M.G.I.: 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.I.
Largest movements
- Cash +€49,011
up €49,011 (+219%), from €22,366 to €71,377
mainly Net result for the year (+€61,250) and Depreciation (+€15,233)
- Stocks and contracts +€16,250
up €16,250 (+11.7%), from €138,750 to €155,000
- Tangible fixed assets -€15,233
down €15,233 (-8.9%), from €171,165 to €155,932
of which Land and buildings: -€8,628
- Reserves +€46,000
up €46,000 (+22.6%), from €203,360 to €249,360
- Debts after one year -€8,626
down €8,626 (-8.7%), from €99,720 to €91,094
- Tax, wage and social debts +€8,077
up €8,077 (+210%), from €3,839 to €11,916
- Other debts +€4,861
up €4,861 (+32.9%), from €14,782 to €19,643
- Gross operating margin +€57,429
up €57,429 (+119%), from €48,219 to €105,648
- Taxes +€16,100
up €16,100 (+184%), from €8,774 to €24,874
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 | €347,564 | €397,190 | +€49,626 | +14.3% |
| Fixed assets | 21/28 | €171,165 | €155,932 | -€15,233 | -8.9% |
| Tangible fixed assets | 22/27 | €171,165 | €155,932 | -€15,233 | -8.9% |
| Land and buildings | 22 | €154,082 | €145,454 | -€8,628 | -5.6% |
| Furniture and vehicles | 24 | €17,082 | €10,477 | -€6,605 | -38.7% |
| Current assets | 29/58 | €176,399 | €241,259 | +€64,860 | +36.8% |
| Stocks and contracts in progress | 3 | €138,750 | €155,000 | +€16,250 | +11.7% |
| Stocks | 30/36 | €138,750 | €155,000 | +€16,250 | +11.7% |
| Amounts receivable within one year | 40/41 | €14,876 | €14,423 | -€452 | -3.0% |
| Trade receivables | 40 | €13,274 | €14,423 | +€1,149 | +8.7% |
| Other amounts receivable | 41 | €1,601 | €0 | -€1,601 | -100% |
| Cash at bank and in hand | 54/58 | €22,366 | €71,377 | +€49,011 | +219% |
| Deferred charges and accrued income | 490/1 | €408 | €459 | +€51 | +12.5% |
| Total equity and liabilities | 10/49 | €347,564 | €397,190 | +€49,626 | +14.3% |
| Equity | 10/15 | €219,561 | €265,811 | +€46,250 | +21.1% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €203,360 | €249,360 | +€46,000 | +22.6% |
| Distributable reserves | 133 | €203,360 | €249,360 | +€46,000 | +22.6% |
| Profit (loss) carried forward | 14 | €10,001 | €10,251 | +€250 | +2.5% |
| Amounts payable | 17/49 | €128,003 | €131,380 | +€3,377 | +2.6% |
| Amounts payable after more than one year | 17 | €99,720 | €91,094 | -€8,626 | -8.7% |
| Financial debts | 170/4 | €99,720 | €91,094 | -€8,626 | -8.7% |
| Amounts payable within one year | 42/48 | €28,282 | €40,285 | +€12,003 | +42.4% |
| Current portion of amounts payable after more than one year | 42 | €8,500 | €8,626 | +€126 | +1.5% |
| Trade debts | 44 | €1,161 | €100 | -€1,061 | -91.4% |
| Suppliers | 440/4 | €1,161 | €100 | -€1,061 | -91.4% |
| Taxes, remuneration and social security | 45 | €3,839 | €11,916 | +€8,077 | +210% |
| Taxes | 450/3 | €3,839 | €11,916 | +€8,077 | +210% |
| Other amounts payable | 47/48 | €14,782 | €19,643 | +€4,861 | +32.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,233 | €15,233 | = | 0.0% |
| Other operating charges | 640/8 | €1,982 | €1,969 | -€13 | -0.7% |
| Non-recurring operating charges | 66A | €123 | €127 | +€4 | +3.0% |
| Gross operating margin | 9900 | €48,219 | €105,648 | +€57,429 | +119% |
| Operating profit (loss) | 9901 | €30,880 | €88,319 | +€57,439 | +186% |
| Financial income | 75/76B | - | €6 | +€6 | |
| Recurring financial income | 75 | - | €6 | +€6 | |
| Non-recurring financial income | 76B | - | €6 | +€6 | |
| Financial charges | 65/66B | €3,003 | €2,201 | -€802 | -26.7% |
| Recurring financial charges | 65 | €3,003 | €2,200 | -€803 | -26.7% |
| Non-recurring financial charges | 66B | - | €1 | +€1 | |
| Profit (loss) for the period before taxes | 9903 | €27,877 | €86,124 | +€58,247 | +209% |
| Income taxes | 67/77 | €8,774 | €24,874 | +€16,100 | +184% |
| Profit (loss) for the period | 9904 | €19,103 | €61,250 | +€42,147 | +221% |
| Profit (loss) for the period to be appropriated | 9905 | €19,103 | €61,250 | +€42,147 | +221% |
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 26 October 2026 via checked.be.