MG HORIZON: 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.
MG HORIZON
Largest movements
- Tangible fixed assets -€3,161
down €3,161 (-36.8%), from €8,601 to €5,440
of which Land and buildings: -€2,067
- Cash +€1,693
up €1,693 (+59.5%), from €2,847 to €4,540
mainly Depreciation (+€3,161) and Other debts (+€2,396)
- Receivables within one year +€997
up €997 (+132%), from €757 to €1,755
of which Trade receivables: +€1,178
- Deferred charges and accrued income -€528
down €528 (-83.0%), from €636 to €108
- Profit (loss) carried forward -€4,390
down €4,390 (-7.8%), from -€56,605 to -€60,995
- Other debts +€2,396
up €2,396 (+8.4%), from €28,398 to €30,794
- Trade debts +€793
up €793 (+49.9%), from €1,587 to €2,380
- Accrued charges and deferred income +€203
new in 2025: €203
- Gross operating margin +€4,067
up €4,067 (+96.8%), from -€4,199 to -€132
- Financial charges -€1,051
down €1,051 (-52.6%), from €1,997 to €946
- Depreciation -€127
down €127 (-3.9%), from €3,288 to €3,161
- Other operating charges +€67
up €67 (+79.2%), from €85 to €152
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 | €12,842 | €11,843 | -€999 | -7.8% |
| Fixed assets | 21/28 | €8,601 | €5,440 | -€3,161 | -36.8% |
| Tangible fixed assets | 22/27 | €8,601 | €5,440 | -€3,161 | -36.8% |
| Land and buildings | 22 | €7,173 | €5,105 | -€2,067 | -28.8% |
| Plant, machinery and equipment | 23 | €763 | €148 | -€614 | -80.6% |
| Furniture and vehicles | 24 | €666 | €187 | -€479 | -72.0% |
| Current assets | 29/58 | €4,241 | €6,403 | +€2,162 | +51.0% |
| Amounts receivable within one year | 40/41 | €757 | €1,755 | +€997 | +132% |
| Trade receivables | 40 | €303 | €1,481 | +€1,178 | +388% |
| Other amounts receivable | 41 | €454 | €274 | -€180 | -39.7% |
| Cash at bank and in hand | 54/58 | €2,847 | €4,540 | +€1,693 | +59.5% |
| Deferred charges and accrued income | 490/1 | €636 | €108 | -€528 | -83.0% |
| Total equity and liabilities | 10/49 | €12,842 | €11,843 | -€999 | -7.8% |
| Equity | 10/15 | -€17,143 | -€21,534 | -€4,390 | -25.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €27,062 | €27,062 | = | 0.0% |
| Distributable reserves | 133 | €27,062 | €27,062 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€56,605 | -€60,995 | -€4,390 | -7.8% |
| Amounts payable | 17/49 | €29,985 | €33,377 | +€3,392 | +11.3% |
| Amounts payable within one year | 42/48 | €29,985 | €33,174 | +€3,188 | +10.6% |
| Trade debts | 44 | €1,587 | €2,380 | +€793 | +49.9% |
| Suppliers | 440/4 | €1,587 | €2,380 | +€793 | +49.9% |
| Other amounts payable | 47/48 | €28,398 | €30,794 | +€2,396 | +8.4% |
| Accrued charges and deferred income | 492/3 | - | €203 | +€203 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,288 | €3,161 | -€127 | -3.9% |
| Other operating charges | 640/8 | €85 | €152 | +€67 | +79.2% |
| Gross operating margin | 9900 | -€4,199 | -€132 | +€4,067 | +96.8% |
| Operating profit (loss) | 9901 | -€7,572 | -€3,446 | +€4,127 | +54.5% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €1,997 | €946 | -€1,051 | -52.6% |
| Recurring financial charges | 65 | €1,997 | €946 | -€1,051 | -52.6% |
| Profit (loss) for the period before taxes | 9903 | -€9,569 | -€4,390 | +€5,179 | +54.1% |
| Profit (loss) for the period | 9904 | -€9,569 | -€4,390 | +€5,179 | +54.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€9,569 | -€4,390 | +€5,179 | +54.1% |
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 31 October 2026 via checked.be.