MGC Subcontracting: what changed
What changed
MGC Subcontracting
NACE 13.100, Manufacture of textiles
filed annual accounts (NBB)
Net result for the year
€486,324
2024 · €304,875+€181,449
Equity
€4.6m
2024 · €4.2m+€351,324
Cash
€592,684
2024 · €447,717+€144,967
Balance sheet total
€6.3m
2024 · €6.4m-€153,146
Largest movements
Assets
- Tangible fixed assets -€472,081
down €472,081 (-12.9%), from €3.6m to €3.2m
of which Plant, machinery and equipment: -€332,066
- Current investments +€250,000
up €250,000, from €0 to €250,000
- Stocks and contracts -€202,972
down €202,972 (-26.9%), from €753,273 to €550,300
- Cash +€144,967
up €144,967 (+32.4%), from €447,717 to €592,684
mainly Depreciation (+€684,906) and Net result for the year (+€486,324)
- Receivables within one year +€126,526
up €126,526 (+8.0%), from €1.6m to €1.7m
of which Trade receivables: +€132,195
Equity and liabilities
- Debts after one year -€398,743
down €398,743 (-39.1%), from €1.0m to €621,708
- Reserves +€351,324
up €351,324 (+13.3%), from €2.6m to €3.0m
of which Distributable reserves: +€364,651
- Trade debts -€265,522
down €265,522 (-56.5%), from €469,993 to €204,471
- Other debts +€135,000
new in 2025: €135,000
- Tax, wage and social debts +€68,242
up €68,242 (+31.9%), from €213,673 to €281,915
of which Taxes: +€59,263
Income statement
- Gross operating margin +€192,761
up €192,761 (+7.6%), from €2.5m to €2.7m
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€304,875
Gross operating margin
+€192,761
Staff costs
+€413
Depreciation
-€20,962
Write-downs
-€966
Provisions
+€671
Other operating charges
-€367
Financial income
+€5,165
Financial charges
+€23,980
Taxes
-€19,247
Result 2025
€486,324
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€1.2m
Investment
-€462,824
Financing
-€571,243
Cash 2024
€447,717
From operations (derived)
+€1.2m
Net result for the year
+€486,324
Depreciation
+€684,906
Stocks and contracts
+€202,972
Receivables within one year
-€126,526
Deferred charges and accrued income
-€414
Provisions
-€5,947
Trade debts
-€265,522
Tax, wage and social debts
+€68,242
Other debts
+€135,000
Investment (derived)
-€462,824
Investment in fixed assets (net)
-€212,824
Current investments
-€250,000
Financing
-€571,243
Debts after one year
-€398,743
Current portion of long-term debt
-€37,500
Contributions, distributions and other
-€135,000
Cash 2025
€592,684
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,437,189 | €6,284,043 | -€153,146 | -2.4% |
| Fixed assets | 21/28 | €3,649,027 | €3,176,946 | -€472,081 | -12.9% |
| Tangible fixed assets | 22/27 | €3,648,827 | €3,176,746 | -€472,081 | -12.9% |
| Land and buildings | 22 | €1,920,158 | €1,882,858 | -€37,301 | -1.9% |
| Plant, machinery and equipment | 23 | €1,377,624 | €1,045,557 | -€332,066 | -24.1% |
| Furniture and vehicles | 24 | €134,025 | €93,483 | -€40,542 | -30.2% |
| Leasing and similar rights | 25 | €217,020 | €154,848 | -€62,172 | -28.6% |
| Financial fixed assets | 28 | €200 | €200 | = | 0.0% |
| Current assets | 29/58 | €2,788,161 | €3,107,097 | +€318,935 | +11.4% |
| Stocks and contracts in progress | 3 | €753,273 | €550,300 | -€202,972 | -26.9% |
| Stocks | 30/36 | €753,273 | €550,300 | -€202,972 | -26.9% |
| Amounts receivable within one year | 40/41 | €1,587,172 | €1,713,698 | +€126,526 | +8.0% |
| Trade receivables | 40 | €1,577,809 | €1,710,003 | +€132,195 | +8.4% |
