MGD: 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.
MGD
Largest movements
- Cash -€70,790
down €70,790 (-25.1%), from €282,389 to €211,599
mainly Investment in fixed assets (net) (-€109,696) and Contributions, distributions and other (-€106,655)
- Tangible fixed assets +€67,201
up €67,201 (+18.9%), from €356,266 to €423,466
of which Furniture and vehicles: +€94,283
- Receivables within one year +€48,237
up €48,237 (+39.8%), from €121,159 to €169,396
of which Trade receivables: +€57,249
- Tax, wage and social debts +€27,851
up €27,851 (+181.3%), from €15,361 to €43,212
- Other debts -€13,316
down €13,316 (-87.4%), from €15,244 to €1,928
- Reserves +€12,831
up €12,831 (+2.1%), from €622,865 to €635,696
of which Distributable reserves: +€12,831
- Current portion of long-term debt +€12,617
up €12,617 (+4.9%), from €258,178 to €270,794
- Gross operating margin +€88,017
up €88,017 (+53.3%), from €165,066 to €253,084
- Taxes +€36,524
up €36,524 (+100.0%), from €36,537 to €73,060
- Depreciation +€8,759
up €8,759 (+26.0%), from €33,736 to €42,495
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 | €1,010,376 | €1,055,521 | +€45,145 | +4.5% |
| Fixed assets | 21/28 | €606,266 | €673,466 | +€67,201 | +11.1% |
| Tangible fixed assets | 22/27 | €356,266 | €423,466 | +€67,201 | +18.9% |
| Land and buildings | 22 | €316,316 | €298,638 | -€17,678 | -5.6% |
| Plant, machinery and equipment | 23 | €3,256 | €2,694 | -€562 | -17.3% |
| Furniture and vehicles | 24 | €4,224 | €98,508 | +€94,283 | +2231.9% |
| Other tangible fixed assets | 26 | €32,469 | €23,626 | -€8,843 | -27.2% |
| Financial fixed assets | 28 | €250,000 | €250,000 | = | 0.0% |
| Current assets | 29/58 | €404,111 | €382,055 | -€22,056 | -5.5% |
| Amounts receivable within one year | 40/41 | €121,159 | €169,396 | +€48,237 | +39.8% |
| Trade receivables | 40 | €104,452 | €161,702 | +€57,249 | +54.8% |
| Other amounts receivable | 41 | €16,706 | €7,694 | -€9,012 | -53.9% |
| Cash at bank and in hand | 54/58 | €282,389 | €211,599 | -€70,790 | -25.1% |
| Deferred charges and accrued income | 490/1 | €563 | €1,060 | +€497 | +88.2% |
| Total equity and liabilities | 10/49 | €1,010,376 | €1,055,521 | +€45,145 | +4.5% |
| Equity | 10/15 | €641,457 | €654,288 | +€12,831 | +2.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €622,865 | €635,696 | +€12,831 | +2.1% |
| Non-distributable reserves | 130/1 | €1,859 | €1,859 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,859 | €1,859 | = | 0.0% |
| Tax-exempt reserves | 132 | €162 | €162 | = | 0.0% |
| Distributable reserves | 133 | €620,844 | €633,674 | +€12,831 | +2.1% |
| Provisions and deferred taxes | 16 | €63,691 | €63,691 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €63,691 | €63,691 | = | 0.0% |
| Pensions and similar obligations | 160 | €63,691 | €63,691 | = | 0.0% |
| Amounts payable | 17/49 | €305,228 | €337,543 | +€32,314 | +10.6% |
| Amounts payable within one year | 42/48 | €290,797 | €323,920 | +€33,123 | +11.4% |
| Current portion of amounts payable after more than one year | 42 | €258,178 | €270,794 | +€12,617 | +4.9% |
| Trade debts | 44 | €2,015 | €7,986 | +€5,971 | +296.3% |
| Suppliers | 440/4 | €2,015 | €7,986 | +€5,971 | +296.3% |
| Taxes, remuneration and social security | 45 | €15,361 | €43,212 | +€27,851 | +181.3% |
| Taxes | 450/3 | €15,361 | €43,212 | +€27,851 | +181.3% |
| Other amounts payable | 47/48 | €15,244 | €1,928 | -€13,316 | -87.4% |
| Accrued charges and deferred income | 492/3 | €14,431 | €13,623 | -€808 | -5.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,736 | €42,495 | +€8,759 | +26.0% |
| Other operating charges | 640/8 | €1,086 | €520 | -€565 | -52.1% |
| Gross operating margin | 9900 | €165,066 | €253,084 | +€88,017 | +53.3% |
| Operating profit (loss) | 9901 | €130,245 | €210,069 | +€79,824 | +61.3% |
| Financial income | 75/76B | €10 | - | -€10 | |
| Recurring financial income | 75 | €10 | - | -€10 | |
| Financial charges | 65/66B | €17,388 | €17,523 | +€135 | +0.8% |
| Recurring financial charges | 65 | €17,388 | €17,523 | +€135 | +0.8% |
| Profit (loss) for the period before taxes | 9903 | €112,866 | €192,546 | +€79,679 | +70.6% |
| Income taxes | 67/77 | €36,537 | €73,060 | +€36,524 | +100.0% |
| Profit (loss) for the period | 9904 | €76,329 | €119,485 | +€43,156 | +56.5% |
| Profit (loss) for the period to be appropriated | 9905 | €76,329 | €119,485 | +€43,156 | +56.5% |
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 7 October 2026 via checked.be.