MGH: 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.
MGH
Largest movements
- Receivables within one year +€42,004
up €42,004 (+6.0%), from €700,177 to €742,180
of which Trade receivables: +€50,000
- Trade debts +€53,343
up €53,343 (+4,819%), from €1,107 to €54,450
- Profit (loss) carried forward -€35,192
down €35,192 (-68.6%), from €51,330 to €16,138
- Debts after one year +€29,228
up €29,228 (+3.3%), from €877,425 to €906,653
- Gross operating margin +€3,105
up €3,105 (+41.9%), from -€7,412 to -€4,307
- Financial charges -€2,492
down €2,492 (-7.7%), from €32,378 to €29,886
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 | €937,999 | €985,302 | +€47,302 | +5.0% |
| Fixed assets | 21/28 | €217,088 | €217,088 | = | 0.0% |
| Tangible fixed assets | 22/27 | €102,688 | €102,688 | = | 0.0% |
| Other tangible fixed assets | 26 | €102,688 | €102,688 | = | 0.0% |
| Financial fixed assets | 28 | €114,400 | €114,400 | = | 0.0% |
| Current assets | 29/58 | €720,911 | €768,214 | +€47,302 | +6.6% |
| Amounts receivable within one year | 40/41 | €700,177 | €742,180 | +€42,004 | +6.0% |
| Trade receivables | 40 | - | €50,000 | +€50,000 | |
| Other amounts receivable | 41 | €700,177 | €692,180 | -€7,996 | -1.1% |
| Cash at bank and in hand | 54/58 | €20,735 | €26,033 | +€5,299 | +25.6% |
| Total equity and liabilities | 10/49 | €937,999 | €985,302 | +€47,302 | +5.0% |
| Equity | 10/15 | €59,390 | €24,198 | -€35,192 | -59.3% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €51,330 | €16,138 | -€35,192 | -68.6% |
| Amounts payable | 17/49 | €878,610 | €961,103 | +€82,494 | +9.4% |
| Amounts payable after more than one year | 17 | €877,425 | €906,653 | +€29,228 | +3.3% |
| Other amounts payable | 178/9 | €877,425 | €906,653 | +€29,228 | +3.3% |
| Amounts payable within one year | 42/48 | €1,107 | €54,450 | +€53,343 | +4,819% |
| Trade debts | 44 | €1,107 | €54,450 | +€53,343 | +4,819% |
| Suppliers | 440/4 | €1,107 | €54,450 | +€53,343 | +4,819% |
| Accrued charges and deferred income | 492/3 | €78 | - | -€78 | |
| Other operating charges | 640/8 | €1,018 | €998 | -€19 | -1.9% |
| Gross operating margin | 9900 | -€7,412 | -€4,307 | +€3,105 | +41.9% |
| Operating profit (loss) | 9901 | -€8,430 | -€5,305 | +€3,125 | +37.1% |
| Financial charges | 65/66B | €32,378 | €29,886 | -€2,492 | -7.7% |
| Recurring financial charges | 65 | €32,378 | €29,886 | -€2,492 | -7.7% |
| Profit (loss) for the period before taxes | 9903 | -€40,808 | -€35,192 | +€5,616 | +13.8% |
| Profit (loss) for the period | 9904 | -€40,808 | -€35,192 | +€5,616 | +13.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€40,808 | -€35,192 | +€5,616 | +13.8% |
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 14 October 2026 via checked.be.