MGE: 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.
MGE
Largest movements
- Receivables within one year +€58,488
up €58,488 (+51.4%), from €113,869 to €172,356
of which Trade receivables: +€44,636
- Cash +€27,869
up €27,869 (+88.4%), from €31,517 to €59,387
mainly Trade debts (+€88,300) and Net result for the year (+€8,254)
- Tangible fixed assets +€12,800
up €12,800 (+123.2%), from €10,389 to €23,189
of which Assets under construction and advance payments: +€14,873
- Trade debts +€88,300
up €88,300 (+154.8%), from €57,047 to €145,346
- Profit (loss) carried forward +€7,421
up €7,421 (+26.8%), from €27,732 to €35,153
- Tax, wage and social debts +€4,073
up €4,073 (+18.8%), from €21,632 to €25,705
of which Taxes: +€4,123
- Debts after one year +€2,635
up €2,635 (+41.5%), from €6,353 to €8,988
- Gross operating margin +€10,879
up €10,879 (+60.4%), from €18,022 to €28,901
- Taxes +€3,864
up €3,864 (+50.2%), from €7,701 to €11,565
- Financial charges +€2,493
up €2,493 (+518.2%), from €481 to €2,974
- Other operating charges +€2,219
up €2,219 (+247.9%), from €895 to €3,114
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 | €157,837 | €259,014 | +€101,177 | +64.1% |
| Fixed assets | 21/28 | €10,689 | €23,489 | +€12,800 | +119.7% |
| Tangible fixed assets | 22/27 | €10,389 | €23,189 | +€12,800 | +123.2% |
| Plant, machinery and equipment | 23 | - | €1,093 | +€1,093 | |
| Furniture and vehicles | 24 | €10,389 | €7,223 | -€3,166 | -30.5% |
| Assets under construction and advance payments | 27 | - | €14,873 | +€14,873 | |
| Financial fixed assets | 28 | €300 | €300 | = | 0.0% |
| Current assets | 29/58 | €147,148 | €235,525 | +€88,377 | +60.1% |
| Amounts receivable within one year | 40/41 | €113,869 | €172,356 | +€58,488 | +51.4% |
| Trade receivables | 40 | €112,731 | €157,368 | +€44,636 | +39.6% |
| Other amounts receivable | 41 | €1,137 | €14,989 | +€13,852 | +1217.9% |
| Cash at bank and in hand | 54/58 | €31,517 | €59,387 | +€27,869 | +88.4% |
| Deferred charges and accrued income | 490/1 | €1,763 | €3,782 | +€2,019 | +114.6% |
| Total equity and liabilities | 10/49 | €157,837 | €259,014 | +€101,177 | +64.1% |
| Equity | 10/15 | €46,345 | €53,766 | +€7,421 | +16.0% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €21 | €21 | = | 0.0% |
| Distributable reserves | 133 | €21 | €21 | = | 0.0% |
| Profit (loss) carried forward | 14 | €27,732 | €35,153 | +€7,421 | +26.8% |
| Amounts payable | 17/49 | €111,492 | €205,248 | +€93,756 | +84.1% |
| Amounts payable after more than one year | 17 | €6,353 | €8,988 | +€2,635 | +41.5% |
| Other amounts payable | 178/9 | €6,353 | €8,988 | +€2,635 | +41.5% |
| Amounts payable within one year | 42/48 | €105,139 | €196,260 | +€91,121 | +86.7% |
| Trade debts | 44 | €57,047 | €145,346 | +€88,300 | +154.8% |
| Suppliers | 440/4 | €57,047 | €145,346 | +€88,300 | +154.8% |
| Taxes, remuneration and social security | 45 | €21,632 | €25,705 | +€4,073 | +18.8% |
| Taxes | 450/3 | €20,032 | €24,155 | +€4,123 | +20.6% |
| Remuneration and social security | 454/9 | €1,600 | €1,550 | -€50 | -3.1% |
| Other amounts payable | 47/48 | €26,460 | €25,208 | -€1,252 | -4.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,977 | €3,228 | +€251 | +8.4% |
| Other operating charges | 640/8 | €895 | €3,114 | +€2,219 | +247.9% |
| Gross operating margin | 9900 | €18,022 | €28,901 | +€10,879 | +60.4% |
| Operating profit (loss) | 9901 | €14,150 | €22,560 | +€8,409 | +59.4% |
| Financial income | 75/76B | €383 | €233 | -€150 | -39.2% |
| Recurring financial income | 75 | €383 | €233 | -€150 | -39.2% |
| Financial charges | 65/66B | €481 | €2,974 | +€2,493 | +518.2% |
| Recurring financial charges | 65 | €481 | €2,974 | +€2,493 | +518.2% |
| Profit (loss) for the period before taxes | 9903 | €14,052 | €19,819 | +€5,767 | +41.0% |
| Income taxes | 67/77 | €7,701 | €11,565 | +€3,864 | +50.2% |
| Profit (loss) for the period | 9904 | €6,350 | €8,254 | +€1,903 | +30.0% |
| Profit (loss) for the period to be appropriated | 9905 | €6,350 | €8,254 | +€1,903 | +30.0% |
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 4 October 2026 via checked.be.