MGPM: 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.
MGPM
Largest movements
- Receivables within one year +€82,868
up €82,868 (+81.7%), from €101,451 to €184,319
of which Trade receivables: +€83,266
- Cash +€44,085
up €44,085 (+46.7%), from €94,341 to €138,425
mainly Net result for the year (+€134,928) and Trade debts (+€40,190)
- Profit (loss) carried forward +€134,928
up €134,928 (+43.6%), from €309,609 to €444,537
- Debts after one year -€90,000
down €90,000 (-3.9%), from €2.3m to €2.2m
- Trade debts +€40,190
up €40,190 (+1,655%), from €2,428 to €42,617
- Gross operating margin +€45,821
up €45,821 (+28.3%), from €161,641 to €207,462
- Financial income +€27,067
up €27,067 (+112,731%), from €24 to €27,091
of which Non-recurring financial income: +€26,650
- Staff costs +€15,158
up €15,158 (+38.3%), from €39,622 to €54,780
- Taxes +€7,669
up €7,669 (+25.7%), from €29,895 to €37,565
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 | €2,746,960 | €2,864,274 | +€117,314 | +4.3% |
| Fixed assets | 21/28 | €2,545,405 | €2,540,211 | -€5,194 | -0.2% |
| Intangible fixed assets | 21 | €14,310 | €9,620 | -€4,690 | -32.8% |
| Tangible fixed assets | 22/27 | €860 | €356 | -€504 | -58.6% |
| Furniture and vehicles | 24 | €860 | €356 | -€504 | -58.6% |
| Financial fixed assets | 28 | €2,530,235 | €2,530,235 | = | 0.0% |
| Current assets | 29/58 | €201,555 | €324,063 | +€122,508 | +60.8% |
| Amounts receivable within one year | 40/41 | €101,451 | €184,319 | +€82,868 | +81.7% |
| Trade receivables | 40 | €61,645 | €144,911 | +€83,266 | +135% |
| Other amounts receivable | 41 | €39,807 | €39,409 | -€398 | -1.0% |
| Cash at bank and in hand | 54/58 | €94,341 | €138,425 | +€44,085 | +46.7% |
| Deferred charges and accrued income | 490/1 | €5,763 | €1,319 | -€4,445 | -77.1% |
| Total equity and liabilities | 10/49 | €2,746,960 | €2,864,274 | +€117,314 | +4.3% |
| Equity | 10/15 | €406,956 | €541,884 | +€134,928 | +33.2% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €94,347 | €94,347 | = | 0.0% |
| Distributable reserves | 133 | €94,347 | €94,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | €309,609 | €444,537 | +€134,928 | +43.6% |
| Amounts payable | 17/49 | €2,340,004 | €2,322,389 | -€17,614 | -0.8% |
| Amounts payable after more than one year | 17 | €2,320,000 | €2,230,000 | -€90,000 | -3.9% |
| Financial debts | 170/4 | €2,320,000 | €2,230,000 | -€90,000 | -3.9% |
| Amounts payable within one year | 42/48 | €20,004 | €92,389 | +€72,386 | +362% |
| Trade debts | 44 | €2,428 | €42,617 | +€40,190 | +1,655% |
| Suppliers | 440/4 | €2,428 | €42,617 | +€40,190 | +1,655% |
| Advances received on contracts in progress | 46 | €4,525 | €20,005 | +€15,480 | +342% |
| Taxes, remuneration and social security | 45 | €11,661 | €28,095 | +€16,434 | +141% |
| Taxes | 450/3 | €11,661 | €25,324 | +€13,663 | +117% |
| Remuneration and social security | 454/9 | - | €2,771 | +€2,771 | |
| Other amounts payable | 47/48 | €1,389 | €1,672 | +€282 | +20.3% |
| Remuneration, social security and pensions | 62 | €39,622 | €54,780 | +€15,158 | +38.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €5,194 | €5,194 | = | 0.0% |
| Other operating charges | 640/8 | €199 | €1,418 | +€1,219 | +613% |
| Gross operating margin | 9900 | €161,641 | €207,462 | +€45,821 | +28.3% |
| Operating profit (loss) | 9901 | €116,626 | €146,070 | +€29,443 | +25.2% |
| Financial income | 75/76B | €24 | €27,091 | +€27,067 | +112,731% |
| Recurring financial income | 75 | €24 | €441 | +€417 | +1,735% |
| Non-recurring financial income | 76B | - | €26,650 | +€26,650 | |
| Financial charges | 65/66B | €815 | €667 | -€148 | -18.1% |
| Recurring financial charges | 65 | €815 | €667 | -€148 | -18.1% |
| Profit (loss) for the period before taxes | 9903 | €115,835 | €172,493 | +€56,658 | +48.9% |
| Income taxes | 67/77 | €29,895 | €37,565 | +€7,669 | +25.7% |
| Profit (loss) for the period | 9904 | €85,940 | €134,928 | +€48,989 | +57.0% |
| Profit (loss) for the period to be appropriated | 9905 | €85,940 | €134,928 | +€48,989 | +57.0% |
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 28 October 2026 via checked.be.