MG Projects Belgium: 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.
What changed
MG Projects Belgium
NACE 68.110, Buying and selling of own real estate
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€2.4m
2024 · €269,799+€2.1m
Equity
€14.7m
2024 · €12.3m+€2.4m
Cash
€4.4m
2024 · €4.5m-€134,124
Balance sheet total
€92.1m
2024 · €94.0m-€1.9m
Largest movements
Assets
- Receivables after one year +€5.3m
new in 2025: €5.3m
- Stocks and contracts -€5.3m
down €5.3m (-14.2%), from €37.3m to €32.0m
- Receivables within one year -€1.7m
down €1.7m (-3.2%), from €51.3m to €49.7m
of which Trade receivables: -€2.4m
Equity and liabilities
- Trade debts -€20.5m
down €20.5m (-49.5%), from €41.4m to €20.9m
- Other debts +€15.2m
up €15.2m (+37.8%), from €40.3m to €55.5m
- Profit (loss) carried forward +€2.4m
up €2.4m (+24.8%), from €9.6m to €11.9m
- Tax, wage and social debts +€986,324
new in 2025: €986,324
Income statement
- Turnover -€75.1m
down €75.1m (-50.3%), from €149.4m to €74.3m
- Goods and materials -€74.7m
down €74.7m (-50.3%), from €148.4m to €73.7m
of which Purchases: -€48.2m
- Other operating income +€3.3m
up €3.3m (+487%), from €686,153 to €4.0m
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.
Result 2024
€269,799
Turnover
-€75.1m
Other operating income
+€3.3m
Goods and materials
+€74.7m
Services and other goods
+€102,515
Depreciation
+€2,943
Other operating charges
+€86
Other operating items
+€13,948
Financial income
+€197,398
Financial charges
-€147,745
Taxes
-€1.1m
Result 2025
€2.4m
raises the resultlowers the resultnot broken down further in the accounts
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.
From operations
+€91,150
Investment
-€225,273
Financing
€0
Cash 2024
€4.5m
From operations (derived)
+€91,150
Net result for the year
+€2.4m
Depreciation
+€372,487
Receivables after one year
-€5.3m
Stocks and contracts
+€5.3m
Receivables within one year
+€1.7m
Trade debts
-€20.5m
Tax, wage and social debts
+€986,324
Other debts
+€15.2m
Investment (derived)
-€225,273
Investment in fixed assets (net)
-€225,273
Cash 2025
€4.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €94,009,808 | €92,080,463 | -€1.9m | -2.1% |
| Fixed assets | 21/28 | €836,281 | €689,068 | -€147,214 | -17.6% |
| Tangible fixed assets | 22/27 | €833,231 | €686,518 | -€146,714 | -17.6% |
| Plant, machinery and equipment | 23 | €50,220 | €32,110 | -€18,110 | -36.1% |
| Furniture and vehicles | 24 | €783,011 | €654,407 | -€128,603 | -16.4% |
| Financial fixed assets | 28 | €3,050 | €2,550 | -€500 | -16.4% |
| Other financial fixed assets | 284/8 | €3,050 | €2,550 | -€500 | -16.4% |
| Amounts receivable and cash guarantees | 285/8 | €3,050 | €2,550 | -€500 | -16.4% |
| Current assets | 29/58 | €93,173,526 | €91,391,396 | -€1.8m | -1.9% |
| Amounts receivable after more than one year | 29 | - | €5,320,112 | +€5.3m | |
| Other amounts receivable | 291 | - | €5,320,112 | +€5.3m | |
| Stocks and contracts in progress | 3 | €37,309,152 | €32,007,085 | -€5.3m | -14.2% |
| Stocks | 30/36 | €37,309,152 | €32,007,085 | -€5.3m | -14.2% |
| Property held for sale | 35 | €37,309,152 | €32,007,085 | -€5.3m | -14.2% |
| Amounts receivable within one year | 40/41 | €51,334,026 | €49,667,975 | -€1.7m | -3.2% |
| Trade receivables | 40 | €47,889,996 | €45,453,462 | -€2.4m | -5.1% |
| Other amounts receivable | 41 | €3,444,031 | €4,214,513 | +€770,482 | +22.4% |
