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 -€9,230
down €9,230 (-27.6%), from €33,494 to €24,264
of which Trade receivables: -€12,245
- Intangible fixed assets -€4,537
down €4,537 (-38.9%), from €11,663 to €7,125
- Deferred charges and accrued income -€3,962
down €3,962 (-57.9%), from €6,845 to €2,882
- Current investments -€3,352
down €3,352 (-3.4%), from €98,131 to €94,780
- Cash +€2,573
up €2,573 (+22.3%), from €11,533 to €14,106
mainly Other debts (+€11,336) and Net result for the year (+€10,675)
- Reserves -€20,000
down €20,000 (-18.4%), from €108,420 to €88,420
- Other debts +€11,336
up €11,336 (+252%), from €4,503 to €15,839
- Trade debts -€9,238
down €9,238 (-18.3%), from €50,377 to €41,140
- Tax, wage and social debts -€2,687
no longer reported in 2025 (was €2,687)
- Gross operating margin -€8,950
down €8,950 (-33.4%), from €26,829 to €17,879
- Taxes -€2,774
down €2,774 (-37.7%), from €7,363 to €4,589
- Financial income -€1,540
down €1,540 (-22.1%), from €6,960 to €5,421
- Depreciation +€1,082
up €1,082 (+21.2%), from €5,108 to €6,189
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 | €167,025 | €146,437 | -€20,588 | -12.3% |
| Fixed assets | 21/28 | €15,282 | €9,602 | -€5,680 | -37.2% |
| Intangible fixed assets | 21 | €11,663 | €7,125 | -€4,537 | -38.9% |
| Tangible fixed assets | 22/27 | €2,770 | €1,627 | -€1,143 | -41.3% |
| Plant, machinery and equipment | 23 | €2,770 | €1,202 | -€1,567 | -56.6% |
| Furniture and vehicles | 24 | - | €424 | +€424 | |
| Financial fixed assets | 28 | €850 | €850 | = | 0.0% |
| Current assets | 29/58 | €151,743 | €136,835 | -€14,908 | -9.8% |
| Stocks and contracts in progress | 3 | €1,740 | €803 | -€937 | -53.9% |
| Stocks | 30/36 | €1,740 | €803 | -€937 | -53.9% |
| Amounts receivable within one year | 40/41 | €33,494 | €24,264 | -€9,230 | -27.6% |
| Trade receivables | 40 | €33,494 | €21,250 | -€12,245 | -36.6% |
| Other amounts receivable | 41 | - | €3,014 | +€3,014 | |
| Current investments | 50/53 | €98,131 | €94,780 | -€3,352 | -3.4% |
| Cash at bank and in hand | 54/58 | €11,533 | €14,106 | +€2,573 | +22.3% |
| Deferred charges and accrued income | 490/1 | €6,845 | €2,882 | -€3,962 | -57.9% |
| Total equity and liabilities | 10/49 | €167,025 | €146,437 | -€20,588 | -12.3% |
| Equity | 10/15 | €109,420 | €89,420 | -€20,000 | -18.3% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €108,420 | €88,420 | -€20,000 | -18.4% |
| Distributable reserves | 133 | €108,420 | €88,420 | -€20,000 | -18.4% |
| Amounts payable | 17/49 | €57,605 | €57,017 | -€588 | -1.0% |
| Amounts payable within one year | 42/48 | €57,567 | €56,979 | -€588 | -1.0% |
| Trade debts | 44 | €50,377 | €41,140 | -€9,238 | -18.3% |
| Suppliers | 440/4 | €50,377 | €41,140 | -€9,238 | -18.3% |
| Taxes, remuneration and social security | 45 | €2,687 | - | -€2,687 | |
| Taxes | 450/3 | €2,687 | - | -€2,687 | |
| Other amounts payable | 47/48 | €4,503 | €15,839 | +€11,336 | +252% |
| Accrued charges and deferred income | 492/3 | €37 | €37 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,108 | €6,189 | +€1,082 | +21.2% |
| Other operating charges | 640/8 | €799 | €712 | -€87 | -10.9% |
| Gross operating margin | 9900 | €26,829 | €17,879 | -€8,950 | -33.4% |
| Operating profit (loss) | 9901 | €20,922 | €10,977 | -€9,944 | -47.5% |
| Financial income | 75/76B | €6,960 | €5,421 | -€1,540 | -22.1% |
| Recurring financial income | 75 | €6,960 | €5,421 | -€1,540 | -22.1% |
| Financial charges | 65/66B | €1,021 | €1,134 | +€113 | +11.1% |
| Recurring financial charges | 65 | €1,021 | €1,134 | +€113 | +11.1% |
| Profit (loss) for the period before taxes | 9903 | €26,861 | €15,264 | -€11,597 | -43.2% |
| Income taxes | 67/77 | €7,363 | €4,589 | -€2,774 | -37.7% |
| Profit (loss) for the period | 9904 | €19,498 | €10,675 | -€8,824 | -45.3% |
| Profit (loss) for the period to be appropriated | 9905 | €19,498 | €10,675 | -€8,824 | -45.3% |
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.