MGMTC: 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.
MGMTC
Largest movements
- Cash +€45,986
up €45,986 (+49.2%), from €93,466 to €139,452
mainly Net result for the year (+€68,405) and Depreciation (+€14,542)
- Tangible fixed assets -€3,552
down €3,552 (-7.3%), from €48,596 to €45,044
of which Furniture and vehicles: -€5,002
- Current investments +€3,000
new in 2025: €3,000
- Reserves +€67,572
up €67,572 (+73.8%), from €91,617 to €159,189
- Debts after one year -€13,211
down €13,211 (-53.5%), from €24,708 to €11,497
- Tax, wage and social debts -€5,721
down €5,721 (-41.4%), from €13,830 to €8,110
- Other debts -€3,067
down €3,067 (-28.0%), from €10,952 to €7,885
- Gross operating margin -€13,287
down €13,287 (-11.2%), from €119,113 to €105,825
- Taxes -€1,364
down €1,364 (-6.3%), from €21,654 to €20,290
- Depreciation +€1,347
up €1,347 (+10.2%), from €13,196 to €14,542
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 | €159,932 | €205,682 | +€45,750 | +28.6% |
| Fixed assets | 21/28 | €48,596 | €45,044 | -€3,552 | -7.3% |
| Tangible fixed assets | 22/27 | €48,596 | €45,044 | -€3,552 | -7.3% |
| Plant, machinery and equipment | 23 | €2,637 | €2,587 | -€50 | -1.9% |
| Furniture and vehicles | 24 | €45,959 | €40,957 | -€5,002 | -10.9% |
| Other tangible fixed assets | 26 | - | €1,500 | +€1,500 | |
| Current assets | 29/58 | €111,336 | €160,638 | +€49,303 | +44.3% |
| Amounts receivable within one year | 40/41 | €16,970 | €17,485 | +€514 | +3.0% |
| Trade receivables | 40 | €16,970 | €17,485 | +€514 | +3.0% |
| Current investments | 50/53 | - | €3,000 | +€3,000 | |
| Cash at bank and in hand | 54/58 | €93,466 | €139,452 | +€45,986 | +49.2% |
| Deferred charges and accrued income | 490/1 | €899 | €702 | -€198 | -22.0% |
| Total equity and liabilities | 10/49 | €159,932 | €205,682 | +€45,750 | +28.6% |
| Equity | 10/15 | €94,617 | €162,189 | +€67,572 | +71.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €91,617 | €159,189 | +€67,572 | +73.8% |
| Distributable reserves | 133 | €91,617 | €159,189 | +€67,572 | +73.8% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €65,315 | €43,493 | -€21,822 | -33.4% |
| Amounts payable after more than one year | 17 | €24,708 | €11,497 | -€13,211 | -53.5% |
| Financial debts | 170/4 | €24,708 | €11,497 | -€13,211 | -53.5% |
| Amounts payable within one year | 42/48 | €39,618 | €31,394 | -€8,224 | -20.8% |
| Current portion of amounts payable after more than one year | 42 | €12,599 | €13,211 | +€612 | +4.9% |
| Trade debts | 44 | €2,236 | €2,188 | -€48 | -2.1% |
| Suppliers | 440/4 | €2,236 | €2,188 | -€48 | -2.1% |
| Taxes, remuneration and social security | 45 | €13,830 | €8,110 | -€5,721 | -41.4% |
| Taxes | 450/3 | €13,830 | €8,110 | -€5,721 | -41.4% |
| Other amounts payable | 47/48 | €10,952 | €7,885 | -€3,067 | -28.0% |
| Accrued charges and deferred income | 492/3 | €989 | €602 | -€387 | -39.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €13,196 | €14,542 | +€1,347 | +10.2% |
| Other operating charges | 640/8 | €1,796 | €1,409 | -€387 | -21.5% |
| Non-recurring operating charges | 66A | €1,157 | €0 | -€1,157 | -100% |
| Gross operating margin | 9900 | €119,113 | €105,825 | -€13,287 | -11.2% |
| Operating profit (loss) | 9901 | €102,964 | €89,874 | -€13,090 | -12.7% |
| Financial income | 75/76B | €238 | €1,232 | +€994 | +418% |
| Recurring financial income | 75 | €238 | €1,232 | +€994 | +418% |
| Financial charges | 65/66B | €3,102 | €2,411 | -€691 | -22.3% |
| Recurring financial charges | 65 | €3,102 | €2,411 | -€691 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €100,099 | €88,695 | -€11,404 | -11.4% |
| Income taxes | 67/77 | €21,654 | €20,290 | -€1,364 | -6.3% |
| Profit (loss) for the period | 9904 | €78,445 | €68,405 | -€10,040 | -12.8% |
| Profit (loss) for the period to be appropriated | 9905 | €78,445 | €68,405 | -€10,040 | -12.8% |
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 16 October 2026 via checked.be.