MSRENOV: 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.
MSRENOV
Largest movements
- Receivables within one year +€21,778
up €21,778 (+23.1%), from €94,118 to €115,896
of which Trade receivables: +€40,732
- Cash +€4,927
up €4,927 (+11.5%), from €42,958 to €47,885
mainly Net result for the year (+€26,529) and Trade debts (+€5,994)
- Tangible fixed assets +€4,872
up €4,872 (+345.5%), from €1,410 to €6,282
of which Plant, machinery and equipment: +€2,707
- Profit (loss) carried forward +€13,529
up €13,529 (+12.2%), from €111,102 to €124,631
- Reserves +€10,000
up €10,000 (+57.6%), from €17,360 to €27,360
of which Distributable reserves: +€10,000
- Trade debts +€5,994
up €5,994 (+100.4%), from €5,969 to €11,963
- Gross operating margin +€22,049
up €22,049 (+173.5%), from €12,712 to €34,761
- Depreciation -€2,937
down €2,937 (-49.0%), from €5,988 to €3,051
- Taxes -€1,140
down €1,140 (-36.0%), from €3,166 to €2,026
- Other operating charges +€665
up €665 (+36.5%), from €1,823 to €2,488
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 | €151,510 | €182,572 | +€31,062 | +20.5% |
| Fixed assets | 21/28 | €1,560 | €6,432 | +€4,872 | +312.3% |
| Tangible fixed assets | 22/27 | €1,410 | €6,282 | +€4,872 | +345.5% |
| Plant, machinery and equipment | 23 | - | €2,707 | +€2,707 | |
| Furniture and vehicles | 24 | €1,410 | €3,575 | +€2,165 | +153.5% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €149,950 | €176,140 | +€26,190 | +17.5% |
| Stocks and contracts in progress | 3 | €1,847 | €1,532 | -€315 | -17.1% |
| Stocks | 30/36 | €1,847 | €1,532 | -€315 | -17.1% |
| Amounts receivable within one year | 40/41 | €94,118 | €115,896 | +€21,778 | +23.1% |
| Trade receivables | 40 | €23,282 | €64,014 | +€40,732 | +175.0% |
| Other amounts receivable | 41 | €70,836 | €51,882 | -€18,954 | -26.8% |
| Cash at bank and in hand | 54/58 | €42,958 | €47,885 | +€4,927 | +11.5% |
| Deferred charges and accrued income | 490/1 | €11,027 | €10,827 | -€200 | -1.8% |
| Total equity and liabilities | 10/49 | €151,510 | €182,572 | +€31,062 | +20.5% |
| Equity | 10/15 | €140,862 | €164,391 | +€23,529 | +16.7% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Capital | 10 | €12,400 | €12,400 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €17,360 | €27,360 | +€10,000 | +57.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €15,500 | €25,500 | +€10,000 | +64.5% |
| Profit (loss) carried forward | 14 | €111,102 | €124,631 | +€13,529 | +12.2% |
| Amounts payable | 17/49 | €10,648 | €18,181 | +€7,533 | +70.7% |
| Amounts payable within one year | 42/48 | €10,648 | €18,181 | +€7,533 | +70.7% |
| Financial debts | 43 | €1,615 | €3,218 | +€1,603 | +99.3% |
| Credit institutions | 430/8 | €1,615 | €3,218 | +€1,603 | +99.3% |
| Trade debts | 44 | €5,969 | €11,963 | +€5,994 | +100.4% |
| Suppliers | 440/4 | €5,969 | €11,963 | +€5,994 | +100.4% |
| Other amounts payable | 47/48 | €3,064 | €3,000 | -€64 | -2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,988 | €3,051 | -€2,937 | -49.0% |
| Other operating charges | 640/8 | €1,823 | €2,488 | +€665 | +36.5% |
| Gross operating margin | 9900 | €12,712 | €34,761 | +€22,049 | +173.5% |
| Operating profit (loss) | 9901 | €4,901 | €29,222 | +€24,321 | +496.2% |
| Financial charges | 65/66B | €595 | €667 | +€72 | +12.1% |
| Recurring financial charges | 65 | €595 | €667 | +€72 | +12.1% |
| Profit (loss) for the period before taxes | 9903 | €4,306 | €28,555 | +€24,249 | +563.1% |
| Income taxes | 67/77 | €3,166 | €2,026 | -€1,140 | -36.0% |
| Profit (loss) for the period | 9904 | €1,140 | €26,529 | +€25,389 | +2227.1% |
| Profit (loss) for the period to be appropriated | 9905 | €1,140 | €26,529 | +€25,389 | +2227.1% |
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 8 October 2026 via checked.be.