M.L.G.: 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.L.G.
Largest movements
- Current investments -€151,427
down €151,427 (-44.2%), from €342,509 to €191,082
- Cash +€147,293
up €147,293 (+870%), from €16,923 to €164,216
mainly Current investments (+€151,427) and Depreciation (+€58,318)
- Tangible fixed assets -€28,318
down €28,318 (-1.6%), from €1.7m to €1.7m
of which Land and buildings: -€28,121
- Profit (loss) carried forward +€31,632
up €31,632 (+6.0%), from €528,665 to €560,296
- Debts after one year -€23,035
down €23,035 (-5.2%), from €445,965 to €422,930
- Reserves -€23,021
down €23,021 (-3.6%), from €646,753 to €623,732
of which Tax-exempt reserves: -€23,021
- Gross operating margin +€11,352
up €11,352 (+13.8%), from €82,179 to €93,531
- Other operating charges +€4,944
up €4,944 (+22.9%), from €21,587 to €26,531
- Depreciation -€1,278
down €1,278 (-2.1%), from €59,596 to €58,318
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 | €2,192,626 | €2,179,341 | -€13,285 | -0.6% |
| Fixed assets | 21/28 | €1,737,856 | €1,709,538 | -€28,318 | -1.6% |
| Tangible fixed assets | 22/27 | €1,737,856 | €1,709,538 | -€28,318 | -1.6% |
| Land and buildings | 22 | €1,737,659 | €1,709,538 | -€28,121 | -1.6% |
| Furniture and vehicles | 24 | €196 | - | -€196 | |
| Current assets | 29/58 | €454,770 | €469,803 | +€15,033 | +3.3% |
| Amounts receivable within one year | 40/41 | €95,339 | €114,505 | +€19,166 | +20.1% |
| Trade receivables | 40 | €0 | €1,268 | +€1,267 | +352,075% |
| Other amounts receivable | 41 | €95,339 | €113,237 | +€17,899 | +18.8% |
| Current investments | 50/53 | €342,509 | €191,082 | -€151,427 | -44.2% |
| Cash at bank and in hand | 54/58 | €16,923 | €164,216 | +€147,293 | +870% |
| Total equity and liabilities | 10/49 | €2,192,626 | €2,179,341 | -€13,285 | -0.6% |
| Equity | 10/15 | €1,508,835 | €1,517,446 | +€8,611 | +0.6% |
| Contributions | 10/11 | €333,417 | €333,417 | = | 0.0% |
| Capital | 10 | €333,417 | €333,417 | = | 0.0% |
| Issued capital | 100 | €333,417 | €333,417 | = | 0.0% |
| Reserves | 13 | €646,753 | €623,732 | -€23,021 | -3.6% |
| Non-distributable reserves | 130/1 | €3,679 | €3,679 | = | 0.0% |
| Legal reserve | 130 | €3,679 | €3,679 | = | 0.0% |
| Tax-exempt reserves | 132 | €643,075 | €620,054 | -€23,021 | -3.6% |
| Profit (loss) carried forward | 14 | €528,665 | €560,296 | +€31,632 | +6.0% |
| Amounts payable | 17/49 | €683,791 | €661,895 | -€21,896 | -3.2% |
| Amounts payable after more than one year | 17 | €445,965 | €422,930 | -€23,035 | -5.2% |
| Financial debts | 170/4 | €445,965 | €422,930 | -€23,035 | -5.2% |
| Amounts payable within one year | 42/48 | €237,826 | €238,965 | +€1,139 | +0.5% |
| Current portion of amounts payable after more than one year | 42 | €25,934 | €26,235 | +€301 | +1.2% |
| Trade debts | 44 | €38,331 | €56,383 | +€18,052 | +47.1% |
| Suppliers | 440/4 | €38,331 | €56,383 | +€18,052 | +47.1% |
| Other amounts payable | 47/48 | €173,561 | €156,347 | -€17,214 | -9.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €59,596 | €58,318 | -€1,278 | -2.1% |
| Other operating charges | 640/8 | €21,587 | €26,531 | +€4,944 | +22.9% |
| Gross operating margin | 9900 | €82,179 | €93,531 | +€11,352 | +13.8% |
| Operating profit (loss) | 9901 | €996 | €8,682 | +€7,686 | +772% |
| Financial income | 75/76B | €3,119 | €3,430 | +€310 | +10.0% |
| Recurring financial income | 75 | €3,119 | €3,430 | +€310 | +10.0% |
| Financial charges | 65/66B | €2,862 | €2,472 | -€390 | -13.6% |
| Recurring financial charges | 65 | €2,862 | €2,472 | -€390 | -13.6% |
| Profit (loss) for the period before taxes | 9903 | €1,253 | €9,640 | +€8,387 | +670% |
| Income taxes | 67/77 | €533 | €1,029 | +€496 | +93.2% |
| Profit (loss) for the period | 9904 | €720 | €8,611 | +€7,891 | +1,096% |
| Transfer from tax-exempt reserves | 789 | €487,447 | €23,021 | -€464,426 | -95.3% |
| Profit (loss) for the period to be appropriated | 9905 | €488,167 | €31,632 | -€456,535 | -93.5% |
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 23 October 2026 via checked.be.