MSP COMPANY: 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.
MSP COMPANY
Largest movements
- Stocks and contracts -€149,077
down €149,077 (-59.3%), from €251,432 to €102,355
- Receivables within one year -€93,687
down €93,687 (-66.6%), from €140,667 to €46,980
of which Trade receivables: -€80,198
- Tangible fixed assets -€20,550
down €20,550 (-20.7%), from €99,240 to €78,689
of which Furniture and vehicles: -€15,961
- Deferred charges and accrued income -€9,630
down €9,630 (-80.9%), from €11,897 to €2,267
- Cash -€9,098
down €9,098 (-61.6%), from €14,773 to €5,675
mainly Net result for the year (-€154,177) and Trade debts (-€82,374)
- Profit (loss) carried forward -€154,177
down €154,177 (-342%), from -€45,098 to -€199,275
- Trade debts -€82,374
down €82,374 (-65.6%), from €125,592 to €43,219
- Debts after one year -€49,878
down €49,878 (-31.1%), from €160,578 to €110,700
- Short-term financial debts -€37,685
down €37,685 (-100%), from €37,685 to €0
- Other debts +€28,791
up €28,791 (+18.9%), from €152,616 to €181,407
- Gross operating margin -€85,723
down €85,723, from €83 to -€85,640
- Depreciation +€11,427
up €11,427 (+115%), from €9,972 to €21,398
- Staff costs -€5,364
down €5,364 (-12.8%), from €41,929 to €36,566
- Other operating charges -€5,230
down €5,230 (-87.0%), from €6,010 to €780
- Financial income +€950
up €950 (+1,646%), from €58 to €1,008
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 | €520,909 | €238,020 | -€282,889 | -54.3% |
| Fixed assets | 21/28 | €102,141 | €80,742 | -€21,398 | -20.9% |
| Intangible fixed assets | 21 | €2,801 | €1,953 | -€848 | -30.3% |
| Tangible fixed assets | 22/27 | €99,240 | €78,689 | -€20,550 | -20.7% |
| Plant, machinery and equipment | 23 | €17,207 | €13,731 | -€3,476 | -20.2% |
| Furniture and vehicles | 24 | €71,980 | €56,020 | -€15,961 | -22.2% |
| Other tangible fixed assets | 26 | €10,052 | €8,938 | -€1,114 | -11.1% |
| Financial fixed assets | 28 | €100 | €100 | = | 0.0% |
| Current assets | 29/58 | €418,768 | €157,277 | -€261,491 | -62.4% |
| Stocks and contracts in progress | 3 | €251,432 | €102,355 | -€149,077 | -59.3% |
| Stocks | 30/36 | €251,432 | €102,355 | -€149,077 | -59.3% |
| Amounts receivable within one year | 40/41 | €140,667 | €46,980 | -€93,687 | -66.6% |
| Trade receivables | 40 | €96,178 | €15,980 | -€80,198 | -83.4% |
| Other amounts receivable | 41 | €44,489 | €31,000 | -€13,489 | -30.3% |
| Cash at bank and in hand | 54/58 | €14,773 | €5,675 | -€9,098 | -61.6% |
| Deferred charges and accrued income | 490/1 | €11,897 | €2,267 | -€9,630 | -80.9% |
| Total equity and liabilities | 10/49 | €520,909 | €238,020 | -€282,889 | -54.3% |
| Equity | 10/15 | -€43,598 | -€197,775 | -€154,177 | -354% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,098 | -€199,275 | -€154,177 | -342% |
| Amounts payable | 17/49 | €564,508 | €435,795 | -€128,713 | -22.8% |
| Amounts payable after more than one year | 17 | €160,578 | €110,700 | -€49,878 | -31.1% |
| Financial debts | 170/4 | €160,578 | €110,700 | -€49,878 | -31.1% |
| Amounts payable within one year | 42/48 | €402,338 | €323,481 | -€78,857 | -19.6% |
| Current portion of amounts payable after more than one year | 42 | €69,919 | €78,712 | +€8,793 | +12.6% |
| Financial debts | 43 | €37,685 | €0 | -€37,685 | -100% |
| Credit institutions | 430/8 | €37,685 | €0 | -€37,685 | -100% |
| Trade debts | 44 | €125,592 | €43,219 | -€82,374 | -65.6% |
| Suppliers | 440/4 | €125,592 | €43,219 | -€82,374 | -65.6% |
| Taxes, remuneration and social security | 45 | €16,526 | €20,144 | +€3,618 | +21.9% |
| Taxes | 450/3 | €10,110 | €14,589 | +€4,479 | +44.3% |
| Remuneration and social security | 454/9 | €6,416 | €5,554 | -€861 | -13.4% |
| Other amounts payable | 47/48 | €152,616 | €181,407 | +€28,791 | +18.9% |
| Accrued charges and deferred income | 492/3 | €1,591 | €1,614 | +€22 | +1.4% |
| Remuneration, social security and pensions | 62 | €41,929 | €36,566 | -€5,364 | -12.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,972 | €21,398 | +€11,427 | +115% |
| Other operating charges | 640/8 | €6,010 | €780 | -€5,230 | -87.0% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €83 | -€85,640 | -€85,723 | |
| Operating profit (loss) | 9901 | -€57,829 | -€144,385 | -€86,556 | -150% |
| Financial income | 75/76B | €58 | €1,008 | +€950 | +1,646% |
| Recurring financial income | 75 | €58 | €1,008 | +€950 | +1,646% |
| Financial charges | 65/66B | €11,160 | €10,800 | -€360 | -3.2% |
| Recurring financial charges | 65 | €11,160 | €10,800 | -€360 | -3.2% |
| Profit (loss) for the period before taxes | 9903 | -€68,931 | -€154,177 | -€85,246 | -124% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€68,931 | -€154,177 | -€85,246 | -124% |
| Profit (loss) for the period to be appropriated | 9905 | -€68,931 | -€154,177 | -€85,246 | -124% |
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 27 October 2026 via checked.be.