MSZ-Bouw: 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.
MSZ-Bouw
Largest movements
- Receivables within one year -€24,292
down €24,292 (-60.8%), from €39,969 to €15,677
of which Trade receivables: -€18,264
- Tangible fixed assets +€23,109
up €23,109 (+244%), from €9,485 to €32,594
of which Furniture and vehicles: +€22,148
- Deferred charges and accrued income -€1,952
no longer reported in 2025 (was €1,952)
- Profit (loss) carried forward -€14,066
down €14,066, from €5,589 to -€8,477
- Trade debts -€13,987
down €13,987 (-98.8%), from €14,154 to €168
- Debts after one year +€11,665
new in 2025: €11,665
- Current portion of long-term debt +€8,354
new in 2025: €8,354
- Other debts +€4,848
new in 2025: €4,848
- Staff costs +€24,197
up €24,197 (+92.4%), from €26,185 to €50,382
- Gross operating margin -€14,702
down €14,702 (-27.7%), from €53,158 to €38,457
- Financial income +€14,139
up €14,139 (+2,862%), from €494 to €14,633
- Taxes -€5,472
down €5,472 (-92.7%), from €5,903 to €430
- Other operating charges +€3,387
up €3,387 (+188%), from €1,805 to €5,192
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.
Derived cash bridge
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 | €80,477 | €77,576 | -€2,901 | -3.6% |
| Fixed assets | 21/28 | €9,485 | €32,594 | +€23,109 | +244% |
| Tangible fixed assets | 22/27 | €9,485 | €32,594 | +€23,109 | +244% |
| Plant, machinery and equipment | 23 | €5,153 | €6,115 | +€962 | +18.7% |
| Furniture and vehicles | 24 | €4,332 | €26,480 | +€22,148 | +511% |
| Current assets | 29/58 | €70,992 | €44,982 | -€26,010 | -36.6% |
| Amounts receivable within one year | 40/41 | €39,969 | €15,677 | -€24,292 | -60.8% |
| Trade receivables | 40 | €33,940 | €15,677 | -€18,264 | -53.8% |
| Other amounts receivable | 41 | €6,028 | - | -€6,028 | |
| Cash at bank and in hand | 54/58 | €29,071 | €29,305 | +€234 | +0.8% |
| Deferred charges and accrued income | 490/1 | €1,952 | - | -€1,952 | |
| Total equity and liabilities | 10/49 | €80,477 | €77,576 | -€2,901 | -3.6% |
| Equity | 10/15 | €59,801 | €45,735 | -€14,066 | -23.5% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €48,012 | €48,012 | = | 0.0% |
| Distributable reserves | 133 | €48,012 | €48,012 | = | 0.0% |
| Profit (loss) carried forward | 14 | €5,589 | -€8,477 | -€14,066 | |
| Amounts payable | 17/49 | €20,676 | €31,841 | +€11,165 | +54.0% |
| Amounts payable after more than one year | 17 | - | €11,665 | +€11,665 | |
| Financial debts | 170/4 | - | €11,665 | +€11,665 | |
| Amounts payable within one year | 42/48 | €20,676 | €20,176 | -€500 | -2.4% |
| Current portion of amounts payable after more than one year | 42 | - | €8,354 | +€8,354 | |
| Trade debts | 44 | €14,154 | €168 | -€13,987 | -98.8% |
| Suppliers | 440/4 | €14,154 | €168 | -€13,987 | -98.8% |
| Taxes, remuneration and social security | 45 | €6,522 | €6,807 | +€285 | +4.4% |
| Taxes | 450/3 | €5,903 | €6,807 | +€904 | +15.3% |
| Remuneration and social security | 454/9 | €619 | - | -€619 | |
| Other amounts payable | 47/48 | - | €4,848 | +€4,848 | |
| Remuneration, social security and pensions | 62 | €26,185 | €50,382 | +€24,197 | +92.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,248 | €9,769 | +€2,521 | +34.8% |
| Other operating charges | 640/8 | €1,805 | €5,192 | +€3,387 | +188% |
| Non-recurring operating charges | 66A | €1,039 | - | -€1,039 | |
| Gross operating margin | 9900 | €53,158 | €38,457 | -€14,702 | -27.7% |
| Operating profit (loss) | 9901 | €16,882 | -€26,886 | -€43,768 | |
| Financial income | 75/76B | €494 | €14,633 | +€14,139 | +2,862% |
| Recurring financial income | 75 | €494 | €14,633 | +€14,139 | +2,862% |
| Financial charges | 65/66B | €482 | €1,383 | +€901 | +187% |
| Recurring financial charges | 65 | €482 | €1,383 | +€901 | +187% |
| Profit (loss) for the period before taxes | 9903 | €16,894 | -€13,636 | -€30,530 | |
| Income taxes | 67/77 | €5,903 | €430 | -€5,472 | -92.7% |
| Profit (loss) for the period | 9904 | €10,992 | -€14,066 | -€25,058 | |
| Profit (loss) for the period to be appropriated | 9905 | €10,992 | -€14,066 | -€25,058 |
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 28 October 2026 via checked.be.