MG 33: 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.
MG 33
Largest movements
- Cash -€67,517
down €67,517 (-57.5%), from €117,517 to €50,000
mainly Contributions, distributions and other (-€124,072) and Other debts (-€36,231)
- Tangible fixed assets -€42,678
down €42,678 (-15.6%), from €273,786 to €231,108
of which Land and buildings: -€21,662
- Reserves -€50,157
down €50,157 (-10.3%), from €485,077 to €434,919
- Other debts -€36,231
down €36,231 (-21.1%), from €171,365 to €135,134
- Debts after one year -€28,310
down €28,310 (-9.9%), from €286,437 to €258,127
- Gross operating margin +€10,035
up €10,035 (+5.7%), from €177,022 to €187,057
- Depreciation +€5,339
up €5,339 (+13.9%), from €38,423 to €43,762
- Staff costs +€5,172
up €5,172 (+22.8%), from €22,683 to €27,855
- Other operating charges +€2,315
up €2,315 (+77.8%), from €2,978 to €5,293
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 | €1,009,722 | €904,414 | -€105,308 | -10.4% |
| Fixed assets | 21/28 | €273,786 | €231,108 | -€42,678 | -15.6% |
| Tangible fixed assets | 22/27 | €273,786 | €231,108 | -€42,678 | -15.6% |
| Land and buildings | 22 | €182,817 | €161,154 | -€21,662 | -11.8% |
| Furniture and vehicles | 24 | €90,969 | €69,954 | -€21,016 | -23.1% |
| Current assets | 29/58 | €735,936 | €673,306 | -€62,629 | -8.5% |
| Amounts receivable within one year | 40/41 | €48,419 | €53,288 | +€4,870 | +10.1% |
| Trade receivables | 40 | €27,747 | €29,240 | +€1,493 | +5.4% |
| Other amounts receivable | 41 | €20,671 | €24,048 | +€3,377 | +16.3% |
| Current investments | 50/53 | €570,000 | €570,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €117,517 | €50,000 | -€67,517 | -57.5% |
| Deferred charges and accrued income | 490/1 | - | €18 | +€18 | |
| Total equity and liabilities | 10/49 | €1,009,722 | €904,414 | -€105,308 | -10.4% |
| Equity | 10/15 | €503,677 | €453,519 | -€50,157 | -10.0% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €485,077 | €434,919 | -€50,157 | -10.3% |
| Distributable reserves | 133 | €485,077 | €434,919 | -€50,157 | -10.3% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €506,045 | €450,895 | -€55,150 | -10.9% |
| Amounts payable after more than one year | 17 | €286,437 | €258,127 | -€28,310 | -9.9% |
| Financial debts | 170/4 | €286,437 | €258,127 | -€28,310 | -9.9% |
| Amounts payable within one year | 42/48 | €211,749 | €185,576 | -€26,173 | -12.4% |
| Current portion of amounts payable after more than one year | 42 | €30,017 | €30,643 | +€626 | +2.1% |
| Trade debts | 44 | €850 | €1,192 | +€341 | +40.1% |
| Suppliers | 440/4 | €850 | €1,192 | +€341 | +40.1% |
| Taxes, remuneration and social security | 45 | €9,517 | €18,608 | +€9,091 | +95.5% |
| Taxes | 450/3 | €8,178 | €13,671 | +€5,493 | +67.2% |
| Remuneration and social security | 454/9 | €1,339 | €4,937 | +€3,598 | +268.6% |
| Other amounts payable | 47/48 | €171,365 | €135,134 | -€36,231 | -21.1% |
| Accrued charges and deferred income | 492/3 | €7,860 | €7,192 | -€668 | -8.5% |
| Remuneration, social security and pensions | 62 | €22,683 | €27,855 | +€5,172 | +22.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,423 | €43,762 | +€5,339 | +13.9% |
| Other operating charges | 640/8 | €2,978 | €5,293 | +€2,315 | +77.8% |
| Gross operating margin | 9900 | €177,022 | €187,057 | +€10,035 | +5.7% |
| Operating profit (loss) | 9901 | €112,938 | €110,147 | -€2,791 | -2.5% |
| Financial income | 75/76B | €16,477 | €16,494 | +€17 | +0.1% |
| Recurring financial income | 75 | €16,477 | €16,494 | +€17 | +0.1% |
| Financial charges | 65/66B | €17,878 | €16,521 | -€1,358 | -7.6% |
| Recurring financial charges | 65 | €17,878 | €16,521 | -€1,358 | -7.6% |
| Profit (loss) for the period before taxes | 9903 | €111,536 | €110,121 | -€1,416 | -1.3% |
| Income taxes | 67/77 | €36,855 | €36,206 | -€649 | -1.8% |
| Profit (loss) for the period | 9904 | €74,681 | €73,914 | -€767 | -1.0% |
| Profit (loss) for the period to be appropriated | 9905 | €74,681 | €73,914 | -€767 | -1.0% |
Source: filed annual accounts (NBB), fiscal years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 2 October 2026 via checked.be.