| Cash at bank and in hand | 54/58 | €4,530,348 | €4,396,224 | -€134,124 | -3.0% |
| Total equity and liabilities | 10/49 | €94,009,808 | €92,080,463 | -€1.9m | -2.1% |
| Equity | 10/15 | €12,306,688 | €14,672,211 | +€2.4m | +19.2% |
| Contributions | 10/11 | €2,500,000 | €2,500,000 | = | 0.0% |
| Capital | 10 | €2,500,000 | €2,500,000 | = | 0.0% |
| Issued capital | 100 | €2,500,000 | €2,500,000 | = | 0.0% |
| Reserves | 13 | €250,000 | €250,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €250,000 | €250,000 | = | 0.0% |
| Legal reserve | 130 | €250,000 | €250,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €9,556,688 | €11,922,211 | +€2.4m | +24.8% |
| Amounts payable | 17/49 | €81,703,120 | €77,408,252 | -€4.3m | -5.3% |
| Amounts payable within one year | 42/48 | €81,703,120 | €77,408,252 | -€4.3m | -5.3% |
| Trade debts | 44 | €41,424,599 | €20,921,716 | -€20.5m | -49.5% |
| Suppliers | 440/4 | €41,424,599 | €20,921,716 | -€20.5m | -49.5% |
| Taxes, remuneration and social security | 45 | - | €986,324 | +€986,324 | |
| Taxes | 450/3 | - | €986,324 | +€986,324 | |
| Other amounts payable | 47/48 | €40,278,521 | €55,500,213 | +€15.2m | +37.8% |
| Operating income | 70/76A | €150,061,650 | €78,327,223 | -€71.7m | -47.8% |
| Turnover | 70 | €149,375,497 | €74,280,561 | -€75.1m | -50.3% |
| Other operating income | 74 | €686,153 | €4,030,830 | +€3.3m | +487% |
| Non-recurring operating income | 76A | - | €15,831 | +€15,831 | |
| Operating charges | 60/66A | €149,700,049 | €74,867,925 | -€74.8m | -50.0% |
| Goods for resale, raw materials and consumables | 60 | €148,437,300 | €73,708,837 | -€74.7m | -50.3% |
| Purchases | 600/8 | €116,590,168 | €68,406,770 | -€48.2m | -41.3% |
| Change in stocks: decrease (increase) | 609 | €31,847,131 | €5,302,067 | -€26.5m | -83.4% |
| Services and other goods | 61 | €885,865 | €783,350 | -€102,515 | -11.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €375,430 | €372,487 | -€2,943 | -0.8% |
| Other operating charges | 640/8 | €1,454 | €1,368 | -€86 | -5.9% |
| Non-recurring operating charges | 66A | - | €1,884 | +€1,884 | |
| Operating profit (loss) | 9901 | €361,601 | €3,459,297 | +€3.1m | +857% |
| Financial income | 75/76B | €158 | €197,556 | +€197,398 | +124,801% |
| Recurring financial income | 75 | €158 | €197,556 | +€197,398 | +124,801% |
| Income from financial fixed assets | 750 | - | €189,821 | +€189,821 | |
| Other financial income | 752/9 | €158 | €7,735 | +€7,577 | +4,790% |
| Financial charges | 65/66B | €118,797 | €266,543 | +€147,745 | +124% |
| Recurring financial charges | 65 | €118,797 | €266,543 | +€147,745 | +124% |
| Debt charges | 650 | €117,867 | €263,240 | +€145,373 | +123% |
| Other financial charges | 652/9 | €931 | €3,303 | +€2,372 | +255% |
| Profit (loss) for the period before taxes | 9903 | €242,962 | €3,390,310 | +€3.1m | +1,295% |
| Income taxes | 67/77 | -€26,837 | €1,024,787 | +€1.1m | |
| Taxes | 670/3 | - | €1,024,787 | +€1.0m | |
| Tax adjustments and reversals of tax provisions | 77 | €26,837 | - | -€26,837 | |
| Profit (loss) for the period | 9904 | €269,799 | €2,365,523 | +€2.1m | +777% |
| Profit (loss) for the period to be appropriated | 9905 | €269,799 | €2,365,523 | +€2.1m | +777% |
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 29 October 2026 via checked.be.