MGRI: 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.
MGRI
Largest movements
- Tangible fixed assets -€57,053
down €57,053 (-6.3%), from €912,456 to €855,404
of which Land and buildings: -€34,188
- Cash -€33,265
down €33,265 (-45.6%), from €72,989 to €39,724
mainly Debts after one year (-€39,561) and Tax, wage and social debts (-€29,829)
- Debts after one year -€39,561
down €39,561 (-5.4%), from €739,223 to €699,662
- Tax, wage and social debts -€29,829
down €29,829 (-62.9%), from €47,424 to €17,595
of which Taxes: -€23,718
- Financial income -€533,067
down €533,067 (-95.7%), from €557,167 to €24,100
of which Non-recurring financial income: -€548,395
- Gross operating margin -€296,412
down €296,412 (-89.8%), from €330,168 to €33,756
- Staff costs -€86,487
down €86,487 (-99.8%), from €86,634 to €147
- Depreciation -€40,866
down €40,866 (-54.0%), from €75,633 to €34,767
- Taxes -€36,208
down €36,208 (-88.7%), from €40,835 to €4,627
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.
Cash bridge derived
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 | €1,860,792 | €1,774,500 | -€86,292 | -4.6% |
| Fixed assets | 21/28 | €913,523 | €855,744 | -€57,779 | -6.3% |
| Tangible fixed assets | 22/27 | €912,456 | €855,404 | -€57,053 | -6.3% |
| Land and buildings | 22 | €889,156 | €854,968 | -€34,188 | -3.8% |
| Furniture and vehicles | 24 | €23,301 | €436 | -€22,865 | -98.1% |
| Financial fixed assets | 28 | €1,066 | €340 | -€726 | -68.1% |
| Current assets | 29/58 | €947,269 | €918,756 | -€28,513 | -3.0% |
| Amounts receivable within one year | 40/41 | €274,280 | €272,108 | -€2,172 | -0.8% |
| Trade receivables | 40 | €18,182 | €2,531 | -€15,651 | -86.1% |
| Other amounts receivable | 41 | €256,098 | €269,577 | +€13,479 | +5.3% |
| Current investments | 50/53 | €600,000 | €606,924 | +€6,924 | +1.2% |
| Cash at bank and in hand | 54/58 | €72,989 | €39,724 | -€33,265 | -45.6% |
| Total equity and liabilities | 10/49 | €1,860,792 | €1,774,500 | -€86,292 | -4.6% |
| Equity | 10/15 | €771,224 | €766,365 | -€4,859 | -0.6% |
| Contributions | 10/11 | €60,000 | €60,000 | = | 0.0% |
| Reserves | 13 | €411,296 | €411,296 | = | 0.0% |
| Tax-exempt reserves | 132 | €411,296 | €411,296 | = | 0.0% |
| Profit (loss) carried forward | 14 | €299,928 | €295,068 | -€4,859 | -1.6% |
| Provisions and deferred taxes | 16 | €137,099 | €137,099 | = | 0.0% |
| Deferred taxes | 168 | €137,099 | €137,099 | = | 0.0% |
| Amounts payable | 17/49 | €952,469 | €871,036 | -€81,433 | -8.5% |
| Amounts payable after more than one year | 17 | €739,223 | €699,662 | -€39,561 | -5.4% |
| Financial debts | 170/4 | €739,223 | €699,662 | -€39,561 | -5.4% |
| Amounts payable within one year | 42/48 | €206,597 | €164,724 | -€41,872 | -20.3% |
| Current portion of amounts payable after more than one year | 42 | €41,954 | €39,561 | -€2,394 | -5.7% |
| Trade debts | 44 | €17,218 | €2,569 | -€14,649 | -85.1% |
| Suppliers | 440/4 | €17,218 | €2,569 | -€14,649 | -85.1% |
| Advances received on contracts in progress | 46 | - | €5,000 | +€5,000 | |
| Taxes, remuneration and social security | 45 | €47,424 | €17,595 | -€29,829 | -62.9% |
| Taxes | 450/3 | €41,313 | €17,595 | -€23,718 | -57.4% |
| Remuneration and social security | 454/9 | €6,111 | - | -€6,111 | |
| Other amounts payable | 47/48 | €100,000 | €100,000 | = | 0.0% |
| Accrued charges and deferred income | 492/3 | €6,650 | €6,650 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €86,634 | €147 | -€86,487 | -99.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,633 | €34,767 | -€40,866 | -54.0% |
| Other operating charges | 640/8 | €7,701 | €8,764 | +€1,063 | +13.8% |
| Non-recurring operating charges | 66A | - | €2,786 | +€2,786 | |
| Gross operating margin | 9900 | €330,168 | €33,756 | -€296,412 | -89.8% |
| Operating profit (loss) | 9901 | €160,199 | -€12,708 | -€172,908 | |
| Financial income | 75/76B | €557,167 | €24,100 | -€533,067 | -95.7% |
| Recurring financial income | 75 | €8,772 | €24,100 | +€15,328 | +174.7% |
| Non-recurring financial income | 76B | €548,395 | - | -€548,395 | |
| Financial charges | 65/66B | €16,417 | €11,623 | -€4,794 | -29.2% |
| Recurring financial charges | 65 | €16,417 | €11,623 | -€4,794 | -29.2% |
| Profit (loss) for the period before taxes | 9903 | €700,950 | -€232 | -€701,182 | |
| Transfer to deferred taxes | 680 | €411,296 | - | -€411,296 | |
| Income taxes | 67/77 | €40,835 | €4,627 | -€36,208 | -88.7% |
| Profit (loss) for the period | 9904 | €248,818 | -€4,859 | -€253,677 | |
| Transfer to tax-exempt reserves | 689 | €137,099 | - | -€137,099 | |
| Profit (loss) for the period to be appropriated | 9905 | €111,719 | -€4,859 | -€116,578 |
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 12 October 2026 via checked.be.