MBG: 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
MBG
NACE 41.001, General construction of residential buildings
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€11.3m
2024 · €11.8m-€495,662
Equity
€26.0m
2024 · €24.7m+€1.3m
Cash
€1.2m
2024 · €1.8m-€615,625
Balance sheet total
€127.6m
2024 · €123.2m+€4.4m
Largest movements
Assets
- Current investments +€5.7m
up €5.7m (+5.6%), from €101.7m to €107.4m
Equity and liabilities
- Accrued charges and deferred income +€53.7m
new in 2025: €53.7m
- Advances received -€47.3m
down €47.3m (-93.6%), from €50.6m to €3.3m
- Trade debts -€9.2m
down €9.2m (-27.1%), from €33.9m to €24.7m
- Other debts +€6.5m
up €6.5m (+186%), from €3.5m to €10.0m
- Profit (loss) carried forward +€1.3m
up €1.3m (+5.6%), from €23.1m to €24.4m
Income statement
- Turnover -€74.6m
down €74.6m (-42.5%), from €175.5m to €100.8m
- Goods and materials -€70.8m
down €70.8m (-53.3%), from €132.9m to €62.0m
of which Purchases: -€70.9m
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
€11.8m
Turnover
-€74.6m
Other operating income
-€486,207
Goods and materials
+€70.8m
Services and other goods
+€939,831
Staff costs
-€557,073
Depreciation
+€6,736
Write-downs
-€51,301
Provisions
+€1.1m
Other operating charges
-€307,117
Other operating items
+€2.9m
Financial income
-€616,684
Financial charges
-€47,396
Taxes
+€394,370
Result 2025
€11.3m
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
+€15.4m
Investment
-€6.1m
Financing
-€10.0m
Cash 2024
€1.8m
From operations (derived)
+€15.4m
Net result for the year
+€11.3m
Depreciation
+€340,377
Stocks and contracts
+€286,146
Receivables within one year
+€845,122
Deferred charges and accrued income
-€409,505
Provisions
-€919,334
Trade debts
-€9.2m
Tax, wage and social debts
+€247,535
Advances received
-€47.3m
Other debts
+€6.5m
Accrued charges and deferred income
+€53.7m
Investment (derived)
-€6.1m
Investment in fixed assets (net)
-€347,610
Current investments
-€5.7m
Financing
-€10.0m
Contributions, distributions and other
-€10.0m
Cash 2025
€1.2m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €123,207,513 | €127,584,504 | +€4.4m | +3.6% |
| Fixed assets | 21/28 | €894,365 | €901,598 | +€7,234 | +0.8% |
| Tangible fixed assets | 22/27 | €887,828 | €896,468 | +€8,641 | +1.0% |
| Plant, machinery and equipment | 23 | €652,623 | €636,523 | -€16,099 | -2.5% |
| Furniture and vehicles | 24 | €235,205 | €170,435 | -€64,770 | -27.5% |
| Other tangible fixed assets | 26 | - | €89,510 | +€89,510 | |
| Financial fixed assets | 28 | €6,537 | €5,130 | -€1,407 | -21.5% |
| Other financial fixed assets | 284/8 | €6,537 | €5,130 | -€1,407 | -21.5% |
| Amounts receivable and cash guarantees | 285/8 | €6,537 | €5,130 | -€1,407 | -21.5% |
| Current assets | 29/58 | €122,313,149 | €126,682,906 | +€4.4m | +3.6% |
| Stocks and contracts in progress | 3 | €815,568 | €529,421 | -€286,146 | -35.1% |
| Stocks | 30/36 | €525,925 | €529,421 | +€3,497 | +0.7% |
| Raw materials and consumables | 30/31 | €525,925 | €529,421 | +€3,497 | +0.7% |
| Contracts in progress | 37 | €289,643 | €0 | -€289,643 | -100% |
| Amounts receivable within one year | 40/41 | €17,193,467 | €16,348,345 | -€845,122 | -4.9% |
| Trade receivables | 40 | €16,377,474 | €15,500,384 | -€877,091 | -5.4% |
| Other amounts receivable | 41 | €815,993 | €847,961 | +€31,969 | +3.9% |
| Current investments | 50/53 | €101,693,057 | €107,400,203 | +€5.7m | +5.6% |
| Other investments | 51/53 | €101,693,057 | €107,400,203 | +€5.7m | +5.6% |
| Cash at bank and in hand | 54/58 | €1,815,472 | €1,199,847 | -€615,625 | -33.9% |
| Deferred charges and accrued income | 490/1 | €795,585 | €1,205,090 | +€409,505 | +51.5% |
| Total equity and liabilities | 10/49 | €123,207,513 | €127,584,504 | +€4.4m | +3.6% |
| Equity | 10/15 | €24,709,010 | €26,005,195 | +€1.3m | +5.2% |
| Contributions | 10/11 | €1,500,000 | €1,500,000 | = | 0.0% |
| Capital | 10 | €1,500,000 | €1,500,000 | = | 0.0% |
