MG WORKKING: 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 WORKKING
Largest movements
- Cash -€76,409
no longer reported in 2025 (was €76,409)
- Receivables within one year -€37,962
down €37,962 (-27.5%), from €137,984 to €100,022
of which Trade receivables: -€31,862
- Receivables after one year +€22,350
up €22,350 (+45.7%), from €48,954 to €71,304
- Financial fixed assets +€9,070
up €9,070 (+45350.0%), from €20 to €9,090
- Stocks and contracts +€4,850
new in 2025: €4,850
- Profit (loss) carried forward -€110,652
down €110,652, from €41,613 to -€69,039
- Short-term financial debts +€61,895
up €61,895 (+577.9%), from €10,709 to €72,604
- Trade debts -€50,527
down €50,527 (-80.0%), from €63,154 to €12,627
- Current portion of long-term debt +€29,588
new in 2025: €29,588
- Tax, wage and social debts -€21,743
down €21,743 (-74.9%), from €29,043 to €7,300
of which Taxes: -€23,443
- Gross operating margin -€146,390
down €146,390, from €79,586 to -€66,804
- Financial charges +€6,922
up €6,922 (+122.1%), from €5,669 to €12,591
- Taxes +€3,845
up €3,845 (+15.7%), from €24,446 to €28,292
- Financial income -€3,490
down €3,490 (-99.3%), from €3,514 to €25
- Other operating charges -€910
down €910 (-48.3%), from €1,882 to €972
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €264,906 | €191,435 | -€73,471 | -27.7% |
| Fixed assets | 21/28 | €1,559 | €13,184 | +€11,625 | +745.8% |
| Tangible fixed assets | 22/27 | €1,539 | €4,094 | +€2,555 | +166.1% |
| Plant, machinery and equipment | 23 | €480 | €1,036 | +€556 | +115.7% |
| Furniture and vehicles | 24 | €1,058 | €3,058 | +€1,999 | +188.9% |
| Financial fixed assets | 28 | €20 | €9,090 | +€9,070 | +45350.0% |
| Current assets | 29/58 | €263,347 | €178,251 | -€85,096 | -32.3% |
| Amounts receivable after more than one year | 29 | €48,954 | €71,304 | +€22,350 | +45.7% |
| Trade receivables | 290 | €48,954 | €71,304 | +€22,350 | +45.7% |
| Stocks and contracts in progress | 3 | - | €4,850 | +€4,850 | |
| Stocks | 30/36 | - | €4,850 | +€4,850 | |
| Amounts receivable within one year | 40/41 | €137,984 | €100,022 | -€37,962 | -27.5% |
| Trade receivables | 40 | €104,597 | €72,735 | -€31,862 | -30.5% |
| Other amounts receivable | 41 | €33,387 | €27,287 | -€6,100 | -18.3% |
| Cash at bank and in hand | 54/58 | €76,409 | - | -€76,409 | |
| Deferred charges and accrued income | 490/1 | - | €2,075 | +€2,075 | |
| Total equity and liabilities | 10/49 | €264,906 | €191,435 | -€73,471 | -27.7% |
| Equity | 10/15 | €161,999 | €62,323 | -€99,677 | -61.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €115,386 | €126,362 | +€10,975 | +9.5% |
| Distributable reserves | 133 | €115,386 | €126,362 | +€10,975 | +9.5% |
| Profit (loss) carried forward | 14 | €41,613 | -€69,039 | -€110,652 | |
| Amounts payable | 17/49 | €102,907 | €129,112 | +€26,205 | +25.5% |
| Amounts payable after more than one year | 17 | - | €6,993 | +€6,993 | |
| Financial debts | 170/4 | - | €6,993 | +€6,993 | |
| Amounts payable within one year | 42/48 | €102,907 | €122,119 | +€19,213 | +18.7% |
| Current portion of amounts payable after more than one year | 42 | - | €29,588 | +€29,588 | |
| Financial debts | 43 | €10,709 | €72,604 | +€61,895 | +577.9% |
| Credit institutions | 430/8 | €10,709 | €72,604 | +€61,895 | +577.9% |
| Trade debts | 44 | €63,154 | €12,627 | -€50,527 | -80.0% |
| Suppliers | 440/4 | €63,154 | €12,627 | -€50,527 | -80.0% |
| Taxes, remuneration and social security | 45 | €29,043 | €7,300 | -€21,743 | -74.9% |
| Taxes | 450/3 | €27,043 | €3,600 | -€23,443 | -86.7% |
| Remuneration and social security | 454/9 | €2,000 | €3,700 | +€1,700 | +85.0% |
| Remuneration, social security and pensions | 62 | - | €265 | +€265 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,713 | €1,753 | +€40 | +2.3% |
| Other operating charges | 640/8 | €1,882 | €972 | -€910 | -48.3% |
| Gross operating margin | 9900 | €79,586 | -€66,804 | -€146,390 | |
| Operating profit (loss) | 9901 | €75,991 | -€69,794 | -€145,785 | |
| Financial income | 75/76B | €3,514 | €25 | -€3,490 | -99.3% |
| Recurring financial income | 75 | €3,514 | €25 | -€3,490 | -99.3% |
| Financial charges | 65/66B | €5,669 | €12,591 | +€6,922 | +122.1% |
| Recurring financial charges | 65 | €5,669 | €12,591 | +€6,922 | +122.1% |
| Profit (loss) for the period before taxes | 9903 | €73,836 | -€82,361 | -€156,196 | |
| Income taxes | 67/77 | €24,446 | €28,292 | +€3,845 | +15.7% |
| Profit (loss) for the period | 9904 | €49,389 | -€110,652 | -€160,042 | |
| Profit (loss) for the period to be appropriated | 9905 | €49,389 | -€110,652 | -€160,042 |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.