MSP SERVICES: what changed
Two fiscal 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 SERVICES
Largest movements
- Receivables within one year +€6,684
up €6,684 (+57.6%), from €11,613 to €18,296
of which Trade receivables: +€4,151
- Stocks and contracts -€3,162
down €3,162 (-27.9%), from €11,332 to €8,170
- Tangible fixed assets +€2,697
up €2,697 (+75.4%), from €3,579 to €6,275
- Deferred charges and accrued income +€2,692
new in 2025: €2,692
- Cash +€730
up €730 (+58.8%), from €1,242 to €1,973
mainly Trade debts (+€13,304) and Stocks and contracts (+€3,162)
- Trade debts +€13,304
up €13,304 (+70.4%), from €18,891 to €32,196
- Profit (loss) carried forward -€4,733
down €4,733 (-26.7%), from -€17,742 to -€22,475
- Tax, wage and social debts +€2,897
up €2,897 (+28.2%), from €10,282 to €13,179
- Accrued charges and deferred income -€2,335
down €2,335 (-19.4%), from €12,054 to €9,719
- Gross operating margin +€6,416
up €6,416, from -€5,323 to €1,093
- Other operating charges +€1,555
up €1,555 (+123.5%), from €1,260 to €2,815
- Depreciation +€704
up €704 (+36.8%), from €1,913 to €2,616
- Financial charges +€392
up €392 (+148.6%), from €264 to €655
- Financial income +€187
up €187 (+90.8%), from €206 to €392
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 | €28,485 | €37,619 | +€9,134 | +32.1% |
| Formation expenses | 20 | €720 | €213 | -€507 | -70.4% |
| Fixed assets | 21/28 | €3,579 | €6,275 | +€2,697 | +75.4% |
| Tangible fixed assets | 22/27 | €3,579 | €6,275 | +€2,697 | +75.4% |
| Furniture and vehicles | 24 | €3,579 | €6,275 | +€2,697 | +75.4% |
| Current assets | 29/58 | €24,187 | €31,131 | +€6,945 | +28.7% |
| Stocks and contracts in progress | 3 | €11,332 | €8,170 | -€3,162 | -27.9% |
| Stocks | 30/36 | €11,332 | €8,170 | -€3,162 | -27.9% |
| Amounts receivable within one year | 40/41 | €11,613 | €18,296 | +€6,684 | +57.6% |
| Trade receivables | 40 | €5,933 | €10,084 | +€4,151 | +70.0% |
| Other amounts receivable | 41 | €5,680 | €8,212 | +€2,532 | +44.6% |
| Cash at bank and in hand | 54/58 | €1,242 | €1,973 | +€730 | +58.8% |
| Deferred charges and accrued income | 490/1 | - | €2,692 | +€2,692 | |
| Total equity and liabilities | 10/49 | €28,485 | €37,619 | +€9,134 | +32.1% |
| Equity | 10/15 | -€12,742 | -€17,475 | -€4,733 | -37.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€17,742 | -€22,475 | -€4,733 | -26.7% |
| Amounts payable | 17/49 | €41,227 | €55,094 | +€13,867 | +33.6% |
| Amounts payable within one year | 42/48 | €29,173 | €45,375 | +€16,201 | +55.5% |
| Trade debts | 44 | €18,891 | €32,196 | +€13,304 | +70.4% |
| Suppliers | 440/4 | €18,891 | €32,196 | +€13,304 | +70.4% |
| Taxes, remuneration and social security | 45 | €10,282 | €13,179 | +€2,897 | +28.2% |
| Taxes | 450/3 | €10,282 | €13,179 | +€2,897 | +28.2% |
| Accrued charges and deferred income | 492/3 | €12,054 | €9,719 | -€2,335 | -19.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,913 | €2,616 | +€704 | +36.8% |
| Other operating charges | 640/8 | €1,260 | €2,815 | +€1,555 | +123.5% |
| Gross operating margin | 9900 | -€5,323 | €1,093 | +€6,416 | |
| Operating profit (loss) | 9901 | -€8,495 | -€4,337 | +€4,158 | +48.9% |
| Financial income | 75/76B | €206 | €392 | +€187 | +90.8% |
| Recurring financial income | 75 | €206 | €392 | +€187 | +90.8% |
| Financial charges | 65/66B | €264 | €655 | +€392 | +148.6% |
| Recurring financial charges | 65 | €264 | €655 | +€392 | +148.6% |
| Profit (loss) for the period before taxes | 9903 | -€8,553 | -€4,601 | +€3,953 | +46.2% |
| Income taxes | 67/77 | €128 | €132 | +€4 | +3.2% |
| Profit (loss) for the period | 9904 | -€8,681 | -€4,733 | +€3,948 | +45.5% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,681 | -€4,733 | +€3,948 | +45.5% |
Source: filed annual accounts (NBB), fiscal 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 September 2026 via checked.be.