MSG CONCEPT: what changed
MSG CONCEPT
Largest movements
- Tangible fixed assets +€9,320
up €9,320 (+1,958%), from €476 to €9,796
- Deferred charges and accrued income +€3,810
up €3,810 (+201%), from €1,896 to €5,706
- Intangible fixed assets -€2,492
down €2,492 (-26.2%), from €9,504 to €7,012
- Receivables within one year +€2,361
new in 2025: €2,361
- Cash +€1,286
up €1,286 (+6.9%), from €18,521 to €19,807
mainly Net result for the year (+€14,105) and Tax, wage and social debts (+€5,587)
- Profit (loss) carried forward +€14,105
up €14,105 (+399%), from €3,539 to €17,644
- Tax, wage and social debts +€5,587
up €5,587 (+614%), from €910 to €6,497
of which Taxes: +€5,587
- Investment grants -€4,107
down €4,107 (-50.0%), from €8,215 to €4,108
- Other debts -€2,772
down €2,772 (-21.4%), from €12,934 to €10,162
- Trade debts +€1,972
up €1,972 (+68.0%), from €2,901 to €4,873
- Taxes +€5,775
up €5,775 (+3,438%), from €168 to €5,943
- Financial income +€4,107
up €4,107 (+410,700%), from €1 to €4,108
- Gross operating margin +€3,845
up €3,845 (+22.8%), from €16,854 to €20,699
- Depreciation -€644
down €644 (-17.0%), from €3,782 to €3,138
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €35,289 | €50,074 | +€14,785 | +41.9% |
| Fixed assets | 21/28 | €13,860 | €20,688 | +€6,828 | +49.3% |
| Intangible fixed assets | 21 | €9,504 | €7,012 | -€2,492 | -26.2% |
| Tangible fixed assets | 22/27 | €476 | €9,796 | +€9,320 | +1,958% |
| Furniture and vehicles | 24 | €476 | €9,796 | +€9,320 | +1,958% |
| Financial fixed assets | 28 | €3,880 | €3,880 | = | 0.0% |
| Current assets | 29/58 | €21,429 | €29,386 | +€7,957 | +37.1% |
| Amounts receivable within one year | 40/41 | - | €2,361 | +€2,361 | |
| Trade receivables | 40 | - | €2,361 | +€2,361 | |
| Current investments | 50/53 | €1,012 | €1,512 | +€500 | +49.4% |
| Cash at bank and in hand | 54/58 | €18,521 | €19,807 | +€1,286 | +6.9% |
| Deferred charges and accrued income | 490/1 | €1,896 | €5,706 | +€3,810 | +201% |
| Total equity and liabilities | 10/49 | €35,289 | €50,074 | +€14,785 | +41.9% |
| Equity | 10/15 | €18,544 | €28,542 | +€9,998 | +53.9% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €590 | €590 | = | 0.0% |
| Non-distributable reserves | 130/1 | €590 | €590 | = | 0.0% |
| Reserves not available under the articles | 1311 | €590 | €590 | = | 0.0% |
| Profit (loss) carried forward | 14 | €3,539 | €17,644 | +€14,105 | +399% |
| Investment grants | 15 | €8,215 | €4,108 | -€4,107 | -50.0% |
| Amounts payable | 17/49 | €16,745 | €21,532 | +€4,787 | +28.6% |
| Amounts payable within one year | 42/48 | €16,745 | €21,532 | +€4,787 | +28.6% |
| Trade debts | 44 | €2,901 | €4,873 | +€1,972 | +68.0% |
| Suppliers | 440/4 | €2,901 | €4,873 | +€1,972 | +68.0% |
| Taxes, remuneration and social security | 45 | €910 | €6,497 | +€5,587 | +614% |
| Taxes | 450/3 | €610 | €6,197 | +€5,587 | +916% |
| Remuneration and social security | 454/9 | €300 | €300 | = | 0.0% |
| Other amounts payable | 47/48 | €12,934 | €10,162 | -€2,772 | -21.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,782 | €3,138 | -€644 | -17.0% |
| Other operating charges | 640/8 | €1,556 | €1,378 | -€178 | -11.4% |
| Gross operating margin | 9900 | €16,854 | €20,699 | +€3,845 | +22.8% |
| Operating profit (loss) | 9901 | €11,516 | €16,183 | +€4,667 | +40.5% |
| Financial income | 75/76B | €1 | €4,108 | +€4,107 | +410,700% |
| Recurring financial income | 75 | €1 | €4,108 | +€4,107 | +410,700% |
| Financial charges | 65/66B | €305 | €243 | -€62 | -20.3% |
| Recurring financial charges | 65 | €305 | €243 | -€62 | -20.3% |
| Profit (loss) for the period before taxes | 9903 | €11,212 | €20,048 | +€8,836 | +78.8% |
| Income taxes | 67/77 | €168 | €5,943 | +€5,775 | +3,438% |
| Profit (loss) for the period | 9904 | €11,044 | €14,105 | +€3,061 | +27.7% |
| Profit (loss) for the period to be appropriated | 9905 | €11,044 | €14,105 | +€3,061 | +27.7% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.