MGV PROJECTS: 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.
MGV PROJECTS
Largest movements
- Tangible fixed assets +€24,897
up €24,897 (+44.0%), from €56,606 to €81,503
of which Furniture and vehicles: +€34,004
- Receivables after one year +€15,000
up €15,000 (+21.7%), from €69,000 to €84,000
- Receivables within one year -€10,766
down €10,766 (-9.1%), from €118,696 to €107,930
of which Trade receivables: -€20,614
- Cash +€3,787
up €3,787 (+41.3%), from €9,166 to €12,954
mainly Debts after one year (+€29,083) and Net result for the year (+€18,644)
- Debts after one year +€29,083
up €29,083 (+106.6%), from €27,294 to €56,376
- Trade debts -€21,590
down €21,590 (-78.9%), from €27,353 to €5,762
- Reserves +€19,000
up €19,000 (+11.7%), from €162,860 to €181,860
- Current portion of long-term debt +€5,755
up €5,755 (+27.2%), from €21,162 to €26,917
- Depreciation -€6,532
down €6,532 (-31.0%), from €21,089 to €14,557
- Gross operating margin +€4,027
up €4,027 (+4.5%), from €89,349 to €93,375
- Staff costs +€2,074
up €2,074 (+5.1%), from €41,056 to €43,130
- Financial charges +€1,525
up €1,525 (+61.6%), from €2,473 to €3,998
- Other operating charges +€1,272
up €1,272 (+67.3%), from €1,888 to €3,160
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 | €255,400 | €287,680 | +€32,280 | +12.6% |
| Fixed assets | 21/28 | €56,606 | €81,503 | +€24,897 | +44.0% |
| Tangible fixed assets | 22/27 | €56,606 | €81,503 | +€24,897 | +44.0% |
| Plant, machinery and equipment | 23 | €29,585 | €20,918 | -€8,667 | -29.3% |
| Furniture and vehicles | 24 | €25,907 | €59,911 | +€34,004 | +131.3% |
| Other tangible fixed assets | 26 | €1,114 | €674 | -€440 | -39.5% |
| Current assets | 29/58 | €198,793 | €206,176 | +€7,383 | +3.7% |
| Amounts receivable after more than one year | 29 | €69,000 | €84,000 | +€15,000 | +21.7% |
| Other amounts receivable | 291 | €69,000 | €84,000 | +€15,000 | +21.7% |
| Amounts receivable within one year | 40/41 | €118,696 | €107,930 | -€10,766 | -9.1% |
| Trade receivables | 40 | €110,652 | €90,038 | -€20,614 | -18.6% |
| Other amounts receivable | 41 | €8,045 | €17,892 | +€9,848 | +122.4% |
| Cash at bank and in hand | 54/58 | €9,166 | €12,954 | +€3,787 | +41.3% |
| Deferred charges and accrued income | 490/1 | €1,931 | €1,292 | -€639 | -33.1% |
| Total equity and liabilities | 10/49 | €255,400 | €287,680 | +€32,280 | +12.6% |
| Equity | 10/15 | €169,677 | €188,320 | +€18,644 | +11.0% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €162,860 | €181,860 | +€19,000 | +11.7% |
| Distributable reserves | 133 | €162,860 | €181,860 | +€19,000 | +11.7% |
| Profit (loss) carried forward | 14 | €617 | €260 | -€356 | -57.8% |
| Amounts payable | 17/49 | €85,723 | €99,359 | +€13,636 | +15.9% |
| Amounts payable after more than one year | 17 | €27,294 | €56,376 | +€29,083 | +106.6% |
| Financial debts | 170/4 | €27,294 | €56,376 | +€29,083 | +106.6% |
| Amounts payable within one year | 42/48 | €57,979 | €42,983 | -€14,996 | -25.9% |
| Current portion of amounts payable after more than one year | 42 | €21,162 | €26,917 | +€5,755 | +27.2% |
| Trade debts | 44 | €27,353 | €5,762 | -€21,590 | -78.9% |
| Suppliers | 440/4 | €27,353 | €5,762 | -€21,590 | -78.9% |
| Advances received on contracts in progress | 46 | €6,945 | €6,945 | = | 0.0% |
| Taxes, remuneration and social security | 45 | €2,217 | €1,689 | -€528 | -23.8% |
| Taxes | 450/3 | €577 | €633 | +€56 | +9.7% |
| Remuneration and social security | 454/9 | €1,641 | €1,056 | -€584 | -35.6% |
| Other amounts payable | 47/48 | €302 | €1,669 | +€1,367 | +452.4% |
| Accrued charges and deferred income | 492/3 | €450 | - | -€450 | |
| Remuneration, social security and pensions | 62 | €41,056 | €43,130 | +€2,074 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,089 | €14,557 | -€6,532 | -31.0% |
| Other operating charges | 640/8 | €1,888 | €3,160 | +€1,272 | +67.3% |
| Non-recurring operating charges | 66A | - | €6,213 | +€6,213 | |
| Gross operating margin | 9900 | €89,349 | €93,375 | +€4,027 | +4.5% |
| Operating profit (loss) | 9901 | €25,315 | €26,315 | +€1,000 | +3.9% |
| Financial income | 75/76B | €1,382 | €1,686 | +€305 | +22.1% |
| Recurring financial income | 75 | €1,382 | €1,686 | +€305 | +22.1% |
| Financial charges | 65/66B | €2,473 | €3,998 | +€1,525 | +61.6% |
| Recurring financial charges | 65 | €2,473 | €3,998 | +€1,525 | +61.6% |
| Profit (loss) for the period before taxes | 9903 | €24,223 | €24,003 | -€220 | -0.9% |
| Income taxes | 67/77 | €6,514 | €5,359 | -€1,155 | -17.7% |
| Profit (loss) for the period | 9904 | €17,709 | €18,644 | +€934 | +5.3% |
| Profit (loss) for the period to be appropriated | 9905 | €17,709 | €18,644 | +€934 | +5.3% |
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 5 October 2026 via checked.be.