M.G.S.: 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.S.
Largest movements
- Receivables within one year -€95,817
down €95,817 (-35.8%), from €267,651 to €171,834
of which Other amounts receivable: -€95,817
- Cash -€27,677
down €27,677 (-2.0%), from €1.4m to €1.4m
mainly Other debts (-€95,817) and Tax, wage and social debts (-€47,106)
- Other debts -€95,817
no longer reported in 2025 (was €95,817)
- Tax, wage and social debts -€47,106
down €47,106 (-97.2%), from €48,458 to €1,352
- Financial income -€25,272
down €25,272 (-67.8%), from €37,272 to €12,000
- Taxes -€23,054
down €23,054, from €9,836 to -€13,219
- Gross operating margin -€6,740
down €6,740, from €1,031 to -€5,709
- Financial charges -€1,015
down €1,015 (-81.8%), from €1,241 to €226
- Other operating charges +€63
up €63 (+6.5%), from €968 to €1,031
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 | €1,860,305 | €1,736,811 | -€123,494 | -6.6% |
| Fixed assets | 21/28 | €178,483 | €178,483 | = | 0.0% |
| Financial fixed assets | 28 | €178,483 | €178,483 | = | 0.0% |
| Current assets | 29/58 | €1,681,822 | €1,558,328 | -€123,494 | -7.3% |
| Amounts receivable within one year | 40/41 | €267,651 | €171,834 | -€95,817 | -35.8% |
| Trade receivables | 40 | €145 | €145 | = | 0.0% |
| Other amounts receivable | 41 | €267,506 | €171,689 | -€95,817 | -35.8% |
| Cash at bank and in hand | 54/58 | €1,414,171 | €1,386,494 | -€27,677 | -2.0% |
| Total equity and liabilities | 10/49 | €1,860,305 | €1,736,811 | -€123,494 | -6.6% |
| Equity | 10/15 | €1,716,030 | €1,734,283 | +€18,253 | +1.1% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €6,200 | €6,200 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,647,830 | €1,666,083 | +€18,253 | +1.1% |
| Amounts payable | 17/49 | €144,275 | €2,528 | -€141,747 | -98.2% |
| Amounts payable within one year | 42/48 | €144,275 | €2,528 | -€141,747 | -98.2% |
| Trade debts | 44 | - | €1,176 | +€1,176 | |
| Suppliers | 440/4 | - | €1,176 | +€1,176 | |
| Taxes, remuneration and social security | 45 | €48,458 | €1,352 | -€47,106 | -97.2% |
| Taxes | 450/3 | €48,458 | €1,352 | -€47,106 | -97.2% |
| Other amounts payable | 47/48 | €95,817 | - | -€95,817 | |
| Other operating charges | 640/8 | €968 | €1,031 | +€63 | +6.5% |
| Gross operating margin | 9900 | €1,031 | -€5,709 | -€6,740 | |
| Operating profit (loss) | 9901 | €63 | -€6,740 | -€6,803 | |
| Financial income | 75/76B | €37,272 | €12,000 | -€25,272 | -67.8% |
| Recurring financial income | 75 | €37,272 | €12,000 | -€25,272 | -67.8% |
| Financial charges | 65/66B | €1,241 | €226 | -€1,015 | -81.8% |
| Recurring financial charges | 65 | €1,241 | €226 | -€1,015 | -81.8% |
| Profit (loss) for the period before taxes | 9903 | €36,094 | €5,034 | -€31,060 | -86.1% |
| Income taxes | 67/77 | €9,836 | -€13,219 | -€23,054 | |
| Profit (loss) for the period | 9904 | €26,258 | €18,253 | -€8,005 | -30.5% |
| Profit (loss) for the period to be appropriated | 9905 | €26,258 | €18,253 | -€8,005 | -30.5% |
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 25 October 2026 via checked.be.