MSX GROUP: 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.
MSX GROUP
Largest movements
- Receivables within one year -€14,937
down €14,937 (-98.2%), from €15,207 to €270
of which Trade receivables: -€10,898
- Formation expenses -€1,874
no longer reported in 2025 (was €1,874)
- Cash -€1,259
down €1,259 (-99.4%), from €1,267 to €8
mainly Trade debts (-€8,225) and Net result for the year (-€6,002)
- Deferred charges and accrued income -€926
no longer reported in 2025 (was €926)
- Profit (loss) carried forward -€10,963
down €10,963, from €4,608 to -€6,355
- Trade debts -€8,225
down €8,225 (-97.6%), from €8,427 to €202
- Other debts +€1,731
up €1,731 (+101.8%), from €1,700 to €3,431
- Tax, wage and social debts -€1,539
no longer reported in 2025 (was €1,539)
- Gross operating margin -€11,941
down €11,941, from €7,813 to -€4,128
- Taxes -€1,539
no longer reported in 2025 (was €1,539)
- Other operating charges +€1,249
new in 2025: €1,249
- Financial charges -€1,059
no longer reported in 2025 (was €1,059)
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 | €19,273 | €278 | -€18,996 | -98.6% |
| Formation expenses | 20 | €1,874 | - | -€1,874 | |
| Current assets | 29/58 | €17,399 | €278 | -€17,122 | -98.4% |
| Amounts receivable within one year | 40/41 | €15,207 | €270 | -€14,937 | -98.2% |
| Trade receivables | 40 | €11,140 | €242 | -€10,898 | -97.8% |
| Other amounts receivable | 41 | €4,067 | €28 | -€4,040 | -99.3% |
| Cash at bank and in hand | 54/58 | €1,267 | €8 | -€1,259 | -99.4% |
| Deferred charges and accrued income | 490/1 | €926 | - | -€926 | |
| Total equity and liabilities | 10/49 | €19,273 | €278 | -€18,996 | -98.6% |
| Equity | 10/15 | €7,608 | -€3,355 | -€10,963 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4,608 | -€6,355 | -€10,963 | |
| Amounts payable | 17/49 | €11,666 | €3,633 | -€8,033 | -68.9% |
| Amounts payable within one year | 42/48 | €11,666 | €3,633 | -€8,033 | -68.9% |
| Trade debts | 44 | €8,427 | €202 | -€8,225 | -97.6% |
| Suppliers | 440/4 | €8,427 | €202 | -€8,225 | -97.6% |
| Taxes, remuneration and social security | 45 | €1,539 | - | -€1,539 | |
| Taxes | 450/3 | €1,539 | - | -€1,539 | |
| Other amounts payable | 47/48 | €1,700 | €3,431 | +€1,731 | +101.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €625 | €625 | = | 0.0% |
| Other operating charges | 640/8 | - | €1,249 | +€1,249 | |
| Gross operating margin | 9900 | €7,813 | -€4,128 | -€11,941 | |
| Operating profit (loss) | 9901 | €7,188 | -€6,002 | -€13,190 | |
| Financial income | 75/76B | €17 | - | -€17 | |
| Recurring financial income | 75 | €17 | - | -€17 | |
| Financial charges | 65/66B | €1,059 | - | -€1,059 | |
| Recurring financial charges | 65 | €1,059 | - | -€1,059 | |
| Profit (loss) for the period before taxes | 9903 | €6,146 | -€6,002 | -€12,148 | |
| Income taxes | 67/77 | €1,539 | - | -€1,539 | |
| Profit (loss) for the period | 9904 | €4,608 | -€6,002 | -€10,609 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,608 | -€6,002 | -€10,609 |
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 12 October 2026 via checked.be.