MSSN: 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.
MSSN
Largest movements
- Stocks and contracts +€200,040
up €200,040 (+62.8%), from €318,677 to €518,717
- Cash -€116,028
down €116,028 (-44.2%), from €262,647 to €146,619
mainly Stocks and contracts (-€200,040) and Short-term financial debts (-€152,500)
- Tangible fixed assets -€76,724
down €76,724 (-22.4%), from €342,615 to €265,891
of which Land and buildings: -€70,560
- Deferred charges and accrued income -€38,150
down €38,150 (-32.2%), from €118,544 to €80,394
- Receivables within one year +€24,723
up €24,723 (+16.4%), from €151,119 to €175,842
of which Trade receivables: +€32,310
- Short-term financial debts -€152,500
down €152,500 (-50.2%), from €303,750 to €151,250
- Trade debts +€125,432
up €125,432 (+22.3%), from €562,854 to €688,286
- Debts after one year -€42,611
down €42,611 (-38.5%), from €110,583 to €67,972
- Profit (loss) carried forward +€31,567
up €31,567 (+54.2%), from -€58,266 to -€26,699
- Tax, wage and social debts +€28,947
up €28,947 (+40.9%), from €70,748 to €99,695
of which Taxes: +€21,731
- Gross operating margin -€121,896
down €121,896 (-29.2%), from €417,100 to €295,204
- Taxes -€33,497
down €33,497 (-71.5%), from €46,868 to €13,371
- Staff costs +€9,900
up €9,900 (+7.5%), from €132,205 to €142,106
- Financial charges -€5,058
down €5,058 (-21.7%), from €23,287 to €18,229
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 | €1,201,931 | €1,191,158 | -€10,772 | -0.9% |
| Fixed assets | 21/28 | €350,943 | €269,586 | -€81,357 | -23.2% |
| Intangible fixed assets | 21 | €8,253 | €3,620 | -€4,633 | -56.1% |
| Tangible fixed assets | 22/27 | €342,615 | €265,891 | -€76,724 | -22.4% |
| Land and buildings | 22 | €315,798 | €245,238 | -€70,560 | -22.3% |
| Plant, machinery and equipment | 23 | €503 | €196 | -€307 | -61.1% |
| Furniture and vehicles | 24 | €26,314 | €20,457 | -€5,857 | -22.3% |
| Financial fixed assets | 28 | €75 | €75 | = | 0.0% |
| Current assets | 29/58 | €850,988 | €921,572 | +€70,585 | +8.3% |
| Stocks and contracts in progress | 3 | €318,677 | €518,717 | +€200,040 | +62.8% |
| Stocks | 30/36 | €318,677 | €518,717 | +€200,040 | +62.8% |
| Amounts receivable within one year | 40/41 | €151,119 | €175,842 | +€24,723 | +16.4% |
| Trade receivables | 40 | €135,017 | €167,327 | +€32,310 | +23.9% |
| Other amounts receivable | 41 | €16,102 | €8,515 | -€7,587 | -47.1% |
| Cash at bank and in hand | 54/58 | €262,647 | €146,619 | -€116,028 | -44.2% |
| Deferred charges and accrued income | 490/1 | €118,544 | €80,394 | -€38,150 | -32.2% |
| Total equity and liabilities | 10/49 | €1,201,931 | €1,191,158 | -€10,772 | -0.9% |
| Equity | 10/15 | €91,734 | €123,301 | +€31,567 | +34.4% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€58,266 | -€26,699 | +€31,567 | +54.2% |
| Amounts payable | 17/49 | €1,110,197 | €1,067,858 | -€42,339 | -3.8% |
| Amounts payable after more than one year | 17 | €110,583 | €67,972 | -€42,611 | -38.5% |
| Financial debts | 170/4 | €110,583 | €67,972 | -€42,611 | -38.5% |
| Amounts payable within one year | 42/48 | €995,194 | €996,703 | +€1,509 | +0.2% |
| Current portion of amounts payable after more than one year | 42 | €41,536 | €43,182 | +€1,646 | +4.0% |
| Financial debts | 43 | €303,750 | €151,250 | -€152,500 | -50.2% |
| Credit institutions | 430/8 | €303,750 | €151,250 | -€152,500 | -50.2% |
| Trade debts | 44 | €562,854 | €688,286 | +€125,432 | +22.3% |
| Suppliers | 440/4 | €562,854 | €688,286 | +€125,432 | +22.3% |
| Advances received on contracts in progress | 46 | €9,372 | €9,372 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €70,748 | €99,695 | +€28,947 | +40.9% |
| Taxes | 450/3 | €47,141 | €68,872 | +€21,731 | +46.1% |
| Remuneration and social security | 454/9 | €23,607 | €30,823 | +€7,216 | +30.6% |
| Other amounts payable | 47/48 | €6,935 | €4,919 | -€2,016 | -29.1% |
| Accrued charges and deferred income | 492/3 | €4,419 | €3,182 | -€1,237 | -28.0% |
| Remuneration, social security and pensions | 62 | €132,205 | €142,106 | +€9,900 | +7.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,603 | €85,328 | +€725 | +0.9% |
| Other operating charges | 640/8 | €5,180 | €5,278 | +€98 | +1.9% |
| Gross operating margin | 9900 | €417,100 | €295,204 | -€121,896 | -29.2% |
| Operating profit (loss) | 9901 | €195,112 | €62,493 | -€132,619 | -68.0% |
| Financial income | 75/76B | €3,319 | €674 | -€2,645 | -79.7% |
| Recurring financial income | 75 | €3,319 | €674 | -€2,645 | -79.7% |
| Financial charges | 65/66B | €23,287 | €18,229 | -€5,058 | -21.7% |
| Recurring financial charges | 65 | €23,287 | €18,229 | -€5,058 | -21.7% |
| Profit (loss) for the period before taxes | 9903 | €175,145 | €44,938 | -€130,207 | -74.3% |
| Income taxes | 67/77 | €46,868 | €13,371 | -€33,497 | -71.5% |
| Profit (loss) for the period | 9904 | €128,277 | €31,567 | -€96,711 | -75.4% |
| Profit (loss) for the period to be appropriated | 9905 | €128,277 | €31,567 | -€96,711 | -75.4% |
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 6 October 2026 via checked.be.