | -€878 | -37.0% |
| Furniture and vehicles | 24 | €2,376 | €1,498 | -€878 | -37.0% |
| Current assets | 29/58 | €115,172 | €124,061 | +€8,889 | +7.7% |
| Stocks and contracts in progress | 3 | €74,710 | €107,048 | +€32,338 | +43.3% |
| Stocks | 30/36 | €74,710 | €107,048 | +€32,338 | +43.3% |
| Amounts receivable within one year | 40/41 | €31,143 | €16,799 | -€14,344 | -46.1% |
| Trade receivables | 40 | €29,404 | €16,799 | -€12,605 | -42.9% |
| Other amounts receivable | 41 | €1,739 | €0 | -€1,739 | -100.0% |
| Cash at bank and in hand | 54/58 | €8,016 | €214 | -€7,802 | -97.3% |
| Deferred charges and accrued income | 490/1 | €1,302 | €0 | -€1,302 | -100.0% |
| Total equity and liabilities | 10/49 | €137,071 | €142,226 | +€5,155 | +3.8% |
| Equity | 10/15 | €23,621 | €11,644 | -€11,977 | -50.7% |
| Contributions | 10/11 | €25,000 | €25,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€1,379 | -€13,356 | -€11,977 | -868.2% |
| Amounts payable | 17/49 | €113,451 | €130,582 | +€17,132 | +15.1% |
| Amounts payable within one year | 42/48 | €113,451 | €130,582 | +€17,132 | +15.1% |
| Financial debts | 43 | - | €12,038 | +€12,038 | |
| Credit institutions | 430/8 | - | €12,038 | +€12,038 | |
| Trade debts | 44 | €25,451 | €9,781 | -€15,670 | -61.6% |
| Suppliers | 440/4 | €25,451 | €9,781 | -€15,670 | -61.6% |
| Taxes, remuneration and social security | 45 | €0 | €14,764 | +€14,764 | |
| Taxes | 450/3 | €0 | €14,764 | +€14,764 | |
| Other amounts payable | 47/48 | €88,000 | €94,000 | +€6,000 | +6.8% |
| Turnover | 70 | €44,283 | - | -€44,283 | |
| Goods, raw materials, services and sundry goods | 60/61 | €44,536 | - | -€44,536 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €735 | €3,734 | +€2,999 | +408.0% |
| Other operating charges | 640/8 | €384 | - | -€384 | |
| Gross operating margin | 9900 | -€253 | -€8,090 | -€7,838 | -3104.0% |
| Operating profit (loss) | 9901 | -€1,372 | -€11,824 | -€10,452 | -761.8% |
| Financial charges | 65/66B | €7 | €152 | +€145 | +1958.5% |
| Recurring financial charges | 65 | €7 | €152 | +€145 | +1958.5% |
| Profit (loss) for the period before taxes | 9903 | -€1,379 | -€11,977 | -€10,597 | -768.2% |
| Profit (loss) for the period | 9904 | -€1,379 | -€11,977 | -€10,597 | -768.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,379 | -€11,977 | -€10,597 | -768.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.