MGSC MANAGEMENT: 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.
MGSC MANAGEMENT
Largest movements
- Receivables within one year +€11,064
up €11,064 (+153%), from €7,212 to €18,277
of which Other amounts receivable: +€8,448
- Cash -€4,820
down €4,820 (-13.0%), from €37,153 to €32,333
mainly Receivables within one year (-€11,064) and Investment in fixed assets (net) (-€10,000)
- Tangible fixed assets +€1,370
up €1,370 (+4.3%), from €32,195 to €33,565
- Other debts -€9,457
no longer reported in 2025 (was €9,457)
- Reserves +€7,370
up €7,370 (+91.9%), from €8,020 to €15,390
- Tax, wage and social debts +€4,754
up €4,754 (+34.8%), from €13,663 to €18,418
- Current portion of long-term debt +€3,527
up €3,527 (+73.0%), from €4,830 to €8,356
- Trade debts +€968
up €968 (+47.9%), from €2,024 to €2,992
- Gross operating margin +€14,535
up €14,535 (+118%), from €12,279 to €26,813
- Depreciation +€4,797
up €4,797 (+125%), from €3,833 to €8,630
- Taxes +€4,485
up €4,485 (+123%), from €3,642 to €8,126
- Other operating charges -€1,117
down €1,117 (-51.2%), from €2,183 to €1,066
- Financial income -€1,002
down €1,002 (-83.2%), from €1,205 to €203
of which Non-recurring financial income: -€865
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 | €78,288 | €85,139 | +€6,851 | +8.8% |
| Fixed assets | 21/28 | €32,345 | €33,715 | +€1,370 | +4.2% |
| Tangible fixed assets | 22/27 | €32,195 | €33,565 | +€1,370 | +4.3% |
| Furniture and vehicles | 24 | €32,195 | €33,565 | +€1,370 | +4.3% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €45,943 | €51,424 | +€5,481 | +11.9% |
| Amounts receivable within one year | 40/41 | €7,212 | €18,277 | +€11,064 | +153% |
| Trade receivables | 40 | €7,212 | €9,829 | +€2,617 | +36.3% |
| Other amounts receivable | 41 | - | €8,448 | +€8,448 | |
| Cash at bank and in hand | 54/58 | €37,153 | €32,333 | -€4,820 | -13.0% |
| Deferred charges and accrued income | 490/1 | €1,578 | €815 | -€764 | -48.4% |
| Total equity and liabilities | 10/49 | €78,288 | €85,139 | +€6,851 | +8.8% |
| Equity | 10/15 | €26,707 | €34,083 | +€7,376 | +27.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €8,020 | €15,390 | +€7,370 | +91.9% |
| Distributable reserves | 133 | €8,020 | €15,390 | +€7,370 | +91.9% |
| Profit (loss) carried forward | 14 | €87 | €93 | +€6 | +7.2% |
| Amounts payable | 17/49 | €51,582 | €51,056 | -€525 | -1.0% |
| Amounts payable after more than one year | 17 | €20,182 | €20,510 | +€328 | +1.6% |
| Financial debts | 170/4 | €20,182 | €20,510 | +€328 | +1.6% |
| Amounts payable within one year | 42/48 | €29,973 | €29,766 | -€207 | -0.7% |
| Current portion of amounts payable after more than one year | 42 | €4,830 | €8,356 | +€3,527 | +73.0% |
| Trade debts | 44 | €2,024 | €2,992 | +€968 | +47.9% |
| Suppliers | 440/4 | €2,024 | €2,992 | +€968 | +47.9% |
| Taxes, remuneration and social security | 45 | €13,663 | €18,418 | +€4,754 | +34.8% |
| Taxes | 450/3 | €13,663 | €18,418 | +€4,754 | +34.8% |
| Other amounts payable | 47/48 | €9,457 | - | -€9,457 | |
| Accrued charges and deferred income | 492/3 | €1,426 | €780 | -€646 | -45.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,833 | €8,630 | +€4,797 | +125% |
| Other operating charges | 640/8 | €2,183 | €1,066 | -€1,117 | -51.2% |
| Gross operating margin | 9900 | €12,279 | €26,813 | +€14,535 | +118% |
| Operating profit (loss) | 9901 | €6,263 | €17,118 | +€10,855 | +173% |
| Financial income | 75/76B | €1,205 | €203 | -€1,002 | -83.2% |
| Recurring financial income | 75 | €340 | €203 | -€137 | -40.3% |
| Non-recurring financial income | 76B | €865 | - | -€865 | |
| Financial charges | 65/66B | €849 | €1,819 | +€970 | +114% |
| Recurring financial charges | 65 | €849 | €1,819 | +€970 | +114% |
| Profit (loss) for the period before taxes | 9903 | €6,619 | €15,503 | +€8,883 | +134% |
| Income taxes | 67/77 | €3,642 | €8,126 | +€4,485 | +123% |
| Profit (loss) for the period | 9904 | €2,978 | €7,376 | +€4,398 | +148% |
| Profit (loss) for the period to be appropriated | 9905 | €2,978 | €7,376 | +€4,398 | +148% |
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 18 October 2026 via checked.be.