M.G.G.: 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.G.
Largest movements
- Tangible fixed assets +€57,178
up €57,178 (+187%), from €30,610 to €87,788
of which Furniture and vehicles: +€54,330
- Receivables after one year +€30,600
up €30,600 (+79.7%), from €38,400 to €69,000
- Receivables within one year +€14,576
up €14,576 (+146%), from €10,000 to €24,576
of which Trade receivables: +€14,566
- Stocks and contracts +€11,956
up €11,956 (+23.8%), from €50,318 to €62,274
- Cash -€5,067
down €5,067 (-26.9%), from €18,852 to €13,785
mainly Investment in fixed assets (net) (-€76,044) and Receivables after one year (-€30,600)
- Profit (loss) carried forward +€55,662
up €55,662 (+55.5%), from -€100,265 to -€44,602
- Debts after one year +€45,104
up €45,104 (+355%), from €12,692 to €57,796
- Tax, wage and social debts +€17,889
up €17,889 (+28.2%), from €63,451 to €81,340
of which Remuneration and social security: +€19,144
- Current portion of long-term debt -€4,547
down €4,547 (-19.7%), from €23,114 to €18,567
- Short-term financial debts -€2,824
down €2,824 (-14.9%), from €19,005 to €16,181
- Gross operating margin +€122,664
up €122,664 (+35.6%), from €344,801 to €467,465
- Staff costs +€97,083
up €97,083 (+35.0%), from €277,764 to €374,847
- Financial charges -€13,490
down €13,490 (-54.3%), from €24,847 to €11,357
- Financial income +€11,580
up €11,580 (+827%), from €1,400 to €12,980
of which Non-recurring financial income: +€9,949
- Taxes +€9,608
up €9,608 (+102%), from €9,415 to €19,024
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 | €149,801 | €258,108 | +€108,307 | +72.3% |
| Fixed assets | 21/28 | €31,255 | €88,433 | +€57,178 | +183% |
| Tangible fixed assets | 22/27 | €30,610 | €87,788 | +€57,178 | +187% |
| Plant, machinery and equipment | 23 | €21,363 | €24,211 | +€2,848 | +13.3% |
| Furniture and vehicles | 24 | €9,247 | €63,578 | +€54,330 | +588% |
| Financial fixed assets | 28 | €644 | €644 | = | 0.0% |
| Current assets | 29/58 | €118,546 | €169,675 | +€51,129 | +43.1% |
| Amounts receivable after more than one year | 29 | €38,400 | €69,000 | +€30,600 | +79.7% |
| Trade receivables | 290 | €38,400 | €69,000 | +€30,600 | +79.7% |
| Stocks and contracts in progress | 3 | €50,318 | €62,274 | +€11,956 | +23.8% |
| Stocks | 30/36 | €50,318 | €62,274 | +€11,956 | +23.8% |
| Amounts receivable within one year | 40/41 | €10,000 | €24,576 | +€14,576 | +146% |
| Trade receivables | 40 | €10,000 | €24,566 | +€14,566 | +146% |
| Other amounts receivable | 41 | - | €10 | +€10 | |
| Cash at bank and in hand | 54/58 | €18,852 | €13,785 | -€5,067 | -26.9% |
| Deferred charges and accrued income | 490/1 | €976 | €40 | -€936 | -95.9% |
| Total equity and liabilities | 10/49 | €149,801 | €258,108 | +€108,307 | +72.3% |
| Equity | 10/15 | -€81,673 | -€26,010 | +€55,662 | +68.2% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€100,265 | -€44,602 | +€55,662 | +55.5% |
| Amounts payable | 17/49 | €231,473 | €284,118 | +€52,645 | +22.7% |
| Amounts payable after more than one year | 17 | €12,692 | €57,796 | +€45,104 | +355% |
| Financial debts | 170/4 | €12,692 | €57,796 | +€45,104 | +355% |
| Amounts payable within one year | 42/48 | €218,781 | €226,322 | +€7,541 | +3.4% |
| Current portion of amounts payable after more than one year | 42 | €23,114 | €18,567 | -€4,547 | -19.7% |
| Financial debts | 43 | €19,005 | €16,181 | -€2,824 | -14.9% |
| Credit institutions | 430/8 | €19,005 | €16,181 | -€2,824 | -14.9% |
| Trade debts | 44 | €112,131 | €109,577 | -€2,554 | -2.3% |
| Suppliers | 440/4 | €112,131 | €109,577 | -€2,554 | -2.3% |
| Taxes, remuneration and social security | 45 | €63,451 | €81,340 | +€17,889 | +28.2% |
| Taxes | 450/3 | €37,033 | €35,778 | -€1,255 | -3.4% |
| Remuneration and social security | 454/9 | €26,418 | €45,562 | +€19,144 | +72.5% |
| Other amounts payable | 47/48 | €1,080 | €656 | -€424 | -39.2% |
| Remuneration, social security and pensions | 62 | €277,764 | €374,847 | +€97,083 | +35.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,087 | €18,865 | +€2,778 | +17.3% |
| Other operating charges | 640/8 | €3,206 | €690 | -€2,517 | -78.5% |
| Gross operating margin | 9900 | €344,801 | €467,465 | +€122,664 | +35.6% |
| Operating profit (loss) | 9901 | €47,743 | €73,063 | +€25,319 | +53.0% |
| Financial income | 75/76B | €1,400 | €12,980 | +€11,580 | +827% |
| Recurring financial income | 75 | €1,071 | €2,703 | +€1,632 | +152% |
| Non-recurring financial income | 76B | €328 | €10,277 | +€9,949 | +3,030% |
| Financial charges | 65/66B | €24,847 | €11,357 | -€13,490 | -54.3% |
| Recurring financial charges | 65 | €24,847 | €11,357 | -€13,490 | -54.3% |
| Profit (loss) for the period before taxes | 9903 | €24,296 | €74,686 | +€50,390 | +207% |
| Income taxes | 67/77 | €9,415 | €19,024 | +€9,608 | +102% |
| Profit (loss) for the period | 9904 | €14,881 | €55,662 | +€40,781 | +274% |
| Profit (loss) for the period to be appropriated | 9905 | €14,881 | €55,662 | +€40,781 | +274% |
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 14 October 2026 via checked.be.