M.G.D.: 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.D.
Largest movements
- Receivables within one year -€295,652
down €295,652 (-50.2%), from €588,780 to €293,128
of which Other amounts receivable: -€231,270
- Tangible fixed assets -€195,997
down €195,997 (-4.7%), from €4.1m to €3.9m
of which Furniture and vehicles: -€108,007
- Cash +€138,131
up €138,131 (+105%), from €131,154 to €269,285
mainly Net result for the year (+€421,930) and Depreciation (+€312,956)
- Reserves +€1.1m
up €1.1m (+109%), from €969,933 to €2.0m
of which Distributable reserves: +€1.1m
- Profit (loss) carried forward -€631,070
down €631,070 (-99.6%), from €633,786 to €2,716
- Trade debts -€545,621
down €545,621 (-32.3%), from €1.7m to €1.1m
- Debts after one year -€231,685
down €231,685 (-14.7%), from €1.6m to €1.3m
- Tax, wage and social debts +€82,585
up €82,585 (+98.0%), from €84,273 to €166,858
of which Taxes: +€65,146
- Gross operating margin +€610,178
up €610,178 (+66.2%), from €921,065 to €1.5m
- Staff costs +€104,266
up €104,266 (+20.1%), from €519,186 to €623,452
- Taxes +€86,832
up €86,832 (+4,161%), from €2,087 to €88,919
- Other operating charges -€84,447
down €84,447 (-73.2%), from €115,343 to €30,895
- Depreciation +€38,706
up €38,706 (+14.1%), from €274,250 to €312,956
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 | €5,526,348 | €5,241,005 | -€285,343 | -5.2% |
| Fixed assets | 21/28 | €4,259,974 | €4,061,834 | -€198,140 | -4.7% |
| Intangible fixed assets | 21 | €7,239 | €5,096 | -€2,143 | -29.6% |
| Tangible fixed assets | 22/27 | €4,127,235 | €3,931,238 | -€195,997 | -4.7% |
| Land and buildings | 22 | €3,240,670 | €3,146,949 | -€93,720 | -2.9% |
| Plant, machinery and equipment | 23 | €41,261 | €46,991 | +€5,730 | +13.9% |
| Furniture and vehicles | 24 | €845,304 | €737,297 | -€108,007 | -12.8% |
| Financial fixed assets | 28 | €125,500 | €125,500 | = | 0.0% |
| Current assets | 29/58 | €1,266,374 | €1,179,171 | -€87,202 | -6.9% |
| Stocks and contracts in progress | 3 | €497,330 | €544,534 | +€47,204 | +9.5% |
| Stocks | 30/36 | €497,330 | €544,534 | +€47,204 | +9.5% |
| Amounts receivable within one year | 40/41 | €588,780 | €293,128 | -€295,652 | -50.2% |
| Trade receivables | 40 | €109,799 | €45,418 | -€64,381 | -58.6% |
| Other amounts receivable | 41 | €478,981 | €247,710 | -€231,270 | -48.3% |
| Current investments | 50/53 | €0 | €13 | +€13 | |
| Cash at bank and in hand | 54/58 | €131,154 | €269,285 | +€138,131 | +105% |
| Deferred charges and accrued income | 490/1 | €49,110 | €72,211 | +€23,101 | +47.0% |
| Total equity and liabilities | 10/49 | €5,526,348 | €5,241,005 | -€285,343 | -5.2% |
| Equity | 10/15 | €1,775,492 | €2,197,422 | +€421,930 | +23.8% |
| Contributions | 10/11 | €171,773 | €171,773 | = | 0.0% |
| Capital | 10 | €171,773 | €171,773 | = | 0.0% |
| Issued capital | 100 | €171,773 | €171,773 | = | 0.0% |
| Reserves | 13 | €969,933 | €2,022,933 | +€1.1m | +109% |
| Non-distributable reserves | 130/1 | €17,177 | €17,177 | = | 0.0% |
| Legal reserve | 130 | €17,177 | €17,177 | = | 0.0% |
| Distributable reserves | 133 | €952,755 | €2,005,755 | +€1.1m | +111% |
| Profit (loss) carried forward | 14 | €633,786 | €2,716 | -€631,070 | -99.6% |
| Amounts payable | 17/49 | €3,750,856 | €3,043,583 | -€707,273 | -18.9% |
| Amounts payable after more than one year | 17 | €1,578,365 | €1,346,681 | -€231,685 | -14.7% |
| Financial debts | 170/4 | €1,578,365 | €1,346,681 | -€231,685 | -14.7% |
| Amounts payable within one year | 42/48 | €2,146,491 | €1,688,188 | -€458,303 | -21.4% |
| Current portion of amounts payable after more than one year | 42 | €246,534 | €248,808 | +€2,275 | +0.9% |
| Financial debts | 43 | €50,000 | €50,000 | = | 0.0% |
| Credit institutions | 430/8 | €50,000 | €50,000 | = | 0.0% |
| Trade debts | 44 | €1,689,678 | €1,144,058 | -€545,621 | -32.3% |
| Suppliers | 440/4 | €1,689,678 | €1,144,058 | -€545,621 | -32.3% |
| Advances received on contracts in progress | 46 | €482 | €784 | +€302 | +62.6% |
| Taxes, remuneration and social security | 45 | €84,273 | €166,858 | +€82,585 | +98.0% |
| Taxes | 450/3 | €13,049 | €78,196 | +€65,146 | +499% |
| Remuneration and social security | 454/9 | €71,224 | €88,662 | +€17,438 | +24.5% |
| Other amounts payable | 47/48 | €75,524 | €77,680 | +€2,156 | +2.9% |
| Accrued charges and deferred income | 492/3 | €26,000 | €8,715 | -€17,285 | -66.5% |
| Non-recurring operating income | 76A | €158,066 | €533,393 | +€375,327 | +237% |
| Remuneration, social security and pensions | 62 | €519,186 | €623,452 | +€104,266 | +20.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €274,250 | €312,956 | +€38,706 | +14.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €243 | - | -€243 | |
| Other operating charges | 640/8 | €115,343 | €30,895 | -€84,447 | -73.2% |
| Operating charges capitalised as restructuring costs | 649 | €0 | - | = | |
| Non-recurring operating charges | 66A | €0 | €0 | = | |
| Gross operating margin | 9900 | €921,065 | €1,531,243 | +€610,178 | +66.2% |
| Operating profit (loss) | 9901 | €12,043 | €563,939 | +€551,896 | +4,583% |
| Financial income | 75/76B | €6,528 | €7,948 | +€1,420 | +21.8% |
| Recurring financial income | 75 | €6,528 | €7,948 | +€1,420 | +21.8% |
| Financial charges | 65/66B | €74,793 | €61,038 | -€13,755 | -18.4% |
| Recurring financial charges | 65 | €74,793 | €61,038 | -€13,755 | -18.4% |
| Profit (loss) for the period before taxes | 9903 | -€56,222 | €510,849 | +€567,071 | |
| Income taxes | 67/77 | €2,087 | €88,919 | +€86,832 | +4,161% |
| Profit (loss) for the period | 9904 | -€58,309 | €421,930 | +€480,239 | |
| Profit (loss) for the period to be appropriated | 9905 | -€58,309 | €421,930 | +€480,239 |
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 16 October 2026 via checked.be.