MGCD: 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.
MGCD
Largest movements
- Tangible fixed assets +€649,898
up €649,898 (+1942.8%), from €33,451 to €683,349
of which Assets under construction and advance payments: +€638,583
- Current investments -€400,000
no longer reported in 2025 (was €400,000)
- Cash +€90,781
up €90,781 (+70.3%), from €129,222 to €220,002
mainly Current investments (+€400,000) and Debts after one year (+€364,363)
- Debts after one year +€364,363
new in 2025: €364,363
- Profit (loss) carried forward -€121,964
down €121,964 (-66.4%), from €183,715 to €61,750
- Trade debts +€39,998
up €39,998 (+372.4%), from €10,741 to €50,739
- Tax, wage and social debts +€38,493
up €38,493 (+75.5%), from €50,958 to €89,451
of which Taxes: +€35,993
- Current portion of long-term debt +€17,066
up €17,066 (+167.3%), from €10,199 to €27,265
- Gross operating margin +€50,937
up €50,937 (+19.2%), from €265,566 to €316,503
- Taxes +€11,308
up €11,308 (+18.7%), from €60,571 to €71,879
- Financial charges +€10,918
up €10,918 (+1167.2%), from €935 to €11,853
- Financial income +€8,363
up €8,363 (+1052.5%), from €795 to €9,158
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 | €584,718 | €921,258 | +€336,540 | +57.6% |
| Fixed assets | 21/28 | €33,451 | €683,349 | +€649,898 | +1942.8% |
| Tangible fixed assets | 22/27 | €33,451 | €683,349 | +€649,898 | +1942.8% |
| Plant, machinery and equipment | 23 | €12,951 | €18,578 | +€5,626 | +43.4% |
| Furniture and vehicles | 24 | - | €5,688 | +€5,688 | |
| Assets under construction and advance payments | 27 | €20,500 | €659,083 | +€638,583 | +3115.0% |
| Current assets | 29/58 | €551,266 | €237,909 | -€313,358 | -56.8% |
| Amounts receivable within one year | 40/41 | €21,250 | €13,151 | -€8,099 | -38.1% |
| Trade receivables | 40 | - | €6,143 | +€6,143 | |
| Other amounts receivable | 41 | €21,250 | €7,008 | -€14,242 | -67.0% |
| Current investments | 50/53 | €400,000 | - | -€400,000 | |
| Cash at bank and in hand | 54/58 | €129,222 | €220,002 | +€90,781 | +70.3% |
| Deferred charges and accrued income | 490/1 | €795 | €4,756 | +€3,961 | +498.5% |
| Total equity and liabilities | 10/49 | €584,718 | €921,258 | +€336,540 | +57.6% |
| Equity | 10/15 | €186,215 | €64,250 | -€121,964 | -65.5% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €183,715 | €61,750 | -€121,964 | -66.4% |
| Amounts payable | 17/49 | €398,503 | €857,007 | +€458,504 | +115.1% |
| Amounts payable after more than one year | 17 | - | €364,363 | +€364,363 | |
| Financial debts | 170/4 | - | €364,363 | +€364,363 | |
| Amounts payable within one year | 42/48 | €374,149 | €461,846 | +€87,698 | +23.4% |
| Current portion of amounts payable after more than one year | 42 | €10,199 | €27,265 | +€17,066 | +167.3% |
| Financial debts | 43 | €1,626 | €3,254 | +€1,628 | +100.1% |
| Credit institutions | 430/8 | €1,626 | €3,254 | +€1,628 | +100.1% |
| Trade debts | 44 | €10,741 | €50,739 | +€39,998 | +372.4% |
| Suppliers | 440/4 | €10,741 | €50,739 | +€39,998 | +372.4% |
| Taxes, remuneration and social security | 45 | €50,958 | €89,451 | +€38,493 | +75.5% |
| Taxes | 450/3 | €50,958 | €86,951 | +€35,993 | +70.6% |
| Remuneration and social security | 454/9 | - | €2,500 | +€2,500 | |
| Other amounts payable | 47/48 | €300,625 | €291,138 | -€9,486 | -3.2% |
| Accrued charges and deferred income | 492/3 | €24,354 | €30,798 | +€6,443 | +26.5% |
| Non-recurring operating income | 76A | €1,636 | €1,686 | +€50 | +3.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,368 | €13,359 | +€2,991 | +28.8% |
| Other operating charges | 640/8 | €323 | €533 | +€211 | +65.4% |
| Gross operating margin | 9900 | €265,566 | €316,503 | +€50,937 | +19.2% |
| Operating profit (loss) | 9901 | €254,875 | €302,610 | +€47,735 | +18.7% |
| Financial income | 75/76B | €795 | €9,158 | +€8,363 | +1052.5% |
| Recurring financial income | 75 | €795 | €9,158 | +€8,363 | +1052.5% |
| Financial charges | 65/66B | €935 | €11,853 | +€10,918 | +1167.2% |
| Recurring financial charges | 65 | €935 | €11,853 | +€10,918 | +1167.2% |
| Profit (loss) for the period before taxes | 9903 | €254,734 | €299,915 | +€45,181 | +17.7% |
| Income taxes | 67/77 | €60,571 | €71,879 | +€11,308 | +18.7% |
| Profit (loss) for the period | 9904 | €194,163 | €228,036 | +€33,872 | +17.4% |
| Profit (loss) for the period to be appropriated | 9905 | €194,163 | €228,036 | +€33,872 | +17.4% |
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 12 October 2026 via checked.be.