MGW: 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.
MGW
Largest movements
- Receivables within one year -€41,218
down €41,218 (-18.8%), from €219,529 to €178,311
of which Other amounts receivable: -€32,835
- Tangible fixed assets -€6,257
down €6,257 (-62.8%), from €9,969 to €3,712
- Cash +€2,768
up €2,768 (+3,086%), from €90 to €2,858
mainly Receivables within one year (+€41,218) and Tax, wage and social debts (+€24,656)
- Trade debts -€50,023
down €50,023 (-78.8%), from €63,506 to €13,483
- Tax, wage and social debts +€24,656
up €24,656 (+91.1%), from €27,060 to €51,715
of which Taxes: +€22,537
- Profit (loss) carried forward -€22,583
down €22,583 (-17.4%), from €129,934 to €107,351
- Other debts +€5,340
up €5,340 (+324%), from €1,650 to €6,990
- Write-downs +€8,424
new in 2025: €8,424
- Taxes -€8,096
down €8,096 (-55.5%), from €14,594 to €6,497
- Gross operating margin +€3,160
up €3,160 (+5.1%), from €61,563 to €64,723
- Depreciation -€2,712
down €2,712 (-30.2%), from €8,969 to €6,257
- Other operating charges +€875
up €875 (+18.6%), from €4,712 to €5,587
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 | €229,588 | €185,539 | -€44,048 | -19.2% |
| Fixed assets | 21/28 | €9,969 | €3,712 | -€6,257 | -62.8% |
| Tangible fixed assets | 22/27 | €9,969 | €3,712 | -€6,257 | -62.8% |
| Furniture and vehicles | 24 | €9,969 | €3,712 | -€6,257 | -62.8% |
| Current assets | 29/58 | €219,619 | €181,827 | -€37,792 | -17.2% |
| Amounts receivable within one year | 40/41 | €219,529 | €178,311 | -€41,218 | -18.8% |
| Trade receivables | 40 | €110,317 | €101,934 | -€8,383 | -7.6% |
| Other amounts receivable | 41 | €109,212 | €76,377 | -€32,835 | -30.1% |
| Cash at bank and in hand | 54/58 | €90 | €2,858 | +€2,768 | +3,086% |
| Deferred charges and accrued income | 490/1 | - | €658 | +€658 | |
| Total equity and liabilities | 10/49 | €229,588 | €185,539 | -€44,048 | -19.2% |
| Equity | 10/15 | €135,934 | €113,351 | -€22,583 | -16.6% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €129,934 | €107,351 | -€22,583 | -17.4% |
| Amounts payable | 17/49 | €93,654 | €72,188 | -€21,466 | -22.9% |
| Amounts payable within one year | 42/48 | €93,654 | €72,188 | -€21,466 | -22.9% |
| Financial debts | 43 | €1,439 | - | -€1,439 | |
| Credit institutions | 430/8 | €1,439 | - | -€1,439 | |
| Trade debts | 44 | €63,506 | €13,483 | -€50,023 | -78.8% |
| Suppliers | 440/4 | €63,506 | €13,483 | -€50,023 | -78.8% |
| Taxes, remuneration and social security | 45 | €27,060 | €51,715 | +€24,656 | +91.1% |
| Taxes | 450/3 | €27,060 | €49,596 | +€22,537 | +83.3% |
| Remuneration and social security | 454/9 | - | €2,119 | +€2,119 | |
| Other amounts payable | 47/48 | €1,650 | €6,990 | +€5,340 | +324% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,969 | €6,257 | -€2,712 | -30.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,424 | +€8,424 | |
| Other operating charges | 640/8 | €4,712 | €5,587 | +€875 | +18.6% |
| Non-recurring operating charges | 66A | - | €13,785 | +€13,785 | |
| Gross operating margin | 9900 | €61,563 | €64,723 | +€3,160 | +5.1% |
| Operating profit (loss) | 9901 | €47,883 | €30,670 | -€17,212 | -35.9% |
| Financial income | 75/76B | €0 | €5 | +€5 | +7,429% |
| Recurring financial income | 75 | €0 | €5 | +€5 | +7,429% |
| Financial charges | 65/66B | €1,631 | €1,761 | +€129 | +7.9% |
| Recurring financial charges | 65 | €1,631 | €1,761 | +€129 | +7.9% |
| Profit (loss) for the period before taxes | 9903 | €46,251 | €28,915 | -€17,337 | -37.5% |
| Income taxes | 67/77 | €14,594 | €6,497 | -€8,096 | -55.5% |
| Profit (loss) for the period | 9904 | €31,658 | €22,417 | -€9,240 | -29.2% |
| Profit (loss) for the period to be appropriated | 9905 | €31,658 | €22,417 | -€9,240 | -29.2% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 28 October 2026 via checked.be.