MD Mg: 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 Mg
Largest movements
- Current investments +€153,219
up €153,219 (+69.4%), from €220,711 to €373,930
- Cash -€53,040
down €53,040 (-33.0%), from €160,504 to €107,464
mainly Current investments (-€153,219) and Debts after one year (-€16,401)
- Tangible fixed assets -€41,037
down €41,037 (-9.4%), from €436,734 to €395,697
of which Furniture and vehicles: -€23,480
- Receivables within one year +€12,202
up €12,202 (+8.7%), from €140,340 to €152,542
of which Trade receivables: +€16,849
- Reserves +€90,085
up €90,085 (+20.9%), from €431,305 to €521,390
of which Distributable reserves: +€90,085
- Debts after one year -€16,401
down €16,401 (-9.4%), from €175,332 to €158,931
- Tax, wage and social debts -€12,538
down €12,538 (-43.5%), from €28,822 to €16,284
- Financial income +€55,447
up €55,447 (+18,437%), from €301 to €55,748
- Gross operating margin -€33,815
down €33,815 (-23.0%), from €147,134 to €113,319
- Taxes -€8,906
down €8,906 (-38.4%), from €23,198 to €14,291
- Financial charges -€1,671
down €1,671 (-7.6%), from €21,883 to €20,212
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 | €958,289 | €1,029,633 | +€71,343 | +7.4% |
| Fixed assets | 21/28 | €436,734 | €395,697 | -€41,037 | -9.4% |
| Tangible fixed assets | 22/27 | €436,734 | €395,697 | -€41,037 | -9.4% |
| Land and buildings | 22 | €358,010 | €340,453 | -€17,557 | -4.9% |
| Furniture and vehicles | 24 | €78,724 | €55,243 | -€23,480 | -29.8% |
| Current assets | 29/58 | €521,556 | €633,936 | +€112,381 | +21.5% |
| Amounts receivable within one year | 40/41 | €140,340 | €152,542 | +€12,202 | +8.7% |
| Trade receivables | 40 | €448 | €17,297 | +€16,849 | +3,763% |
| Other amounts receivable | 41 | €139,893 | €135,245 | -€4,647 | -3.3% |
| Current investments | 50/53 | €220,711 | €373,930 | +€153,219 | +69.4% |
| Cash at bank and in hand | 54/58 | €160,504 | €107,464 | -€53,040 | -33.0% |
| Total equity and liabilities | 10/49 | €958,289 | €1,029,633 | +€71,343 | +7.4% |
| Equity | 10/15 | €498,140 | €588,225 | +€90,085 | +18.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €431,305 | €521,390 | +€90,085 | +20.9% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €429,445 | €519,530 | +€90,085 | +21.0% |
| Profit (loss) carried forward | 14 | €48,235 | €48,235 | = | 0.0% |
| Amounts payable | 17/49 | €460,149 | €441,408 | -€18,742 | -4.1% |
| Amounts payable after more than one year | 17 | €175,332 | €158,931 | -€16,401 | -9.4% |
| Financial debts | 170/4 | €175,332 | €158,931 | -€16,401 | -9.4% |
| Amounts payable within one year | 42/48 | €284,817 | €282,476 | -€2,341 | -0.8% |
| Current portion of amounts payable after more than one year | 42 | €16,193 | €16,401 | +€207 | +1.3% |
| Trade debts | 44 | €3,436 | €3,908 | +€472 | +13.7% |
| Suppliers | 440/4 | €3,436 | €3,908 | +€472 | +13.7% |
| Taxes, remuneration and social security | 45 | €28,822 | €16,284 | -€12,538 | -43.5% |
| Taxes | 450/3 | €28,822 | €16,284 | -€12,538 | -43.5% |
| Other amounts payable | 47/48 | €236,366 | €245,884 | +€9,518 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,037 | €41,037 | = | 0.0% |
| Other operating charges | 640/8 | €2,813 | €3,442 | +€629 | +22.3% |
| Gross operating margin | 9900 | €147,134 | €113,319 | -€33,815 | -23.0% |
| Operating profit (loss) | 9901 | €103,284 | €68,841 | -€34,443 | -33.3% |
| Financial income | 75/76B | €301 | €55,748 | +€55,447 | +18,437% |
| Recurring financial income | 75 | €301 | €55,748 | +€55,447 | +18,437% |
| Financial charges | 65/66B | €21,883 | €20,212 | -€1,671 | -7.6% |
| Recurring financial charges | 65 | €21,883 | €20,212 | -€1,671 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €81,702 | €104,376 | +€22,675 | +27.8% |
| Income taxes | 67/77 | €23,198 | €14,291 | -€8,906 | -38.4% |
| Profit (loss) for the period | 9904 | €58,504 | €90,085 | +€31,581 | +54.0% |
| Profit (loss) for the period to be appropriated | 9905 | €58,504 | €90,085 | +€31,581 | +54.0% |
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 30 October 2026 via checked.be.