M&G: what changed
Two fiscal 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.
M&G
Largest movements
- Intangible fixed assets -€193,214
down €193,214 (-16.9%), from €1.1m to €948,714
- Tangible fixed assets +€59,232
up €59,232 (+12.7%), from €465,515 to €524,747
of which Furniture and vehicles: +€108,487
- Cash +€36,513
up €36,513 (+156.0%), from €23,406 to €59,918
mainly Depreciation (+€252,979) and Other debts (+€78,565)
- Debts after one year -€195,671
down €195,671 (-20.8%), from €939,742 to €744,071
- Other debts +€78,565
up €78,565 (+57.9%), from €135,721 to €214,286
- Reserves -€29,000
down €29,000 (-17.6%), from €164,750 to €135,750
of which Distributable reserves: -€21,000
- Tax, wage and social debts +€22,535
up €22,535 (+117.8%), from €19,134 to €41,669
of which Taxes: +€24,123
- Gross operating margin +€136,252
up €136,252 (+31.8%), from €428,943 to €565,195
- Taxes +€27,188
up €27,188 (+154.4%), from €17,605 to €44,792
- Depreciation +€15,669
up €15,669 (+6.6%), from €237,310 to €252,979
- Staff costs +€11,246
up €11,246 (+6.8%), from €165,594 to €176,840
- Financial charges +€11,030
up €11,030 (+34.9%), from €31,561 to €42,591
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 | €1,782,282 | €1,656,566 | -€125,716 | -7.1% |
| Fixed assets | 21/28 | €1,740,368 | €1,590,961 | -€149,406 | -8.6% |
| Intangible fixed assets | 21 | €1,141,928 | €948,714 | -€193,214 | -16.9% |
| Tangible fixed assets | 22/27 | €465,515 | €524,747 | +€59,232 | +12.7% |
| Land and buildings | 22 | €434,914 | €386,467 | -€48,447 | -11.1% |
| Plant, machinery and equipment | 23 | €15,269 | €14,461 | -€808 | -5.3% |
| Furniture and vehicles | 24 | €10,332 | €118,819 | +€108,487 | +1050.0% |
| Other tangible fixed assets | 26 | €5,000 | €5,000 | = | 0.0% |
| Financial fixed assets | 28 | €132,924 | €117,500 | -€15,424 | -11.6% |
| Current assets | 29/58 | €41,914 | €65,605 | +€23,691 | +56.5% |
| Amounts receivable within one year | 40/41 | €17,462 | €2,924 | -€14,537 | -83.3% |
| Other amounts receivable | 41 | €17,462 | €2,924 | -€14,537 | -83.3% |
| Cash at bank and in hand | 54/58 | €23,406 | €59,918 | +€36,513 | +156.0% |
| Deferred charges and accrued income | 490/1 | €1,047 | €2,762 | +€1,715 | +163.8% |
| Total equity and liabilities | 10/49 | €1,782,282 | €1,656,566 | -€125,716 | -7.1% |
| Equity | 10/15 | €244,469 | €215,912 | -€28,557 | -11.7% |
| Contributions | 10/11 | €23,600 | €23,600 | = | 0.0% |
| Reserves | 13 | €164,750 | €135,750 | -€29,000 | -17.6% |
| Tax-exempt reserves | 132 | €50,750 | €42,750 | -€8,000 | -15.8% |
| Distributable reserves | 133 | €114,000 | €93,000 | -€21,000 | -18.4% |
| Profit (loss) carried forward | 14 | €56,119 | €56,562 | +€443 | +0.8% |
| Provisions and deferred taxes | 16 | €138,476 | €136,476 | -€2,000 | -1.4% |
| Provisions for liabilities and charges | 160/5 | €130,476 | €130,476 | = | 0.0% |
| Pensions and similar obligations | 160 | €130,476 | €130,476 | = | 0.0% |
| Deferred taxes | 168 | €8,000 | €6,000 | -€2,000 | -25.0% |
| Amounts payable | 17/49 | €1,399,337 | €1,304,178 | -€95,159 | -6.8% |
| Amounts payable after more than one year | 17 | €939,742 | €744,071 | -€195,671 | -20.8% |
| Financial debts | 170/4 | €939,742 | €744,071 | -€195,671 | -20.8% |
| Amounts payable within one year | 42/48 | €450,054 | €551,499 | +€101,444 | +22.5% |
| Current portion of amounts payable after more than one year | 42 | €294,252 | €294,571 | +€319 | +0.1% |
| Advances received on contracts in progress | 46 | €947 | €973 | +€25 | +2.7% |
| Taxes, remuneration and social security | 45 | €19,134 | €41,669 | +€22,535 | +117.8% |
| Taxes | 450/3 | €582 | €24,705 | +€24,123 | +4144.4% |
| Remuneration and social security | 454/9 | €18,551 | €16,963 | -€1,588 | -8.6% |
| Other amounts payable | 47/48 | €135,721 | €214,286 | +€78,565 | +57.9% |
| Accrued charges and deferred income | 492/3 | €9,540 | €8,608 | -€932 | -9.8% |
| Remuneration, social security and pensions | 62 | €165,594 | €176,840 | +€11,246 | +6.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €237,310 | €252,979 | +€15,669 | +6.6% |
| Other operating charges | 640/8 | €5,920 | €12,678 | +€6,758 | +114.1% |
| Non-recurring operating charges | 66A | - | €1,373 | +€1,373 | |
| Gross operating margin | 9900 | €428,943 | €565,195 | +€136,252 | +31.8% |
| Operating profit (loss) | 9901 | €20,118 | €121,325 | +€101,207 | +503.1% |
| Financial income | 75/76B | €594 | €502 | -€92 | -15.5% |
| Recurring financial income | 75 | €594 | €502 | -€92 | -15.5% |
| Financial charges | 65/66B | €31,561 | €42,591 | +€11,030 | +34.9% |
| Recurring financial charges | 65 | €31,561 | €42,591 | +€11,030 | +34.9% |
| Profit (loss) for the period before taxes | 9903 | -€10,849 | €79,235 | +€90,084 | |
| Transfer from deferred taxes | 780 | €2,000 | €2,000 | = | 0.0% |
| Income taxes | 67/77 | €17,605 | €44,792 | +€27,188 | +154.4% |
| Profit (loss) for the period | 9904 | -€26,454 | €36,443 | +€62,897 | |
| Transfer from tax-exempt reserves | 789 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€18,454 | €44,443 | +€62,897 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.