M.G.C.: 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.C.
Largest movements
- Receivables within one year -€48,902
down €48,902 (-43.2%), from €113,293 to €64,391
of which Trade receivables: -€36,459
- Cash +€40,620
up €40,620 (+169.7%), from €23,937 to €64,557
mainly Receivables within one year (+€48,902) and Other debts (+€40,210)
- Deferred charges and accrued income +€7,390
new in 2025: €7,390
- Tangible fixed assets -€5,563
down €5,563 (-11.0%), from €50,796 to €45,233
of which Plant, machinery and equipment: -€3,716
- Financial fixed assets -€2,500
down €2,500 (-90.9%), from €2,749 to €249
- Other debts +€40,210
up €40,210 (+180.2%), from €22,311 to €62,521
- Profit (loss) carried forward -€21,880
no longer reported in 2025 (was €21,880)
- Reserves -€17,366
down €17,366 (-31.5%), from €55,074 to €37,708
- Tax, wage and social debts -€13,025
down €13,025 (-32.2%), from €40,503 to €27,478
of which Taxes: -€13,573
- Trade debts +€3,106
up €3,106 (+9.6%), from €32,407 to €35,513
- Depreciation -€18,285
down €18,285 (-59.2%), from €30,896 to €12,611
- Staff costs +€10,139
up €10,139 (+3.2%), from €311,983 to €322,122
- Gross operating margin -€9,025
down €9,025 (-2.4%), from €378,754 to €369,729
- Taxes -€8,583
down €8,583 (-42.7%), from €20,102 to €11,519
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 | €190,775 | €181,820 | -€8,955 | -4.7% |
| Fixed assets | 21/28 | €53,545 | €45,482 | -€8,063 | -15.1% |
| Tangible fixed assets | 22/27 | €50,796 | €45,233 | -€5,563 | -11.0% |
| Plant, machinery and equipment | 23 | €13,310 | €9,594 | -€3,716 | -27.9% |
| Furniture and vehicles | 24 | €36,869 | €35,250 | -€1,619 | -4.4% |
| Other tangible fixed assets | 26 | €617 | €389 | -€228 | -37.0% |
| Financial fixed assets | 28 | €2,749 | €249 | -€2,500 | -90.9% |
| Current assets | 29/58 | €137,230 | €136,338 | -€892 | -0.7% |
| Amounts receivable within one year | 40/41 | €113,293 | €64,391 | -€48,902 | -43.2% |
| Trade receivables | 40 | €77,428 | €40,969 | -€36,459 | -47.1% |
| Other amounts receivable | 41 | €35,865 | €23,422 | -€12,443 | -34.7% |
| Cash at bank and in hand | 54/58 | €23,937 | €64,557 | +€40,620 | +169.7% |
| Deferred charges and accrued income | 490/1 | - | €7,390 | +€7,390 | |
| Total equity and liabilities | 10/49 | €190,775 | €181,820 | -€8,955 | -4.7% |
| Equity | 10/15 | €95,554 | €56,308 | -€39,246 | -41.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €55,074 | €37,708 | -€17,366 | -31.5% |
| Distributable reserves | 133 | €55,074 | €37,708 | -€17,366 | -31.5% |
| Profit (loss) carried forward | 14 | €21,880 | - | -€21,880 | |
| Amounts payable | 17/49 | €95,221 | €125,512 | +€30,291 | +31.8% |
| Amounts payable within one year | 42/48 | €95,221 | €125,512 | +€30,291 | +31.8% |
| Trade debts | 44 | €32,407 | €35,513 | +€3,106 | +9.6% |
| Suppliers | 440/4 | €32,407 | €35,513 | +€3,106 | +9.6% |
| Taxes, remuneration and social security | 45 | €40,503 | €27,478 | -€13,025 | -32.2% |
| Taxes | 450/3 | €18,675 | €5,102 | -€13,573 | -72.7% |
| Remuneration and social security | 454/9 | €21,828 | €22,376 | +€548 | +2.5% |
| Other amounts payable | 47/48 | €22,311 | €62,521 | +€40,210 | +180.2% |
| Non-recurring operating income | 76A | €500 | €1,252 | +€752 | +150.4% |
| Remuneration, social security and pensions | 62 | €311,983 | €322,122 | +€10,139 | +3.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,896 | €12,611 | -€18,285 | -59.2% |
| Other operating charges | 640/8 | €4,107 | €943 | -€3,164 | -77.0% |
| Gross operating margin | 9900 | €378,754 | €369,729 | -€9,025 | -2.4% |
| Operating profit (loss) | 9901 | €31,768 | €34,053 | +€2,285 | +7.2% |
| Financial charges | 65/66B | €2,350 | €2,880 | +€530 | +22.6% |
| Recurring financial charges | 65 | €2,350 | €2,880 | +€530 | +22.6% |
| Profit (loss) for the period before taxes | 9903 | €29,418 | €31,173 | +€1,755 | +6.0% |
| Income taxes | 67/77 | €20,102 | €11,519 | -€8,583 | -42.7% |
| Profit (loss) for the period | 9904 | €9,316 | €19,654 | +€10,338 | +111.0% |
| Profit (loss) for the period to be appropriated | 9905 | €9,316 | €19,654 | +€10,338 | +111.0% |
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 6 October 2026 via checked.be.