MGT: 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.
MGT
Largest movements
- Receivables within one year +€43,839
up €43,839 (+186%), from €23,528 to €67,366
of which Trade receivables: +€43,372
- Current investments +€35,246
up €35,246 (+48.0%), from €73,484 to €108,730
- Cash -€27,687
down €27,687 (-36.0%), from €76,998 to €49,311
mainly Receivables within one year (-€43,839) and Current investments (-€35,246)
- Trade debts +€39,137
up €39,137 (+1,248%), from €3,135 to €42,271
- Profit (loss) carried forward +€36,693
up €36,693 (+11.6%), from €315,524 to €352,217
- Debts after one year -€30,763
down €30,763 (-13.8%), from €222,642 to €191,879
- Gross operating margin -€4,926
down €4,926 (-4.7%), from €105,362 to €100,436
- Financial charges +€1,500
up €1,500 (+22.3%), from €6,734 to €8,234
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 | €705,545 | €750,093 | +€44,549 | +6.3% |
| Fixed assets | 21/28 | €530,747 | €523,624 | -€7,123 | -1.3% |
| Tangible fixed assets | 22/27 | €530,747 | €523,624 | -€7,123 | -1.3% |
| Land and buildings | 22 | €525,313 | €518,966 | -€6,347 | -1.2% |
| Plant, machinery and equipment | 23 | €1,337 | €1,280 | -€57 | -4.2% |
| Furniture and vehicles | 24 | €4,098 | €3,379 | -€719 | -17.6% |
| Current assets | 29/58 | €174,797 | €226,469 | +€51,672 | +29.6% |
| Amounts receivable within one year | 40/41 | €23,528 | €67,366 | +€43,839 | +186% |
| Trade receivables | 40 | €19,893 | €63,265 | +€43,372 | +218% |
| Other amounts receivable | 41 | €3,634 | €4,101 | +€467 | +12.9% |
| Current investments | 50/53 | €73,484 | €108,730 | +€35,246 | +48.0% |
| Cash at bank and in hand | 54/58 | €76,998 | €49,311 | -€27,687 | -36.0% |
| Deferred charges and accrued income | 490/1 | €787 | €1,061 | +€274 | +34.7% |
| Total equity and liabilities | 10/49 | €705,545 | €750,093 | +€44,549 | +6.3% |
| Equity | 10/15 | €415,131 | €451,824 | +€36,693 | +8.8% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,007 | €81,007 | = | 0.0% |
| Distributable reserves | 133 | €81,007 | €81,007 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,524 | €352,217 | +€36,693 | +11.6% |
| Amounts payable | 17/49 | €290,414 | €298,269 | +€7,855 | +2.7% |
| Amounts payable after more than one year | 17 | €222,642 | €191,879 | -€30,763 | -13.8% |
| Financial debts | 170/4 | €222,642 | €191,879 | -€30,763 | -13.8% |
| Amounts payable within one year | 42/48 | €67,772 | €106,390 | +€38,618 | +57.0% |
| Current portion of amounts payable after more than one year | 42 | €30,325 | €30,763 | +€438 | +1.4% |
| Financial debts | 43 | €5 | €5 | +€0 | +1.2% |
| Credit institutions | 430/8 | €5 | €5 | +€0 | +1.2% |
| Trade debts | 44 | €3,135 | €42,271 | +€39,137 | +1,248% |
| Suppliers | 440/4 | €3,135 | €42,271 | +€39,137 | +1,248% |
| Taxes, remuneration and social security | 45 | €17,486 | €12,573 | -€4,913 | -28.1% |
| Taxes | 450/3 | €17,486 | €9,740 | -€7,746 | -44.3% |
| Remuneration and social security | 454/9 | - | €2,833 | +€2,833 | |
| Other amounts payable | 47/48 | €16,822 | €20,778 | +€3,956 | +23.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,321 | €9,132 | +€810 | +9.7% |
| Other operating charges | 640/8 | €694 | €801 | +€107 | +15.4% |
| Gross operating margin | 9900 | €105,362 | €100,436 | -€4,926 | -4.7% |
| Operating profit (loss) | 9901 | €96,347 | €90,504 | -€5,843 | -6.1% |
| Financial income | 75/76B | €857 | €1,618 | +€761 | +88.8% |
| Recurring financial income | 75 | €857 | €1,618 | +€761 | +88.8% |
| Financial charges | 65/66B | €6,734 | €8,234 | +€1,500 | +22.3% |
| Recurring financial charges | 65 | €6,734 | €8,234 | +€1,500 | +22.3% |
| Profit (loss) for the period before taxes | 9903 | €90,469 | €83,887 | -€6,582 | -7.3% |
| Income taxes | 67/77 | €18,796 | €17,782 | -€1,014 | -5.4% |
| Profit (loss) for the period | 9904 | €71,673 | €66,105 | -€5,569 | -7.8% |
| Profit (loss) for the period to be appropriated | 9905 | €71,673 | €66,105 | -€5,569 | -7.8% |
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 21 October 2026 via checked.be.