MSW² Projectmanagement: 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.
MSW² Projectmanagement
Largest movements
- Cash +€62,531
up €62,531 (+82.1%), from €76,163 to €138,693
mainly Net result for the year (+€45,067) and Receivables within one year (+€13,176)
- Receivables within one year -€13,176
down €13,176 (-47.8%), from €27,563 to €14,387
of which Trade receivables: -€13,908
- Tangible fixed assets -€9,864
down €9,864 (-31.5%), from €31,350 to €21,486
- Reserves +€45,067
up €45,067 (+58.0%), from €77,645 to €122,712
- Debts after one year -€8,824
down €8,824 (-37.9%), from €23,267 to €14,443
- Gross operating margin -€2,076
down €2,076 (-2.9%), from €71,073 to €68,998
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 | €137,095 | €175,115 | +€38,020 | +27.7% |
| Fixed assets | 21/28 | €31,350 | €21,486 | -€9,864 | -31.5% |
| Tangible fixed assets | 22/27 | €31,350 | €21,486 | -€9,864 | -31.5% |
| Leasing and similar rights | 25 | €31,350 | €21,486 | -€9,864 | -31.5% |
| Current assets | 29/58 | €105,744 | €153,629 | +€47,884 | +45.3% |
| Amounts receivable within one year | 40/41 | €27,563 | €14,387 | -€13,176 | -47.8% |
| Trade receivables | 40 | €27,563 | €13,655 | -€13,908 | -50.5% |
| Other amounts receivable | 41 | - | €732 | +€732 | |
| Cash at bank and in hand | 54/58 | €76,163 | €138,693 | +€62,531 | +82.1% |
| Deferred charges and accrued income | 490/1 | €2,019 | €548 | -€1,471 | -72.8% |
| Total equity and liabilities | 10/49 | €137,095 | €175,115 | +€38,020 | +27.7% |
| Equity | 10/15 | €80,645 | €125,712 | +€45,067 | +55.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €77,645 | €122,712 | +€45,067 | +58.0% |
| Distributable reserves | 133 | €77,645 | €122,712 | +€45,067 | +58.0% |
| Amounts payable | 17/49 | €56,450 | €49,403 | -€7,047 | -12.5% |
| Amounts payable after more than one year | 17 | €23,267 | €14,443 | -€8,824 | -37.9% |
| Financial debts | 170/4 | €23,267 | €14,443 | -€8,824 | -37.9% |
| Amounts payable within one year | 42/48 | €33,183 | €34,960 | +€1,777 | +5.4% |
| Current portion of amounts payable after more than one year | 42 | €8,443 | €8,824 | +€381 | +4.5% |
| Trade debts | 44 | €2,335 | €3,234 | +€899 | +38.5% |
| Suppliers | 440/4 | €2,335 | €3,234 | +€899 | +38.5% |
| Taxes, remuneration and social security | 45 | €20,468 | €20,731 | +€263 | +1.3% |
| Taxes | 450/3 | €20,468 | €20,731 | +€263 | +1.3% |
| Other amounts payable | 47/48 | €1,937 | €2,171 | +€234 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,864 | €9,864 | = | 0.0% |
| Other operating charges | 640/8 | €612 | €1,037 | +€425 | +69.5% |
| Gross operating margin | 9900 | €71,073 | €68,998 | -€2,076 | -2.9% |
| Operating profit (loss) | 9901 | €60,597 | €58,096 | -€2,501 | -4.1% |
| Financial income | 75/76B | - | €2 | +€2 | |
| Recurring financial income | 75 | - | €2 | +€2 | |
| Financial charges | 65/66B | €1,851 | €1,363 | -€489 | -26.4% |
| Recurring financial charges | 65 | €1,851 | €1,363 | -€489 | -26.4% |
| Profit (loss) for the period before taxes | 9903 | €58,746 | €56,736 | -€2,010 | -3.4% |
| Income taxes | 67/77 | €12,263 | €11,668 | -€595 | -4.9% |
| Profit (loss) for the period | 9904 | €46,483 | €45,067 | -€1,415 | -3.0% |
| Profit (loss) for the period to be appropriated | 9905 | €46,483 | €45,067 | -€1,415 | -3.0% |
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 9 October 2026 via checked.be.