MGDD: 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.
MGDD
Largest movements
- Tangible fixed assets +€56,434
up €56,434 (+519%), from €10,879 to €67,312
of which Furniture and vehicles: +€55,806
- Current investments -€55,000
no longer reported in 2025 (was €55,000)
- Intangible fixed assets -€32,695
down €32,695 (-12.1%), from €269,694 to €236,999
- Cash -€15,730
down €15,730 (-31.4%), from €50,123 to €34,393
mainly Investment in fixed assets (net) (-€61,093) and Other debts (-€38,546)
- Receivables within one year +€6,938
up €6,938 (+58.1%), from €11,939 to €18,877
of which Other amounts receivable: +€6,175
- Other debts -€38,546
down €38,546 (-93.9%), from €41,057 to €2,511
- Debts after one year +€18,822
up €18,822 (+8.9%), from €210,798 to €229,620
- Trade debts -€7,486
down €7,486 (-15.0%), from €49,760 to €42,274
- Tax, wage and social debts -€5,576
down €5,576 (-17.8%), from €31,282 to €25,706
of which Taxes: -€6,498
- Staff costs +€28,029
up €28,029 (+12.1%), from €232,027 to €260,056
- Taxes -€6,367
down €6,367 (-92.4%), from €6,893 to €527
- Financial charges -€4,599
down €4,599 (-25.8%), from €17,832 to €13,233
- Gross operating margin +€4,138
up €4,138 (+1.3%), from €310,061 to €314,199
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 | €404,743 | €367,745 | -€36,997 | -9.1% |
| Fixed assets | 21/28 | €280,972 | €304,711 | +€23,739 | +8.4% |
| Intangible fixed assets | 21 | €269,694 | €236,999 | -€32,695 | -12.1% |
| Tangible fixed assets | 22/27 | €10,879 | €67,312 | +€56,434 | +519% |
| Plant, machinery and equipment | 23 | €5,598 | €6,225 | +€627 | +11.2% |
| Furniture and vehicles | 24 | €5,281 | €61,087 | +€55,806 | +1,057% |
| Financial fixed assets | 28 | €400 | €400 | = | 0.0% |
| Current assets | 29/58 | €123,770 | €63,034 | -€60,736 | -49.1% |
| Stocks and contracts in progress | 3 | €6,709 | €9,003 | +€2,294 | +34.2% |
| Stocks | 30/36 | €6,709 | €9,003 | +€2,294 | +34.2% |
| Amounts receivable within one year | 40/41 | €11,939 | €18,877 | +€6,938 | +58.1% |
| Trade receivables | 40 | €7,168 | €7,932 | +€764 | +10.7% |
| Other amounts receivable | 41 | €4,770 | €10,945 | +€6,175 | +129% |
| Current investments | 50/53 | €55,000 | - | -€55,000 | |
| Cash at bank and in hand | 54/58 | €50,123 | €34,393 | -€15,730 | -31.4% |
| Deferred charges and accrued income | 490/1 | - | €761 | +€761 | |
| Total equity and liabilities | 10/49 | €404,743 | €367,745 | -€36,997 | -9.1% |
| Equity | 10/15 | €40,097 | €42,338 | +€2,241 | +5.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €34,097 | €34,097 | = | 0.0% |
| Distributable reserves | 133 | €34,097 | €34,097 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | €2,241 | +€2,241 | |
| Amounts payable | 17/49 | €364,646 | €325,407 | -€39,238 | -10.8% |
| Amounts payable after more than one year | 17 | €210,798 | €229,620 | +€18,822 | +8.9% |
| Financial debts | 170/4 | €210,798 | €229,620 | +€18,822 | +8.9% |
| Amounts payable within one year | 42/48 | €151,311 | €95,787 | -€55,524 | -36.7% |
| Current portion of amounts payable after more than one year | 42 | €29,212 | €25,295 | -€3,917 | -13.4% |
| Trade debts | 44 | €49,760 | €42,274 | -€7,486 | -15.0% |
| Suppliers | 440/4 | €49,760 | €42,274 | -€7,486 | -15.0% |
| Taxes, remuneration and social security | 45 | €31,282 | €25,706 | -€5,576 | -17.8% |
| Taxes | 450/3 | €13,850 | €7,352 | -€6,498 | -46.9% |
| Remuneration and social security | 454/9 | €17,432 | €18,354 | +€922 | +5.3% |
| Other amounts payable | 47/48 | €41,057 | €2,511 | -€38,546 | -93.9% |
| Accrued charges and deferred income | 492/3 | €2,536 | - | -€2,536 | |
| Remuneration, social security and pensions | 62 | €232,027 | €260,056 | +€28,029 | +12.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,229 | €37,354 | +€3,124 | +9.1% |
| Other operating charges | 640/8 | €2,399 | €1,295 | -€1,104 | -46.0% |
| Gross operating margin | 9900 | €310,061 | €314,199 | +€4,138 | +1.3% |
| Operating profit (loss) | 9901 | €41,406 | €15,494 | -€25,913 | -62.6% |
| Financial income | 75/76B | €616 | €507 | -€109 | -17.7% |
| Recurring financial income | 75 | €616 | €507 | -€109 | -17.7% |
| Financial charges | 65/66B | €17,832 | €13,233 | -€4,599 | -25.8% |
| Recurring financial charges | 65 | €17,832 | €13,233 | -€4,599 | -25.8% |
| Profit (loss) for the period before taxes | 9903 | €24,190 | €2,768 | -€21,422 | -88.6% |
| Income taxes | 67/77 | €6,893 | €527 | -€6,367 | -92.4% |
| Profit (loss) for the period | 9904 | €17,297 | €2,241 | -€15,056 | -87.0% |
| Profit (loss) for the period to be appropriated | 9905 | €17,297 | €2,241 | -€15,056 | -87.0% |
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 20 October 2026 via checked.be.