MGL: 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.
MGL
Largest movements
- Cash -€757,535
down €757,535 (-97.5%), from €776,721 to €19,186
mainly Receivables within one year (-€632,181) and Other debts (-€139,228)
- Receivables within one year +€632,181
up €632,181 (+528.0%), from €119,725 to €751,906
of which Trade receivables: +€472,943
- Stocks and contracts -€51,462
down €51,462 (-97.2%), from €52,962 to €1,500
- Other debts -€139,228
no longer reported in 2025 (was €139,228)
- Trade debts -€67,663
down €67,663 (-45.2%), from €149,804 to €82,141
- Profit (loss) carried forward +€14,275
up €14,275 (+5.6%), from €255,912 to €270,187
- Gross operating margin -€901,146
down €901,146 (-93.0%), from €969,483 to €68,337
- Taxes -€175,176
down €175,176 (-97.8%), from €179,196 to €4,021
- Other operating charges -€68,508
down €68,508 (-56.8%), from €120,692 to €52,184
- Financial charges -€14,891
down €14,891 (-90.3%), from €16,489 to €1,598
- Financial income +€13,947
up €13,947 (+3169779.5%), from €0 to €13,947
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 | €989,812 | €802,412 | -€187,400 | -18.9% |
| Fixed assets | 21/28 | €33,538 | €26,176 | -€7,362 | -22.0% |
| Tangible fixed assets | 22/27 | €24,683 | €17,321 | -€7,362 | -29.8% |
| Plant, machinery and equipment | 23 | €22,143 | €13,914 | -€8,229 | -37.2% |
| Furniture and vehicles | 24 | €875 | €2,325 | +€1,450 | +165.8% |
| Leasing and similar rights | 25 | €1,665 | €1,082 | -€583 | -35.0% |
| Financial fixed assets | 28 | €8,855 | €8,855 | = | 0.0% |
| Current assets | 29/58 | €956,275 | €776,236 | -€180,038 | -18.8% |
| Stocks and contracts in progress | 3 | €52,962 | €1,500 | -€51,462 | -97.2% |
| Stocks | 30/36 | €52,962 | €1,500 | -€51,462 | -97.2% |
| Amounts receivable within one year | 40/41 | €119,725 | €751,906 | +€632,181 | +528.0% |
| Trade receivables | 40 | €90,921 | €563,865 | +€472,943 | +520.2% |
| Other amounts receivable | 41 | €28,804 | €188,042 | +€159,238 | +552.8% |
| Cash at bank and in hand | 54/58 | €776,721 | €19,186 | -€757,535 | -97.5% |
| Deferred charges and accrued income | 490/1 | €6,866 | €3,643 | -€3,222 | -46.9% |
| Total equity and liabilities | 10/49 | €989,812 | €802,412 | -€187,400 | -18.9% |
| Equity | 10/15 | €692,364 | €706,639 | +€14,275 | +2.1% |
| Reserves | 13 | €436,452 | €436,452 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €315,992 | €315,992 | = | 0.0% |
| Distributable reserves | 133 | €118,600 | €118,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €255,912 | €270,187 | +€14,275 | +5.6% |
| Amounts payable | 17/49 | €297,448 | €95,773 | -€201,675 | -67.8% |
| Amounts payable within one year | 42/48 | €297,448 | €95,773 | -€201,675 | -67.8% |
| Trade debts | 44 | €149,804 | €82,141 | -€67,663 | -45.2% |
| Suppliers | 440/4 | €149,804 | €82,141 | -€67,663 | -45.2% |
| Taxes, remuneration and social security | 45 | €8,416 | €13,633 | +€5,216 | +62.0% |
| Taxes | 450/3 | €8,416 | €13,633 | +€5,216 | +62.0% |
| Other amounts payable | 47/48 | €139,228 | - | -€139,228 | |
| Non-recurring operating income | 76A | €4,617 | - | -€4,617 | |
| Remuneration, social security and pensions | 62 | - | -€287 | -€287 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,799 | €10,493 | +€695 | +7.1% |
| Other operating charges | 640/8 | €120,692 | €52,184 | -€68,508 | -56.8% |
| Non-recurring operating charges | 66A | €27,136 | - | -€27,136 | |
| Gross operating margin | 9900 | €969,483 | €68,337 | -€901,146 | -93.0% |
| Operating profit (loss) | 9901 | €811,856 | €5,946 | -€805,910 | -99.3% |
| Financial income | 75/76B | €0 | €13,947 | +€13,947 | +3169779.5% |
| Recurring financial income | 75 | €0 | €13,947 | +€13,947 | +3169779.5% |
| Financial charges | 65/66B | €16,489 | €1,598 | -€14,891 | -90.3% |
| Recurring financial charges | 65 | €16,489 | €1,598 | -€14,891 | -90.3% |
| Profit (loss) for the period before taxes | 9903 | €795,367 | €18,295 | -€777,072 | -97.7% |
| Income taxes | 67/77 | €179,196 | €4,021 | -€175,176 | -97.8% |
| Profit (loss) for the period | 9904 | €616,171 | €14,275 | -€601,896 | -97.7% |
| Transfer to tax-exempt reserves | 689 | €307,330 | - | -€307,330 | |
| Profit (loss) for the period to be appropriated | 9905 | €308,841 | €14,275 | -€294,566 | -95.4% |
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 29 September 2026 via checked.be.