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
- Stocks and contracts +€125,345
up €125,345 (+122%), from €102,850 to €228,195
- Cash -€25,075
down €25,075 (-59.5%), from €42,169 to €17,094
mainly Stocks and contracts (-€125,345) and Other debts (-€40,206)
- Tangible fixed assets -€5,215
down €5,215 (-8.4%), from €61,892 to €56,677
of which Furniture and vehicles: -€3,226
- Profit (loss) carried forward +€77,932
up €77,932 (+130%), from €59,788 to €137,720
- Tax, wage and social debts +€43,081
up €43,081 (+250%), from €17,211 to €60,292
of which Taxes: +€33,822
- Other debts -€40,206
down €40,206 (-73.9%), from €54,428 to €14,222
- Reserves +€10,000
up €10,000 (+31.4%), from €31,860 to €41,860
of which Distributable reserves: +€10,000
- Trade debts +€5,419
up €5,419 (+10.4%), from €52,194 to €57,613
- Gross operating margin +€73,064
up €73,064 (+52.3%), from €139,811 to €212,875
- Taxes -€3,523
down €3,523 (-39.4%), from €8,939 to €5,416
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 | €234,081 | €330,307 | +€96,226 | +41.1% |
| Fixed assets | 21/28 | €76,642 | €71,327 | -€5,315 | -6.9% |
| Tangible fixed assets | 22/27 | €61,892 | €56,677 | -€5,215 | -8.4% |
| Plant, machinery and equipment | 23 | €36,827 | €34,838 | -€1,989 | -5.4% |
| Furniture and vehicles | 24 | €25,065 | €21,839 | -€3,226 | -12.9% |
| Financial fixed assets | 28 | €14,750 | €14,650 | -€100 | -0.7% |
| Current assets | 29/58 | €157,439 | €258,980 | +€101,541 | +64.5% |
| Stocks and contracts in progress | 3 | €102,850 | €228,195 | +€125,345 | +122% |
| Stocks | 30/36 | €102,850 | €228,195 | +€125,345 | +122% |
| Amounts receivable within one year | 40/41 | €12,420 | €13,691 | +€1,271 | +10.2% |
| Trade receivables | 40 | €12,420 | €12,420 | = | 0.0% |
| Other amounts receivable | 41 | - | €1,271 | +€1,271 | |
| Cash at bank and in hand | 54/58 | €42,169 | €17,094 | -€25,075 | -59.5% |
| Total equity and liabilities | 10/49 | €234,081 | €330,307 | +€96,226 | +41.1% |
| Equity | 10/15 | €110,248 | €198,180 | +€87,932 | +79.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €31,860 | €41,860 | +€10,000 | +31.4% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €30,000 | €40,000 | +€10,000 | +33.3% |
| Profit (loss) carried forward | 14 | €59,788 | €137,720 | +€77,932 | +130% |
| Amounts payable | 17/49 | €123,833 | €132,127 | +€8,294 | +6.7% |
| Amounts payable within one year | 42/48 | €123,833 | €132,127 | +€8,294 | +6.7% |
| Trade debts | 44 | €52,194 | €57,613 | +€5,419 | +10.4% |
| Suppliers | 440/4 | €52,194 | €57,613 | +€5,419 | +10.4% |
| Taxes, remuneration and social security | 45 | €17,211 | €60,292 | +€43,081 | +250% |
| Taxes | 450/3 | €7,504 | €41,326 | +€33,822 | +451% |
| Remuneration and social security | 454/9 | €9,707 | €18,966 | +€9,259 | +95.4% |
| Other amounts payable | 47/48 | €54,428 | €14,222 | -€40,206 | -73.9% |
| Remuneration, social security and pensions | 62 | €95,597 | €94,873 | -€724 | -0.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,886 | €20,817 | +€931 | +4.7% |
| Other operating charges | 640/8 | €2,008 | €3,733 | +€1,725 | +85.9% |
| Gross operating margin | 9900 | €139,811 | €212,875 | +€73,064 | +52.3% |
| Operating profit (loss) | 9901 | €22,320 | €93,452 | +€71,132 | +319% |
| Financial income | 75/76B | - | €7 | +€7 | |
| Recurring financial income | 75 | - | €7 | +€7 | |
| Financial charges | 65/66B | €238 | €111 | -€127 | -53.4% |
| Recurring financial charges | 65 | €238 | €111 | -€127 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €22,082 | €93,348 | +€71,266 | +323% |
| Income taxes | 67/77 | €8,939 | €5,416 | -€3,523 | -39.4% |
| Profit (loss) for the period | 9904 | €13,143 | €87,932 | +€74,789 | +569% |
| Profit (loss) for the period to be appropriated | 9905 | €13,143 | €87,932 | +€74,789 | +569% |
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 23 October 2026 via checked.be.