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
- Current investments -€1.0m
down €1.0m (-79.4%), from €1.3m to €259,555
- Receivables within one year +€950,997
up €950,997 (+139.4%), from €682,289 to €1.6m
of which Other amounts receivable: +€1.2m
- Tangible fixed assets -€866,128
down €866,128 (-5.3%), from €16.3m to €15.5m
of which Land and buildings: -€698,766
- Other debts -€1.0m
down €1.0m (-41.2%), from €2.5m to €1.5m
- Reserves +€668,510
up €668,510 (+4.8%), from €13.8m to €14.5m
of which Distributable reserves: +€1.3m
- Trade debts -€522,984
down €522,984 (-59.0%), from €885,794 to €362,810
- Revaluation surpluses -€214,142
down €214,142 (-11.2%), from €1.9m to €1.7m
- Gross operating margin +€918,722
up €918,722 (+80.3%), from €1.1m to €2.1m
- Financial income -€85,301
down €85,301 (-95.4%), from €89,403 to €4,102
of which Non-recurring financial income: -€54,030
- Depreciation -€35,229
down €35,229 (-3.1%), from €1.1m to €1.1m
- Taxes +€33,479
up €33,479 (+44.9%), from €74,521 to €108,000
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.
Cash bridge derived
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 | €19,541,812 | €18,437,563 | -€1.1m | -5.7% |
| Fixed assets | 21/28 | €17,317,827 | €16,429,338 | -€888,488 | -5.1% |
| Intangible fixed assets | 21 | €991,728 | €969,418 | -€22,310 | -2.2% |
| Tangible fixed assets | 22/27 | €16,326,049 | €15,459,920 | -€866,128 | -5.3% |
| Land and buildings | 22 | €13,975,906 | €13,277,140 | -€698,766 | -5.0% |
| Leasing and similar rights | 25 | €989,551 | €916,347 | -€73,204 | -7.4% |
| Other tangible fixed assets | 26 | €1,360,592 | €1,266,433 | -€94,158 | -6.9% |
| Financial fixed assets | 28 | €50 | - | -€50 | |
| Current assets | 29/58 | €2,223,985 | €2,008,225 | -€215,761 | -9.7% |
| Amounts receivable within one year | 40/41 | €682,289 | €1,633,286 | +€950,997 | +139.4% |
| Trade receivables | 40 | €358,921 | €125,495 | -€233,426 | -65.0% |
| Other amounts receivable | 41 | €323,368 | €1,507,791 | +€1.2m | +366.3% |
| Current investments | 50/53 | €1,259,555 | €259,555 | -€1.0m | -79.4% |
| Cash at bank and in hand | 54/58 | €150,472 | €16,325 | -€134,147 | -89.2% |
| Deferred charges and accrued income | 490/1 | €131,670 | €99,060 | -€32,610 | -24.8% |
| Total equity and liabilities | 10/49 | €19,541,812 | €18,437,563 | -€1.1m | -5.7% |
| Equity | 10/15 | €15,975,911 | €16,430,280 | +€454,369 | +2.8% |
| Contributions | 10/11 | €243,623 | €243,623 | = | 0.0% |
| Capital | 10 | €243,623 | €243,623 | = | 0.0% |
| Issued capital | 100 | €243,623 | €243,623 | = | 0.0% |
| Revaluation surpluses | 12 | €1,919,928 | €1,705,786 | -€214,142 | -11.2% |
| Reserves | 13 | €13,812,361 | €14,480,871 | +€668,510 | +4.8% |
| Non-distributable reserves | 130/1 | €24,362 | €24,362 | = | 0.0% |
| Legal reserve | 130 | €24,362 | €24,362 | = | 0.0% |
| Tax-exempt reserves | 132 | €968,300 | €336,800 | -€631,500 | -65.2% |
| Distributable reserves | 133 | €12,819,699 | €14,119,709 | +€1.3m | +10.1% |
| Amounts payable | 17/49 | €3,565,901 | €2,007,283 | -€1.6m | -43.7% |
| Amounts payable after more than one year | 17 | €78,470 | - | -€78,470 | |
| Financial debts | 170/4 | €78,470 | - | -€78,470 | |
| Amounts payable within one year | 42/48 | €3,470,857 | €2,001,342 | -€1.5m | -42.3% |
| Current portion of amounts payable after more than one year | 42 | €103,051 | €78,470 | -€24,580 | -23.9% |
| Trade debts | 44 | €885,794 | €362,810 | -€522,984 | -59.0% |
| Suppliers | 440/4 | €885,794 | €362,810 | -€522,984 | -59.0% |
| Taxes, remuneration and social security | 45 | €14,237 | €108,000 | +€93,763 | +658.6% |
| Taxes | 450/3 | €14,237 | €108,000 | +€93,763 | +658.6% |
| Other amounts payable | 47/48 | €2,467,776 | €1,452,062 | -€1.0m | -41.2% |
| Accrued charges and deferred income | 492/3 | €16,574 | €5,941 | -€10,632 | -64.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,140,359 | €1,105,131 | -€35,229 | -3.1% |
| Other operating charges | 640/8 | €372,271 | €370,510 | -€1,761 | -0.5% |
| Gross operating margin | 9900 | €1,143,857 | €2,062,579 | +€918,722 | +80.3% |
| Operating profit (loss) | 9901 | -€368,773 | €586,939 | +€955,712 | |
| Financial income | 75/76B | €89,403 | €4,102 | -€85,301 | -95.4% |
| Recurring financial income | 75 | €35,373 | €4,102 | -€31,271 | -88.4% |
| Non-recurring financial income | 76B | €54,030 | - | -€54,030 | |
| Financial charges | 65/66B | €29,861 | €28,672 | -€1,189 | -4.0% |
| Recurring financial charges | 65 | €29,861 | €28,672 | -€1,189 | -4.0% |
| Profit (loss) for the period before taxes | 9903 | -€309,232 | €562,369 | +€871,600 | |
| Income taxes | 67/77 | €74,521 | €108,000 | +€33,479 | +44.9% |
| Profit (loss) for the period | 9904 | -€383,753 | €454,369 | +€838,121 | |
| Transfer from tax-exempt reserves | 789 | €605,200 | €631,500 | +€26,300 | +4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €221,447 | €1,085,869 | +€864,421 | +390.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.