M.G.M.: 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.M.
Largest movements
- Cash +€64,455
up €64,455 (+33.2%), from €194,070 to €258,526
mainly Net result for the year (+€150,922) and Other debts (+€56,948)
- Deferred charges and accrued income +€19,316
up €19,316 (+693%), from €2,789 to €22,105
- Tangible fixed assets +€18,726
up €18,726 (+16.2%), from €115,785 to €134,510
of which Furniture and vehicles: +€10,745
- Receivables within one year -€6,189
down €6,189 (-57.9%), from €10,689 to €4,500
of which Trade receivables: -€4,744
- Other debts +€56,948
new in 2025: €56,948
- Reserves +€37,779
up €37,779 (+10.3%), from €365,659 to €403,438
- Current portion of long-term debt -€10,961
down €10,961 (-83.2%), from €13,168 to €2,207
- Accrued charges and deferred income +€8,322
new in 2025: €8,322
- Trade debts +€6,992
up €6,992 (+134%), from €5,216 to €12,209
- Taxes -€17,701
down €17,701 (-22.8%), from €77,701 to €60,000
- Gross operating margin -€11,564
down €11,564 (-3.0%), from €391,648 to €380,084
- Depreciation +€7,811
up €7,811 (+18.0%), from €43,344 to €51,155
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 | €427,155 | €522,681 | +€95,526 | +22.4% |
| Fixed assets | 21/28 | €115,785 | €134,510 | +€18,726 | +16.2% |
| Tangible fixed assets | 22/27 | €115,785 | €134,510 | +€18,726 | +16.2% |
| Land and buildings | 22 | €788 | - | -€788 | |
| Plant, machinery and equipment | 23 | €62,033 | €71,437 | +€9,403 | +15.2% |
| Furniture and vehicles | 24 | €41,714 | €52,459 | +€10,745 | +25.8% |
| Other tangible fixed assets | 26 | €11,249 | €10,614 | -€635 | -5.6% |
| Current assets | 29/58 | €311,371 | €388,171 | +€76,800 | +24.7% |
| Stocks and contracts in progress | 3 | €3,822 | €3,041 | -€781 | -20.4% |
| Stocks | 30/36 | €3,822 | €3,041 | -€781 | -20.4% |
| Amounts receivable within one year | 40/41 | €10,689 | €4,500 | -€6,189 | -57.9% |
| Trade receivables | 40 | €4,744 | - | -€4,744 | |
| Other amounts receivable | 41 | €5,945 | €4,500 | -€1,445 | -24.3% |
| Current investments | 50/53 | €100,000 | €100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €194,070 | €258,526 | +€64,455 | +33.2% |
| Deferred charges and accrued income | 490/1 | €2,789 | €22,105 | +€19,316 | +693% |
| Total equity and liabilities | 10/49 | €427,155 | €522,681 | +€95,526 | +22.4% |
| Equity | 10/15 | €386,730 | €424,509 | +€37,779 | +9.8% |
| Contributions | 10/11 | €21,071 | €21,071 | = | 0.0% |
| Reserves | 13 | €365,659 | €403,438 | +€37,779 | +10.3% |
| Distributable reserves | 133 | €365,659 | €403,438 | +€37,779 | +10.3% |
| Amounts payable | 17/49 | €40,426 | €98,173 | +€57,747 | +143% |
| Amounts payable after more than one year | 17 | €2,207 | - | -€2,207 | |
| Financial debts | 170/4 | €2,207 | - | -€2,207 | |
| Amounts payable within one year | 42/48 | €38,218 | €89,851 | +€51,632 | +135% |
| Current portion of amounts payable after more than one year | 42 | €13,168 | €2,207 | -€10,961 | -83.2% |
| Trade debts | 44 | €5,216 | €12,209 | +€6,992 | +134% |
| Suppliers | 440/4 | €5,216 | €12,209 | +€6,992 | +134% |
| Taxes, remuneration and social security | 45 | €19,834 | €18,486 | -€1,347 | -6.8% |
| Taxes | 450/3 | €17,405 | €18,486 | +€1,081 | +6.2% |
| Remuneration and social security | 454/9 | €2,429 | - | -€2,429 | |
| Other amounts payable | 47/48 | - | €56,948 | +€56,948 | |
| Accrued charges and deferred income | 492/3 | - | €8,322 | +€8,322 | |
| Non-recurring operating income | 76A | - | €1,500 | +€1,500 | |
| Remuneration, social security and pensions | 62 | €101,331 | €102,477 | +€1,147 | +1.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,344 | €51,155 | +€7,811 | +18.0% |
| Other operating charges | 640/8 | €13,962 | €15,332 | +€1,370 | +9.8% |
| Non-recurring operating charges | 66A | €423 | - | -€423 | |
| Gross operating margin | 9900 | €391,648 | €380,084 | -€11,564 | -3.0% |
| Operating profit (loss) | 9901 | €232,589 | €211,120 | -€21,469 | -9.2% |
| Financial income | 75/76B | €78 | €0 | -€77 | -99.5% |
| Recurring financial income | 75 | €78 | €0 | -€77 | -99.5% |
| Financial charges | 65/66B | €700 | €199 | -€501 | -71.6% |
| Recurring financial charges | 65 | €700 | €199 | -€501 | -71.6% |
| Profit (loss) for the period before taxes | 9903 | €231,966 | €210,922 | -€21,045 | -9.1% |
| Income taxes | 67/77 | €77,701 | €60,000 | -€17,701 | -22.8% |
| Profit (loss) for the period | 9904 | €154,266 | €150,922 | -€3,344 | -2.2% |
| Profit (loss) for the period to be appropriated | 9905 | €154,266 | €150,922 | -€3,344 | -2.2% |
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 22 October 2026 via checked.be.