M&G: 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.
M&G
Largest movements
- Receivables after one year -€44,781
down €44,781 (-66.4%), from €67,449 to €22,668
- Tangible fixed assets -€12,877
down €12,877 (-27.9%), from €46,228 to €33,351
of which Furniture and vehicles: -€13,781
- Cash +€8,853
up €8,853 (+5.6%), from €158,241 to €167,095
mainly Net result for the year (+€60,371) and Receivables after one year (+€44,781)
- Other debts -€89,352
no longer reported in 2025 (was €89,352)
- Reserves +€60,371
up €60,371 (+31.5%), from €191,574 to €251,945
- Current portion of long-term debt -€9,587
down €9,587 (-61.0%), from €15,715 to €6,128
- Debts after one year -€6,128
down €6,128 (-40.7%), from €15,047 to €8,919
- Gross operating margin -€47,710
down €47,710 (-26.3%), from €181,234 to €133,524
- Taxes -€4,156
down €4,156 (-14.2%), from €29,238 to €25,081
- Staff costs -€3,839
down €3,839 (-13.7%), from €28,006 to €24,167
- Financial income -€2,510
down €2,510 (-65.3%), from €3,842 to €1,332
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 | €324,179 | €277,388 | -€46,791 | -14.4% |
| Fixed assets | 21/28 | €91,646 | €76,269 | -€15,377 | -16.8% |
| Intangible fixed assets | 21 | €15,418 | €12,918 | -€2,500 | -16.2% |
| Tangible fixed assets | 22/27 | €46,228 | €33,351 | -€12,877 | -27.9% |
| Plant, machinery and equipment | 23 | €5,770 | €6,813 | +€1,043 | +18.1% |
| Furniture and vehicles | 24 | €40,262 | €26,480 | -€13,781 | -34.2% |
| Leasing and similar rights | 25 | €197 | €58 | -€139 | -70.6% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €232,533 | €201,119 | -€31,414 | -13.5% |
| Amounts receivable after more than one year | 29 | €67,449 | €22,668 | -€44,781 | -66.4% |
| Other amounts receivable | 291 | €67,449 | €22,668 | -€44,781 | -66.4% |
| Stocks and contracts in progress | 3 | €2,005 | €3,800 | +€1,795 | +89.5% |
| Stocks | 30/36 | €2,005 | €3,800 | +€1,795 | +89.5% |
| Amounts receivable within one year | 40/41 | €3,118 | €6,197 | +€3,079 | +98.8% |
| Trade receivables | 40 | €0 | €100 | +€100 | +66706.7% |
| Other amounts receivable | 41 | €3,117 | €6,097 | +€2,979 | +95.6% |
| Cash at bank and in hand | 54/58 | €158,241 | €167,095 | +€8,853 | +5.6% |
| Deferred charges and accrued income | 490/1 | €1,720 | €1,359 | -€361 | -21.0% |
| Total equity and liabilities | 10/49 | €324,179 | €277,388 | -€46,791 | -14.4% |
| Equity | 10/15 | €197,574 | €257,945 | +€60,371 | +30.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €191,574 | €251,945 | +€60,371 | +31.5% |
| Distributable reserves | 133 | €191,574 | €251,945 | +€60,371 | +31.5% |
| Amounts payable | 17/49 | €126,605 | €19,444 | -€107,161 | -84.6% |
| Amounts payable after more than one year | 17 | €15,047 | €8,919 | -€6,128 | -40.7% |
| Financial debts | 170/4 | €15,047 | €8,919 | -€6,128 | -40.7% |
| Amounts payable within one year | 42/48 | €111,558 | €10,525 | -€101,033 | -90.6% |
| Current portion of amounts payable after more than one year | 42 | €15,715 | €6,128 | -€9,587 | -61.0% |
| Trade debts | 44 | €4,655 | €2,685 | -€1,969 | -42.3% |
| Suppliers | 440/4 | €4,655 | €2,685 | -€1,969 | -42.3% |
| Taxes, remuneration and social security | 45 | €1,837 | €1,712 | -€126 | -6.8% |
| Taxes | 450/3 | - | €1,171 | +€1,171 | |
| Remuneration and social security | 454/9 | €1,837 | €541 | -€1,296 | -70.6% |
| Other amounts payable | 47/48 | €89,352 | - | -€89,352 | |
| Remuneration, social security and pensions | 62 | €28,006 | €24,167 | -€3,839 | -13.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,799 | €18,774 | -€1,024 | -5.2% |
| Other operating charges | 640/8 | €3,225 | €3,719 | +€493 | +15.3% |
| Gross operating margin | 9900 | €181,234 | €133,524 | -€47,710 | -26.3% |
| Operating profit (loss) | 9901 | €130,204 | €86,864 | -€43,339 | -33.3% |
| Financial income | 75/76B | €3,842 | €1,332 | -€2,510 | -65.3% |
| Recurring financial income | 75 | €3,842 | €1,332 | -€2,510 | -65.3% |
| Financial charges | 65/66B | €4,077 | €2,744 | -€1,333 | -32.7% |
| Recurring financial charges | 65 | €4,077 | €2,744 | -€1,333 | -32.7% |
| Profit (loss) for the period before taxes | 9903 | €129,968 | €85,452 | -€44,516 | -34.3% |
| Income taxes | 67/77 | €29,238 | €25,081 | -€4,156 | -14.2% |
| Profit (loss) for the period | 9904 | €100,730 | €60,371 | -€40,360 | -40.1% |
| Profit (loss) for the period to be appropriated | 9905 | €100,730 | €60,371 | -€40,360 | -40.1% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.