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
- Tangible fixed assets -€4,364
down €4,364 (-25.8%), from €16,893 to €12,529
of which Furniture and vehicles: -€3,908
- Cash -€1,842
down €1,842 (-13.9%), from €13,298 to €11,456
mainly Debts after one year (-€3,765) and Net result for the year (-€3,490)
- Receivables within one year -€1,544
down €1,544 (-34.0%), from €4,540 to €2,996
of which Trade receivables: -€1,422
- Deferred charges and accrued income +€1,060
up €1,060 (+1,060%), from €100 to €1,160
- Debts after one year -€3,765
down €3,765 (-52.2%), from €7,216 to €3,451
- Profit (loss) carried forward -€3,490
down €3,490 (-56.9%), from €6,131 to €2,641
- Tax, wage and social debts +€742
up €742 (+10.1%), from €7,311 to €8,053
of which Taxes: +€1,813
- Gross operating margin +€1,428
up €1,428 (+5.8%), from €24,552 to €25,980
- Taxes -€1,098
no longer reported in 2025 (was €1,098)
- Financial charges +€467
up €467 (+36.7%), from €1,273 to €1,740
of which Financial charges: +€467
- Staff costs -€270
down €270 (-1.2%), from €23,271 to €23,001
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 | €36,911 | €30,121 | -€6,790 | -18.4% |
| Fixed assets | 21/28 | €17,473 | €13,109 | -€4,364 | -25.0% |
| Tangible fixed assets | 22/27 | €16,893 | €12,529 | -€4,364 | -25.8% |
| Plant, machinery and equipment | 23 | €1,588 | €1,132 | -€456 | -28.7% |
| Furniture and vehicles | 24 | €15,305 | €11,397 | -€3,908 | -25.5% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €19,438 | €17,012 | -€2,426 | -12.5% |
| Stocks and contracts in progress | 3 | €1,500 | €1,400 | -€100 | -6.7% |
| Stocks | 30/36 | €1,500 | €1,400 | -€100 | -6.7% |
| Amounts receivable within one year | 40/41 | €4,540 | €2,996 | -€1,544 | -34.0% |
| Trade receivables | 40 | €2,677 | €1,255 | -€1,422 | -53.1% |
| Other amounts receivable | 41 | €1,863 | €1,741 | -€122 | -6.5% |
| Cash at bank and in hand | 54/58 | €13,298 | €11,456 | -€1,842 | -13.9% |
| Deferred charges and accrued income | 490/1 | €100 | €1,160 | +€1,060 | +1,060% |
| Total equity and liabilities | 10/49 | €36,911 | €30,121 | -€6,790 | -18.4% |
| Equity | 10/15 | €17,881 | €14,391 | -€3,490 | -19.5% |
| Contributions | 10/11 | €11,750 | €11,750 | = | 0.0% |
| Profit (loss) carried forward | 14 | €6,131 | €2,641 | -€3,490 | -56.9% |
| Amounts payable | 17/49 | €19,030 | €15,730 | -€3,300 | -17.3% |
| Amounts payable after more than one year | 17 | €7,216 | €3,451 | -€3,765 | -52.2% |
| Financial debts | 170/4 | €7,216 | €3,451 | -€3,765 | -52.2% |
| Amounts payable within one year | 42/48 | €11,814 | €12,279 | +€465 | +3.9% |
| Current portion of amounts payable after more than one year | 42 | €3,765 | €3,765 | = | 0.0% |
| Trade debts | 44 | €738 | €461 | -€277 | -37.5% |
| Suppliers | 440/4 | €738 | €461 | -€277 | -37.5% |
| Taxes, remuneration and social security | 45 | €7,311 | €8,053 | +€742 | +10.1% |
| Taxes | 450/3 | €2,776 | €4,589 | +€1,813 | +65.3% |
| Remuneration and social security | 454/9 | €4,535 | €3,464 | -€1,071 | -23.6% |
| Remuneration, social security and pensions | 62 | €23,271 | €23,001 | -€270 | -1.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,363 | €4,364 | +€1 | 0.0% |
| Other operating charges | 640/8 | €597 | €365 | -€232 | -38.9% |
| Gross operating margin | 9900 | €24,552 | €25,980 | +€1,428 | +5.8% |
| Operating profit (loss) | 9901 | -€3,679 | -€1,750 | +€1,929 | +52.4% |
| Financial charges | 65/66B | €1,273 | €1,740 | +€467 | +36.7% |
| Recurring financial charges | 65 | €1,273 | €1,740 | +€467 | +36.7% |
| Non-recurring financial charges | 66B | €1,273 | €1,740 | +€467 | +36.7% |
| Profit (loss) for the period before taxes | 9903 | -€4,952 | -€3,490 | +€1,462 | +29.5% |
| Income taxes | 67/77 | €1,098 | - | -€1,098 | |
| Profit (loss) for the period | 9904 | -€6,050 | -€3,490 | +€2,560 | +42.3% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,050 | -€3,490 | +€2,560 | +42.3% |
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 23 October 2026 via checked.be.