MRGX: 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.
MRGX
Largest movements
- Stocks and contracts +€84,191
up €84,191 (+36.4%), from €231,391 to €315,582
- Tangible fixed assets -€8,370
down €8,370 (-13.8%), from €60,569 to €52,199
of which Other tangible fixed assets: -€8,511
- Cash +€7,866
up €7,866 (+44.4%), from €17,730 to €25,597
- Receivables within one year +€6,803
up €6,803 (+209%), from €3,249 to €10,052
of which Trade receivables: +€6,827
- Profit (loss) carried forward +€101,572
up €101,572 (+153%), from €66,467 to €168,039
- Advances received +€31,214
new in 2025: €31,214
- Trade debts -€26,792
down €26,792 (-30.0%), from €89,245 to €62,453
- Tax, wage and social debts +€20,286
up €20,286 (+38.9%), from €52,106 to €72,392
of which Taxes: +€12,417
- Short-term financial debts -€19,846
down €19,846 (-36.5%), from €54,373 to €34,527
- Gross operating margin +€206,039
up €206,039 (+476%), from €43,288 to €249,327
- Staff costs +€78,848
up €78,848 (+1,616%), from €4,878 to €83,726
- Taxes +€26,957
up €26,957 (+745%), from €3,616 to €30,573
- Financial charges +€12,679
up €12,679 (+179%), from €7,095 to €19,773
- Other operating charges -€8,408
down €8,408 (-76.5%), from €10,987 to €2,578
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €312,939 | €407,285 | +€94,345 | +30.1% |
| Fixed assets | 21/28 | €60,569 | €52,199 | -€8,370 | -13.8% |
| Tangible fixed assets | 22/27 | €60,569 | €52,199 | -€8,370 | -13.8% |
| Plant, machinery and equipment | 23 | €376 | €1,429 | +€1,053 | +280% |
| Furniture and vehicles | 24 | €3,319 | €2,407 | -€912 | -27.5% |
| Other tangible fixed assets | 26 | €56,873 | €48,362 | -€8,511 | -15.0% |
| Current assets | 29/58 | €252,371 | €355,086 | +€102,716 | +40.7% |
| Stocks and contracts in progress | 3 | €231,391 | €315,582 | +€84,191 | +36.4% |
| Stocks | 30/36 | €231,391 | €315,582 | +€84,191 | +36.4% |
| Amounts receivable within one year | 40/41 | €3,249 | €10,052 | +€6,803 | +209% |
| Trade receivables | 40 | - | €6,827 | +€6,827 | |
| Other amounts receivable | 41 | €3,249 | €3,225 | -€24 | -0.7% |
| Cash at bank and in hand | 54/58 | €17,730 | €25,597 | +€7,866 | +44.4% |
| Deferred charges and accrued income | 490/1 | - | €3,855 | +€3,855 | |
| Total equity and liabilities | 10/49 | €312,939 | €407,285 | +€94,345 | +30.1% |
| Equity | 10/15 | €78,444 | €180,016 | +€101,572 | +129% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Reserves | 13 | €3,977 | €3,977 | = | 0.0% |
| Distributable reserves | 133 | €3,977 | €3,977 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,467 | €168,039 | +€101,572 | +153% |
| Amounts payable | 17/49 | €234,496 | €227,269 | -€7,227 | -3.1% |
| Amounts payable after more than one year | 17 | €25,022 | €9,959 | -€15,063 | -60.2% |
| Financial debts | 170/4 | €25,022 | €9,959 | -€15,063 | -60.2% |
| Amounts payable within one year | 42/48 | €209,474 | €215,898 | +€6,425 | +3.1% |
| Current portion of amounts payable after more than one year | 42 | €9,695 | €10,043 | +€347 | +3.6% |
| Financial debts | 43 | €54,373 | €34,527 | -€19,846 | -36.5% |
| Credit institutions | 430/8 | €54,373 | €34,527 | -€19,846 | -36.5% |
| Trade debts | 44 | €89,245 | €62,453 | -€26,792 | -30.0% |
| Suppliers | 440/4 | €89,245 | €62,453 | -€26,792 | -30.0% |
| Advances received on contracts in progress | 46 | - | €31,214 | +€31,214 | |
| Taxes, remuneration and social security | 45 | €52,106 | €72,392 | +€20,286 | +38.9% |
| Taxes | 450/3 | €51,364 | €63,781 | +€12,417 | +24.2% |
| Remuneration and social security | 454/9 | €742 | €8,611 | +€7,869 | +1,061% |
| Other amounts payable | 47/48 | €4,055 | €5,270 | +€1,215 | +30.0% |
| Accrued charges and deferred income | 492/3 | - | €1,412 | +€1,412 | |
| Remuneration, social security and pensions | 62 | €4,878 | €83,726 | +€78,848 | +1,616% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,873 | €12,155 | -€718 | -5.6% |
| Other operating charges | 640/8 | €10,987 | €2,578 | -€8,408 | -76.5% |
| Non-recurring operating charges | 66A | - | €100 | +€100 | |
| Gross operating margin | 9900 | €43,288 | €249,327 | +€206,039 | +476% |
| Operating profit (loss) | 9901 | €14,550 | €150,768 | +€136,218 | +936% |
| Financial income | 75/76B | €138 | €1,150 | +€1,012 | +734% |
| Recurring financial income | 75 | €138 | €1,150 | +€1,012 | +734% |
| Financial charges | 65/66B | €7,095 | €19,773 | +€12,679 | +179% |
| Recurring financial charges | 65 | €7,095 | €19,773 | +€12,679 | +179% |
| Profit (loss) for the period before taxes | 9903 | €7,594 | €132,145 | +€124,552 | +1,640% |
| Income taxes | 67/77 | €3,616 | €30,573 | +€26,957 | +745% |
| Profit (loss) for the period | 9904 | €3,977 | €101,572 | +€97,595 | +2,454% |
| Profit (loss) for the period to be appropriated | 9905 | €3,977 | €101,572 | +€97,595 | +2,454% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.