M&G Group: 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 Group
Largest movements
- Receivables within one year -€147,552
down €147,552 (-41.5%), from €355,588 to €208,036
of which Trade receivables: -€164,559
- Cash +€52,981
up €52,981 (+105%), from €50,659 to €103,639
mainly Receivables within one year (+€147,552) and Other debts (+€67,263)
- Stocks and contracts -€9,833
down €9,833 (-72.0%), from €13,655 to €3,821
- Tangible fixed assets +€9,037
up €9,037 (+138%), from €6,530 to €15,567
of which Furniture and vehicles: +€5,746
- Trade debts -€182,471
down €182,471 (-68.7%), from €265,441 to €82,970
- Other debts +€67,263
up €67,263 (+1,800%), from €3,737 to €71,000
- Current portion of long-term debt +€67,008
new in 2025: €67,008
- Tax, wage and social debts -€42,810
down €42,810 (-89.0%), from €48,076 to €5,266
of which Taxes: -€43,323
- Profit (loss) carried forward -€6,529
down €6,529 (-13.2%), from €49,481 to €42,952
- Gross operating margin -€30,434
down €30,434 (-16.7%), from €182,379 to €151,945
- Taxes -€18,465
down €18,465 (-42.4%), from €43,591 to €25,126
- Other operating charges +€12,222
up €12,222 (+217%), from €5,626 to €17,848
- Financial charges -€4,257
down €4,257 (-53.4%), from €7,979 to €3,722
- Staff costs +€2,445
up €2,445 (+6.5%), from €37,470 to €39,915
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 | €464,510 | €369,891 | -€94,619 | -20.4% |
| Fixed assets | 21/28 | €38,330 | €44,867 | +€6,537 | +17.1% |
| Tangible fixed assets | 22/27 | €6,530 | €15,567 | +€9,037 | +138% |
| Plant, machinery and equipment | 23 | - | €3,292 | +€3,292 | |
| Furniture and vehicles | 24 | €6,530 | €12,275 | +€5,746 | +88.0% |
| Financial fixed assets | 28 | €31,800 | €29,300 | -€2,500 | -7.9% |
| Current assets | 29/58 | €426,180 | €325,024 | -€101,156 | -23.7% |
| Stocks and contracts in progress | 3 | €13,655 | €3,821 | -€9,833 | -72.0% |
| Stocks | 30/36 | €13,655 | €3,821 | -€9,833 | -72.0% |
| Amounts receivable within one year | 40/41 | €355,588 | €208,036 | -€147,552 | -41.5% |
| Trade receivables | 40 | €253,194 | €88,635 | -€164,559 | -65.0% |
| Other amounts receivable | 41 | €102,394 | €119,401 | +€17,007 | +16.6% |
| Cash at bank and in hand | 54/58 | €50,659 | €103,639 | +€52,981 | +105% |
| Deferred charges and accrued income | 490/1 | €6,279 | €9,528 | +€3,249 | +51.7% |
| Total equity and liabilities | 10/49 | €464,510 | €369,891 | -€94,619 | -20.4% |
| Equity | 10/15 | €142,363 | €135,834 | -€6,529 | -4.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €87,882 | €87,882 | = | 0.0% |
| Distributable reserves | 133 | €87,882 | €87,882 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,481 | €42,952 | -€6,529 | -13.2% |
| Amounts payable | 17/49 | €322,147 | €234,057 | -€88,090 | -27.3% |
| Amounts payable within one year | 42/48 | €322,147 | €234,057 | -€88,090 | -27.3% |
| Current portion of amounts payable after more than one year | 42 | - | €67,008 | +€67,008 | |
| Financial debts | 43 | €4,893 | €7,813 | +€2,920 | +59.7% |
| Credit institutions | 430/8 | €4,893 | €7,813 | +€2,920 | +59.7% |
| Trade debts | 44 | €265,441 | €82,970 | -€182,471 | -68.7% |
| Suppliers | 440/4 | €265,441 | €82,970 | -€182,471 | -68.7% |
| Taxes, remuneration and social security | 45 | €48,076 | €5,266 | -€42,810 | -89.0% |
| Taxes | 450/3 | €43,449 | €126 | -€43,323 | -99.7% |
| Remuneration and social security | 454/9 | €4,627 | €5,140 | +€513 | +11.1% |
| Other amounts payable | 47/48 | €3,737 | €71,000 | +€67,263 | +1,800% |
| Remuneration, social security and pensions | 62 | €37,470 | €39,915 | +€2,445 | +6.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,870 | €3,702 | -€167 | -4.3% |
| Other operating charges | 640/8 | €5,626 | €17,848 | +€12,222 | +217% |
| Gross operating margin | 9900 | €182,379 | €151,945 | -€30,434 | -16.7% |
| Operating profit (loss) | 9901 | €135,413 | €90,480 | -€44,934 | -33.2% |
| Financial income | 75/76B | €4,039 | €2,840 | -€1,199 | -29.7% |
| Recurring financial income | 75 | €4,039 | €2,840 | -€1,199 | -29.7% |
| Financial charges | 65/66B | €7,979 | €3,722 | -€4,257 | -53.4% |
| Recurring financial charges | 65 | €7,979 | €3,722 | -€4,257 | -53.4% |
| Profit (loss) for the period before taxes | 9903 | €131,473 | €89,598 | -€41,876 | -31.9% |
| Income taxes | 67/77 | €43,591 | €25,126 | -€18,465 | -42.4% |
| Profit (loss) for the period | 9904 | €87,882 | €64,471 | -€23,411 | -26.6% |
| Profit (loss) for the period to be appropriated | 9905 | €87,882 | €64,471 | -€23,411 | -26.6% |
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 30 October 2026 via checked.be.