M.M.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.
What changed
M.M.G.
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
-€3,474
2024 · €237,861-€241,335
Equity
€856,727
2024 · €1.1m-€203,474
Cash
€9,515
2024 · €96,243-€86,728
Balance sheet total
€22.2m
2024 · €6.0m+€16.2m
Largest movements
Assets
- Financial fixed assets +€12.5m
up €12.5m (+700,567%), from €1,785 to €12.5m
- Tangible fixed assets +€3.9m
up €3.9m (+84.3%), from €4.6m to €8.5m
of which Land and buildings: +€3.7m
Equity and liabilities
- Debts after one year +€17.1m
up €17.1m (+1,804%), from €946,667 to €18.0m
- Other debts -€2.2m
down €2.2m (-75.3%), from €2.9m to €719,869
- Current portion of long-term debt +€1.2m
up €1.2m (+1,545%), from €80,000 to €1.3m
- Trade debts +€244,148
up €244,148 (+13,302%), from €1,835 to €245,984
Income statement
- Depreciation +€246,667
up €246,667 (+261%), from €94,579 to €341,247
- Financial charges +€113,570
up €113,570 (+110%), from €103,049 to €216,619
- Gross operating margin +€110,335
up €110,335 (+20.6%), from €535,550 to €645,884
- Taxes -€54,753
down €54,753 (-68.3%), from €80,212 to €25,458
- Other operating charges +€38,344
up €38,344 (+95.5%), from €40,160 to €78,504
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.
Result 2024
€237,861
Gross operating margin
+€110,335
Depreciation
-€246,667
Other operating charges
-€38,344
Financial income
-€7,727
Financial charges
-€113,570
Taxes
+€54,753
Deferred taxes and other
-€115
Result 2025
-€3,474
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
-€1.5m
Investment
-€16.7m
Financing
+€18.1m
Cash 2024
€96,243
From operations (derived)
-€1.5m
Net result for the year
-€3,474
Depreciation
+€341,247
Receivables within one year
+€137,128
Smaller working-capital items
+€15,381
Trade debts
+€244,148
Other debts
-€2.2m
Investment (derived)
-€16.7m
Investment in fixed assets (net)
-€16.7m
Financing
+€18.1m
Debts after one year
+€17.1m
Current portion of long-term debt
+€1.2m
Contributions, distributions and other
-€200,000
Cash 2025
€9,515
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,019,389 | €22,213,711 | +€16.2m | +269% |
| Fixed assets | 21/28 | €4,626,507 | €21,030,422 | +€16.4m | +355% |
| Tangible fixed assets | 22/27 | €4,624,722 | €8,523,516 | +€3.9m | +84.3% |
| Land and buildings | 22 | €4,624,722 | €8,323,145 | +€3.7m | +80.0% |
| Plant, machinery and equipment | 23 | - | €197,642 | +€197,642 | |
| Furniture and vehicles | 24 | - | €2,729 | +€2,729 | |
| Financial fixed assets | 28 | €1,785 | €12,506,906 | +€12.5m | +700,567% |
| Current assets | 29/58 | €1,392,882 | €1,183,289 | -€209,592 | -15.0% |
| Amounts receivable within one year | 40/41 | €1,280,407 | €1,143,279 | -€137,128 | -10.7% |
| Trade receivables | 40 | €55,667 | €220,531 | +€164,864 | +296% |
| Other amounts receivable | 41 | €1,224,740 | €922,747 | -€301,993 | -24.7% |
| Cash at bank and in hand | 54/58 | €96,243 | €9,515 | -€86,728 | -90.1% |
| Deferred charges and accrued income | 490/1 | €16,232 | €30,496 | +€14,264 | +87.9% |
| Total equity and liabilities | 10/49 | €6,019,389 | €22,213,711 | +€16.2m | +269% |
| Equity | 10/15 | €1,060,201 | €856,727 | -€203,474 | -19.2% |
| Contributions | 10/11 | €670,000 | €670,000 | = | 0.0% |
| Capital | 10 | €670,000 | €670,000 | = | 0.0% |
| Issued capital | 100 | €670,000 | €670,000 | = | 0.0% |
| Reserves | 13 | €390,201 | €186,727 | -€203,474 | -52.1% |
| Non-distributable reserves | 130/1 | €67,000 | €67,000 | = | 0.0% |
| Legal reserve | 130 | €67,000 | €67,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €21,008 | €18,176 | -€2,831 | -13.5% |
| Distributable reserves | 133 | €302,193 | €101,550 | -€200,643 | -66.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €7,002 | €6,224 | -€777 | -11.1% |
| Deferred taxes | 168 | €7,002 | €6,224 | -€777 | -11.1% |
| Amounts payable | 17/49 | €4,952,186 | €21,350,760 | +€16.4m | +331% |
| Amounts payable after more than one year | 17 | €946,667 | €18,023,444 | +€17.1m | +1,804% |
| Financial debts | 170/4 | €946,667 | €18,023,444 | +€17.1m | +1,804% |
| Amounts payable within one year | 42/48 | €3,994,179 | €3,310,383 | -€683,796 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €80,000 | €1,316,000 | +€1.2m | +1,545% |
| Financial debts | 43 | €1,000,000 | €1,000,000 | = | 0.0% |
| Credit institutions | 430/8 | €1,000,000 | €1,000,000 | = | 0.0% |
| Trade debts | 44 | €1,835 | €245,984 | +€244,148 | +13,302% |
| Suppliers | 440/4 | €1,835 | €245,984 | +€244,148 | +13,302% |
| Taxes, remuneration and social security | 45 | €3,700 | €28,530 | +€24,830 | +671% |
| Taxes | 450/3 | €3,700 | €28,530 | +€24,830 | +671% |
| Other amounts payable | 47/48 | €2,908,644 | €719,869 | -€2.2m | -75.3% |
| Accrued charges and deferred income | 492/3 | €11,341 | €16,932 | +€5,592 | +49.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €94,579 | €341,247 | +€246,667 | +261% |
| Other operating charges | 640/8 | €40,160 | €78,504 | +€38,344 | +95.5% |
| Gross operating margin | 9900 | €535,550 | €645,884 | +€110,335 | +20.6% |
| Operating profit (loss) | 9901 | €400,810 | €226,134 | -€174,676 | -43.6% |
| Financial income | 75/76B | €19,419 | €11,693 | -€7,727 | -39.8% |
| Recurring financial income | 75 | €19,419 | €11,693 | -€7,727 | -39.8% |
| Financial charges | 65/66B | €103,049 | €216,619 | +€113,570 | +110% |
| Recurring financial charges | 65 | €103,049 | €216,619 | +€113,570 | +110% |
| Profit (loss) for the period before taxes | 9903 | €317,181 | €21,207 | -€295,974 | -93.3% |
| Transfer from deferred taxes | 780 | €892 | €777 | -€115 | -12.8% |
| Income taxes | 67/77 | €80,212 | €25,458 | -€54,753 | -68.3% |
| Profit (loss) for the period | 9904 | €237,861 | -€3,474 | -€241,335 | |
| Transfer from tax-exempt reserves | 789 | €2,674 | €2,831 | +€157 | +5.9% |
| Profit (loss) for the period to be appropriated | 9905 | €240,534 | -€643 | -€241,177 |
Source: filed annual accounts (NBB), financial years ended 31 August 2024 and 31 August 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.