MKG: 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.
MKG
Largest movements
- Tangible fixed assets -€307,696
down €307,696 (-5.3%), from €5.8m to €5.5m
- Receivables within one year -€154,538
down €154,538 (-24.5%), from €629,890 to €475,352
of which Trade receivables: -€160,000
- Other debts -€278,000
down €278,000 (-12.0%), from €2.3m to €2.0m
- Debts after one year -€243,144
down €243,144 (-6.4%), from €3.8m to €3.6m
- Accrued charges and deferred income +€70,803
up €70,803 (+417%), from €16,997 to €87,800
- Gross operating margin +€115,835
up €115,835 (+32.8%), from €353,291 to €469,126
- Depreciation -€42,550
down €42,550 (-17.1%), from €248,916 to €206,366
- Other operating charges +€23,854
up €23,854 (+359%), from €6,648 to €30,502
- Financial charges +€10,090
up €10,090 (+5.0%), from €201,940 to €212,030
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 | €6,697,533 | €6,304,238 | -€393,295 | -5.9% |
| Fixed assets | 21/28 | €5,786,747 | €5,479,051 | -€307,696 | -5.3% |
| Tangible fixed assets | 22/27 | €5,786,746 | €5,479,050 | -€307,696 | -5.3% |
| Land and buildings | 22 | €5,786,746 | €5,479,050 | -€307,696 | -5.3% |
| Financial fixed assets | 28 | €1 | €1 | = | 0.0% |
| Current assets | 29/58 | €910,786 | €825,187 | -€85,599 | -9.4% |
| Amounts receivable after more than one year | 29 | €10,000 | €0 | -€10,000 | -100% |
| Other amounts receivable | 291 | €10,000 | €0 | -€10,000 | -100% |
| Amounts receivable within one year | 40/41 | €629,890 | €475,352 | -€154,538 | -24.5% |
| Trade receivables | 40 | €260,000 | €100,000 | -€160,000 | -61.5% |
| Other amounts receivable | 41 | €369,890 | €375,352 | +€5,462 | +1.5% |
| Cash at bank and in hand | 54/58 | €5,445 | €33,969 | +€28,524 | +524% |
| Deferred charges and accrued income | 490/1 | €265,450 | €315,865 | +€50,415 | +19.0% |
| Total equity and liabilities | 10/49 | €6,697,533 | €6,304,238 | -€393,295 | -5.9% |
| Equity | 10/15 | €237,906 | €264,906 | +€26,999 | +11.3% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Reserves | 13 | €206,730 | €206,730 | = | 0.0% |
| Distributable reserves | 133 | €206,730 | €206,730 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€18,824 | €8,176 | +€26,999 | |
| Amounts payable | 17/49 | €6,459,626 | €6,039,332 | -€420,294 | -6.5% |
| Amounts payable after more than one year | 17 | €3,809,090 | €3,565,946 | -€243,144 | -6.4% |
| Financial debts | 170/4 | €3,809,090 | €3,565,946 | -€243,144 | -6.4% |
| Amounts payable within one year | 42/48 | €2,633,539 | €2,385,587 | -€247,952 | -9.4% |
| Current portion of amounts payable after more than one year | 42 | €235,266 | €243,144 | +€7,878 | +3.3% |
| Trade debts | 44 | €64,826 | €71,570 | +€6,744 | +10.4% |
| Suppliers | 440/4 | €64,826 | €71,570 | +€6,744 | +10.4% |
| Taxes, remuneration and social security | 45 | €9,177 | €24,603 | +€15,426 | +168% |
| Taxes | 450/3 | €9,177 | €24,603 | +€15,426 | +168% |
| Other amounts payable | 47/48 | €2,324,269 | €2,046,269 | -€278,000 | -12.0% |
| Accrued charges and deferred income | 492/3 | €16,997 | €87,800 | +€70,803 | +417% |
| Non-recurring operating income | 76A | - | €116,000 | +€116,000 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €248,916 | €206,366 | -€42,550 | -17.1% |
| Other operating charges | 640/8 | €6,648 | €30,502 | +€23,854 | +359% |
| Gross operating margin | 9900 | €353,291 | €469,126 | +€115,835 | +32.8% |
| Operating profit (loss) | 9901 | €97,728 | €232,258 | +€134,530 | +138% |
| Financial income | 75/76B | €5,805 | €6,772 | +€967 | +16.7% |
| Recurring financial income | 75 | €5,805 | €6,772 | +€967 | +16.7% |
| Financial charges | 65/66B | €201,940 | €212,030 | +€10,090 | +5.0% |
| Recurring financial charges | 65 | €201,940 | €212,030 | +€10,090 | +5.0% |
| Profit (loss) for the period before taxes | 9903 | -€98,408 | €26,999 | +€125,407 | |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€98,408 | €26,999 | +€125,407 | |
| Profit (loss) for the period to be appropriated | 9905 | -€98,408 | €26,999 | +€125,407 |
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 25 October 2026 via checked.be.