MBGS: what changed
Two fiscal 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.
MBGS
Largest movements
- Tangible fixed assets +€901,442
up €901,442 (+12840.8%), from €7,020 to €908,462
of which Land and buildings: +€881,532
- Receivables within one year -€113,429
down €113,429 (-25.7%), from €441,740 to €328,311
of which Other amounts receivable: -€142,778
- Cash +€50,305
up €50,305 (+135.2%), from €37,211 to €87,517
mainly Debts after one year (+€771,489) and Receivables within one year (+€113,429)
- Financial fixed assets -€33,333
down €33,333 (-49.6%), from €67,167 to €33,834
- Debts after one year +€771,489
new in 2025: €771,489
of which Financial debts: +€761,689
- Trade debts -€96,149
down €96,149 (-84.2%), from €114,238 to €18,089
- Other debts +€79,240
up €79,240 (+185.0%), from €42,831 to €122,071
- Current portion of long-term debt +€35,121
up €35,121, from €0 to €35,121
- Depreciation +€97,031
up €97,031 (+2843.5%), from €3,412 to €100,444
- Taxes -€28,716
down €28,716 (-94.7%), from €30,330 to €1,613
- Financial charges +€23,868
up €23,868 (+16664.0%), from €143 to €24,011
- Other operating charges +€15,041
up €15,041 (+1683.2%), from €894 to €15,935
- Financial income -€1,932
down €1,932 (-26.1%), from €7,405 to €5,473
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.
Cash bridge derived
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 | €553,321 | €1,359,142 | +€805,821 | +145.6% |
| Fixed assets | 21/28 | €74,187 | €942,296 | +€868,109 | +1170.2% |
| Tangible fixed assets | 22/27 | €7,020 | €908,462 | +€901,442 | +12840.8% |
| Land and buildings | 22 | - | €881,532 | +€881,532 | |
| Furniture and vehicles | 24 | €486 | €20,397 | +€19,910 | +4095.8% |
| Other tangible fixed assets | 26 | €6,534 | €6,534 | = | 0.0% |
| Financial fixed assets | 28 | €67,167 | €33,834 | -€33,333 | -49.6% |
| Current assets | 29/58 | €479,133 | €416,846 | -€62,288 | -13.0% |
| Amounts receivable within one year | 40/41 | €441,740 | €328,311 | -€113,429 | -25.7% |
| Trade receivables | 40 | €10,043 | €39,392 | +€29,349 | +292.2% |
| Other amounts receivable | 41 | €431,697 | €288,919 | -€142,778 | -33.1% |
| Cash at bank and in hand | 54/58 | €37,211 | €87,517 | +€50,305 | +135.2% |
| Deferred charges and accrued income | 490/1 | €182 | €1,018 | +€836 | +459.0% |
| Total equity and liabilities | 10/49 | €553,321 | €1,359,142 | +€805,821 | +145.6% |
| Equity | 10/15 | €362,169 | €364,379 | +€2,209 | +0.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €357,169 | €359,379 | +€2,209 | +0.6% |
| Amounts payable | 17/49 | €191,151 | €994,763 | +€803,612 | +420.4% |
| Amounts payable after more than one year | 17 | - | €771,489 | +€771,489 | |
| Financial debts | 170/4 | - | €761,689 | +€761,689 | |
| Other amounts payable | 178/9 | - | €9,800 | +€9,800 | |
| Amounts payable within one year | 42/48 | €191,151 | €218,605 | +€27,453 | +14.4% |
| Current portion of amounts payable after more than one year | 42 | €0 | €35,121 | +€35,121 | |
| Financial debts | 43 | €3,753 | €206 | -€3,547 | -94.5% |
| Other loans | 439 | €3,753 | €206 | -€3,547 | -94.5% |
| Trade debts | 44 | €114,238 | €18,089 | -€96,149 | -84.2% |
| Suppliers | 440/4 | €114,238 | €18,089 | -€96,149 | -84.2% |
| Advances received on contracts in progress | 46 | - | €7,420 | +€7,420 | |
| Taxes, remuneration and social security | 45 | €30,330 | €35,698 | +€5,368 | +17.7% |
| Taxes | 450/3 | €30,330 | €34,148 | +€3,818 | +12.6% |
| Remuneration and social security | 454/9 | €0 | €1,550 | +€1,550 | |
| Other amounts payable | 47/48 | €42,831 | €122,071 | +€79,240 | +185.0% |
| Accrued charges and deferred income | 492/3 | - | €4,670 | +€4,670 | |
| Non-recurring operating income | 76A | €0 | €6,335 | +€6,335 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,412 | €100,444 | +€97,031 | +2843.5% |
| Other operating charges | 640/8 | €894 | €15,935 | +€15,041 | +1683.2% |
| Gross operating margin | 9900 | €138,372 | €138,739 | +€367 | +0.3% |
| Operating profit (loss) | 9901 | €134,066 | €22,361 | -€111,706 | -83.3% |
| Financial income | 75/76B | €7,405 | €5,473 | -€1,932 | -26.1% |
| Recurring financial income | 75 | €7,405 | €5,473 | -€1,932 | -26.1% |
| Financial charges | 65/66B | €143 | €24,011 | +€23,868 | +16664.0% |
| Recurring financial charges | 65 | €143 | €24,011 | +€23,868 | +16664.0% |
| Profit (loss) for the period before taxes | 9903 | €141,328 | €3,823 | -€137,505 | -97.3% |
| Income taxes | 67/77 | €30,330 | €1,613 | -€28,716 | -94.7% |
| Profit (loss) for the period | 9904 | €110,999 | €2,209 | -€108,789 | -98.0% |
| Profit (loss) for the period to be appropriated | 9905 | €110,999 | €2,209 | -€108,789 | -98.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.