MGI: 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.
What changed
MGI
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€123,356
2024 · €311,113-€187,758
Equity
€10.1m
2024 · €10.0m+€123,356
Cash
€28,962
2024 · €61,813-€32,851
Balance sheet total
€10.4m
2024 · €10.1m+€328,057
Largest movements
Assets
- Receivables within one year +€380,761
up €380,761 (+32.2%), from €1.2m to €1.6m
of which Other amounts receivable: +€395,079
Equity and liabilities
- Other debts +€130,212
up €130,212 (+946%), from €13,760 to €143,973
- Reserves +€123,356
up €123,356 (+5.4%), from €2.3m to €2.4m
of which Distributable reserves: +€123,356
Income statement
- Turnover -€249,224
down €249,224 (-52.3%), from €476,116 to €226,892
- Financial income -€28,189
down €28,189 (-7.2%), from €392,681 to €364,492
- Financial charges -€23,606
down €23,606 (-78.2%), from €30,169 to €6,563
- Depreciation -€22,600
down €22,600 (-99.4%), from €22,729 to €129
- Staff costs -€16,839
down €16,839 (-9.3%), from €181,768 to €164,928
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.
Result 2024
€311,113
Turnover
-€249,224
Other operating income
-€708
Services and other goods
+€13,699
Staff costs
+€16,839
Depreciation
+€22,600
Other operating charges
-€271
Financial income
-€28,189
Financial charges
+€23,606
Taxes
+€13,890
Result 2025
€123,356
raises the resultlowers the result
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.
From operations
-€32,149
Investment
-€702
Financing
€0
Cash 2024
€61,813
From operations (derived)
-€32,149
Net result for the year
+€123,356
Depreciation
+€129
Receivables within one year
-€380,761
Deferred charges and accrued income
+€20,426
Trade debts
+€77,815
Tax, wage and social debts
-€3,230
Other debts
+€130,212
Accrued charges and deferred income
-€96
Investment (derived)
-€702
Investment in fixed assets (net)
-€702
Cash 2025
€28,962
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,077,834 | €10,405,891 | +€328,057 | +3.3% |
| Fixed assets | 21/28 | €8,798,291 | €8,798,864 | +€573 | 0.0% |
| Tangible fixed assets | 22/27 | €0 | €579 | +€579 | |
| Furniture and vehicles | 24 | €0 | €579 | +€579 | |
| Financial fixed assets | 28 | €8,798,291 | €8,798,285 | -€6 | 0.0% |
| Affiliated companies | 280/1 | €8,798,291 | €8,798,285 | -€6 | 0.0% |
| Participating interests | 280 | €8,798,291 | €8,798,285 | -€6 | 0.0% |
| Current assets | 29/58 | €1,279,543 | €1,607,027 | +€327,484 | +25.6% |
| Stocks and contracts in progress | 3 | €6,985 | €6,985 | = | 0.0% |
| Stocks | 30/36 | €6,985 | €6,985 | = | 0.0% |
| Goods purchased for resale | 34 | €6,985 | €6,985 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,183,383 | €1,564,144 | +€380,761 | +32.2% |
| Trade receivables | 40 | €18,381 | €4,063 | -€14,319 | -77.9% |
| Other amounts receivable | 41 | €1,165,002 | €1,560,081 | +€395,079 | +33.9% |
| Cash at bank and in hand | 54/58 | €61,813 | €28,962 | -€32,851 | -53.1% |
| Deferred charges and accrued income | 490/1 | €27,362 | €6,936 | -€20,426 | -74.7% |
| Total equity and liabilities | 10/49 | €10,077,834 | €10,405,891 | +€328,057 | +3.3% |
| Equity | 10/15 | €10,018,269 | €10,141,624 | +€123,356 | +1.2% |
| Contributions | 10/11 | €7,728,602 | €7,728,602 | = | 0.0% |
| Reserves | 13 | €2,289,666 | €2,413,022 | +€123,356 | +5.4% |
| Tax-exempt reserves | 132 | €231,550 | €231,550 | = | 0.0% |
| Distributable reserves | 133 | €2,058,116 | €2,181,472 | +€123,356 | +6.0% |
| Amounts payable | 17/49 | €59,565 | €264,267 | +€204,701 | +344% |
| Amounts payable within one year | 42/48 | €59,469 | €264,267 | +€204,798 | +344% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €11,428 | €89,243 | +€77,815 | +681% |
| Suppliers | 440/4 | €11,428 | €89,243 | +€77,815 | +681% |
| Taxes, remuneration and social security | 45 | €34,281 | €31,051 | -€3,230 | -9.4% |
| Taxes | 450/3 | €12,608 | €12,777 | +€168 | +1.3% |
| Remuneration and social security | 454/9 | €21,673 | €18,275 | -€3,398 | -15.7% |
| Other amounts payable | 47/48 | €13,760 | €143,973 | +€130,212 | +946% |
| Accrued charges and deferred income | 492/3 | €96 | €0 | -€96 | -100% |
| Operating income | 70/76A | €501,071 | €251,139 | -€249,932 | -49.9% |
| Turnover | 70 | €476,116 | €226,892 | -€249,224 | -52.3% |
| Other operating income | 74 | €24,955 | €24,248 | -€708 | -2.8% |
| Operating charges | 60/66A | €536,422 | €483,554 | -€52,867 | -9.9% |
| Services and other goods | 61 | €325,871 | €312,172 | -€13,699 | -4.2% |
| Remuneration, social security and pensions | 62 | €181,768 | €164,928 | -€16,839 | -9.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,729 | €129 | -€22,600 | -99.4% |
| Other operating charges | 640/8 | €6,053 | €6,324 | +€271 | +4.5% |
| Operating profit (loss) | 9901 | -€35,351 | -€232,415 | -€197,065 | -557% |
| Financial income | 75/76B | €392,681 | €364,492 | -€28,189 | -7.2% |
| Recurring financial income | 75 | €392,681 | €364,492 | -€28,189 | -7.2% |
| Income from financial fixed assets | 750 | €296,008 | €258,162 | -€37,845 | -12.8% |
| Income from current assets | 751 | €74,664 | €66,317 | -€8,346 | -11.2% |
| Other financial income | 752/9 | €22,010 | €40,012 | +€18,003 | +81.8% |
| Financial charges | 65/66B | €30,169 | €6,563 | -€23,606 | -78.2% |
| Recurring financial charges | 65 | €30,169 | €6,563 | -€23,606 | -78.2% |
| Debt charges | 650 | €3,325 | €3,231 | -€94 | -2.8% |
| Other financial charges | 652/9 | €26,844 | €3,331 | -€23,512 | -87.6% |
| Profit (loss) for the period before taxes | 9903 | €327,162 | €125,515 | -€201,647 | -61.6% |
| Income taxes | 67/77 | €16,049 | €2,159 | -€13,890 | -86.5% |
| Taxes | 670/3 | €16,049 | €2,159 | -€13,890 | -86.5% |
| Profit (loss) for the period | 9904 | €311,113 | €123,356 | -€187,758 | -60.4% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Transfer to tax-exempt reserves | 689 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | €311,113 | €123,356 | -€187,758 | -60.4% |
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 29 October 2026 via checked.be.