Equity
€24,198 from €177,283 in 2021
Equity fell by 86% in 4 years.
MGH
Lifetime
17 annual accounts with figures on one time axispeak €56,524 (2009)
-€4,307▲ €3,105
lowest -€71,809 (2023)
-€35,192▲ €5,616
peak €177,283 (2021)
€24,198▼ 59.3%
€961,103▲ 9.4%
Board2 names since 2008
2 directorsGILLION PHILIPPE and 1 other
Owners
consolidatesPHG ASSET MANAGEMENT
Documentsfilings and deeds
08-07-202623 days before the deadline
2025abbreviated format
Gross margin from -€7,412 to -€4,307Loss of €35,192Equity from €59,390 to €24,198
Key points
from the 2025 annual accountsChecked score
54
Fair
Financially stronger than 24% of micro companies in creative and performing arts (NACE 90)
Probability in this band: 1.5% to 4.2%
A net loss of at least half of total assets or of the equity at the start of the financial year caps the score at 59.
Bankruptcy probability within 12 months
0.1% Very low
0%0.5%1.5%4%10%≥ 25%
The dashed line is the sector median: 0.1% across 3,433 companies (NACE 90, micro).
About 1 in 1,000 comparable companies go bankrupt within 12 months (an estimate).
Last 24 months
12-2024: 0.3%
01-2025: 0.3%● unchanged vs 12-2024
02-2025: 0.3%● unchanged vs 01-2025
03-2025: 0.3%● unchanged vs 02-2025
04-2025: 0.3%● unchanged vs 03-2025
05-2025: 0.3%● unchanged vs 04-2025
06-2025: 0.3%● unchanged vs 05-2025highest value
07-2025: 0.1%▼ -0.2 percentage points vs 06-2025
08-2025: 0.2%▲ +0.1 percentage points vs 07-2025
09-2025: 0.2%● unchanged vs 08-2025
10-2025: 0.2%● unchanged vs 09-2025
11-2025: 0.2%● unchanged vs 10-2025
12-2025: 0.2%● unchanged vs 11-2025
01-2026: 0.2%● unchanged vs 12-2025
02-2026: 0.2%● unchanged vs 01-2026
03-2026: 0.2%● unchanged vs 02-2026
04-2026: 0.1%▼ -0.1 percentage points vs 03-2026
05-2026: 0.2%▲ +0.1 percentage points vs 04-2026
06-2026: 0.2%● unchanged vs 05-2026
07-2026: 0.2%● unchanged vs 06-2026
08-2026: 0.1%▼ -0.1 percentage points vs 07-2026lowest value
09-2026: 0.1%● unchanged vs 08-2026lowest value
10-2026: 0.1%● unchanged vs 09-2026lowest value
11-2026: 0.1%● unchanged vs 10-2026lowest value
Financial strengthWeak
Score breakdown
raises risk
Capped at 59: a net loss of at least half of total assets or of the equity at the start of the financial year
Equity €24,198 (2.5% of total assets)
lowers risk
Size: total assets €985,302
Figures for financial year 2025 (filed on 08-07-2026)
Sector: Arts creation and performing arts activities (NACE 90)
Calculation
The band follows from the bankruptcy probability. 10 more points roughly halve it.
| 75-100 | Excellent | under 0.55% |
| 60-74 | Healthy | 0.55% to 1.5% |
| 45-59 | Fair | 1.5% to 4.2% |
| 25-44 | Weak | 4.2% to 15.0% |
| 0-24 | Critical | over 15.0% |
Where the company stands within its band depends half on the bankruptcy probability and half on how it does against its sector peers (NACE 90, micro). It does better than 18% of them on solvency, 43% on liquidity, 25% on profitability and 11% on growth.
The bankruptcy probability was computed on 08-11-2026 by the bankruptcy model of 2 October 2026, which learns from Belgian bankruptcies and reads the registers, the annual accounts and the Belgian Official Gazette.
The probability rests on the annual accounts with balance sheet date 31-12-2025.
Of the companies with a bankruptcy probability in the very low class on 30-06-2025, 0.1% went bankrupt within twelve months.
Some facts cap the score, however low the probability. With negative or zero equity, a heavy loss, a special status in the KBO, one missing filing or accounts filed more than 90 days late, the score is Fair at most (59). With two missing filings, it is Weak at most (44). During a judicial reorganisation or at the company's end (bankruptcy, dissolution, liquidation), it is Critical at most (24).
Comparable companies, two years later
In July 2024, 912 companies had the same profile as MGH has now. Each dot stands for 3 companies, two years later.
95.3%
were still trading
2.1%
stopped another way
2.4%
went bankrupt
Another 0.2% stopped without a precise date, possibly only after those two years.
The bankruptcy probability of MGH itself is lower: 0.1% within 12 months. It rests on far more data about MGH than the profile alone.
Test of the method
The method was tested on the 497,447 companies of July 2024. Each company was given the bankruptcy share of the same profile a year earlier, in July 2023. The expectation was that 1.6% would go bankrupt within 24 months. In fact 1.7% went bankrupt.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.5% |
| 3 | 0.5% | 0.6% |
| 4 | 0.7% | 0.8% |
| 5 | 0.9% | 0.9% |
| 6 | 1.3% | 1.5% |
| 7 | 1.6% | 1.8% |
| 8 | 1.8% | 1.8% |
| 9 | 3.0% | 3.1% |
| 10 | 5.6% | 6.2% |
A company that went bankrupt had a higher expected share than one that kept going in 74.5% of comparisons. The level depends on the economy. In a year with more bankruptcies than the year before, the actual share is higher than the expected one.
