MGElec: 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.
MGElec
Largest movements
- Tangible fixed assets +€174,567
up €174,567 (+83.3%), from €209,611 to €384,178
of which Land and buildings: +€183,640
- Cash +€73,160
up €73,160 (+31.3%), from €233,804 to €306,964
mainly Debts after one year (+€190,849) and Net result for the year (+€118,597)
- Receivables within one year -€55,160
down €55,160 (-27.9%), from €197,746 to €142,585
of which Trade receivables: -€90,550
- Stocks and contracts +€48,161
up €48,161 (+228%), from €21,135 to €69,296
- Debts after one year +€190,849
up €190,849 (+146%), from €131,054 to €321,904
- Other debts +€84,373
up €84,373 (+563%), from €14,978 to €99,350
- Trade debts -€62,868
down €62,868 (-27.0%), from €233,047 to €170,180
- Reserves +€60,000
up €60,000 (+31.9%), from €188,000 to €248,000
- Profit (loss) carried forward -€41,403
down €41,403 (-99.9%), from €41,430 to €27
- Staff costs +€29,585
up €29,585 (+43.8%), from €67,494 to €97,079
- Depreciation +€25,955
up €25,955 (+69.3%), from €37,463 to €63,418
- Gross operating margin +€14,108
up €14,108 (+4.4%), from €317,041 to €331,149
- Taxes -€13,732
down €13,732 (-24.7%), from €55,535 to €41,803
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 | €670,472 | €911,593 | +€241,121 | +36.0% |
| Fixed assets | 21/28 | €217,788 | €388,354 | +€170,567 | +78.3% |
| Intangible fixed assets | 21 | €8,000 | €4,000 | -€4,000 | -50.0% |
| Tangible fixed assets | 22/27 | €209,611 | €384,178 | +€174,567 | +83.3% |
| Land and buildings | 22 | €167,131 | €350,771 | +€183,640 | +110% |
| Plant, machinery and equipment | 23 | €13,042 | €12,468 | -€574 | -4.4% |
| Furniture and vehicles | 24 | €29,439 | €20,939 | -€8,499 | -28.9% |
| Financial fixed assets | 28 | €177 | €177 | = | 0.0% |
| Current assets | 29/58 | €452,684 | €523,239 | +€70,555 | +15.6% |
| Stocks and contracts in progress | 3 | €21,135 | €69,296 | +€48,161 | +228% |
| Stocks | 30/36 | €21,135 | €69,296 | +€48,161 | +228% |
| Amounts receivable within one year | 40/41 | €197,746 | €142,585 | -€55,160 | -27.9% |
| Trade receivables | 40 | €160,663 | €70,112 | -€90,550 | -56.4% |
| Other amounts receivable | 41 | €37,083 | €72,473 | +€35,390 | +95.4% |
| Cash at bank and in hand | 54/58 | €233,804 | €306,964 | +€73,160 | +31.3% |
| Deferred charges and accrued income | 490/1 | - | €4,393 | +€4,393 | |
| Total equity and liabilities | 10/49 | €670,472 | €911,593 | +€241,121 | +36.0% |
| Equity | 10/15 | €241,430 | €260,027 | +€18,597 | +7.7% |
| Contributions | 10/11 | €12,000 | €12,000 | = | 0.0% |
| Reserves | 13 | €188,000 | €248,000 | +€60,000 | +31.9% |
| Distributable reserves | 133 | €188,000 | €248,000 | +€60,000 | +31.9% |
| Profit (loss) carried forward | 14 | €41,430 | €27 | -€41,403 | -99.9% |
| Amounts payable | 17/49 | €429,042 | €651,566 | +€222,524 | +51.9% |
| Amounts payable after more than one year | 17 | €131,054 | €321,904 | +€190,849 | +146% |
| Financial debts | 170/4 | €131,054 | €321,904 | +€190,849 | +146% |
| Amounts payable within one year | 42/48 | €296,848 | €327,870 | +€31,023 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €16,942 | €8,151 | -€8,792 | -51.9% |
| Trade debts | 44 | €233,047 | €170,180 | -€62,868 | -27.0% |
| Suppliers | 440/4 | €233,047 | €170,180 | -€62,868 | -27.0% |
| Taxes, remuneration and social security | 45 | €31,880 | €50,189 | +€18,309 | +57.4% |
| Taxes | 450/3 | €23,688 | €36,474 | +€12,786 | +54.0% |
| Remuneration and social security | 454/9 | €8,193 | €13,715 | +€5,523 | +67.4% |
| Other amounts payable | 47/48 | €14,978 | €99,350 | +€84,373 | +563% |
| Accrued charges and deferred income | 492/3 | €1,140 | €1,792 | +€652 | +57.2% |
| Remuneration, social security and pensions | 62 | €67,494 | €97,079 | +€29,585 | +43.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,463 | €63,418 | +€25,955 | +69.3% |
| Other operating charges | 640/8 | €960 | €1,150 | +€190 | +19.8% |
| Non-recurring operating charges | 66A | €4,937 | €220 | -€4,717 | -95.6% |
| Gross operating margin | 9900 | €317,041 | €331,149 | +€14,108 | +4.4% |
| Operating profit (loss) | 9901 | €206,188 | €169,282 | -€36,905 | -17.9% |
| Financial income | 75/76B | €41 | €44 | +€3 | +6.4% |
| Recurring financial income | 75 | €41 | €44 | +€3 | +6.4% |
| Financial charges | 65/66B | €9,845 | €8,925 | -€920 | -9.3% |
| Recurring financial charges | 65 | €9,845 | €8,925 | -€920 | -9.3% |
| Profit (loss) for the period before taxes | 9903 | €196,384 | €160,400 | -€35,983 | -18.3% |
| Income taxes | 67/77 | €55,535 | €41,803 | -€13,732 | -24.7% |
| Profit (loss) for the period | 9904 | €140,849 | €118,597 | -€22,252 | -15.8% |
| Profit (loss) for the period to be appropriated | 9905 | €140,849 | €118,597 | -€22,252 | -15.8% |
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 18 October 2026 via checked.be.