MSQ: 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.
MSQ
Largest movements
- Cash +€358,488
up €358,488 (+826%), from €43,406 to €401,894
mainly Net result for the year (+€435,298) and Current investments (+€132,328)
- Current investments -€132,328
down €132,328 (-8.1%), from €1.6m to €1.5m
- Tangible fixed assets +€63,537
up €63,537 (+2,136%), from €2,975 to €66,512
of which Furniture and vehicles: +€61,593
- Receivables within one year -€48,401
down €48,401 (-95.0%), from €50,931 to €2,530
of which Trade receivables: -€48,879
- Profit (loss) carried forward +€435,298
up €435,298 (+29.4%), from €1.5m to €1.9m
- Other debts -€199,426
down €199,426 (-99.3%), from €200,823 to €1,397
- Gross operating margin +€78,855
up €78,855 (+16.5%), from €477,031 to €555,887
- Financial income -€47,272
down €47,272 (-59.9%), from €78,917 to €31,645
- Taxes +€20,957
up €20,957 (+17.2%), from €121,975 to €142,932
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 | €1,730,363 | €1,976,363 | +€246,000 | +14.2% |
| Fixed assets | 21/28 | €3,221 | €66,608 | +€63,387 | +1,968% |
| Tangible fixed assets | 22/27 | €2,975 | €66,512 | +€63,537 | +2,136% |
| Plant, machinery and equipment | 23 | - | €1,944 | +€1,944 | |
| Furniture and vehicles | 24 | €2,975 | €64,568 | +€61,593 | +2,070% |
| Financial fixed assets | 28 | €246 | €96 | -€150 | -61.0% |
| Current assets | 29/58 | €1,727,142 | €1,909,755 | +€182,613 | +10.6% |
| Amounts receivable within one year | 40/41 | €50,931 | €2,530 | -€48,401 | -95.0% |
| Trade receivables | 40 | €50,931 | €2,052 | -€48,879 | -96.0% |
| Other amounts receivable | 41 | - | €478 | +€478 | |
| Current investments | 50/53 | €1,628,796 | €1,496,468 | -€132,328 | -8.1% |
| Cash at bank and in hand | 54/58 | €43,406 | €401,894 | +€358,488 | +826% |
| Deferred charges and accrued income | 490/1 | €4,009 | €8,863 | +€4,854 | +121% |
| Total equity and liabilities | 10/49 | €1,730,363 | €1,976,363 | +€246,000 | +14.2% |
| Equity | 10/15 | €1,484,196 | €1,919,494 | +€435,298 | +29.3% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,482,336 | €1,917,634 | +€435,298 | +29.4% |
| Amounts payable | 17/49 | €246,167 | €56,869 | -€189,298 | -76.9% |
| Amounts payable within one year | 42/48 | €246,167 | €56,269 | -€189,898 | -77.1% |
| Trade debts | 44 | €7,789 | €4,583 | -€3,206 | -41.2% |
| Suppliers | 440/4 | €7,789 | €4,583 | -€3,206 | -41.2% |
| Taxes, remuneration and social security | 45 | €37,555 | €50,288 | +€12,734 | +33.9% |
| Taxes | 450/3 | €33,817 | €45,836 | +€12,019 | +35.5% |
| Remuneration and social security | 454/9 | €3,738 | €4,452 | +€715 | +19.1% |
| Other amounts payable | 47/48 | €200,823 | €1,397 | -€199,426 | -99.3% |
| Accrued charges and deferred income | 492/3 | €0 | €600 | +€600 | |
| Non-recurring operating income | 76A | - | €12,474 | +€12,474 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €571 | €5,869 | +€5,297 | +927% |
| Other operating charges | 640/8 | €1,495 | €1,214 | -€281 | -18.8% |
| Gross operating margin | 9900 | €477,031 | €555,887 | +€78,855 | +16.5% |
| Operating profit (loss) | 9901 | €474,966 | €548,804 | +€73,838 | +15.5% |
| Financial income | 75/76B | €78,917 | €31,645 | -€47,272 | -59.9% |
| Recurring financial income | 75 | €78,917 | €31,645 | -€47,272 | -59.9% |
| Financial charges | 65/66B | €1,786 | €2,219 | +€433 | +24.3% |
| Recurring financial charges | 65 | €1,786 | €2,219 | +€433 | +24.3% |
| Profit (loss) for the period before taxes | 9903 | €552,097 | €578,230 | +€26,133 | +4.7% |
| Income taxes | 67/77 | €121,975 | €142,932 | +€20,957 | +17.2% |
| Profit (loss) for the period | 9904 | €430,123 | €435,298 | +€5,175 | +1.2% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €430,123 | €435,298 | +€5,175 | +1.2% |
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 18 October 2026 via checked.be.