MGN: 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.
MGN
Largest movements
- Cash +€117,240
up €117,240 (+48.1%), from €243,947 to €361,187
mainly Net result for the year (+€89,772) and Receivables within one year (+€27,004)
- Receivables within one year -€27,004
down €27,004 (-36.0%), from €75,029 to €48,025
of which Trade receivables: -€29,853
- Tangible fixed assets -€10,011
down €10,011 (-8.5%), from €117,549 to €107,538
of which Furniture and vehicles: -€8,734
- Reserves +€85,000
up €85,000 (+31.0%), from €274,090 to €359,090
of which Distributable reserves: +€85,000
- Trade debts +€21,270
up €21,270 (+713.2%), from €2,982 to €24,252
- Other debts -€20,076
down €20,076 (-90.9%), from €22,082 to €2,006
- Debts after one year -€12,472
down €12,472 (-11.1%), from €112,472 to €100,000
- Gross operating margin +€57,526
up €57,526 (+39.9%), from €144,136 to €201,662
- Taxes +€25,436
up €25,436 (+214.1%), from €11,882 to €37,318
- Staff costs -€16,629
down €16,629 (-25.9%), from €64,155 to €47,525
- Financial charges -€15,325
down €15,325 (-68.0%), from €22,525 to €7,200
- Depreciation +€3,531
up €3,531 (+24.9%), from €14,158 to €17,689
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 | €436,525 | €517,904 | +€81,380 | +18.6% |
| Fixed assets | 21/28 | €117,549 | €107,538 | -€10,011 | -8.5% |
| Tangible fixed assets | 22/27 | €117,549 | €107,538 | -€10,011 | -8.5% |
| Land and buildings | 22 | €101,520 | €96,604 | -€4,916 | -4.8% |
| Plant, machinery and equipment | 23 | €5,281 | €3,336 | -€1,945 | -36.8% |
| Furniture and vehicles | 24 | €10,747 | €2,014 | -€8,734 | -81.3% |
| Other tangible fixed assets | 26 | - | €5,584 | +€5,584 | |
| Current assets | 29/58 | €318,976 | €410,367 | +€91,391 | +28.7% |
| Amounts receivable within one year | 40/41 | €75,029 | €48,025 | -€27,004 | -36.0% |
| Trade receivables | 40 | €56,467 | €26,614 | -€29,853 | -52.9% |
| Other amounts receivable | 41 | €18,562 | €21,410 | +€2,848 | +15.3% |
| Cash at bank and in hand | 54/58 | €243,947 | €361,187 | +€117,240 | +48.1% |
| Deferred charges and accrued income | 490/1 | - | €1,155 | +€1,155 | |
| Total equity and liabilities | 10/49 | €436,525 | €517,904 | +€81,380 | +18.6% |
| Equity | 10/15 | €282,472 | €372,244 | +€89,772 | +31.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €274,090 | €359,090 | +€85,000 | +31.0% |
| Non-distributable reserves | 130/1 | €500 | €500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €500 | €500 | = | 0.0% |
| Distributable reserves | 133 | €273,590 | €358,590 | +€85,000 | +31.1% |
| Profit (loss) carried forward | 14 | €3,382 | €8,154 | +€4,772 | +141.1% |
| Amounts payable | 17/49 | €154,053 | €145,661 | -€8,392 | -5.4% |
| Amounts payable after more than one year | 17 | €112,472 | €100,000 | -€12,472 | -11.1% |
| Other amounts payable | 178/9 | €112,472 | €100,000 | -€12,472 | -11.1% |
| Amounts payable within one year | 42/48 | €40,090 | €45,105 | +€5,015 | +12.5% |
| Trade debts | 44 | €2,982 | €24,252 | +€21,270 | +713.2% |
| Suppliers | 440/4 | €2,982 | €24,252 | +€21,270 | +713.2% |
| Taxes, remuneration and social security | 45 | €15,026 | €18,847 | +€3,821 | +25.4% |
| Taxes | 450/3 | €7,037 | €11,813 | +€4,776 | +67.9% |
| Remuneration and social security | 454/9 | €7,989 | €7,033 | -€955 | -12.0% |
| Other amounts payable | 47/48 | €22,082 | €2,006 | -€20,076 | -90.9% |
| Accrued charges and deferred income | 492/3 | €1,491 | €556 | -€935 | -62.7% |
| Remuneration, social security and pensions | 62 | €64,155 | €47,525 | -€16,629 | -25.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,158 | €17,689 | +€3,531 | +24.9% |
| Other operating charges | 640/8 | €3,037 | €2,175 | -€862 | -28.4% |
| Gross operating margin | 9900 | €144,136 | €201,662 | +€57,526 | +39.9% |
| Operating profit (loss) | 9901 | €62,787 | €134,273 | +€71,487 | +113.9% |
| Financial income | 75/76B | €2 | €17 | +€14 | +590.9% |
| Recurring financial income | 75 | €2 | €17 | +€14 | +590.9% |
| Financial charges | 65/66B | €22,525 | €7,200 | -€15,325 | -68.0% |
| Recurring financial charges | 65 | €22,525 | €7,200 | -€15,325 | -68.0% |
| Profit (loss) for the period before taxes | 9903 | €40,264 | €127,090 | +€86,826 | +215.6% |
| Income taxes | 67/77 | €11,882 | €37,318 | +€25,436 | +214.1% |
| Profit (loss) for the period | 9904 | €28,382 | €89,772 | +€61,390 | +216.3% |
| Profit (loss) for the period to be appropriated | 9905 | €28,382 | €89,772 | +€61,390 | +216.3% |
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.