M.G.A.: 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.A.
Largest movements
- Receivables within one year -€809,369
down €809,369 (-91.9%), from €881,117 to €71,748
of which Trade receivables: -€812,597
- Stocks and contracts +€85,700
up €85,700 (+10.6%), from €808,500 to €894,200
- Trade debts -€772,139
down €772,139 (-91.4%), from €845,187 to €73,049
- Debts after one year +€85,932
up €85,932 (+11.9%), from €723,861 to €809,793
- Profit (loss) carried forward -€19,027
down €19,027, from €10,128 to -€8,898
- Financial charges +€43,533
up €43,533 (+2,163%), from €2,012 to €45,545
- Gross operating margin +€26,837
up €26,837 (+253%), from €10,600 to €37,437
- Financial income +€2,860
up €2,860 (+714,880%), from €0 to €2,860
of which Non-recurring financial income: +€2,689
- Taxes -€2,132
no longer reported in 2025 (was €2,132)
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 | €1,698,523 | €990,502 | -€708,021 | -41.7% |
| Current assets | 29/58 | €1,698,523 | €990,502 | -€708,021 | -41.7% |
| Stocks and contracts in progress | 3 | €808,500 | €894,200 | +€85,700 | +10.6% |
| Stocks | 30/36 | €808,500 | €894,200 | +€85,700 | +10.6% |
| Amounts receivable within one year | 40/41 | €881,117 | €71,748 | -€809,369 | -91.9% |
| Trade receivables | 40 | €881,092 | €68,495 | -€812,597 | -92.2% |
| Other amounts receivable | 41 | €26 | €3,253 | +€3,228 | +12,599% |
| Current investments | 50/53 | €1,327 | - | -€1,327 | |
| Cash at bank and in hand | 54/58 | €7,579 | €23,496 | +€15,917 | +210% |
| Deferred charges and accrued income | 490/1 | - | €1,058 | +€1,058 | |
| Total equity and liabilities | 10/49 | €1,698,523 | €990,502 | -€708,021 | -41.7% |
| Equity | 10/15 | €75,773 | €56,747 | -€19,027 | -25.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €47,053 | €47,053 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Distributable reserves | 133 | €45,194 | €45,194 | = | 0.0% |
| Profit (loss) carried forward | 14 | €10,128 | -€8,898 | -€19,027 | |
| Amounts payable | 17/49 | €1,622,750 | €933,755 | -€688,995 | -42.5% |
| Amounts payable after more than one year | 17 | €723,861 | €809,793 | +€85,932 | +11.9% |
| Financial debts | 170/4 | €723,861 | €809,793 | +€85,932 | +11.9% |
| Amounts payable within one year | 42/48 | €898,889 | €123,963 | -€774,927 | -86.2% |
| Trade debts | 44 | €845,187 | €73,049 | -€772,139 | -91.4% |
| Suppliers | 440/4 | €845,187 | €73,049 | -€772,139 | -91.4% |
| Advances received on contracts in progress | 46 | €35,000 | €35,000 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €9,856 | €15,914 | +€6,058 | +61.5% |
| Taxes | 450/3 | €7,856 | €13,914 | +€6,058 | +77.1% |
| Remuneration and social security | 454/9 | €2,000 | €2,000 | = | 0.0% |
| Other amounts payable | 47/48 | €8,846 | - | -€8,846 | |
| Non-recurring operating charges | 66A | - | €13,779 | +€13,779 | |
| Gross operating margin | 9900 | €10,600 | €37,437 | +€26,837 | +253% |
| Operating profit (loss) | 9901 | €10,600 | €23,659 | +€13,058 | +123% |
| Financial income | 75/76B | €0 | €2,860 | +€2,860 | +714,880% |
| Recurring financial income | 75 | €0 | €171 | +€171 | +42,748% |
| Non-recurring financial income | 76B | - | €2,689 | +€2,689 | |
| Financial charges | 65/66B | €2,012 | €45,545 | +€43,533 | +2,163% |
| Recurring financial charges | 65 | €2,012 | €45,545 | +€43,533 | +2,163% |
| Profit (loss) for the period before taxes | 9903 | €8,588 | -€19,027 | -€27,615 | |
| Income taxes | 67/77 | €2,132 | - | -€2,132 | |
| Profit (loss) for the period | 9904 | €6,457 | -€19,027 | -€25,484 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,457 | -€19,027 | -€25,484 |
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 24 October 2026 via checked.be.