MGS CONSTRUCTION: 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.
MGS CONSTRUCTION
Largest movements
- Tangible fixed assets +€581,974
up €581,974 (+1,905%), from €30,551 to €612,526
of which Assets under construction and advance payments: +€589,929
- Receivables within one year +€290,871
up €290,871 (+131%), from €222,034 to €512,905
of which Other amounts receivable: +€209,998
- Cash -€272,510
down €272,510 (-99.9%), from €272,831 to €321
mainly Investment in fixed assets (net) (-€597,797) and Receivables within one year (-€290,871)
- Stocks and contracts +€177,403
up €177,403 (+1,165%), from €15,231 to €192,635
- Deferred charges and accrued income +€28,123
up €28,123 (+3,333%), from €844 to €28,967
- Trade debts +€444,842
up €444,842 (+493%), from €90,145 to €534,986
- Other debts +€149,748
up €149,748 (+59,514%), from €252 to €150,000
- Reserves +€134,356
up €134,356 (+42.2%), from €318,603 to €452,959
of which Tax-exempt reserves: +€99,418
- Provisions +€33,139
new in 2025: €33,139
- Short-term financial debts +€25,480
new in 2025: €25,480
- Gross operating margin +€165,804
up €165,804 (+35.2%), from €470,608 to €636,413
- Staff costs +€78,465
up €78,465 (+22.2%), from €353,980 to €432,445
- Taxes -€10,273
down €10,273 (-44.1%), from €23,282 to €13,009
- Financial income -€8,224
down €8,224 (-82.3%), from €9,993 to €1,769
- Depreciation -€7,748
down €7,748 (-32.9%), from €23,570 to €15,822
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 | €541,672 | €1,347,533 | +€805,862 | +149% |
| Fixed assets | 21/28 | €30,731 | €612,706 | +€581,974 | +1,894% |
| Tangible fixed assets | 22/27 | €30,551 | €612,526 | +€581,974 | +1,905% |
| Plant, machinery and equipment | 23 | €12,689 | €1,652 | -€11,037 | -87.0% |
| Furniture and vehicles | 24 | €17,863 | €20,945 | +€3,082 | +17.3% |
| Assets under construction and advance payments | 27 | - | €589,929 | +€589,929 | |
| Financial fixed assets | 28 | €180 | €180 | = | 0.0% |
| Current assets | 29/58 | €510,940 | €734,828 | +€223,888 | +43.8% |
| Stocks and contracts in progress | 3 | €15,231 | €192,635 | +€177,403 | +1,165% |
| Stocks | 30/36 | €15,231 | €192,635 | +€177,403 | +1,165% |
| Amounts receivable within one year | 40/41 | €222,034 | €512,905 | +€290,871 | +131% |
| Trade receivables | 40 | €183,671 | €264,543 | +€80,873 | +44.0% |
| Other amounts receivable | 41 | €38,364 | €248,362 | +€209,998 | +547% |
| Cash at bank and in hand | 54/58 | €272,831 | €321 | -€272,510 | -99.9% |
| Deferred charges and accrued income | 490/1 | €844 | €28,967 | +€28,123 | +3,333% |
| Total equity and liabilities | 10/49 | €541,672 | €1,347,533 | +€805,862 | +149% |
| Equity | 10/15 | €403,603 | €537,959 | +€134,356 | +33.3% |
| Contributions | 10/11 | €85,000 | €85,000 | = | 0.0% |
| Reserves | 13 | €318,603 | €452,959 | +€134,356 | +42.2% |
| Tax-exempt reserves | 132 | - | €99,418 | +€99,418 | |
| Distributable reserves | 133 | €318,603 | €353,541 | +€34,938 | +11.0% |
| Provisions and deferred taxes | 16 | - | €33,139 | +€33,139 | |
| Deferred taxes | 168 | - | €33,139 | +€33,139 | |
| Amounts payable | 17/49 | €138,068 | €776,435 | +€638,367 | +462% |
| Amounts payable after more than one year | 17 | €4,081 | - | -€4,081 | |
| Financial debts | 170/4 | €4,081 | - | -€4,081 | |
| Amounts payable within one year | 42/48 | €133,673 | €764,485 | +€630,812 | +472% |
| Current portion of amounts payable after more than one year | 42 | €16,239 | €4,081 | -€12,157 | -74.9% |
| Financial debts | 43 | - | €25,480 | +€25,480 | |
| Credit institutions | 430/8 | - | €25,480 | +€25,480 | |
| Trade debts | 44 | €90,145 | €534,986 | +€444,842 | +493% |
| Suppliers | 440/4 | €90,145 | €534,986 | +€444,842 | +493% |
| Taxes, remuneration and social security | 45 | €27,038 | €49,937 | +€22,899 | +84.7% |
| Taxes | 450/3 | €3,801 | €16,391 | +€12,589 | +331% |
| Remuneration and social security | 454/9 | €23,237 | €33,546 | +€10,310 | +44.4% |
| Other amounts payable | 47/48 | €252 | €150,000 | +€149,748 | +59,514% |
| Accrued charges and deferred income | 492/3 | €315 | €11,951 | +€11,636 | +3,700% |
| Remuneration, social security and pensions | 62 | €353,980 | €432,445 | +€78,465 | +22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,570 | €15,822 | -€7,748 | -32.9% |
| Other operating charges | 640/8 | €2,958 | €2,879 | -€80 | -2.7% |
| Gross operating margin | 9900 | €470,608 | €636,413 | +€165,804 | +35.2% |
| Operating profit (loss) | 9901 | €90,100 | €185,267 | +€95,167 | +106% |
| Financial income | 75/76B | €9,993 | €1,769 | -€8,224 | -82.3% |
| Recurring financial income | 75 | €9,993 | €1,769 | -€8,224 | -82.3% |
| Financial charges | 65/66B | €6,336 | €6,532 | +€196 | +3.1% |
| Recurring financial charges | 65 | €6,336 | €6,532 | +€196 | +3.1% |
| Profit (loss) for the period before taxes | 9903 | €93,757 | €180,504 | +€86,746 | +92.5% |
| Transfer to deferred taxes | 680 | - | €33,139 | +€33,139 | |
| Income taxes | 67/77 | €23,282 | €13,009 | -€10,273 | -44.1% |
| Profit (loss) for the period | 9904 | €70,476 | €134,356 | +€63,880 | +90.6% |
| Transfer to tax-exempt reserves | 689 | - | €99,418 | +€99,418 | |
| Profit (loss) for the period to be appropriated | 9905 | €70,476 | €34,938 | -€35,538 | -50.4% |
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 13 October 2026 via checked.be.