MGSL: 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.
MGSL
Largest movements
- Current investments +€300,109
up €300,109 (+69.5%), from €431,551 to €731,659
- Receivables within one year -€260,088
down €260,088 (-88.1%), from €295,156 to €35,069
of which Other amounts receivable: -€262,432
- Cash +€55,469
up €55,469 (+239.1%), from €23,196 to €78,665
mainly Receivables within one year (+€260,088) and Net result for the year (+€99,330)
- Reserves +€99,330
up €99,330 (+14.3%), from €695,551 to €794,881
- Gross operating margin -€297,597
down €297,597 (-69.4%), from €428,655 to €131,058
- Taxes -€89,748
down €89,748 (-68.5%), from €130,950 to €41,202
- Financial income +€14,504
up €14,504 (+625.9%), from €2,317 to €16,821
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 | €755,995 | €848,170 | +€92,176 | +12.2% |
| Fixed assets | 21/28 | €3,516 | €577 | -€2,939 | -83.6% |
| Tangible fixed assets | 22/27 | €3,454 | €515 | -€2,939 | -85.1% |
| Land and buildings | 22 | €0 | - | = | |
| Furniture and vehicles | 24 | €3,454 | €515 | -€2,939 | -85.1% |
| Financial fixed assets | 28 | €62 | €62 | = | 0.0% |
| Current assets | 29/58 | €752,479 | €847,593 | +€95,114 | +12.6% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €295,156 | €35,069 | -€260,088 | -88.1% |
| Trade receivables | 40 | €32,656 | €35,000 | +€2,344 | +7.2% |
| Other amounts receivable | 41 | €262,500 | €69 | -€262,432 | -100.0% |
| Current investments | 50/53 | €431,551 | €731,659 | +€300,109 | +69.5% |
| Cash at bank and in hand | 54/58 | €23,196 | €78,665 | +€55,469 | +239.1% |
| Deferred charges and accrued income | 490/1 | €2,576 | €2,201 | -€375 | -14.6% |
| Total equity and liabilities | 10/49 | €755,995 | €848,170 | +€92,176 | +12.2% |
| Equity | 10/15 | €720,351 | €819,681 | +€99,330 | +13.8% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €695,551 | €794,881 | +€99,330 | +14.3% |
| Distributable reserves | 133 | €695,551 | €794,881 | +€99,330 | +14.3% |
| Amounts payable | 17/49 | €35,644 | €28,489 | -€7,155 | -20.1% |
| Amounts payable within one year | 42/48 | €35,644 | €28,489 | -€7,155 | -20.1% |
| Trade debts | 44 | €8,981 | €2,003 | -€6,978 | -77.7% |
| Suppliers | 440/4 | €8,981 | €2,003 | -€6,978 | -77.7% |
| Taxes, remuneration and social security | 45 | €25,126 | €26,487 | +€1,360 | +5.4% |
| Taxes | 450/3 | €25,126 | €26,487 | +€1,360 | +5.4% |
| Other amounts payable | 47/48 | €1,537 | €0 | -€1,537 | -100.0% |
| Non-recurring operating income | 76A | €294,490 | €400 | -€294,090 | -99.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,939 | €2,939 | = | 0.0% |
| Other operating charges | 640/8 | €4,349 | €544 | -€3,805 | -87.5% |
| Gross operating margin | 9900 | €428,655 | €131,058 | -€297,597 | -69.4% |
| Operating profit (loss) | 9901 | €421,368 | €127,575 | -€293,792 | -69.7% |
| Financial income | 75/76B | €2,317 | €16,821 | +€14,504 | +625.9% |
| Recurring financial income | 75 | €2,317 | €16,821 | +€14,504 | +625.9% |
| Financial charges | 65/66B | €262 | €3,864 | +€3,603 | +1377.3% |
| Recurring financial charges | 65 | €262 | €3,864 | +€3,603 | +1377.3% |
| Profit (loss) for the period before taxes | 9903 | €423,423 | €140,532 | -€282,891 | -66.8% |
| Income taxes | 67/77 | €130,950 | €41,202 | -€89,748 | -68.5% |
| Profit (loss) for the period | 9904 | €292,474 | €99,330 | -€193,144 | -66.0% |
| Profit (loss) for the period to be appropriated | 9905 | €292,474 | €99,330 | -€193,144 | -66.0% |
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 7 October 2026 via checked.be.