| Issued capital | 100 | €1,500,000 | €1,500,000 | = | 0.0% |
| Reserves | 13 | €150,000 | €150,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €150,000 | €150,000 | = | 0.0% |
| Legal reserve | 130 | €150,000 | €150,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €23,059,010 | €24,355,195 | +€1.3m | +5.6% |
| Provisions and deferred taxes | 16 | €5,455,616 | €4,536,282 | -€919,334 | -16.9% |
| Provisions for liabilities and charges | 160/5 | €5,455,616 | €4,536,282 | -€919,334 | -16.9% |
| Other liabilities and charges | 164/5 | €5,455,616 | €4,536,282 | -€919,334 | -16.9% |
| Amounts payable | 17/49 | €93,042,886 | €97,043,027 | +€4.0m | +4.3% |
| Amounts payable within one year | 42/48 | €93,042,886 | €43,298,107 | -€49.7m | -53.5% |
| Trade debts | 44 | €33,889,423 | €24,708,048 | -€9.2m | -27.1% |
| Suppliers | 440/4 | €33,889,423 | €24,708,048 | -€9.2m | -27.1% |
| Advances received on contracts in progress | 46 | €50,568,805 | €3,257,866 | -€47.3m | -93.6% |
| Taxes, remuneration and social security | 45 | €5,084,658 | €5,332,193 | +€247,535 | +4.9% |
| Taxes | 450/3 | €1,395,587 | €1,582,225 | +€186,638 | +13.4% |
| Remuneration and social security | 454/9 | €3,689,072 | €3,749,968 | +€60,897 | +1.7% |
| Other amounts payable | 47/48 | €3,500,000 | €10,000,000 | +€6.5m | +186% |
| Accrued charges and deferred income | 492/3 | - | €53,744,920 | +€53.7m | |
| Operating income | 70/76A | €177,116,136 | €104,896,013 | -€72.2m | -40.8% |
| Turnover | 70 | €175,472,217 | €100,836,039 | -€74.6m | -42.5% |
| Change in stocks of work in progress, finished goods and contracts in progress | 71 | -€3,191,904 | -€289,643 | +€2.9m | +90.9% |
| Other operating income | 74 | €4,835,824 | €4,349,617 | -€486,207 | -10.1% |
| Operating charges | 60/66A | €163,424,858 | €91,430,686 | -€72.0m | -44.1% |
| Goods for resale, raw materials and consumables | 60 | €132,892,450 | €62,048,351 | -€70.8m | -53.3% |
| Purchases | 600/8 | €132,920,233 | €62,051,847 | -€70.9m | -53.3% |
| Change in stocks: decrease (increase) | 609 | -€27,783 | -€3,497 | +€24,287 | +87.4% |
| Services and other goods | 61 | €10,186,708 | €9,246,877 | -€939,831 | -9.2% |
| Remuneration, social security and pensions | 62 | €18,273,715 | €18,830,788 | +€557,073 | +3.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €347,113 | €340,377 | -€6,736 | -1.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | -€51,301 | €0 | +€51,301 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €1,505,262 | €386,265 | -€1.1m | -74.3% |
| Other operating charges | 640/8 | €270,911 | €578,027 | +€307,117 | +113% |
| Operating profit (loss) | 9901 | €13,691,279 | €13,465,327 | -€225,951 | -1.7% |
| Financial income | 75/76B | €2,827,820 | €2,211,136 | -€616,684 | -21.8% |
| Recurring financial income | 75 | €2,827,820 | €2,211,136 | -€616,684 | -21.8% |
| Income from financial fixed assets | 750 | - | €1 | +€1 | |
| Income from current assets | 751 | €2,800,464 | €2,194,383 | -€606,081 | -21.6% |
| Other financial income | 752/9 | €27,356 | €16,753 | -€10,603 | -38.8% |
| Financial charges | 65/66B | €280,216 | €327,612 | +€47,396 | +16.9% |
| Recurring financial charges | 65 | €280,216 | €327,612 | +€47,396 | +16.9% |
| Debt charges | 650 | €135,806 | €218,604 | +€82,798 | +61.0% |
| Other financial charges | 652/9 | €144,409 | €109,008 | -€35,401 | -24.5% |
| Profit (loss) for the period before taxes | 9903 | €16,238,883 | €15,348,852 | -€890,031 | -5.5% |
| Income taxes | 67/77 | €4,447,037 | €4,052,667 | -€394,370 | -8.9% |
| Taxes | 670/3 | €4,464,034 | €4,072,152 | -€391,883 | -8.8% |
| Tax adjustments and reversals of tax provisions | 77 | €16,998 | €19,484 | +€2,487 | +14.6% |
| Profit (loss) for the period | 9904 | €11,791,846 | €11,296,184 | -€495,662 | -4.2% |
| Profit (loss) for the period to be appropriated | 9905 | €11,791,846 | €11,296,184 | -€495,662 | -4.2% |
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 15 October 2026 via checked.be.