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
- Cash +€61,063
up €61,063 (+49.5%), from €123,468 to €184,531
mainly Net result for the year (+€47,478) and Other debts (+€7,321)
- Tangible fixed assets -€4,563
down €4,563 (-12.4%), from €36,658 to €32,095
of which Land and buildings: -€2,600
- Receivables within one year +€2,786
up €2,786 (+16.0%), from €17,434 to €20,220
of which Trade receivables: +€3,082
- Reserves +€47,478
up €47,478 (+58.5%), from €81,204 to €128,682
- Other debts +€7,321
up €7,321 (+12.9%), from €56,695 to €64,016
- Tax, wage and social debts +€2,994
up €2,994 (+17.6%), from €17,034 to €20,028
- Gross operating margin +€22,563
up €22,563 (+41.2%), from €54,830 to €77,394
- Taxes +€7,130
up €7,130 (+58.8%), from €12,122 to €19,252
- Depreciation -€6,393
down €6,393 (-58.3%), from €10,956 to €4,563
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 | €177,559 | €236,845 | +€59,286 | +33.4% |
| Fixed assets | 21/28 | €36,658 | €32,095 | -€4,563 | -12.4% |
| Tangible fixed assets | 22/27 | €36,658 | €32,095 | -€4,563 | -12.4% |
| Land and buildings | 22 | €34,695 | €32,095 | -€2,600 | -7.5% |
| Furniture and vehicles | 24 | €1,963 | €0 | -€1,963 | -100% |
| Current assets | 29/58 | €140,901 | €204,750 | +€63,849 | +45.3% |
| Amounts receivable within one year | 40/41 | €17,434 | €20,220 | +€2,786 | +16.0% |
| Trade receivables | 40 | €16,938 | €20,020 | +€3,082 | +18.2% |
| Other amounts receivable | 41 | €496 | €200 | -€296 | -59.7% |
| Cash at bank and in hand | 54/58 | €123,468 | €184,531 | +€61,063 | +49.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €177,559 | €236,845 | +€59,286 | +33.4% |
| Equity | 10/15 | €99,804 | €147,282 | +€47,478 | +47.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €81,204 | €128,682 | +€47,478 | +58.5% |
| Distributable reserves | 133 | €81,204 | €128,682 | +€47,478 | +58.5% |
| Amounts payable | 17/49 | €77,756 | €89,563 | +€11,807 | +15.2% |
| Amounts payable within one year | 42/48 | €73,729 | €84,044 | +€10,315 | +14.0% |
| Trade debts | 44 | €0 | - | = | |
| Suppliers | 440/4 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €17,034 | €20,028 | +€2,994 | +17.6% |
| Taxes | 450/3 | €17,034 | €20,028 | +€2,994 | +17.6% |
| Other amounts payable | 47/48 | €56,695 | €64,016 | +€7,321 | +12.9% |
| Accrued charges and deferred income | 492/3 | €4,027 | €5,519 | +€1,492 | +37.1% |
| Remuneration, social security and pensions | 62 | - | €400 | +€400 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,956 | €4,563 | -€6,393 | -58.3% |
| Other operating charges | 640/8 | €1,805 | €1,635 | -€170 | -9.4% |
| Gross operating margin | 9900 | €54,830 | €77,394 | +€22,563 | +41.2% |
| Operating profit (loss) | 9901 | €42,069 | €70,795 | +€28,726 | +68.3% |
| Financial income | 75/76B | €297 | €0 | -€297 | -100% |
| Recurring financial income | 75 | €297 | €0 | -€297 | -100% |
| Financial charges | 65/66B | €4,063 | €4,065 | +€2 | +0.1% |
| Recurring financial charges | 65 | €4,063 | €4,065 | +€2 | +0.1% |
| Profit (loss) for the period before taxes | 9903 | €38,304 | €66,731 | +€28,427 | +74.2% |
| Income taxes | 67/77 | €12,122 | €19,252 | +€7,130 | +58.8% |
| Profit (loss) for the period | 9904 | €26,181 | €47,478 | +€21,297 | +81.3% |
| Profit (loss) for the period to be appropriated | 9905 | €26,181 | €47,478 | +€21,297 | +81.3% |
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 14 October 2026 via checked.be.