MGD Services: 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 Services
Largest movements
- Current investments -€250,000
down €250,000 (-100.0%), from €250,000 to €0
- Cash +€85,739
up €85,739 (+38.1%), from €224,859 to €310,598
mainly Current investments (+€250,000) and Net result for the year (+€99,636)
- Receivables within one year -€78,718
down €78,718 (-79.4%), from €99,158 to €20,439
of which Trade receivables: -€80,935
- Other debts -€293,787
down €293,787 (-90.4%), from €324,820 to €31,033
- Reserves +€99,636
up €99,636 (+53.7%), from €185,535 to €285,172
- Tax, wage and social debts -€55,633
down €55,633 (-79.3%), from €70,160 to €14,527
- Gross operating margin -€104,082
down €104,082 (-40.6%), from €256,555 to €152,472
- Taxes -€31,081
down €31,081 (-47.0%), from €66,067 to €34,987
- Financial charges +€10,654
up €10,654 (+576.3%), from €1,849 to €12,503
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 | €5,562,606 | €5,313,098 | -€249,508 | -4.5% |
| Fixed assets | 21/28 | €4,988,590 | €4,980,371 | -€8,219 | -0.2% |
| Tangible fixed assets | 22/27 | €8,590 | €371 | -€8,219 | -95.7% |
| Furniture and vehicles | 24 | €8,590 | €371 | -€8,219 | -95.7% |
| Financial fixed assets | 28 | €4,980,000 | €4,980,000 | = | 0.0% |
| Current assets | 29/58 | €574,016 | €332,727 | -€241,289 | -42.0% |
| Amounts receivable within one year | 40/41 | €99,158 | €20,439 | -€78,718 | -79.4% |
| Trade receivables | 40 | €99,158 | €18,223 | -€80,935 | -81.6% |
| Other amounts receivable | 41 | - | €2,217 | +€2,217 | |
| Current investments | 50/53 | €250,000 | €0 | -€250,000 | -100.0% |
| Cash at bank and in hand | 54/58 | €224,859 | €310,598 | +€85,739 | +38.1% |
| Deferred charges and accrued income | 490/1 | €0 | €1,690 | +€1,690 | |
| Total equity and liabilities | 10/49 | €5,562,606 | €5,313,098 | -€249,508 | -4.5% |
| Equity | 10/15 | €186,535 | €286,172 | +€99,636 | +53.4% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €185,535 | €285,172 | +€99,636 | +53.7% |
| Distributable reserves | 133 | €185,535 | €285,172 | +€99,636 | +53.7% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €5,376,071 | €5,026,926 | -€349,145 | -6.5% |
| Amounts payable after more than one year | 17 | €4,980,000 | €4,980,000 | = | 0.0% |
| Other amounts payable | 178/9 | €4,980,000 | €4,980,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €396,071 | €46,926 | -€349,145 | -88.2% |
| Trade debts | 44 | €1,091 | €1,367 | +€275 | +25.2% |
| Suppliers | 440/4 | €1,091 | €1,367 | +€275 | +25.2% |
| Taxes, remuneration and social security | 45 | €70,160 | €14,527 | -€55,633 | -79.3% |
| Taxes | 450/3 | €70,160 | €14,527 | -€55,633 | -79.3% |
| Other amounts payable | 47/48 | €324,820 | €31,033 | -€293,787 | -90.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,219 | €8,219 | = | 0.0% |
| Other operating charges | 640/8 | €576 | €1,139 | +€562 | +97.5% |
| Gross operating margin | 9900 | €256,555 | €152,472 | -€104,082 | -40.6% |
| Operating profit (loss) | 9901 | €247,759 | €143,115 | -€104,645 | -42.2% |
| Financial income | 75/76B | €5,692 | €4,011 | -€1,681 | -29.5% |
| Recurring financial income | 75 | €5,692 | €4,011 | -€1,681 | -29.5% |
| Financial charges | 65/66B | €1,849 | €12,503 | +€10,654 | +576.3% |
| Recurring financial charges | 65 | €1,849 | €12,503 | +€10,654 | +576.3% |
| Profit (loss) for the period before taxes | 9903 | €251,603 | €134,623 | -€116,980 | -46.5% |
| Income taxes | 67/77 | €66,067 | €34,987 | -€31,081 | -47.0% |
| Profit (loss) for the period | 9904 | €185,535 | €99,636 | -€85,899 | -46.3% |
| Profit (loss) for the period to be appropriated | 9905 | €185,535 | €99,636 | -€85,899 | -46.3% |
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 2 October 2026 via checked.be.