MGD Industries: 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.
MGD Industries
Largest movements
- Receivables within one year +€1.5m
up €1.5m (+104%), from €1.4m to €2.9m
of which Trade receivables: +€1.6m
- Cash -€1.4m
down €1.4m (-65.2%), from €2.2m to €755,127
mainly Receivables within one year (-€1.5m) and Trade debts (-€750,305)
- Stocks and contracts -€687,500
no longer reported in 2025 (was €687,500)
- Financial fixed assets +€84,500
up €84,500 (+536%), from €15,770 to €100,270
- Trade debts -€750,305
down €750,305 (-69.6%), from €1.1m to €328,206
- Profit (loss) carried forward +€114,639
up €114,639 (+74.7%), from -€153,521 to -€38,882
- Other debts +€72,205
up €72,205 (+2.1%), from €3.4m to €3.4m
- Gross operating margin +€181,700
up €181,700 (+91.3%), from €198,986 to €380,686
- Staff costs +€35,476
up €35,476 (+24.6%), from €144,490 to €179,966
- Financial charges +€28,844
up €28,844 (+23.5%), from €122,614 to €151,458
- Taxes +€23,653
up €23,653 (+8,228%), from €287 to €23,940
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.
Derived cash bridge
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 | €4,360,303 | €3,819,440 | -€540,863 | -12.4% |
| Fixed assets | 21/28 | €56,100 | €123,272 | +€67,172 | +120% |
| Tangible fixed assets | 22/27 | €40,330 | €23,002 | -€17,328 | -43.0% |
| Plant, machinery and equipment | 23 | €40,330 | €23,002 | -€17,328 | -43.0% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Financial fixed assets | 28 | €15,770 | €100,270 | +€84,500 | +536% |
| Current assets | 29/58 | €4,304,202 | €3,696,167 | -€608,035 | -14.1% |
| Stocks and contracts in progress | 3 | €687,500 | - | -€687,500 | |
| Stocks | 30/36 | €687,500 | - | -€687,500 | |
| Amounts receivable within one year | 40/41 | €1,445,019 | €2,941,040 | +€1.5m | +104% |
| Trade receivables | 40 | €990,611 | €2,563,509 | +€1.6m | +159% |
| Other amounts receivable | 41 | €454,408 | €377,531 | -€76,877 | -16.9% |
| Cash at bank and in hand | 54/58 | €2,171,550 | €755,127 | -€1.4m | -65.2% |
| Deferred charges and accrued income | 490/1 | €133 | - | -€133 | |
| Total equity and liabilities | 10/49 | €4,360,303 | €3,819,440 | -€540,863 | -12.4% |
| Equity | 10/15 | -€91,996 | €22,643 | +€114,639 | |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €25 | €25 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25 | €25 | = | 0.0% |
| Legal reserve | 130 | €25 | €25 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€153,521 | -€38,882 | +€114,639 | +74.7% |
| Amounts payable | 17/49 | €4,452,299 | €3,796,797 | -€655,502 | -14.7% |
| Amounts payable within one year | 42/48 | €4,452,299 | €3,796,797 | -€655,502 | -14.7% |
| Trade debts | 44 | €1,078,511 | €328,206 | -€750,305 | -69.6% |
| Suppliers | 440/4 | €1,078,511 | €328,206 | -€750,305 | -69.6% |
| Taxes, remuneration and social security | 45 | €11,454 | €34,051 | +€22,597 | +197% |
| Taxes | 450/3 | €606 | €20,452 | +€19,846 | +3,276% |
| Remuneration and social security | 454/9 | €10,848 | €13,599 | +€2,751 | +25.4% |
| Other amounts payable | 47/48 | €3,362,334 | €3,434,540 | +€72,205 | +2.1% |
| Non-recurring operating income | 76A | - | €2,093 | +€2,093 | |
| Remuneration, social security and pensions | 62 | €144,490 | €179,966 | +€35,476 | +24.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,134 | €19,422 | +€1,287 | +7.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €8,573 | €8,573 | = | 0.0% |
| Other operating charges | 640/8 | €246 | €288 | +€42 | +17.1% |
| Gross operating margin | 9900 | €198,986 | €380,686 | +€181,700 | +91.3% |
| Operating profit (loss) | 9901 | €27,543 | €172,438 | +€144,895 | +526% |
| Financial income | 75/76B | - | €108 | +€108 | |
| Recurring financial income | 75 | - | €108 | +€108 | |
| Financial charges | 65/66B | €122,614 | €151,458 | +€28,844 | +23.5% |
| Recurring financial charges | 65 | €122,614 | €151,458 | +€28,844 | +23.5% |
| Profit (loss) for the period before taxes | 9903 | -€95,071 | €21,088 | +€116,159 | |
| Income taxes | 67/77 | €287 | €23,940 | +€23,653 | +8,228% |
| Profit (loss) for the period | 9904 | -€95,358 | -€2,852 | +€92,506 | +97.0% |
| Profit (loss) for the period to be appropriated | 9905 | -€95,358 | -€2,852 | +€92,506 | +97.0% |
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 23 October 2026 via checked.be.