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.
MBG
Largest movements
- Financial fixed assets +€148,065
up €148,065 (+74,033%), from €200 to €148,265
- Cash -€75,206
down €75,206 (-43.2%), from €174,175 to €98,968
mainly Contributions, distributions and other (-€390,176) and Investment in fixed assets (net) (-€252,293)
- Receivables within one year +€28,114
up €28,114 (+84.6%), from €33,229 to €61,343
of which Trade receivables: +€18,052
- Other debts +€352,985
up €352,985 (+211%), from €167,527 to €520,512
- Reserves -€307,928
down €307,928 (-40.8%), from €754,795 to €446,868
- Debts after one year +€113,126
up €113,126 (+35.9%), from €315,190 to €428,316
- Current portion of long-term debt -€38,658
down €38,658 (-50.0%), from €77,258 to €38,600
- Short-term financial debts -€30,000
no longer reported in 2025 (was €30,000)
- Gross operating margin +€26,795
up €26,795 (+11.2%), from €239,004 to €265,799
- Financial charges +€7,478
up €7,478 (+55.3%), from €13,533 to €21,012
of which Non-recurring financial charges: +€4,993
- Depreciation +€7,368
up €7,368 (+7.6%), from €97,232 to €104,599
- Taxes +€3,256
up €3,256 (+8.5%), from €38,533 to €41,789
- Other operating charges +€3,098
up €3,098 (+23.7%), from €13,053 to €16,151
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 | €1,392,934 | €1,488,195 | +€95,261 | +6.8% |
| Fixed assets | 21/28 | €915,091 | €1,062,785 | +€147,694 | +16.1% |
| Intangible fixed assets | 21 | €395 | €184 | -€211 | -53.4% |
| Tangible fixed assets | 22/27 | €914,496 | €914,336 | -€160 | 0.0% |
| Land and buildings | 22 | €817,632 | €751,992 | -€65,640 | -8.0% |
| Plant, machinery and equipment | 23 | €19,807 | €14,370 | -€5,438 | -27.5% |
| Furniture and vehicles | 24 | €3,062 | €147,974 | +€144,912 | +4,732% |
| Leasing and similar rights | 25 | €73,995 | - | -€73,995 | |
| Financial fixed assets | 28 | €200 | €148,265 | +€148,065 | +74,033% |
| Current assets | 29/58 | €477,843 | €425,410 | -€52,433 | -11.0% |
| Stocks and contracts in progress | 3 | €266,557 | €261,760 | -€4,797 | -1.8% |
| Stocks | 30/36 | €266,557 | €261,760 | -€4,797 | -1.8% |
| Amounts receivable within one year | 40/41 | €33,229 | €61,343 | +€28,114 | +84.6% |
| Trade receivables | 40 | €33,171 | €51,223 | +€18,052 | +54.4% |
| Other amounts receivable | 41 | €59 | €10,121 | +€10,062 | +17,145% |
| Cash at bank and in hand | 54/58 | €174,175 | €98,968 | -€75,206 | -43.2% |
| Deferred charges and accrued income | 490/1 | €3,882 | €3,338 | -€544 | -14.0% |
| Total equity and liabilities | 10/49 | €1,392,934 | €1,488,195 | +€95,261 | +6.8% |
| Equity | 10/15 | €773,395 | €465,468 | -€307,928 | -39.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €754,795 | €446,868 | -€307,928 | -40.8% |
| Distributable reserves | 133 | €754,795 | €446,868 | -€307,928 | -40.8% |
| Amounts payable | 17/49 | €619,539 | €1,022,727 | +€403,189 | +65.1% |
| Amounts payable after more than one year | 17 | €315,190 | €428,316 | +€113,126 | +35.9% |
| Financial debts | 170/4 | €315,190 | €428,316 | +€113,126 | +35.9% |
| Amounts payable within one year | 42/48 | €304,349 | €589,137 | +€284,789 | +93.6% |
| Current portion of amounts payable after more than one year | 42 | €77,258 | €38,600 | -€38,658 | -50.0% |
| Financial debts | 43 | €30,000 | - | -€30,000 | |
| Credit institutions | 430/8 | €30,000 | - | -€30,000 | |
| Trade debts | 44 | €5,717 | €5,253 | -€464 | -8.1% |
| Suppliers | 440/4 | €5,717 | €5,253 | -€464 | -8.1% |
| Advances received on contracts in progress | 46 | €7,947 | €5,158 | -€2,789 | -35.1% |
| Taxes, remuneration and social security | 45 | €15,900 | €19,615 | +€3,715 | +23.4% |
| Taxes | 450/3 | €12,502 | €16,217 | +€3,715 | +29.7% |
| Remuneration and social security | 454/9 | €3,398 | €3,398 | = | 0.0% |
| Other amounts payable | 47/48 | €167,527 | €520,512 | +€352,985 | +211% |
| Accrued charges and deferred income | 492/3 | - | €5,274 | +€5,274 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €97,232 | €104,599 | +€7,368 | +7.6% |
| Other operating charges | 640/8 | €13,053 | €16,151 | +€3,098 | +23.7% |
| Gross operating margin | 9900 | €239,004 | €265,799 | +€26,795 | +11.2% |
| Operating profit (loss) | 9901 | €128,720 | €145,049 | +€16,329 | +12.7% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €13,533 | €21,012 | +€7,478 | +55.3% |
| Recurring financial charges | 65 | €13,533 | €16,019 | +€2,485 | +18.4% |
| Non-recurring financial charges | 66B | - | €4,993 | +€4,993 | |
| Profit (loss) for the period before taxes | 9903 | €115,197 | €124,037 | +€8,840 | +7.7% |
| Income taxes | 67/77 | €38,533 | €41,789 | +€3,256 | +8.5% |
| Profit (loss) for the period | 9904 | €76,664 | €82,248 | +€5,584 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €76,664 | €82,248 | +€5,584 | +7.3% |
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 13 October 2026 via checked.be.