M.S.G.M.: what changed
M.S.G.M.
Largest movements
- Receivables within one year +€455,441
up €455,441 (+1,754%), from €25,969 to €481,411
of which Trade receivables: +€458,745
- Stocks and contracts +€101,022
new in 2025: €101,022
- Cash +€69,704
up €69,704 (+11.4%), from €610,918 to €680,622
mainly Trade debts (+€597,605) and Net result for the year (+€76,107)
- Tangible fixed assets -€23,555
down €23,555 (-83.3%), from €28,264 to €4,709
of which Plant, machinery and equipment: -€22,096
- Trade debts +€597,605
up €597,605 (+2,058%), from €29,034 to €626,640
- Reserves -€76,893
down €76,893 (-29.3%), from €262,360 to €185,467
- Other debts +€46,280
new in 2025: €46,280
- Tax, wage and social debts +€38,580
up €38,580 (+84.7%), from €45,528 to €84,107
of which Remuneration and social security: +€24,469
- Staff costs -€62,750
down €62,750 (-22.6%), from €277,903 to €215,153
- Gross operating margin -€32,164
down €32,164 (-8.2%), from €391,905 to €359,741
- Taxes +€15,561
up €15,561 (+55.3%), from €28,141 to €43,703
- Financial charges -€7,904
down €7,904 (-74.1%), from €10,669 to €2,765
- Depreciation -€6,805
down €6,805 (-75.0%), from €9,071 to €2,266
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €670,179 | €1,273,266 | +€603,087 | +90.0% |
| Fixed assets | 21/28 | €28,964 | €5,409 | -€23,555 | -81.3% |
| Tangible fixed assets | 22/27 | €28,264 | €4,709 | -€23,555 | -83.3% |
| Plant, machinery and equipment | 23 | €22,482 | €387 | -€22,096 | -98.3% |
| Furniture and vehicles | 24 | €5,782 | €4,322 | -€1,460 | -25.2% |
| Financial fixed assets | 28 | €700 | €700 | = | 0.0% |
| Current assets | 29/58 | €641,214 | €1,267,857 | +€626,642 | +97.7% |
| Stocks and contracts in progress | 3 | - | €101,022 | +€101,022 | |
| Stocks | 30/36 | - | €101,022 | +€101,022 | |
| Amounts receivable within one year | 40/41 | €25,969 | €481,411 | +€455,441 | +1,754% |
| Trade receivables | 40 | €22,665 | €481,411 | +€458,745 | +2,024% |
| Other amounts receivable | 41 | €3,304 | - | -€3,304 | |
| Cash at bank and in hand | 54/58 | €610,918 | €680,622 | +€69,704 | +11.4% |
| Deferred charges and accrued income | 490/1 | €4,327 | €4,802 | +€475 | +11.0% |
| Total equity and liabilities | 10/49 | €670,179 | €1,273,266 | +€603,087 | +90.0% |
| Equity | 10/15 | €593,131 | €516,238 | -€76,893 | -13.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €262,360 | €185,467 | -€76,893 | -29.3% |
| Distributable reserves | 133 | €262,360 | €185,467 | -€76,893 | -29.3% |
| Profit (loss) carried forward | 14 | €324,571 | €324,571 | = | 0.0% |
| Amounts payable | 17/49 | €77,047 | €757,027 | +€679,980 | +883% |
| Amounts payable within one year | 42/48 | €74,562 | €757,027 | +€682,465 | +915% |
| Trade debts | 44 | €29,034 | €626,640 | +€597,605 | +2,058% |
| Suppliers | 440/4 | €29,034 | €626,640 | +€597,605 | +2,058% |
| Taxes, remuneration and social security | 45 | €45,528 | €84,107 | +€38,580 | +84.7% |
| Taxes | 450/3 | €42,541 | €56,652 | +€14,111 | +33.2% |
| Remuneration and social security | 454/9 | €2,987 | €27,456 | +€24,469 | +819% |
| Other amounts payable | 47/48 | - | €46,280 | +€46,280 | |
| Accrued charges and deferred income | 492/3 | €2,485 | - | -€2,485 | |
| Remuneration, social security and pensions | 62 | €277,903 | €215,153 | -€62,750 | -22.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,071 | €2,266 | -€6,805 | -75.0% |
| Other operating charges | 640/8 | €29,020 | €26,257 | -€2,764 | -9.5% |
| Gross operating margin | 9900 | €391,905 | €359,741 | -€32,164 | -8.2% |
| Operating profit (loss) | 9901 | €75,911 | €116,065 | +€40,154 | +52.9% |
| Financial income | 75/76B | €849 | €6,509 | +€5,661 | +667% |
| Recurring financial income | 75 | €849 | €6,509 | +€5,661 | +667% |
| Financial charges | 65/66B | €10,669 | €2,765 | -€7,904 | -74.1% |
| Recurring financial charges | 65 | €10,669 | €2,765 | -€7,904 | -74.1% |
| Profit (loss) for the period before taxes | 9903 | €66,091 | €119,810 | +€53,718 | +81.3% |
| Income taxes | 67/77 | €28,141 | €43,703 | +€15,561 | +55.3% |
| Profit (loss) for the period | 9904 | €37,950 | €76,107 | +€38,157 | +101% |
| Profit (loss) for the period to be appropriated | 9905 | €37,950 | €76,107 | +€38,157 | +101% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 2 November 2026 via checked.be.