MGPH: 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.
MGPH
Largest movements
- Stocks and contracts -€4.1m
down €4.1m (-98.2%), from €4.2m to €75,000
- Cash -€1.3m
down €1.3m (-96.3%), from €1.3m to €48,960
mainly Advances received (-€3.3m) and Short-term financial debts (-€1.2m)
- Tangible fixed assets +€208,444
up €208,444 (+22.7%), from €917,280 to €1.1m
of which Land and buildings: +€207,368
- Advances received -€3.3m
no longer reported in 2025 (was €3.3m)
- Short-term financial debts -€1.2m
no longer reported in 2025 (was €1.2m)
- Trade debts -€678,312
down €678,312 (-81.4%), from €833,403 to €155,091
- Tax, wage and social debts -€133,345
down €133,345 (-82.1%), from €162,435 to €29,090
- Profit (loss) carried forward +€102,535
up €102,535 (+575%), from €17,843 to €120,378
- Gross operating margin +€219,345
up €219,345 (+302%), from €72,710 to €292,055
- Financial charges +€9,584
up €9,584 (+6.8%), from €140,530 to €150,114
- Depreciation +€4,690
up €4,690 (+15.3%), from €30,711 to €35,401
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 | €6,653,800 | €1,375,867 | -€5.3m | -79.3% |
| Fixed assets | 21/28 | €980,920 | €1,131,195 | +€150,275 | +15.3% |
| Intangible fixed assets | 21 | - | €3,971 | +€3,971 | |
| Tangible fixed assets | 22/27 | €917,280 | €1,125,724 | +€208,444 | +22.7% |
| Land and buildings | 22 | €917,280 | €1,124,648 | +€207,368 | +22.6% |
| Furniture and vehicles | 24 | - | €1,076 | +€1,076 | |
| Financial fixed assets | 28 | €63,640 | €1,500 | -€62,140 | -97.6% |
| Current assets | 29/58 | €5,672,880 | €244,672 | -€5.4m | -95.7% |
| Stocks and contracts in progress | 3 | €4,203,157 | €75,000 | -€4.1m | -98.2% |
| Stocks | 30/36 | €4,203,157 | €75,000 | -€4.1m | -98.2% |
| Amounts receivable within one year | 40/41 | €143,571 | €86,512 | -€57,059 | -39.7% |
| Trade receivables | 40 | €23,571 | €76,609 | +€53,039 | +225% |
| Other amounts receivable | 41 | €120,000 | €9,903 | -€110,097 | -91.7% |
| Cash at bank and in hand | 54/58 | €1,326,070 | €48,960 | -€1.3m | -96.3% |
| Deferred charges and accrued income | 490/1 | €82 | €34,200 | +€34,118 | +41,587% |
| Total equity and liabilities | 10/49 | €6,653,800 | €1,375,867 | -€5.3m | -79.3% |
| Equity | 10/15 | €25,903 | €128,438 | +€102,535 | +396% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €17,843 | €120,378 | +€102,535 | +575% |
| Amounts payable | 17/49 | €6,627,897 | €1,247,429 | -€5.4m | -81.2% |
| Amounts payable after more than one year | 17 | €1,053,433 | €1,020,592 | -€32,841 | -3.1% |
| Financial debts | 170/4 | €1,053,433 | €1,012,292 | -€41,141 | -3.9% |
| Other amounts payable | 178/9 | - | €8,300 | +€8,300 | |
| Amounts payable within one year | 42/48 | €5,528,453 | €226,837 | -€5.3m | -95.9% |
| Current portion of amounts payable after more than one year | 42 | €22,231 | €31,444 | +€9,213 | +41.4% |
| Financial debts | 43 | €1,215,016 | - | -€1.2m | |
| Credit institutions | 430/8 | €1,215,016 | - | -€1.2m | |
| Trade debts | 44 | €833,403 | €155,091 | -€678,312 | -81.4% |
| Suppliers | 440/4 | €833,403 | €155,091 | -€678,312 | -81.4% |
| Advances received on contracts in progress | 46 | €3,294,169 | - | -€3.3m | |
| Taxes, remuneration and social security | 45 | €162,435 | €29,090 | -€133,345 | -82.1% |
| Taxes | 450/3 | €162,435 | €29,090 | -€133,345 | -82.1% |
| Other amounts payable | 47/48 | €1,198 | €11,212 | +€10,014 | +836% |
| Accrued charges and deferred income | 492/3 | €46,011 | - | -€46,011 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €30,711 | €35,401 | +€4,690 | +15.3% |
| Other operating charges | 640/8 | €6,514 | €4,014 | -€2,500 | -38.4% |
| Gross operating margin | 9900 | €72,710 | €292,055 | +€219,345 | +302% |
| Operating profit (loss) | 9901 | €35,485 | €252,640 | +€217,155 | +612% |
| Financial income | 75/76B | €3 | €9 | +€6 | +198% |
| Recurring financial income | 75 | €3 | €9 | +€6 | +198% |
| Financial charges | 65/66B | €140,530 | €150,114 | +€9,584 | +6.8% |
| Recurring financial charges | 65 | €140,530 | €150,114 | +€9,584 | +6.8% |
| Profit (loss) for the period before taxes | 9903 | -€105,042 | €102,535 | +€207,577 | |
| Profit (loss) for the period | 9904 | -€105,042 | €102,535 | +€207,577 | |
| Profit (loss) for the period to be appropriated | 9905 | -€105,042 | €102,535 | +€207,577 |
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.