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
- Cash -€3,230
down €3,230 (-13.1%), from €24,610 to €21,380
mainly Current portion of long-term debt (-€23,033) and Investment in fixed assets (net) (-€8,410)
- Current portion of long-term debt -€23,033
down €23,033 (-100%), from €23,033 to €0
- Profit (loss) carried forward +€9,911
up €9,911 (+19.1%), from €51,841 to €61,752
- Trade debts +€6,851
up €6,851 (+350%), from €1,958 to €8,809
- Tax, wage and social debts +€3,631
up €3,631 (+464%), from €783 to €4,414
- Accrued charges and deferred income -€2,601
down €2,601 (-51.8%), from €5,024 to €2,424
- Gross operating margin +€6,213
up €6,213 (+27.7%), from €22,429 to €28,642
- Taxes +€2,048
up €2,048 (+129%), from €1,583 to €3,631
- Depreciation -€1,191
down €1,191 (-12.6%), from €9,421 to €8,230
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 | €155,198 | €152,388 | -€2,810 | -1.8% |
| Fixed assets | 21/28 | €130,588 | €130,768 | +€180 | +0.1% |
| Tangible fixed assets | 22/27 | €130,588 | €130,768 | +€180 | +0.1% |
| Land and buildings | 22 | €127,311 | €119,827 | -€7,484 | -5.9% |
| Plant, machinery and equipment | 23 | €3,277 | €10,941 | +€7,664 | +234% |
| Current assets | 29/58 | €24,610 | €21,620 | -€2,990 | -12.1% |
| Amounts receivable within one year | 40/41 | €0 | - | = | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €24,610 | €21,380 | -€3,230 | -13.1% |
| Deferred charges and accrued income | 490/1 | - | €240 | +€240 | |
| Total equity and liabilities | 10/49 | €155,198 | €152,388 | -€2,810 | -1.8% |
| Equity | 10/15 | €71,254 | €81,165 | +€9,911 | +13.9% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €814 | €814 | = | 0.0% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €814 | €814 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,841 | €61,752 | +€9,911 | +19.1% |
| Amounts payable | 17/49 | €83,944 | €71,223 | -€12,721 | -15.2% |
| Amounts payable after more than one year | 17 | €36,383 | €37,154 | +€771 | +2.1% |
| Financial debts | 170/4 | €36,383 | €37,154 | +€771 | +2.1% |
| Amounts payable within one year | 42/48 | €42,536 | €31,645 | -€10,891 | -25.6% |
| Current portion of amounts payable after more than one year | 42 | €23,033 | €0 | -€23,033 | -100% |
| Financial debts | 43 | - | €89 | +€89 | |
| Credit institutions | 430/8 | - | €89 | +€89 | |
| Trade debts | 44 | €1,958 | €8,809 | +€6,851 | +350% |
| Suppliers | 440/4 | €1,958 | €8,809 | +€6,851 | +350% |
| Taxes, remuneration and social security | 45 | €783 | €4,414 | +€3,631 | +464% |
| Taxes | 450/3 | €783 | €4,414 | +€3,631 | +464% |
| Other amounts payable | 47/48 | €16,763 | €18,333 | +€1,571 | +9.4% |
| Accrued charges and deferred income | 492/3 | €5,024 | €2,424 | -€2,601 | -51.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,421 | €8,230 | -€1,191 | -12.6% |
| Other operating charges | 640/8 | €4,694 | €4,832 | +€138 | +2.9% |
| Gross operating margin | 9900 | €22,429 | €28,642 | +€6,213 | +27.7% |
| Operating profit (loss) | 9901 | €8,314 | €15,580 | +€7,266 | +87.4% |
| Financial charges | 65/66B | €2,195 | €2,038 | -€157 | -7.2% |
| Recurring financial charges | 65 | €2,195 | €2,038 | -€157 | -7.2% |
| Profit (loss) for the period before taxes | 9903 | €6,119 | €13,542 | +€7,423 | +121% |
| Income taxes | 67/77 | €1,583 | €3,631 | +€2,048 | +129% |
| Profit (loss) for the period | 9904 | €4,536 | €9,911 | +€5,375 | +119% |
| Profit (loss) for the period to be appropriated | 9905 | €4,536 | €9,911 | +€5,375 | +119% |
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 15 October 2026 via checked.be.