MGD Y&Z: 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 Y&Z
Largest movements
- Receivables within one year +€206,706
up €206,706 (+66.3%), from €311,542 to €518,248
of which Trade receivables: +€229,928
- Current investments +€67,475
up €67,475 (+18.3%), from €367,844 to €435,320
- Cash -€53,322
down €53,322 (-47.2%), from €112,956 to €59,633
mainly Receivables within one year (-€206,706) and Current investments (-€67,475)
- Reserves +€254,985
up €254,985 (+50.9%), from €500,464 to €755,449
of which Distributable reserves: +€254,985
- Other debts -€49,773
down €49,773 (-93.4%), from €53,267 to €3,494
- Trade debts +€48,299
up €48,299 (+132%), from €36,528 to €84,828
- Tax, wage and social debts +€47,928
up €47,928 (+34.8%), from €137,600 to €185,527
of which Taxes: +€65,820
- Debts after one year -€44,484
down €44,484 (-8.3%), from €533,021 to €488,537
- Depreciation -€116,415
down €116,415 (-72.7%), from €160,034 to €43,620
- Taxes +€74,654
up €74,654 (+265%), from €28,125 to €102,779
- Gross operating margin +€74,287
up €74,287 (+18.8%), from €395,105 to €469,392
- Financial income +€48,375
up €48,375 (+497%), from €9,737 to €58,112
- Staff costs -€35,820
down €35,820 (-27.4%), from €130,662 to €94,841
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 | €1,740,865 | €1,995,203 | +€254,338 | +14.6% |
| Fixed assets | 21/28 | €945,925 | €964,486 | +€18,560 | +2.0% |
| Tangible fixed assets | 22/27 | €900,185 | €918,746 | +€18,560 | +2.1% |
| Land and buildings | 22 | €831,294 | €809,459 | -€21,835 | -2.6% |
| Plant, machinery and equipment | 23 | €30,548 | €21,946 | -€8,602 | -28.2% |
| Furniture and vehicles | 24 | €9,192 | €66,163 | +€56,971 | +620% |
| Other tangible fixed assets | 26 | €29,150 | €21,177 | -€7,973 | -27.4% |
| Financial fixed assets | 28 | €45,740 | €45,740 | = | 0.0% |
| Current assets | 29/58 | €794,940 | €1,030,717 | +€235,777 | +29.7% |
| Amounts receivable within one year | 40/41 | €311,542 | €518,248 | +€206,706 | +66.3% |
| Trade receivables | 40 | €3,499 | €233,427 | +€229,928 | +6,571% |
| Other amounts receivable | 41 | €308,042 | €284,821 | -€23,221 | -7.5% |
| Current investments | 50/53 | €367,844 | €435,320 | +€67,475 | +18.3% |
| Cash at bank and in hand | 54/58 | €112,956 | €59,633 | -€53,322 | -47.2% |
| Deferred charges and accrued income | 490/1 | €2,598 | €17,516 | +€14,918 | +574% |
| Total equity and liabilities | 10/49 | €1,740,865 | €1,995,203 | +€254,338 | +14.6% |
| Equity | 10/15 | €925,748 | €1,180,733 | +€254,985 | +27.5% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €500,464 | €755,449 | +€254,985 | +50.9% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Distributable reserves | 133 | €498,564 | €753,549 | +€254,985 | +51.1% |
| Profit (loss) carried forward | 14 | €406,284 | €406,284 | = | 0.0% |
| Amounts payable | 17/49 | €815,117 | €814,470 | -€647 | -0.1% |
| Amounts payable after more than one year | 17 | €533,021 | €488,537 | -€44,484 | -8.3% |
| Financial debts | 170/4 | €533,021 | €488,537 | -€44,484 | -8.3% |
| Amounts payable within one year | 42/48 | €282,096 | €325,933 | +€43,837 | +15.5% |
| Current portion of amounts payable after more than one year | 42 | €54,701 | €52,084 | -€2,617 | -4.8% |
| Trade debts | 44 | €36,528 | €84,828 | +€48,299 | +132% |
| Suppliers | 440/4 | €36,528 | €84,828 | +€48,299 | +132% |
| Taxes, remuneration and social security | 45 | €137,600 | €185,527 | +€47,928 | +34.8% |
| Taxes | 450/3 | €112,117 | €177,937 | +€65,820 | +58.7% |
| Remuneration and social security | 454/9 | €25,483 | €7,590 | -€17,893 | -70.2% |
| Other amounts payable | 47/48 | €53,267 | €3,494 | -€49,773 | -93.4% |
| Remuneration, social security and pensions | 62 | €130,662 | €94,841 | -€35,820 | -27.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €160,034 | €43,620 | -€116,415 | -72.7% |
| Other operating charges | 640/8 | €10,767 | €9,897 | -€870 | -8.1% |
| Gross operating margin | 9900 | €395,105 | €469,392 | +€74,287 | +18.8% |
| Operating profit (loss) | 9901 | €93,642 | €321,034 | +€227,392 | +243% |
| Financial income | 75/76B | €9,737 | €58,112 | +€48,375 | +497% |
| Recurring financial income | 75 | €9,737 | €58,112 | +€48,375 | +497% |
| Financial charges | 65/66B | €25,741 | €21,382 | -€4,359 | -16.9% |
| Recurring financial charges | 65 | €25,741 | €21,382 | -€4,359 | -16.9% |
| Profit (loss) for the period before taxes | 9903 | €77,638 | €357,764 | +€280,126 | +361% |
| Income taxes | 67/77 | €28,125 | €102,779 | +€74,654 | +265% |
| Profit (loss) for the period | 9904 | €49,513 | €254,985 | +€205,472 | +415% |
| Profit (loss) for the period to be appropriated | 9905 | €49,513 | €254,985 | +€205,472 | +415% |
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 30 October 2026 via checked.be.