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
- Tangible fixed assets -€30,988
down €30,988 (-6.9%), from €446,826 to €415,839
- Receivables within one year +€9,994
up €9,994 (+8.4%), from €118,591 to €128,585
- Debts after one year -€24,061
down €24,061 (-9.6%), from €249,381 to €225,319
- Current portion of long-term debt -€7,920
down €7,920 (-24.8%), from €31,981 to €24,061
- Profit (loss) carried forward +€7,453
up €7,453 (+4.8%), from -€155,992 to -€148,539
- Depreciation -€10,517
down €10,517 (-25.3%), from €41,504 to €30,988
- Taxes +€2,790
up €2,790 (+59.3%), from €4,708 to €7,498
- Financial income +€663
up €663 (+37.7%), from €1,758 to €2,422
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 | €566,060 | €544,906 | -€21,154 | -3.7% |
| Fixed assets | 21/28 | €446,826 | €415,839 | -€30,988 | -6.9% |
| Tangible fixed assets | 22/27 | €446,826 | €415,839 | -€30,988 | -6.9% |
| Land and buildings | 22 | €446,826 | €415,839 | -€30,988 | -6.9% |
| Current assets | 29/58 | €119,233 | €129,067 | +€9,834 | +8.2% |
| Amounts receivable within one year | 40/41 | €118,591 | €128,585 | +€9,994 | +8.4% |
| Other amounts receivable | 41 | €118,591 | €128,585 | +€9,994 | +8.4% |
| Cash at bank and in hand | 54/58 | €502 | €341 | -€161 | -32.1% |
| Deferred charges and accrued income | 490/1 | €140 | €141 | +€1 | +0.7% |
| Total equity and liabilities | 10/49 | €566,060 | €544,906 | -€21,154 | -3.7% |
| Equity | 10/15 | €201,502 | €206,893 | +€5,391 | +2.7% |
| Contributions | 10/11 | €220,000 | €220,000 | = | 0.0% |
| Revaluation surpluses | 12 | €90,000 | €90,000 | = | 0.0% |
| Reserves | 13 | €47,494 | €45,432 | -€2,062 | -4.3% |
| Tax-exempt reserves | 132 | €47,494 | €45,432 | -€2,062 | -4.3% |
| Profit (loss) carried forward | 14 | -€155,992 | -€148,539 | +€7,453 | +4.8% |
| Provisions and deferred taxes | 16 | €24,467 | €23,404 | -€1,062 | -4.3% |
| Deferred taxes | 168 | €24,467 | €23,404 | -€1,062 | -4.3% |
| Amounts payable | 17/49 | €340,091 | €314,609 | -€25,482 | -7.5% |
| Amounts payable after more than one year | 17 | €249,381 | €225,319 | -€24,061 | -9.6% |
| Financial debts | 170/4 | €249,381 | €225,319 | -€24,061 | -9.6% |
| Amounts payable within one year | 42/48 | €90,702 | €88,974 | -€1,728 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €31,981 | €24,061 | -€7,920 | -24.8% |
| Trade debts | 44 | €255 | €721 | +€466 | +182.9% |
| Suppliers | 440/4 | €255 | €721 | +€466 | +182.9% |
| Taxes, remuneration and social security | 45 | €1,708 | €5,205 | +€3,498 | +204.8% |
| Taxes | 450/3 | €1,708 | €5,205 | +€3,498 | +204.8% |
| Other amounts payable | 47/48 | €56,758 | €58,987 | +€2,228 | +3.9% |
| Accrued charges and deferred income | 492/3 | €8 | €315 | +€307 | +3847.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,504 | €30,988 | -€10,517 | -25.3% |
| Other operating charges | 640/8 | €6,435 | €6,628 | +€194 | +3.0% |
| Gross operating margin | 9900 | €60,806 | €60,200 | -€606 | -1.0% |
| Operating profit (loss) | 9901 | €12,867 | €22,584 | +€9,717 | +75.5% |
| Financial income | 75/76B | €1,758 | €2,422 | +€663 | +37.7% |
| Recurring financial income | 75 | €1,758 | €2,422 | +€663 | +37.7% |
| Financial charges | 65/66B | €13,280 | €13,179 | -€101 | -0.8% |
| Recurring financial charges | 65 | €13,280 | €13,179 | -€101 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €1,346 | €11,826 | +€10,481 | +778.8% |
| Transfer from deferred taxes | 780 | €1,062 | €1,062 | = | 0.0% |
| Income taxes | 67/77 | €4,708 | €7,498 | +€2,790 | +59.3% |
| Profit (loss) for the period | 9904 | -€2,299 | €5,391 | +€7,690 | |
| Transfer from tax-exempt reserves | 789 | €2,062 | €2,062 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€237 | €7,453 | +€7,690 |
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.