MGDV: 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.
MGDV
Largest movements
- Receivables within one year +€44,652
up €44,652 (+63.2%), from €70,699 to €115,350
of which Trade receivables: +€49,085
- Cash -€13,149
down €13,149 (-68.3%), from €19,265 to €6,116
mainly Receivables within one year (-€44,652) and Debts after one year (-€24,600)
- Tangible fixed assets -€9,728
down €9,728 (-1.6%), from €595,117 to €585,389
of which Land and buildings: -€6,678
- Reserves +€59,574
up €59,574 (+35.2%), from €169,227 to €228,801
- Debts after one year -€24,600
down €24,600 (-7.2%), from €343,628 to €319,028
- Other debts -€12,925
down €12,925 (-12.3%), from €104,858 to €91,933
- Tax, wage and social debts -€12,001
down €12,001 (-49.1%), from €24,439 to €12,438
of which Taxes: -€12,001
- Trade debts +€9,757
up €9,757 (+490%), from €1,990 to €11,746
- Gross operating margin +€21,905
up €21,905 (+25.6%), from €85,523 to €107,429
- Taxes +€2,965
up €2,965 (+23.4%), from €12,652 to €15,617
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 | €687,969 | €707,252 | +€19,283 | +2.8% |
| Fixed assets | 21/28 | €595,117 | €585,389 | -€9,728 | -1.6% |
| Tangible fixed assets | 22/27 | €595,117 | €585,389 | -€9,728 | -1.6% |
| Land and buildings | 22 | €566,223 | €559,545 | -€6,678 | -1.2% |
| Furniture and vehicles | 24 | €157 | €0 | -€157 | -100% |
| Other tangible fixed assets | 26 | €28,737 | €25,844 | -€2,893 | -10.1% |
| Current assets | 29/58 | €92,852 | €121,863 | +€29,011 | +31.2% |
| Amounts receivable within one year | 40/41 | €70,699 | €115,350 | +€44,652 | +63.2% |
| Trade receivables | 40 | €66,266 | €115,350 | +€49,085 | +74.1% |
| Other amounts receivable | 41 | €4,433 | €0 | -€4,433 | -100% |
| Cash at bank and in hand | 54/58 | €19,265 | €6,116 | -€13,149 | -68.3% |
| Deferred charges and accrued income | 490/1 | €2,888 | €397 | -€2,492 | -86.3% |
| Total equity and liabilities | 10/49 | €687,969 | €707,252 | +€19,283 | +2.8% |
| Equity | 10/15 | €187,777 | €247,351 | +€59,574 | +31.7% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €169,227 | €228,801 | +€59,574 | +35.2% |
| Distributable reserves | 133 | €169,227 | €228,801 | +€59,574 | +35.2% |
| Amounts payable | 17/49 | €500,192 | €459,901 | -€40,292 | -8.1% |
| Amounts payable after more than one year | 17 | €343,628 | €319,028 | -€24,600 | -7.2% |
| Financial debts | 170/4 | €343,628 | €319,028 | -€24,600 | -7.2% |
| Amounts payable within one year | 42/48 | €155,264 | €140,872 | -€14,392 | -9.3% |
| Current portion of amounts payable after more than one year | 42 | €23,977 | €24,600 | +€623 | +2.6% |
| Financial debts | 43 | - | €155 | +€155 | |
| Credit institutions | 430/8 | - | €155 | +€155 | |
| Trade debts | 44 | €1,990 | €11,746 | +€9,757 | +490% |
| Suppliers | 440/4 | €1,990 | €11,746 | +€9,757 | +490% |
| Taxes, remuneration and social security | 45 | €24,439 | €12,438 | -€12,001 | -49.1% |
| Taxes | 450/3 | €24,439 | €12,438 | -€12,001 | -49.1% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €104,858 | €91,933 | -€12,925 | -12.3% |
| Accrued charges and deferred income | 492/3 | €1,300 | €0 | -€1,300 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,866 | €20,074 | +€208 | +1.0% |
| Other operating charges | 640/8 | €2,794 | €2,863 | +€69 | +2.5% |
| Gross operating margin | 9900 | €85,523 | €107,429 | +€21,905 | +25.6% |
| Operating profit (loss) | 9901 | €62,864 | €84,492 | +€21,629 | +34.4% |
| Financial income | 75/76B | €33 | €60 | +€26 | +78.6% |
| Recurring financial income | 75 | €33 | €60 | +€26 | +78.6% |
| Financial charges | 65/66B | €9,990 | €9,361 | -€629 | -6.3% |
| Recurring financial charges | 65 | €9,990 | €9,361 | -€629 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €52,907 | €75,191 | +€22,284 | +42.1% |
| Income taxes | 67/77 | €12,652 | €15,617 | +€2,965 | +23.4% |
| Profit (loss) for the period | 9904 | €40,255 | €59,574 | +€19,319 | +48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €40,255 | €59,574 | +€19,319 | +48.0% |
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.