MGBS: 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.
MGBS
Largest movements
- Tangible fixed assets +€46,931
up €46,931 (+1825.6%), from €2,571 to €49,502
of which Plant, machinery and equipment: +€45,022
- Receivables after one year +€41,520
up €41,520 (+45.6%), from €91,104 to €132,624
- Receivables within one year -€41,058
down €41,058 (-84.6%), from €48,557 to €7,499
of which Trade receivables: -€31,856
- Current investments +€28,921
up €28,921 (+283.0%), from €10,218 to €39,140
- Cash -€18,425
down €18,425 (-31.3%), from €58,865 to €40,440
mainly Investment in fixed assets (net) (-€51,683) and Receivables after one year (-€41,520)
- Reserves +€50,000
up €50,000 (+125.0%), from €40,000 to €90,000
- Advances received -€36,300
no longer reported in 2025 (was €36,300)
- Tax, wage and social debts +€30,259
up €30,259 (+52.5%), from €57,653 to €87,913
- Profit (loss) carried forward +€20,137
up €20,137 (+35.8%), from €56,193 to €76,330
- Trade debts +€10,610
up €10,610 (+356.6%), from €2,975 to €13,585
- Gross operating margin -€37,413
down €37,413 (-23.8%), from €157,211 to €119,798
- Taxes -€11,382
down €11,382 (-28.9%), from €39,342 to €27,961
- Financial charges +€5,452
up €5,452 (+1526.9%), from €357 to €5,809
- Depreciation +€4,099
up €4,099 (+628.1%), from €653 to €4,752
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 | €213,555 | €281,228 | +€67,673 | +31.7% |
| Fixed assets | 21/28 | €2,571 | €49,502 | +€46,931 | +1825.6% |
| Tangible fixed assets | 22/27 | €2,571 | €49,502 | +€46,931 | +1825.6% |
| Plant, machinery and equipment | 23 | €1,318 | €46,340 | +€45,022 | +3416.5% |
| Furniture and vehicles | 24 | €1,253 | €3,162 | +€1,909 | +152.4% |
| Current assets | 29/58 | €210,985 | €231,726 | +€20,742 | +9.8% |
| Amounts receivable after more than one year | 29 | €91,104 | €132,624 | +€41,520 | +45.6% |
| Other amounts receivable | 291 | €91,104 | €132,624 | +€41,520 | +45.6% |
| Amounts receivable within one year | 40/41 | €48,557 | €7,499 | -€41,058 | -84.6% |
| Trade receivables | 40 | €31,856 | - | -€31,856 | |
| Other amounts receivable | 41 | €16,700 | €7,499 | -€9,201 | -55.1% |
| Current investments | 50/53 | €10,218 | €39,140 | +€28,921 | +283.0% |
| Cash at bank and in hand | 54/58 | €58,865 | €40,440 | -€18,425 | -31.3% |
| Deferred charges and accrued income | 490/1 | €2,242 | €12,024 | +€9,782 | +436.4% |
| Total equity and liabilities | 10/49 | €213,555 | €281,228 | +€67,673 | +31.7% |
| Equity | 10/15 | €101,193 | €171,330 | +€70,137 | +69.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €40,000 | €90,000 | +€50,000 | +125.0% |
| Distributable reserves | 133 | €40,000 | €90,000 | +€50,000 | +125.0% |
| Profit (loss) carried forward | 14 | €56,193 | €76,330 | +€20,137 | +35.8% |
| Amounts payable | 17/49 | €112,362 | €109,897 | -€2,464 | -2.2% |
| Amounts payable within one year | 42/48 | €111,628 | €109,897 | -€1,731 | -1.6% |
| Trade debts | 44 | €2,975 | €13,585 | +€10,610 | +356.6% |
| Suppliers | 440/4 | €2,975 | €13,585 | +€10,610 | +356.6% |
| Advances received on contracts in progress | 46 | €36,300 | - | -€36,300 | |
| Taxes, remuneration and social security | 45 | €57,653 | €87,913 | +€30,259 | +52.5% |
| Taxes | 450/3 | €57,653 | €87,913 | +€30,259 | +52.5% |
| Other amounts payable | 47/48 | €14,700 | €8,400 | -€6,300 | -42.9% |
| Accrued charges and deferred income | 492/3 | €733 | - | -€733 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €653 | €4,752 | +€4,099 | +628.1% |
| Non-recurring operating charges | 66A | €61 | €234 | +€173 | +282.1% |
| Gross operating margin | 9900 | €157,211 | €119,798 | -€37,413 | -23.8% |
| Operating profit (loss) | 9901 | €156,497 | €114,812 | -€41,686 | -26.6% |
| Financial income | 75/76B | €395 | €1,095 | +€700 | +176.9% |
| Recurring financial income | 75 | €395 | €1,095 | +€700 | +176.9% |
| Financial charges | 65/66B | €357 | €5,809 | +€5,452 | +1526.9% |
| Recurring financial charges | 65 | €357 | €5,809 | +€5,452 | +1526.9% |
| Profit (loss) for the period before taxes | 9903 | €156,536 | €110,098 | -€46,438 | -29.7% |
| Income taxes | 67/77 | €39,342 | €27,961 | -€11,382 | -28.9% |
| Profit (loss) for the period | 9904 | €117,193 | €82,137 | -€35,056 | -29.9% |
| Profit (loss) for the period to be appropriated | 9905 | €117,193 | €82,137 | -€35,056 | -29.9% |
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 29 September 2026 via checked.be.