MGX Project: 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.
MGX Project
Largest movements
- Receivables within one year +€31,294
up €31,294 (+186.3%), from €16,800 to €48,094
of which Other amounts receivable: +€22,680
- Cash -€17,811
down €17,811 (-50.1%), from €35,574 to €17,763
mainly Receivables within one year (-€31,294) and Investment in fixed assets (net) (-€18,440)
- Deferred charges and accrued income -€7,951
down €7,951 (-82.2%), from €9,675 to €1,724
- Tangible fixed assets +€4,304
up €4,304 (+2.4%), from €177,426 to €181,730
of which Land and buildings: +€4,469
- Current portion of long-term debt +€12,982
up €12,982 (+57.0%), from €22,791 to €35,773
- Reserves +€9,300
up €9,300 (+13.2%), from €70,200 to €79,500
- Tax, wage and social debts -€5,840
down €5,840 (-23.9%), from €24,457 to €18,617
- Debts after one year -€5,055
down €5,055 (-3.6%), from €142,073 to €137,018
- Gross operating margin -€12,274
down €12,274 (-22.4%), from €54,795 to €42,522
- Depreciation +€3,923
up €3,923 (+35.3%), from €11,113 to €15,036
- Taxes -€3,909
down €3,909 (-39.7%), from €9,847 to €5,938
- Other operating charges +€2,350
up €2,350 (+125.3%), from €1,875 to €4,225
- Financial charges +€2,337
up €2,337 (+36.3%), from €6,443 to €8,780
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 | €274,524 | €283,461 | +€8,936 | +3.3% |
| Fixed assets | 21/28 | €212,476 | €215,880 | +€3,404 | +1.6% |
| Intangible fixed assets | 21 | €17,550 | €16,650 | -€900 | -5.1% |
| Tangible fixed assets | 22/27 | €177,426 | €181,730 | +€4,304 | +2.4% |
| Land and buildings | 22 | €164,852 | €169,321 | +€4,469 | +2.7% |
| Plant, machinery and equipment | 23 | €10,379 | €9,762 | -€617 | -5.9% |
| Furniture and vehicles | 24 | €2,195 | €2,646 | +€451 | +20.6% |
| Financial fixed assets | 28 | €17,500 | €17,500 | = | 0.0% |
| Current assets | 29/58 | €62,049 | €67,581 | +€5,532 | +8.9% |
| Amounts receivable within one year | 40/41 | €16,800 | €48,094 | +€31,294 | +186.3% |
| Trade receivables | 40 | €13,356 | €21,970 | +€8,614 | +64.5% |
| Other amounts receivable | 41 | €3,444 | €26,124 | +€22,680 | +658.5% |
| Cash at bank and in hand | 54/58 | €35,574 | €17,763 | -€17,811 | -50.1% |
| Deferred charges and accrued income | 490/1 | €9,675 | €1,724 | -€7,951 | -82.2% |
| Total equity and liabilities | 10/49 | €274,524 | €283,461 | +€8,936 | +3.3% |
| Equity | 10/15 | €80,531 | €89,909 | +€9,378 | +11.6% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €70,200 | €79,500 | +€9,300 | +13.2% |
| Distributable reserves | 133 | €70,200 | €79,500 | +€9,300 | +13.2% |
| Profit (loss) carried forward | 14 | €5,331 | €5,409 | +€78 | +1.5% |
| Amounts payable | 17/49 | €193,993 | €193,551 | -€442 | -0.2% |
| Amounts payable after more than one year | 17 | €142,073 | €137,018 | -€5,055 | -3.6% |
| Financial debts | 170/4 | €142,073 | €137,018 | -€5,055 | -3.6% |
| Amounts payable within one year | 42/48 | €51,315 | €56,533 | +€5,219 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €22,791 | €35,773 | +€12,982 | +57.0% |
| Trade debts | 44 | €3,600 | €2,143 | -€1,457 | -40.5% |
| Suppliers | 440/4 | €3,600 | €2,143 | -€1,457 | -40.5% |
| Taxes, remuneration and social security | 45 | €24,457 | €18,617 | -€5,840 | -23.9% |
| Taxes | 450/3 | €24,457 | €18,617 | -€5,840 | -23.9% |
| Other amounts payable | 47/48 | €467 | - | -€467 | |
| Accrued charges and deferred income | 492/3 | €605 | - | -€605 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,113 | €15,036 | +€3,923 | +35.3% |
| Other operating charges | 640/8 | €1,875 | €4,225 | +€2,350 | +125.3% |
| Gross operating margin | 9900 | €54,795 | €42,522 | -€12,274 | -22.4% |
| Operating profit (loss) | 9901 | €41,807 | €23,261 | -€18,546 | -44.4% |
| Financial income | 75/76B | €141 | €835 | +€695 | +493.5% |
| Recurring financial income | 75 | €141 | €835 | +€695 | +493.5% |
| Financial charges | 65/66B | €6,443 | €8,780 | +€2,337 | +36.3% |
| Recurring financial charges | 65 | €6,443 | €8,780 | +€2,337 | +36.3% |
| Profit (loss) for the period before taxes | 9903 | €35,505 | €15,316 | -€20,189 | -56.9% |
| Income taxes | 67/77 | €9,847 | €5,938 | -€3,909 | -39.7% |
| Profit (loss) for the period | 9904 | €25,658 | €9,378 | -€16,280 | -63.5% |
| Profit (loss) for the period to be appropriated | 9905 | €25,658 | €9,378 | -€16,280 | -63.5% |
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 4 October 2026 via checked.be.