MD FGR: 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.
MD FGR
Largest movements
- Cash +€88,010
up €88,010 (+193%), from €45,565 to €133,574
mainly Net result for the year (+€173,551) and Trade debts (+€13,652)
- Deferred charges and accrued income +€47,573
up €47,573 (+1,531%), from €3,107 to €50,680
- Tangible fixed assets +€46,979
up €46,979 (+1,398%), from €3,361 to €50,340
of which Other tangible fixed assets: +€47,547
- Receivables within one year +€12,314
up €12,314 (+1,585%), from €777 to €13,091
of which Trade receivables: +€13,091
- Reserves +€173,551
up €173,551 (+448%), from €38,710 to €212,261
- Trade debts +€13,652
up €13,652 (+1,569%), from €870 to €14,522
- Other debts +€6,390
up €6,390 (+88.4%), from €7,230 to €13,619
- Gross operating margin +€178,138
up €178,138 (+358%), from €49,811 to €227,949
- Taxes +€40,052
up €40,052 (+392%), from €10,223 to €50,275
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 | €52,810 | €247,686 | +€194,876 | +369% |
| Fixed assets | 21/28 | €3,361 | €50,340 | +€46,979 | +1,398% |
| Tangible fixed assets | 22/27 | €3,361 | €50,340 | +€46,979 | +1,398% |
| Furniture and vehicles | 24 | €2,359 | €1,791 | -€567 | -24.1% |
| Other tangible fixed assets | 26 | €1,002 | €48,549 | +€47,547 | +4,745% |
| Current assets | 29/58 | €49,449 | €197,345 | +€147,897 | +299% |
| Amounts receivable within one year | 40/41 | €777 | €13,091 | +€12,314 | +1,585% |
| Trade receivables | 40 | - | €13,091 | +€13,091 | |
| Other amounts receivable | 41 | €777 | - | -€777 | |
| Cash at bank and in hand | 54/58 | €45,565 | €133,574 | +€88,010 | +193% |
| Deferred charges and accrued income | 490/1 | €3,107 | €50,680 | +€47,573 | +1,531% |
| Total equity and liabilities | 10/49 | €52,810 | €247,686 | +€194,876 | +369% |
| Equity | 10/15 | €41,210 | €214,761 | +€173,551 | +421% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €38,710 | €212,261 | +€173,551 | +448% |
| Distributable reserves | 133 | €38,710 | €212,261 | +€173,551 | +448% |
| Amounts payable | 17/49 | €11,600 | €32,924 | +€21,325 | +184% |
| Amounts payable within one year | 42/48 | €11,600 | €31,816 | +€20,216 | +174% |
| Trade debts | 44 | €870 | €14,522 | +€13,652 | +1,569% |
| Suppliers | 440/4 | €870 | €14,522 | +€13,652 | +1,569% |
| Taxes, remuneration and social security | 45 | €3,500 | €3,675 | +€175 | +5.0% |
| Taxes | 450/3 | €3,500 | €3,675 | +€175 | +5.0% |
| Other amounts payable | 47/48 | €7,230 | €13,619 | +€6,390 | +88.4% |
| Accrued charges and deferred income | 492/3 | - | €1,109 | +€1,109 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €430 | €2,351 | +€1,921 | +447% |
| Other operating charges | 640/8 | €371 | €874 | +€503 | +136% |
| Gross operating margin | 9900 | €49,811 | €227,949 | +€178,138 | +358% |
| Operating profit (loss) | 9901 | €49,010 | €224,724 | +€175,714 | +359% |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €77 | €901 | +€824 | +1,067% |
| Recurring financial charges | 65 | €77 | €901 | +€824 | +1,067% |
| Profit (loss) for the period before taxes | 9903 | €48,933 | €223,826 | +€174,893 | +357% |
| Income taxes | 67/77 | €10,223 | €50,275 | +€40,052 | +392% |
| Profit (loss) for the period | 9904 | €38,710 | €173,551 | +€134,841 | +348% |
| Profit (loss) for the period to be appropriated | 9905 | €38,710 | €173,551 | +€134,841 | +348% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.