MGM&V: 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.
MGM&V
Largest movements
- Tangible fixed assets +€82,543
up €82,543 (+23.4%), from €353,482 to €436,025
of which Land and buildings: +€88,543
- Receivables within one year -€39,000
down €39,000 (-91.8%), from €42,500 to €3,500
- Cash -€5,279
down €5,279 (-82.3%), from €6,415 to €1,136
mainly Investment in fixed assets (net) (-€155,887) and Contributions, distributions and other (-€35,000)
- Other debts +€59,095
up €59,095 (+1235.1%), from €4,785 to €63,879
- Reserves +€27,321
up €27,321 (+70.9%), from €38,521 to €65,842
- Trade debts -€26,734
down €26,734 (-97.0%), from €27,570 to €836
- Debts after one year -€23,938
down €23,938 (-8.3%), from €288,416 to €264,478
- Gross operating margin +€129,535
up €129,535 (+436.4%), from €29,681 to €159,216
- Depreciation +€54,526
up €54,526 (+289.8%), from €18,818 to €73,344
- Taxes +€12,193
up €12,193 (+4920.7%), from €248 to €12,441
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 | €402,854 | €441,118 | +€38,264 | +9.5% |
| Fixed assets | 21/28 | €353,482 | €436,025 | +€82,543 | +23.4% |
| Tangible fixed assets | 22/27 | €353,482 | €436,025 | +€82,543 | +23.4% |
| Land and buildings | 22 | €336,313 | €424,856 | +€88,543 | +26.3% |
| Furniture and vehicles | 24 | €17,169 | €11,169 | -€6,000 | -34.9% |
| Current assets | 29/58 | €49,372 | €5,093 | -€44,279 | -89.7% |
| Amounts receivable within one year | 40/41 | €42,500 | €3,500 | -€39,000 | -91.8% |
| Trade receivables | 40 | €42,500 | €3,500 | -€39,000 | -91.8% |
| Cash at bank and in hand | 54/58 | €6,415 | €1,136 | -€5,279 | -82.3% |
| Deferred charges and accrued income | 490/1 | €457 | €457 | = | 0.0% |
| Total equity and liabilities | 10/49 | €402,854 | €441,118 | +€38,264 | +9.5% |
| Equity | 10/15 | €40,021 | €67,342 | +€27,321 | +68.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Reserves | 13 | €38,521 | €65,842 | +€27,321 | +70.9% |
| Distributable reserves | 133 | €38,521 | €65,842 | +€27,321 | +70.9% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €362,833 | €373,776 | +€10,943 | +3.0% |
| Amounts payable after more than one year | 17 | €288,416 | €264,478 | -€23,938 | -8.3% |
| Financial debts | 170/4 | €288,416 | €264,478 | -€23,938 | -8.3% |
| Amounts payable within one year | 42/48 | €74,417 | €109,298 | +€34,881 | +46.9% |
| Current portion of amounts payable after more than one year | 42 | €25,454 | €25,914 | +€459 | +1.8% |
| Trade debts | 44 | €27,570 | €836 | -€26,734 | -97.0% |
| Suppliers | 440/4 | €27,570 | €836 | -€26,734 | -97.0% |
| Taxes, remuneration and social security | 45 | €16,607 | €18,668 | +€2,061 | +12.4% |
| Taxes | 450/3 | €16,607 | €18,668 | +€2,061 | +12.4% |
| Other amounts payable | 47/48 | €4,785 | €63,879 | +€59,095 | +1235.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,818 | €73,344 | +€54,526 | +289.8% |
| Other operating charges | 640/8 | €3,214 | €3,947 | +€733 | +22.8% |
| Gross operating margin | 9900 | €29,681 | €159,216 | +€129,535 | +436.4% |
| Operating profit (loss) | 9901 | €7,649 | €81,925 | +€74,276 | +971.1% |
| Financial charges | 65/66B | €6,410 | €7,163 | +€754 | +11.8% |
| Recurring financial charges | 65 | €6,410 | €7,163 | +€754 | +11.8% |
| Profit (loss) for the period before taxes | 9903 | €1,239 | €74,762 | +€73,523 | +5934.3% |
| Income taxes | 67/77 | €248 | €12,441 | +€12,193 | +4920.7% |
| Profit (loss) for the period | 9904 | €991 | €62,321 | +€61,330 | +6187.7% |
| Profit (loss) for the period to be appropriated | 9905 | €991 | €62,321 | +€61,330 | +6187.7% |
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 9 October 2026 via checked.be.