MGA: 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.
MGA
Largest movements
- Tangible fixed assets +€37,611
up €37,611 (+377%), from €9,982 to €47,593
of which Furniture and vehicles: +€40,369
- Cash -€9,894
down €9,894 (-9.7%), from €101,490 to €91,596
mainly Investment in fixed assets (net) (-€50,830) and Tax, wage and social debts (-€1,595)
- Reserves +€30,517
up €30,517 (+29.6%), from €103,051 to €133,568
- Financial income +€16,500
up €16,500, from €0 to €16,500
- Gross operating margin -€10,583
down €10,583 (-20.0%), from €53,037 to €42,454
- Depreciation +€2,461
up €2,461 (+22.9%), from €10,758 to €13,219
- Taxes +€2,301
up €2,301 (+19.6%), from €11,760 to €14,062
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 | €269,535 | €298,488 | +€28,953 | +10.7% |
| Fixed assets | 21/28 | €164,982 | €202,593 | +€37,611 | +22.8% |
| Tangible fixed assets | 22/27 | €9,982 | €47,593 | +€37,611 | +377% |
| Land and buildings | 22 | €3,663 | €2,698 | -€965 | -26.4% |
| Plant, machinery and equipment | 23 | €2,264 | €472 | -€1,793 | -79.2% |
| Furniture and vehicles | 24 | €4,055 | €44,424 | +€40,369 | +996% |
| Financial fixed assets | 28 | €155,000 | €155,000 | = | 0.0% |
| Current assets | 29/58 | €104,553 | €95,895 | -€8,658 | -8.3% |
| Amounts receivable within one year | 40/41 | €75 | €1,147 | +€1,073 | +1,433% |
| Other amounts receivable | 41 | €75 | €1,147 | +€1,073 | +1,433% |
| Cash at bank and in hand | 54/58 | €101,490 | €91,596 | -€9,894 | -9.7% |
| Deferred charges and accrued income | 490/1 | €2,988 | €3,151 | +€163 | +5.4% |
| Total equity and liabilities | 10/49 | €269,535 | €298,488 | +€28,953 | +10.7% |
| Equity | 10/15 | €258,051 | €288,568 | +€30,517 | +11.8% |
| Contributions | 10/11 | €155,000 | €155,000 | = | 0.0% |
| Reserves | 13 | €103,051 | €133,568 | +€30,517 | +29.6% |
| Distributable reserves | 133 | €103,051 | €133,568 | +€30,517 | +29.6% |
| Amounts payable | 17/49 | €11,485 | €9,920 | -€1,564 | -13.6% |
| Amounts payable within one year | 42/48 | €11,485 | €9,920 | -€1,564 | -13.6% |
| Trade debts | 44 | €1,467 | €1,234 | -€234 | -15.9% |
| Suppliers | 440/4 | €1,467 | €1,234 | -€234 | -15.9% |
| Taxes, remuneration and social security | 45 | €9,492 | €7,897 | -€1,595 | -16.8% |
| Taxes | 450/3 | €9,492 | €7,897 | -€1,595 | -16.8% |
| Other amounts payable | 47/48 | €525 | €789 | +€264 | +50.3% |
| Non-recurring operating income | 76A | - | €500 | +€500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,758 | €13,219 | +€2,461 | +22.9% |
| Other operating charges | 640/8 | €1,403 | €1,116 | -€287 | -20.4% |
| Gross operating margin | 9900 | €53,037 | €42,454 | -€10,583 | -20.0% |
| Operating profit (loss) | 9901 | €40,877 | €28,119 | -€12,757 | -31.2% |
| Financial income | 75/76B | €0 | €16,500 | +€16,500 | |
| Recurring financial income | 75 | €0 | €16,500 | +€16,500 | |
| Financial charges | 65/66B | €47 | €40 | -€7 | -14.9% |
| Recurring financial charges | 65 | €47 | €40 | -€7 | -14.9% |
| Profit (loss) for the period before taxes | 9903 | €40,829 | €44,579 | +€3,750 | +9.2% |
| Income taxes | 67/77 | €11,760 | €14,062 | +€2,301 | +19.6% |
| Profit (loss) for the period | 9904 | €29,069 | €30,517 | +€1,448 | +5.0% |
| Profit (loss) for the period to be appropriated | 9905 | €29,069 | €30,517 | +€1,448 | +5.0% |
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 26 October 2026 via checked.be.