MGAaS: 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.
MGAaS
Largest movements
- Intangible fixed assets -€152,574
down €152,574 (-10.8%), from €1.4m to €1.3m
- Receivables within one year -€59,596
down €59,596 (-86.0%), from €69,337 to €9,741
- Cash +€22,848
up €22,848 (+135.7%), from €16,837 to €39,686
mainly Depreciation (+€342,858) and Debts after one year (+€315,068)
- Profit (loss) carried forward -€465,315
down €465,315 (-51.9%), from -€896,774 to -€1.4m
- Debts after one year +€315,068
up €315,068 (+27.8%), from €1.1m to €1.4m
- Accrued charges and deferred income -€24,896
down €24,896 (-31.7%), from €78,431 to €53,534
- Gross operating margin -€149,979
down €149,979, from €27,624 to -€122,355
- Depreciation +€71,011
up €71,011 (+26.1%), from €271,847 to €342,858
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 | €1,494,536 | €1,305,215 | -€189,321 | -12.7% |
| Fixed assets | 21/28 | €1,408,361 | €1,255,788 | -€152,574 | -10.8% |
| Intangible fixed assets | 21 | €1,408,361 | €1,255,788 | -€152,574 | -10.8% |
| Current assets | 29/58 | €86,174 | €49,427 | -€36,747 | -42.6% |
| Amounts receivable within one year | 40/41 | €69,337 | €9,741 | -€59,596 | -86.0% |
| Other amounts receivable | 41 | €69,337 | €9,741 | -€59,596 | -86.0% |
| Cash at bank and in hand | 54/58 | €16,837 | €39,686 | +€22,848 | +135.7% |
| Total equity and liabilities | 10/49 | €1,494,536 | €1,305,215 | -€189,321 | -12.7% |
| Equity | 10/15 | €153,226 | -€312,089 | -€465,315 | |
| Contributions | 10/11 | €1,050,000 | €1,050,000 | = | 0.0% |
| Capital | 10 | €1,050,000 | €1,050,000 | = | 0.0% |
| Issued capital | 100 | €1,050,000 | €1,050,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€896,774 | -€1,362,089 | -€465,315 | -51.9% |
| Amounts payable | 17/49 | €1,341,310 | €1,617,304 | +€275,994 | +20.6% |
| Amounts payable after more than one year | 17 | €1,134,412 | €1,449,479 | +€315,068 | +27.8% |
| Financial debts | 170/4 | €1,134,412 | €1,449,479 | +€315,068 | +27.8% |
| Amounts payable within one year | 42/48 | €128,468 | €114,290 | -€14,177 | -11.0% |
| Trade debts | 44 | €128,468 | €114,290 | -€14,177 | -11.0% |
| Suppliers | 440/4 | €128,468 | €114,290 | -€14,177 | -11.0% |
| Accrued charges and deferred income | 492/3 | €78,431 | €53,534 | -€24,896 | -31.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €271,847 | €342,858 | +€71,011 | +26.1% |
| Gross operating margin | 9900 | €27,624 | -€122,355 | -€149,979 | |
| Operating profit (loss) | 9901 | -€244,223 | -€465,212 | -€220,989 | -90.5% |
| Financial income | 75/76B | - | €0 | +€0 | |
| Recurring financial income | 75 | - | €0 | +€0 | |
| Financial charges | 65/66B | €103 | €103 | +€0 | +0.3% |
| Recurring financial charges | 65 | €103 | €103 | +€0 | +0.3% |
| Profit (loss) for the period before taxes | 9903 | -€244,325 | -€465,315 | -€220,990 | -90.4% |
| Profit (loss) for the period | 9904 | -€244,325 | -€465,315 | -€220,990 | -90.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€244,325 | -€465,315 | -€220,990 | -90.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 7 October 2026 via checked.be.