BAROMETRE MAH: 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.
BAROMETRE MAH
Largest movements
- Intangible fixed assets -€39,798
down €39,798 (-19.4%), from €205,120 to €165,322
- Tangible fixed assets +€13,526
up €13,526 (+308%), from €4,389 to €17,915
- Cash -€9,485
down €9,485 (-20.0%), from €47,355 to €37,870
mainly Other debts (-€44,087) and Investment in fixed assets (net) (-€15,062)
- Deferred charges and accrued income -€3,443
down €3,443 (-44.7%), from €7,705 to €4,262
- Other debts -€44,087
down €44,087 (-23.2%), from €190,000 to €145,913
- Profit (loss) carried forward +€10,374
up €10,374 (+17.9%), from €58,011 to €68,385
- Trade debts -€7,705
down €7,705 (-55.6%), from €13,869 to €6,164
- Tax, wage and social debts +€7,492
up €7,492 (+52.9%), from €14,155 to €21,647
of which Remuneration and social security: +€5,185
- Accrued charges and deferred income -€2,932
down €2,932 (-89.3%), from €3,282 to €350
- Gross operating margin -€32,988
down €32,988 (-11.5%), from €287,972 to €254,984
- Staff costs +€22,269
up €22,269 (+13.6%), from €163,441 to €185,710
- Taxes -€14,587
down €14,587 (-83.2%), from €17,539 to €2,953
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 | €286,817 | €249,959 | -€36,859 | -12.9% |
| Fixed assets | 21/28 | €215,462 | €188,301 | -€27,161 | -12.6% |
| Intangible fixed assets | 21 | €205,120 | €165,322 | -€39,798 | -19.4% |
| Tangible fixed assets | 22/27 | €4,389 | €17,915 | +€13,526 | +308% |
| Plant, machinery and equipment | 23 | €4,389 | €17,915 | +€13,526 | +308% |
| Financial fixed assets | 28 | €5,954 | €5,064 | -€890 | -14.9% |
| Current assets | 29/58 | €71,355 | €61,658 | -€9,698 | -13.6% |
| Stocks and contracts in progress | 3 | €8,273 | €11,003 | +€2,730 | +33.0% |
| Stocks | 30/36 | €8,273 | €11,003 | +€2,730 | +33.0% |
| Amounts receivable within one year | 40/41 | €8,022 | €8,523 | +€501 | +6.2% |
| Trade receivables | 40 | €1,354 | €283 | -€1,071 | -79.1% |
| Other amounts receivable | 41 | €6,668 | €8,241 | +€1,572 | +23.6% |
| Cash at bank and in hand | 54/58 | €47,355 | €37,870 | -€9,485 | -20.0% |
| Deferred charges and accrued income | 490/1 | €7,705 | €4,262 | -€3,443 | -44.7% |
| Total equity and liabilities | 10/49 | €286,817 | €249,959 | -€36,859 | -12.9% |
| Equity | 10/15 | €65,511 | €75,885 | +€10,374 | +15.8% |
| Contributions | 10/11 | €7,500 | €7,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €58,011 | €68,385 | +€10,374 | +17.9% |
| Amounts payable | 17/49 | €221,306 | €174,074 | -€47,233 | -21.3% |
| Amounts payable within one year | 42/48 | €218,024 | €173,724 | -€44,301 | -20.3% |
| Trade debts | 44 | €13,869 | €6,164 | -€7,705 | -55.6% |
| Suppliers | 440/4 | €13,869 | €6,164 | -€7,705 | -55.6% |
| Taxes, remuneration and social security | 45 | €14,155 | €21,647 | +€7,492 | +52.9% |
| Taxes | 450/3 | €450 | €2,757 | +€2,307 | +512% |
| Remuneration and social security | 454/9 | €13,705 | €18,890 | +€5,185 | +37.8% |
| Other amounts payable | 47/48 | €190,000 | €145,913 | -€44,087 | -23.2% |
| Accrued charges and deferred income | 492/3 | €3,282 | €350 | -€2,932 | -89.3% |
| Remuneration, social security and pensions | 62 | €163,441 | €185,710 | +€22,269 | +13.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,219 | €42,223 | +€2,004 | +5.0% |
| Other operating charges | 640/8 | €3,193 | €2,949 | -€244 | -7.6% |
| Gross operating margin | 9900 | €287,972 | €254,984 | -€32,988 | -11.5% |
| Operating profit (loss) | 9901 | €81,119 | €24,102 | -€57,017 | -70.3% |
| Financial income | 75/76B | €27 | €64 | +€37 | +135% |
| Recurring financial income | 75 | €27 | €64 | +€37 | +135% |
| Financial charges | 65/66B | €11,708 | €10,839 | -€869 | -7.4% |
| Recurring financial charges | 65 | €11,668 | €10,839 | -€829 | -7.1% |
| Non-recurring financial charges | 66B | €40 | - | -€40 | |
| Profit (loss) for the period before taxes | 9903 | €69,438 | €13,327 | -€56,111 | -80.8% |
| Income taxes | 67/77 | €17,539 | €2,953 | -€14,587 | -83.2% |
| Profit (loss) for the period | 9904 | €51,899 | €10,374 | -€41,524 | -80.0% |
| Profit (loss) for the period to be appropriated | 9905 | €51,899 | €10,374 | -€41,524 | -80.0% |
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.