This is an observation about 912 companies, not a prediction for MGH. The sector does not count, because the KBO no longer lists a sector for a company that has stopped. By sector, mostly the survivors would count, which would paint too rosy a picture.
Credit verdict
Credit of up to €1,000 on 30-day terms, only on tighter conditions
Net loss of at least half of total assets or of the equity at the start of the financial year.
Liquidity is ample, with a current ratio of 14.11, above the usual 1.5. Short-term debt is 5.5% and cash 2.6% of total assets. However, 97.5% of the assets are financed with debt and provisions.
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The scores and ratios are Checked's own calculations, not a credit decision.
Signals
Seven signals.
lowers riskraises riskneutral
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€35,192
raises risk · Weak solvency compared with the sector
Solvency (equity / total assets) is in the sector's weakest quartile: better than 17% of 646 sector peers (2025).
NBB · sector comparisonPosition among 646 sector peers
Solvency
better than 17%
← weakest
strongest →
neutral · Latest accounts filed on time
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 08-07-2026, 23 days ahead of the deadline.
NBB · 10 filingsDeviation from the deadline
2025
23 days early
2024
38 days early
2023
8 days early
2022
21 days early
2021
32 days early
2020
51 days early
2019
122 days late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
The company filed its last 7 accounts on average 7 days before the deadline. In the sector (NACE 90), the median for financial year 2024 was 3 days before the deadline, and 38% of those companies filed late.
Searched, nothing found (2)
neutral · Next filing not due yet
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today. The company usually files around 8 July (5 of the last 5 accounts filed within 30 days either side of that date).
Companies Code · seven monthsWhere today falls in the filing period
09-11-2026 today31-12-2026 year end31-07-2027 deadline
Board and ownership
GP
GILLION PHILIPPE
Director, since 11-12-2008
HA
HARDEMAN ANNEMIEKE
Director, since 11-12-2008
- PHG ASSET MANAGEMENT 99%equity -€297,644 (2025) · 2025 annual accounts of PHG ASSET MANAGEMENT
Shares in 2 companies, CB PARTICIPATIONS and COOK & BOOK
Board & ownershipRecent changes
Registered in the Peppol Directory
Reachable for e-invoices through 0208:0808338414
Registered office moved from Uccle to Brussels
New registered office: 251, Avenue Louise B-1050 Bruxelles · Previous registered office: 43, Drève du Caporal à 1180 Uccle · Board meeting of 23-03-2021 · Gazette deed
First establishment
Korporaaldreef 43, Uccle
Incorporation
published on 19-12-2008 · Gazette deed
Comparable companies
same main activity, similar in size and age| Company | ||||
|---|---|---|---|---|
| MGH Uccle | €1.0m | -€4,307 | 2.5% | - |
| PRODUCTION PIRATES Herentals | €0.3m | -€61,415 | -86.3% | 4.5 |
| MOLTOPIXIE Boortmeerbeek | €0.2m | -€8,442 | 59.3% | - |
| ARTY & CO Ixelles | €1.6m | -€3,053 | 66.5% | - |
| TWICE XP Roeselare | €0.7m | -€43,902 | -73.3% | 8.3 |
| DEODATO.BE Etterbeek | €0.4m | -€665 | -25.4% | - |
| Constructlab Belgium VZW Ghent | €0.2m | -€3,734 | 5.6% | - |
These companies have the same main activity as MGH: other support activities for arts and performing arts (NACE 90399). They are comparable in size and age: total assets between €200,000 and €1.6m, founded between 1979 and 2020.
Official details
Source: KBO- Status
- Active since 11-12-2008Normal situation
- Activity
- Other support activities for arts and performing artsNACE 90399and 1 other
- Establishment unit
- 2.175.804.1291180 Uccle, since 18-12-2008
- Financial year end
- 31 December
- Peppol
- Reachable since 05-12-2025
Annual accounts 2025
- €985,302▲ 5.0%
- Filing
- Filed on 08-07-2026, 23 days before the end of the filing period
Insights on MGH
MGH files the abbreviated format. That format states no turnover. The gross margin fell from €56,524 in 2009 to -€4,307 in 2025.
PHG ASSET MANAGEMENT holds 99% of the shares.
Sources: KBO register, filings at the National Bank, Belgian Official Gazette. Click a figure with a dotted line for the item and the filing.
Key facts about MGH
- What is the company number of MGH?
- The company number of MGH is 0808.338.414. The VAT number is the same number with BE in front: BE 0808.338.414.
- Where is MGH based?
- The registered office is at Korporaaldreef 43, 1180 Uccle.Company details
- What does MGH do?
- According to the KBO register, the main activity is other support activities for arts and performing arts (NACE 90399).
- What is the legal form of MGH?
- MGH is a private limited company (pre-2019) (BVBA).
- When was MGH founded?
- MGH was founded on 11-12-2008.
- Is MGH still active?
- Yes, MGH is an active enterprise in the KBO register.
- What is the turnover of MGH?
- The annual accounts for financial year 2025 state no turnover.Financials
- Is MGH profitable?
- In financial year 2025, MGH made a loss of €35,192.
- Where can I find the annual accounts of MGH?
- MGH filed 17 annual accounts with the National Bank of Belgium, the latest for financial year 2025.
- When are the next annual accounts of MGH due?
- MGH must file the annual accounts for financial year 2026 by 31-07-2027.Timeline
Next steps
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