MSVA: 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.
MSVA
Largest movements
- Cash +€17,183
up €17,183 (+18.9%), from €91,071 to €108,254
mainly Net result for the year (+€90,053) and Other debts (+€25,000)
- Other debts +€25,000
up €25,000 (+33.3%), from €75,000 to €100,000
- Reserves -€9,947
down €9,947 (-39.6%), from €25,119 to €15,173
- Tax, wage and social debts +€3,063
up €3,063 (+34.9%), from €8,773 to €11,836
- Gross operating margin +€12,050
up €12,050 (+11.2%), from €107,872 to €119,922
- Taxes +€2,289
up €2,289 (+10.2%), from €22,346 to €24,635
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 | €111,899 | €130,086 | +€18,187 | +16.3% |
| Fixed assets | 21/28 | €5,340 | €5,173 | -€167 | -3.1% |
| Tangible fixed assets | 22/27 | €5,340 | €5,173 | -€167 | -3.1% |
| Plant, machinery and equipment | 23 | €4,655 | €5,173 | +€518 | +11.1% |
| Furniture and vehicles | 24 | €161 | €0 | -€161 | -100.0% |
| Other tangible fixed assets | 26 | €524 | €0 | -€524 | -100.0% |
| Current assets | 29/58 | €106,559 | €124,913 | +€18,354 | +17.2% |
| Amounts receivable within one year | 40/41 | €15,488 | €16,659 | +€1,171 | +7.6% |
| Trade receivables | 40 | €15,488 | €16,659 | +€1,171 | +7.6% |
| Cash at bank and in hand | 54/58 | €91,071 | €108,254 | +€17,183 | +18.9% |
| Total equity and liabilities | 10/49 | €111,899 | €130,086 | +€18,187 | +16.3% |
| Equity | 10/15 | €26,979 | €17,033 | -€9,947 | -36.9% |
| Contributions | 10/11 | €1,860 | €1,860 | = | 0.0% |
| Reserves | 13 | €25,119 | €15,173 | -€9,947 | -39.6% |
| Distributable reserves | 133 | €25,119 | €15,173 | -€9,947 | -39.6% |
| Amounts payable | 17/49 | €84,920 | €113,054 | +€28,134 | +33.1% |
| Amounts payable within one year | 42/48 | €84,138 | €112,146 | +€28,008 | +33.3% |
| Trade debts | 44 | €365 | €310 | -€55 | -15.0% |
| Suppliers | 440/4 | €365 | €310 | -€55 | -15.0% |
| Taxes, remuneration and social security | 45 | €8,773 | €11,836 | +€3,063 | +34.9% |
| Taxes | 450/3 | €8,773 | €11,836 | +€3,063 | +34.9% |
| Other amounts payable | 47/48 | €75,000 | €100,000 | +€25,000 | +33.3% |
| Accrued charges and deferred income | 492/3 | €782 | €907 | +€125 | +16.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,935 | €2,539 | -€396 | -13.5% |
| Other operating charges | 640/8 | €796 | €762 | -€34 | -4.2% |
| Non-recurring operating charges | 66A | - | €2,427 | +€2,427 | |
| Gross operating margin | 9900 | €107,872 | €119,922 | +€12,050 | +11.2% |
| Operating profit (loss) | 9901 | €104,141 | €114,194 | +€10,053 | +9.7% |
| Financial income | 75/76B | €161 | €540 | +€379 | +236.3% |
| Recurring financial income | 75 | €161 | €540 | +€379 | +236.3% |
| Financial charges | 65/66B | €45 | €45 | -€0 | -0.2% |
| Recurring financial charges | 65 | €45 | €45 | -€0 | -0.2% |
| Profit (loss) for the period before taxes | 9903 | €104,257 | €114,689 | +€10,432 | +10.0% |
| Income taxes | 67/77 | €22,346 | €24,635 | +€2,289 | +10.2% |
| Profit (loss) for the period | 9904 | €81,911 | €90,053 | +€8,143 | +9.9% |
| Profit (loss) for the period to be appropriated | 9905 | €81,911 | €90,053 | +€8,143 | +9.9% |
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 10 October 2026 via checked.be.