| Other amounts receivable | 41 | €9,363 | €3,695 | -€5,668 | -60.5% |
| Current investments | 50/53 | €0 | €250,000 | +€250,000 | |
| Cash at bank and in hand | 54/58 | €447,717 | €592,684 | +€144,967 | +32.4% |
| Deferred charges and accrued income | 490/1 | - | €414 | +€414 | |
| Total equity and liabilities | 10/49 | €6,437,189 | €6,284,043 | -€153,146 | -2.4% |
| Equity | 10/15 | €4,199,335 | €4,550,660 | +€351,324 | +8.4% |
| Contributions | 10/11 | €1,550,000 | €1,550,000 | = | 0.0% |
| Reserves | 13 | €2,649,335 | €3,000,660 | +€351,324 | +13.3% |
| Tax-exempt reserves | 132 | €173,421 | €160,094 | -€13,327 | -7.7% |
| Distributable reserves | 133 | €2,475,914 | €2,840,566 | +€364,651 | +14.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Provisions and deferred taxes | 16 | €97,493 | €91,546 | -€5,947 | -6.1% |
| Provisions for liabilities and charges | 160/5 | €44,789 | €43,284 | -€1,505 | -3.4% |
| Other liabilities and charges | 164/5 | €44,789 | €43,284 | -€1,505 | -3.4% |
| Deferred taxes | 168 | €52,704 | €48,261 | -€4,442 | -8.4% |
| Amounts payable | 17/49 | €2,140,361 | €1,641,837 | -€498,524 | -23.3% |
| Amounts payable after more than one year | 17 | €1,020,452 | €621,708 | -€398,743 | -39.1% |
| Financial debts | 170/4 | €1,020,452 | €621,708 | -€398,743 | -39.1% |
| Amounts payable within one year | 42/48 | €1,119,909 | €1,020,129 | -€99,780 | -8.9% |
| Current portion of amounts payable after more than one year | 42 | €436,243 | €398,743 | -€37,500 | -8.6% |
| Trade debts | 44 | €469,993 | €204,471 | -€265,522 | -56.5% |
| Suppliers | 440/4 | €469,993 | €204,471 | -€265,522 | -56.5% |
| Taxes, remuneration and social security | 45 | €213,673 | €281,915 | +€68,242 | +31.9% |
| Taxes | 450/3 | €52,929 | €112,192 | +€59,263 | +112% |
| Remuneration and social security | 454/9 | €160,744 | €169,722 | +€8,978 | +5.6% |
| Other amounts payable | 47/48 | - | €135,000 | +€135,000 | |
| Non-recurring operating income | 76A | €2,500 | €0 | -€2,500 | -100% |
| Remuneration, social security and pensions | 62 | €1,368,138 | €1,367,725 | -€413 | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €663,944 | €684,906 | +€20,962 | +3.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €966 | +€966 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€833 | -€1,505 | -€671 | -80.5% |
| Other operating charges | 640/8 | €17,382 | €17,749 | +€367 | +2.1% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | €2,519,797 | €2,712,558 | +€192,761 | +7.6% |
| Operating profit (loss) | 9901 | €471,166 | €642,717 | +€171,551 | +36.4% |
| Financial income | 75/76B | €9,219 | €14,384 | +€5,165 | +56.0% |
| Recurring financial income | 75 | €9,219 | €14,384 | +€5,165 | +56.0% |
| Financial charges | 65/66B | €66,333 | €42,353 | -€23,980 | -36.2% |
| Recurring financial charges | 65 | €66,333 | €42,353 | -€23,980 | -36.2% |
| Profit (loss) for the period before taxes | 9903 | €414,052 | €614,748 | +€200,696 | +48.5% |
| Transfer from deferred taxes | 780 | €4,442 | €4,442 | = | 0.0% |
| Income taxes | 67/77 | €113,619 | €132,866 | +€19,247 | +16.9% |
| Profit (loss) for the period | 9904 | €304,875 | €486,324 | +€181,449 | +59.5% |
| Transfer from tax-exempt reserves | 789 | €13,327 | €13,327 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €318,202 | €499,651 | +€181,449 | +57.0% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 5 November 2026 via checked.be.