MGB: 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.
MGB
Largest movements
- Receivables within one year -€9,003
down €9,003 (-42.2%), from €21,341 to €12,338
of which Other amounts receivable: -€8,868
- Financial fixed assets +€6,628
new in 2025: €6,628
- Cash -€3,705
no longer reported in 2025 (was €3,705)
mainly Trade debts (-€7,966) and Investment in fixed assets (net) (-€7,128)
- Tangible fixed assets +€270
up €270 (+61.1%), from €443 to €713
- Trade debts -€7,966
down €7,966 (-20.4%), from €38,986 to €31,020
- Profit (loss) carried forward +€2,587
up €2,587 (+6.0%), from -€42,839 to -€40,253
- Tax, wage and social debts -€1,455
down €1,455 (-22.7%), from €6,397 to €4,942
of which Remuneration and social security: -€3,750
- Short-term financial debts +€1,025
new in 2025: €1,025
- Gross operating margin +€24,664
up €24,664 (+102.3%), from €24,106 to €48,770
- Staff costs +€20,202
up €20,202 (+768.1%), from €2,630 to €22,833
- Taxes -€7,711
down €7,711 (-98.2%), from €7,852 to €141
- Financial charges -€725
down €725 (-62.0%), from €1,170 to €445
- Financial income -€580
down €580 (-49.9%), from €1,161 to €581
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 | €25,489 | €19,679 | -€5,810 | -22.8% |
| Fixed assets | 21/28 | €443 | €7,341 | +€6,898 | +1558.5% |
| Tangible fixed assets | 22/27 | €443 | €713 | +€270 | +61.1% |
| Furniture and vehicles | 24 | €443 | €713 | +€270 | +61.1% |
| Financial fixed assets | 28 | - | €6,628 | +€6,628 | |
| Current assets | 29/58 | €25,046 | €12,338 | -€12,708 | -50.7% |
| Amounts receivable within one year | 40/41 | €21,341 | €12,338 | -€9,003 | -42.2% |
| Trade receivables | 40 | €1,458 | €1,323 | -€135 | -9.3% |
| Other amounts receivable | 41 | €19,883 | €11,015 | -€8,868 | -44.6% |
| Cash at bank and in hand | 54/58 | €3,705 | - | -€3,705 | |
| Total equity and liabilities | 10/49 | €25,489 | €19,679 | -€5,810 | -22.8% |
| Equity | 10/15 | -€26,839 | -€24,253 | +€2,587 | +9.6% |
| Contributions | 10/11 | €16,000 | €16,000 | = | 0.0% |
| Outside capital | 11 | €16,000 | €16,000 | = | 0.0% |
| Other | 1109/19 | €16,000 | €16,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€42,839 | -€40,253 | +€2,587 | +6.0% |
| Amounts payable | 17/49 | €52,328 | €43,931 | -€8,397 | -16.0% |
| Amounts payable after more than one year | 17 | €3,146 | €3,146 | = | 0.0% |
| Financial debts | 170/4 | €3,146 | €3,146 | = | 0.0% |
| Amounts payable within one year | 42/48 | €49,182 | €40,785 | -€8,397 | -17.1% |
| Current portion of amounts payable after more than one year | 42 | €3,799 | €3,799 | = | 0.0% |
| Financial debts | 43 | - | €1,025 | +€1,025 | |
| Credit institutions | 430/8 | - | €1,025 | +€1,025 | |
| Trade debts | 44 | €38,986 | €31,020 | -€7,966 | -20.4% |
| Suppliers | 440/4 | €38,986 | €31,020 | -€7,966 | -20.4% |
| Taxes, remuneration and social security | 45 | €6,397 | €4,942 | -€1,455 | -22.7% |
| Taxes | 450/3 | €2,647 | €4,942 | +€2,295 | +86.7% |
| Remuneration and social security | 454/9 | €3,750 | - | -€3,750 | |
| Remuneration, social security and pensions | 62 | €2,630 | €22,833 | +€20,202 | +768.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €57 | €230 | +€172 | +300.3% |
| Other operating charges | 640/8 | €1,546 | €1,393 | -€153 | -9.9% |
| Non-recurring operating charges | 66A | - | €21,723 | +€21,723 | |
| Gross operating margin | 9900 | €24,106 | €48,770 | +€24,664 | +102.3% |
| Operating profit (loss) | 9901 | €19,872 | €2,592 | -€17,280 | -87.0% |
| Financial income | 75/76B | €1,161 | €581 | -€580 | -49.9% |
| Recurring financial income | 75 | €1,161 | €581 | -€580 | -49.9% |
| Financial charges | 65/66B | €1,170 | €445 | -€725 | -62.0% |
| Recurring financial charges | 65 | €1,170 | €445 | -€725 | -62.0% |
| Profit (loss) for the period before taxes | 9903 | €19,863 | €2,728 | -€17,135 | -86.3% |
| Income taxes | 67/77 | €7,852 | €141 | -€7,711 | -98.2% |
| Profit (loss) for the period | 9904 | €12,011 | €2,587 | -€9,424 | -78.5% |
| Profit (loss) for the period to be appropriated | 9905 | €12,011 | €2,587 | -€9,424 | -78.5% |
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 8 October 2026 via checked.be.