MGAB: 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.
MGAB
Largest movements
- Cash -€671,925
down €671,925 (-70.2%), from €956,490 to €284,565
mainly Receivables within one year (-€266,763) and Stocks and contracts (-€204,131)
- Receivables within one year +€266,763
up €266,763 (+59.8%), from €446,154 to €712,917
of which Other amounts receivable: +€230,011
- Stocks and contracts +€204,131
up €204,131 (+52.9%), from €385,721 to €589,853
- Tangible fixed assets -€38,301
down €38,301 (-3.2%), from €1.2m to €1.2m
of which Land and buildings: -€42,542
- Other debts -€83,827
down €83,827 (-100%), from €83,827 to €0
- Debts after one year -€61,147
down €61,147 (-27.3%), from €224,010 to €162,864
- Tax, wage and social debts -€60,763
down €60,763 (-53.3%), from €113,944 to €53,182
of which Taxes: -€64,756
- Taxes -€39,803
down €39,803 (-98.4%), from €40,453 to €650
- Depreciation +€27,918
up €27,918 (+29.8%), from €93,736 to €121,654
- Gross operating margin -€14,155
down €14,155 (-7.5%), from €188,240 to €174,086
- Financial charges -€8,462
down €8,462 (-45.2%), from €18,722 to €10,261
- Staff costs +€2,597
up €2,597 (+5.9%), from €44,346 to €46,943
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 | €3,006,233 | €2,766,089 | -€240,145 | -8.0% |
| Fixed assets | 21/28 | €1,216,727 | €1,178,426 | -€38,301 | -3.1% |
| Tangible fixed assets | 22/27 | €1,204,227 | €1,165,926 | -€38,301 | -3.2% |
| Land and buildings | 22 | €1,050,731 | €1,008,189 | -€42,542 | -4.0% |
| Plant, machinery and equipment | 23 | €9,072 | €9,564 | +€492 | +5.4% |
| Furniture and vehicles | 24 | €144,083 | €148,173 | +€4,090 | +2.8% |
| Other tangible fixed assets | 26 | €341 | - | -€341 | |
| Financial fixed assets | 28 | €12,500 | €12,500 | = | 0.0% |
| Current assets | 29/58 | €1,789,506 | €1,587,663 | -€201,844 | -11.3% |
| Stocks and contracts in progress | 3 | €385,721 | €589,853 | +€204,131 | +52.9% |
| Stocks | 30/36 | €385,721 | €589,853 | +€204,131 | +52.9% |
| Amounts receivable within one year | 40/41 | €446,154 | €712,917 | +€266,763 | +59.8% |
| Trade receivables | 40 | €86,429 | €123,181 | +€36,751 | +42.5% |
| Other amounts receivable | 41 | €359,725 | €589,736 | +€230,011 | +63.9% |
| Cash at bank and in hand | 54/58 | €956,490 | €284,565 | -€671,925 | -70.2% |
| Deferred charges and accrued income | 490/1 | €1,141 | €328 | -€813 | -71.2% |
| Total equity and liabilities | 10/49 | €3,006,233 | €2,766,089 | -€240,145 | -8.0% |
| Equity | 10/15 | €2,494,964 | €2,487,897 | -€7,067 | -0.3% |
| Contributions | 10/11 | €48,600 | €48,600 | = | 0.0% |
| Reserves | 13 | €2,487,059 | €2,487,059 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,860 | - | -€4,860 | |
| Reserves not available under the articles | 1311 | €4,860 | - | -€4,860 | |
| Tax-exempt reserves | 132 | €54,984 | €54,984 | = | 0.0% |
| Distributable reserves | 133 | €2,427,215 | €2,432,075 | +€4,860 | +0.2% |
| Profit (loss) carried forward | 14 | -€40,695 | -€47,762 | -€7,067 | -17.4% |
| Amounts payable | 17/49 | €511,270 | €278,192 | -€233,078 | -45.6% |
| Amounts payable after more than one year | 17 | €224,010 | €162,864 | -€61,147 | -27.3% |
| Financial debts | 170/4 | €224,010 | €162,864 | -€61,147 | -27.3% |
| Amounts payable within one year | 42/48 | €286,259 | €114,328 | -€171,931 | -60.1% |
| Current portion of amounts payable after more than one year | 42 | €76,501 | €61,147 | -€15,354 | -20.1% |
| Trade debts | 44 | €11,987 | - | -€11,987 | |
| Suppliers | 440/4 | €11,987 | - | -€11,987 | |
| Taxes, remuneration and social security | 45 | €113,944 | €53,182 | -€60,763 | -53.3% |
| Taxes | 450/3 | €107,051 | €42,295 | -€64,756 | -60.5% |
| Remuneration and social security | 454/9 | €6,893 | €10,887 | +€3,993 | +57.9% |
| Other amounts payable | 47/48 | €83,827 | €0 | -€83,827 | -100% |
| Accrued charges and deferred income | 492/3 | €1,000 | €1,000 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €44,346 | €46,943 | +€2,597 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €93,736 | €121,654 | +€27,918 | +29.8% |
| Other operating charges | 640/8 | €2,056 | €1,645 | -€411 | -20.0% |
| Non-recurring operating charges | 66A | €29,626 | - | -€29,626 | |
| Gross operating margin | 9900 | €188,240 | €174,086 | -€14,155 | -7.5% |
| Operating profit (loss) | 9901 | €18,476 | €3,843 | -€14,633 | -79.2% |
| Financial income | 75/76B | €4 | €0 | -€4 | -99.8% |
| Recurring financial income | 75 | €4 | €0 | -€4 | -99.8% |
| Financial charges | 65/66B | €18,722 | €10,261 | -€8,462 | -45.2% |
| Recurring financial charges | 65 | €18,722 | €10,261 | -€8,462 | -45.2% |
| Profit (loss) for the period before taxes | 9903 | -€242 | -€6,417 | -€6,175 | -2,547% |
| Income taxes | 67/77 | €40,453 | €650 | -€39,803 | -98.4% |
| Profit (loss) for the period | 9904 | -€40,695 | -€7,067 | +€33,629 | +82.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,695 | -€7,067 | +€33,629 | +82.6% |
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.