MG SQUARE: 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.
MG SQUARE
Largest movements
- Tangible fixed assets +€795,843
up €795,843 (+17.0%), from €4.7m to €5.5m
of which Land and buildings: +€1.8m
- Receivables within one year +€429,962
new in 2025: €429,962
- Short-term financial debts +€756,667
up €756,667 (+76.2%), from €993,333 to €1.8m
- Contributions +€620,396
up €620,396 (+34.4%), from €1.8m to €2.4m
- Profit (loss) carried forward -€115,786
down €115,786 (-44.1%), from -€262,830 to -€378,616
- Debts after one year +€69,992
up €69,992 (+3.9%), from €1.8m to €1.9m
of which Financial debts: +€57,122
- Gross operating margin +€114,962
up €114,962 (+164%), from €69,964 to €184,926
- Depreciation +€53,813
up €53,813 (+52.9%), from €101,742 to €155,555
- Financial charges +€45,773
up €45,773 (+51.6%), from €88,698 to €134,471
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 | €4,699,464 | €5,929,573 | +€1.2m | +26.2% |
| Formation expenses | 20 | €3,004 | €5,628 | +€2,624 | +87.4% |
| Fixed assets | 21/28 | €4,676,163 | €5,472,006 | +€795,843 | +17.0% |
| Tangible fixed assets | 22/27 | €4,676,163 | €5,472,006 | +€795,843 | +17.0% |
| Land and buildings | 22 | €3,630,777 | €5,381,792 | +€1.8m | +48.2% |
| Furniture and vehicles | 24 | €39,914 | €62,197 | +€22,283 | +55.8% |
| Assets under construction and advance payments | 27 | €1,005,472 | €28,017 | -€977,455 | -97.2% |
| Current assets | 29/58 | €20,297 | €451,939 | +€431,642 | +2,127% |
| Amounts receivable within one year | 40/41 | - | €429,962 | +€429,962 | |
| Trade receivables | 40 | - | €429,962 | +€429,962 | |
| Cash at bank and in hand | 54/58 | €18,715 | €19,259 | +€543 | +2.9% |
| Deferred charges and accrued income | 490/1 | €1,582 | €2,718 | +€1,136 | +71.8% |
| Total equity and liabilities | 10/49 | €4,699,464 | €5,929,573 | +€1.2m | +26.2% |
| Equity | 10/15 | €1,540,554 | €2,045,164 | +€504,610 | +32.8% |
| Contributions | 10/11 | €1,803,384 | €2,423,780 | +€620,396 | +34.4% |
| Profit (loss) carried forward | 14 | -€262,830 | -€378,616 | -€115,786 | -44.1% |
| Amounts payable | 17/49 | €3,158,910 | €3,884,408 | +€725,499 | +23.0% |
| Amounts payable after more than one year | 17 | €1,798,729 | €1,868,721 | +€69,992 | +3.9% |
| Financial debts | 170/4 | €1,735,649 | €1,792,771 | +€57,122 | +3.3% |
| Other amounts payable | 178/9 | €63,080 | €75,949 | +€12,869 | +20.4% |
| Amounts payable within one year | 42/48 | €1,353,855 | €2,004,398 | +€650,542 | +48.1% |
| Current portion of amounts payable after more than one year | 42 | €83,825 | €88,086 | +€4,262 | +5.1% |
| Financial debts | 43 | €993,333 | €1,750,000 | +€756,667 | +76.2% |
| Credit institutions | 430/8 | €993,333 | €1,750,000 | +€756,667 | +76.2% |
| Trade debts | 44 | €82,242 | €24,467 | -€57,775 | -70.2% |
| Suppliers | 440/4 | €82,242 | €24,467 | -€57,775 | -70.2% |
| Taxes, remuneration and social security | 45 | €585 | €973 | +€389 | +66.5% |
| Taxes | 450/3 | €585 | €973 | +€389 | +66.5% |
| Other amounts payable | 47/48 | €193,871 | €140,871 | -€53,000 | -27.3% |
| Accrued charges and deferred income | 492/3 | €6,325 | €11,290 | +€4,965 | +78.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €101,742 | €155,555 | +€53,813 | +52.9% |
| Other operating charges | 640/8 | €9,035 | €10,686 | +€1,651 | +18.3% |
| Gross operating margin | 9900 | €69,964 | €184,926 | +€114,962 | +164% |
| Operating profit (loss) | 9901 | -€40,814 | €18,685 | +€59,498 | |
| Financial charges | 65/66B | €88,698 | €134,471 | +€45,773 | +51.6% |
| Recurring financial charges | 65 | €88,698 | €134,471 | +€45,773 | +51.6% |
| Profit (loss) for the period before taxes | 9903 | -€129,511 | -€115,786 | +€13,725 | +10.6% |
| Profit (loss) for the period | 9904 | -€129,511 | -€115,786 | +€13,725 | +10.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€129,511 | -€115,786 | +€13,725 | +10.6% |
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 27 October 2026 via checked.be.