M.G.D.F: 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.F
Largest movements
- Cash +€72,050
up €72,050 (+28.6%), from €251,725 to €323,774
mainly Receivables within one year (+€49,557) and Depreciation (+€20,995)
- Receivables within one year -€49,557
down €49,557 (-29.4%), from €168,814 to €119,257
of which Trade receivables: -€60,831
- Tangible fixed assets -€20,995
down €20,995 (-26.6%), from €78,955 to €57,960
of which Furniture and vehicles: -€18,424
No liability line moved by more than 1% of the balance sheet total.
- Gross operating margin -€97,146
down €97,146 (-21.9%), from €444,253 to €347,107
- Staff costs +€64,888
up €64,888 (+41.4%), from €156,702 to €221,590
- Taxes +€47,687
up €47,687 (+165%), from €28,937 to €76,624
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 | €1,276,589 | €1,286,093 | +€9,503 | +0.7% |
| Fixed assets | 21/28 | €78,955 | €57,960 | -€20,995 | -26.6% |
| Tangible fixed assets | 22/27 | €78,955 | €57,960 | -€20,995 | -26.6% |
| Land and buildings | 22 | €1,666 | €1,256 | -€410 | -24.6% |
| Plant, machinery and equipment | 23 | €14,516 | €12,356 | -€2,161 | -14.9% |
| Furniture and vehicles | 24 | €62,772 | €44,348 | -€18,424 | -29.4% |
| Current assets | 29/58 | €1,197,635 | €1,228,132 | +€30,498 | +2.5% |
| Amounts receivable after more than one year | 29 | €738,571 | €738,571 | = | 0.0% |
| Trade receivables | 290 | €738,571 | €738,571 | = | 0.0% |
| Stocks and contracts in progress | 3 | €38,525 | €46,530 | +€8,006 | +20.8% |
| Stocks | 30/36 | €38,525 | €46,530 | +€8,006 | +20.8% |
| Amounts receivable within one year | 40/41 | €168,814 | €119,257 | -€49,557 | -29.4% |
| Trade receivables | 40 | €165,056 | €104,225 | -€60,831 | -36.9% |
| Other amounts receivable | 41 | €3,758 | €15,032 | +€11,274 | +300% |
| Cash at bank and in hand | 54/58 | €251,725 | €323,774 | +€72,050 | +28.6% |
| Total equity and liabilities | 10/49 | €1,276,589 | €1,286,093 | +€9,503 | +0.7% |
| Equity | 10/15 | €1,022,257 | €1,034,108 | +€11,850 | +1.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Contributions outside capital | 11 | €18,600 | - | -€18,600 | |
| Other | 1109/19 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €219,180 | €219,180 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €36,320 | €36,320 | = | 0.0% |
| Distributable reserves | 133 | €181,000 | €181,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €784,477 | €796,327 | +€11,850 | +1.5% |
| Amounts payable | 17/49 | €254,332 | €251,985 | -€2,347 | -0.9% |
| Amounts payable after more than one year | 17 | €25,794 | €17,845 | -€7,949 | -30.8% |
| Financial debts | 170/4 | €25,794 | €17,845 | -€7,949 | -30.8% |
| Amounts payable within one year | 42/48 | €228,538 | €234,140 | +€5,601 | +2.5% |
| Current portion of amounts payable after more than one year | 42 | €12,288 | €12,712 | +€424 | +3.5% |
| Trade debts | 44 | €10,849 | €20,850 | +€10,001 | +92.2% |
| Suppliers | 440/4 | €10,849 | €20,850 | +€10,001 | +92.2% |
| Taxes, remuneration and social security | 45 | €25,964 | €20,073 | -€5,890 | -22.7% |
| Taxes | 450/3 | €13,914 | €4,090 | -€9,824 | -70.6% |
| Remuneration and social security | 454/9 | €12,050 | €15,983 | +€3,933 | +32.6% |
| Other amounts payable | 47/48 | €179,438 | €180,505 | +€1,067 | +0.6% |
| Remuneration, social security and pensions | 62 | €156,702 | €221,590 | +€64,888 | +41.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,573 | €20,995 | -€579 | -2.7% |
| Other operating charges | 640/8 | €6,874 | €9,896 | +€3,022 | +44.0% |
| Gross operating margin | 9900 | €444,253 | €347,107 | -€97,146 | -21.9% |
| Operating profit (loss) | 9901 | €259,104 | €94,627 | -€164,477 | -63.5% |
| Financial income | 75/76B | €19 | €232 | +€213 | +1,130% |
| Recurring financial income | 75 | €19 | €232 | +€213 | +1,130% |
| Financial charges | 65/66B | €7,573 | €6,385 | -€1,189 | -15.7% |
| Recurring financial charges | 65 | €7,573 | €6,385 | -€1,189 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €251,550 | €88,474 | -€163,075 | -64.8% |
| Income taxes | 67/77 | €28,937 | €76,624 | +€47,687 | +165% |
| Profit (loss) for the period | 9904 | €222,613 | €11,850 | -€210,762 | -94.7% |
| Profit (loss) for the period to be appropriated | 9905 | €222,613 | €11,850 | -€210,762 | -94.7% |
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 29 October 2026 via checked.be.