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 +€257,613
up €257,613 (+112.0%), from €230,093 to €487,705
mainly Net result for the year (+€202,002) and Tax, wage and social debts (+€87,527)
- Receivables within one year +€22,527
up €22,527 (+109.1%), from €20,646 to €43,173
of which Trade receivables: +€22,533
- Deferred charges and accrued income +€19,233
up €19,233 (+14.9%), from €129,436 to €148,669
- Tangible fixed assets -€9,777
down €9,777 (-35.0%), from €27,953 to €18,176
- Reserves +€202,002
up €202,002 (+65.5%), from €308,281 to €510,283
- Tax, wage and social debts +€87,527
up €87,527 (+95.9%), from €91,252 to €178,779
of which Taxes: +€89,177
- Gross operating margin +€37,314
up €37,314 (+14.2%), from €263,540 to €300,854
- Taxes +€12,696
up €12,696 (+16.5%), from €77,090 to €89,785
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 | €408,128 | €697,724 | +€289,596 | +71.0% |
| Fixed assets | 21/28 | €27,953 | €18,176 | -€9,777 | -35.0% |
| Tangible fixed assets | 22/27 | €27,953 | €18,176 | -€9,777 | -35.0% |
| Furniture and vehicles | 24 | €27,953 | €18,176 | -€9,777 | -35.0% |
| Current assets | 29/58 | €380,175 | €679,547 | +€299,373 | +78.7% |
| Amounts receivable within one year | 40/41 | €20,646 | €43,173 | +€22,527 | +109.1% |
| Trade receivables | 40 | €20,641 | €43,173 | +€22,533 | +109.2% |
| Other amounts receivable | 41 | €6 | €0 | -€6 | -100.0% |
| Cash at bank and in hand | 54/58 | €230,093 | €487,705 | +€257,613 | +112.0% |
| Deferred charges and accrued income | 490/1 | €129,436 | €148,669 | +€19,233 | +14.9% |
| Total equity and liabilities | 10/49 | €408,128 | €697,724 | +€289,596 | +71.0% |
| Equity | 10/15 | €311,285 | €513,287 | +€202,002 | +64.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €308,281 | €510,283 | +€202,002 | +65.5% |
| Distributable reserves | 133 | €308,281 | €510,283 | +€202,002 | +65.5% |
| Profit (loss) carried forward | 14 | €4 | €4 | = | 0.0% |
| Amounts payable | 17/49 | €96,843 | €184,437 | +€87,594 | +90.4% |
| Amounts payable within one year | 42/48 | €96,343 | €183,316 | +€86,973 | +90.3% |
| Trade debts | 44 | €1,741 | €585 | -€1,157 | -66.4% |
| Suppliers | 440/4 | €1,741 | €585 | -€1,157 | -66.4% |
| Taxes, remuneration and social security | 45 | €91,252 | €178,779 | +€87,527 | +95.9% |
| Taxes | 450/3 | €87,452 | €176,629 | +€89,177 | +102.0% |
| Remuneration and social security | 454/9 | €3,800 | €2,150 | -€1,650 | -43.4% |
| Other amounts payable | 47/48 | €3,349 | €3,952 | +€603 | +18.0% |
| Accrued charges and deferred income | 492/3 | €500 | €1,121 | +€621 | +124.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,977 | €11,977 | = | 0.0% |
| Other operating charges | 640/8 | €429 | €533 | +€104 | +24.2% |
| Gross operating margin | 9900 | €263,540 | €300,854 | +€37,314 | +14.2% |
| Operating profit (loss) | 9901 | €251,135 | €288,345 | +€37,210 | +14.8% |
| Financial income | 75/76B | €738 | €3,495 | +€2,757 | +373.5% |
| Recurring financial income | 75 | €738 | €3,495 | +€2,757 | +373.5% |
| Financial charges | 65/66B | €52 | €52 | +€1 | +1.0% |
| Recurring financial charges | 65 | €52 | €52 | +€1 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | €251,821 | €291,787 | +€39,966 | +15.9% |
| Income taxes | 67/77 | €77,090 | €89,785 | +€12,696 | +16.5% |
| Profit (loss) for the period | 9904 | €174,731 | €202,002 | +€27,271 | +15.6% |
| Profit (loss) for the period to be appropriated | 9905 | €174,731 | €202,002 | +€27,271 | +15.6% |
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 5 October 2026 via checked.be.