MGVD: 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.
MGVD
Largest movements
- Receivables within one year +€7,596
up €7,596 (+844%), from €900 to €8,495
of which Trade receivables: +€7,441
- Deferred charges and accrued income -€4,259
down €4,259 (-87.5%), from €4,868 to €609
- Cash -€2,558
down €2,558 (-86.8%), from €2,946 to €388
mainly Other debts (-€19,682) and Receivables within one year (-€7,596)
- Tangible fixed assets +€389
up €389 (+192%), from €202 to €591
- Profit (loss) carried forward +€23,235
up €23,235 (+77.6%), from -€29,957 to -€6,722
- Other debts -€19,682
down €19,682 (-73.1%), from €26,909 to €7,227
- Tax, wage and social debts -€2,944
down €2,944 (-42.4%), from €6,944 to €4,000
of which Remuneration and social security: -€2,074
- Trade debts +€559
up €559 (+22.2%), from €2,520 to €3,079
- Financial charges -€25,556
down €25,556 (-98.7%), from €25,883 to €327
of which Financial charges: -€25,582
- Gross operating margin +€18,950
up €18,950 (+360%), from €5,258 to €24,208
- Depreciation -€731
down €731 (-67.4%), from €1,085 to €354
- Other operating charges +€655
new in 2025: €655
- Financial income +€363
up €363 (+1,813,100%), from €0 to €363
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 | €8,915 | €10,083 | +€1,168 | +13.1% |
| Fixed assets | 21/28 | €202 | €591 | +€389 | +192% |
| Tangible fixed assets | 22/27 | €202 | €591 | +€389 | +192% |
| Furniture and vehicles | 24 | €202 | €591 | +€389 | +192% |
| Current assets | 29/58 | €8,713 | €9,492 | +€779 | +8.9% |
| Amounts receivable within one year | 40/41 | €900 | €8,495 | +€7,596 | +844% |
| Trade receivables | 40 | €900 | €8,340 | +€7,441 | +827% |
| Other amounts receivable | 41 | - | €155 | +€155 | |
| Cash at bank and in hand | 54/58 | €2,946 | €388 | -€2,558 | -86.8% |
| Deferred charges and accrued income | 490/1 | €4,868 | €609 | -€4,259 | -87.5% |
| Total equity and liabilities | 10/49 | €8,915 | €10,083 | +€1,168 | +13.1% |
| Equity | 10/15 | -€27,457 | -€4,222 | +€23,235 | +84.6% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€29,957 | -€6,722 | +€23,235 | +77.6% |
| Amounts payable | 17/49 | €36,373 | €14,306 | -€22,067 | -60.7% |
| Amounts payable within one year | 42/48 | €36,373 | €14,306 | -€22,067 | -60.7% |
| Trade debts | 44 | €2,520 | €3,079 | +€559 | +22.2% |
| Suppliers | 440/4 | €2,520 | €3,079 | +€559 | +22.2% |
| Taxes, remuneration and social security | 45 | €6,944 | €4,000 | -€2,944 | -42.4% |
| Taxes | 450/3 | €2,870 | €2,000 | -€870 | -30.3% |
| Remuneration and social security | 454/9 | €4,074 | €2,000 | -€2,074 | -50.9% |
| Other amounts payable | 47/48 | €26,909 | €7,227 | -€19,682 | -73.1% |
| Remuneration, social security and pensions | 62 | €37 | - | -€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,085 | €354 | -€731 | -67.4% |
| Other operating charges | 640/8 | - | €655 | +€655 | |
| Gross operating margin | 9900 | €5,258 | €24,208 | +€18,950 | +360% |
| Operating profit (loss) | 9901 | €4,135 | €23,199 | +€19,064 | +461% |
| Financial income | 75/76B | €0 | €363 | +€363 | +1,813,100% |
| Recurring financial income | 75 | €0 | €363 | +€363 | +1,813,100% |
| Financial charges | 65/66B | €25,883 | €327 | -€25,556 | -98.7% |
| Recurring financial charges | 65 | €25,883 | €301 | -€25,582 | -98.8% |
| Non-recurring financial charges | 66B | - | €26 | +€26 | |
| Profit (loss) for the period before taxes | 9903 | -€21,748 | €23,235 | +€44,983 | |
| Profit (loss) for the period | 9904 | -€21,748 | €23,235 | +€44,983 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,748 | €23,235 | +€44,983 |
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 26 October 2026 via checked.be.