M-GIOIA: what changed
Two fiscal 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-GIOIA
Largest movements
- Cash +€17,092
up €17,092 (+86.0%), from €19,876 to €36,968
mainly Depreciation (+€12,048) and Receivables within one year (+€3,610)
- Tangible fixed assets -€11,307
down €11,307 (-5.7%), from €197,835 to €186,528
of which Land and buildings: -€9,108
- Receivables within one year -€3,610
down €3,610 (-88.4%), from €4,084 to €475
- Other debts +€2,941
up €2,941 (+2.5%), from €119,082 to €122,023
- Taxes -€4,373
down €4,373 (-95.2%), from €4,595 to €223
- Gross operating margin -€2,249
down €2,249 (-15.9%), from €14,154 to €11,905
- Depreciation +€868
up €868 (+7.8%), from €11,180 to €12,048
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 | €222,449 | €224,893 | +€2,444 | +1.1% |
| Fixed assets | 21/28 | €197,835 | €186,528 | -€11,307 | -5.7% |
| Tangible fixed assets | 22/27 | €197,835 | €186,528 | -€11,307 | -5.7% |
| Land and buildings | 22 | €180,961 | €171,853 | -€9,108 | -5.0% |
| Plant, machinery and equipment | 23 | €16,874 | €14,675 | -€2,199 | -13.0% |
| Current assets | 29/58 | €24,614 | €38,365 | +€13,751 | +55.9% |
| Amounts receivable within one year | 40/41 | €4,084 | €475 | -€3,610 | -88.4% |
| Other amounts receivable | 41 | €4,084 | €475 | -€3,610 | -88.4% |
| Cash at bank and in hand | 54/58 | €19,876 | €36,968 | +€17,092 | +86.0% |
| Deferred charges and accrued income | 490/1 | €654 | €922 | +€269 | +41.1% |
| Total equity and liabilities | 10/49 | €222,449 | €224,893 | +€2,444 | +1.1% |
| Equity | 10/15 | €99,757 | €98,487 | -€1,270 | -1.3% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €24,000 | €24,000 | = | 0.0% |
| Distributable reserves | 133 | €24,000 | €24,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €63,357 | €62,087 | -€1,270 | -2.0% |
| Amounts payable | 17/49 | €122,693 | €126,406 | +€3,714 | +3.0% |
| Amounts payable within one year | 42/48 | €122,693 | €126,406 | +€3,714 | +3.0% |
| Trade debts | 44 | €2,656 | €3,902 | +€1,246 | +46.9% |
| Suppliers | 440/4 | €2,656 | €3,902 | +€1,246 | +46.9% |
| Taxes, remuneration and social security | 45 | €954 | €480 | -€474 | -49.7% |
| Taxes | 450/3 | €954 | €480 | -€474 | -49.7% |
| Other amounts payable | 47/48 | €119,082 | €122,023 | +€2,941 | +2.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,180 | €12,048 | +€868 | +7.8% |
| Gross operating margin | 9900 | €14,154 | €11,905 | -€2,249 | -15.9% |
| Operating profit (loss) | 9901 | €2,974 | -€143 | -€3,118 | |
| Financial charges | 65/66B | €67 | €45 | -€22 | -32.8% |
| Recurring financial charges | 65 | €67 | €45 | -€22 | -32.8% |
| Profit (loss) for the period before taxes | 9903 | €2,907 | -€188 | -€3,096 | |
| Income taxes | 67/77 | €4,595 | €223 | -€4,373 | -95.2% |
| Profit (loss) for the period | 9904 | -€1,688 | -€411 | +€1,277 | +75.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,688 | -€411 | +€1,277 | +75.6% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.