M-B-H: 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.
M-B-H
Largest movements
- Tangible fixed assets -€39,061
down €39,061 (-18.9%), from €206,537 to €167,476
of which Land and buildings: -€24,659
- Cash +€24,154
up €24,154 (+5.2%), from €468,084 to €492,238
mainly Net result for the year (+€249,397) and Depreciation (+€40,883)
- Stocks and contracts -€16,579
down €16,579 (-2.4%), from €704,134 to €687,555
- Other debts -€293,564
no longer reported in 2025 (was €293,564)
- Profit (loss) carried forward +€249,397
up €249,397 (+39.5%), from €632,090 to €881,487
- Trade debts +€24,970
up €24,970 (+40.2%), from €62,056 to €87,026
- Tax, wage and social debts -€20,305
down €20,305 (-24.7%), from €82,251 to €61,946
of which Remuneration and social security: -€11,731
- Gross operating margin -€45,764
down €45,764 (-6.3%), from €720,999 to €675,235
- Taxes -€14,189
down €14,189 (-13.9%), from €102,276 to €88,087
- Staff costs +€14,133
up €14,133 (+5.1%), from €277,591 to €291,724
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 | €1,469,561 | €1,430,088 | -€39,473 | -2.7% |
| Fixed assets | 21/28 | €206,587 | €167,526 | -€39,061 | -18.9% |
| Tangible fixed assets | 22/27 | €206,537 | €167,476 | -€39,061 | -18.9% |
| Land and buildings | 22 | €169,152 | €144,493 | -€24,659 | -14.6% |
| Plant, machinery and equipment | 23 | €16,796 | €11,807 | -€4,989 | -29.7% |
| Furniture and vehicles | 24 | €20,589 | €11,176 | -€9,413 | -45.7% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €1,262,974 | €1,262,562 | -€412 | 0.0% |
| Stocks and contracts in progress | 3 | €704,134 | €687,555 | -€16,579 | -2.4% |
| Stocks | 30/36 | €704,134 | €687,555 | -€16,579 | -2.4% |
| Amounts receivable within one year | 40/41 | €83,094 | €76,097 | -€6,997 | -8.4% |
| Trade receivables | 40 | €5,246 | €9,761 | +€4,515 | +86.1% |
| Other amounts receivable | 41 | €77,848 | €66,336 | -€11,512 | -14.8% |
| Cash at bank and in hand | 54/58 | €468,084 | €492,238 | +€24,154 | +5.2% |
| Deferred charges and accrued income | 490/1 | €7,662 | €6,672 | -€990 | -12.9% |
| Total equity and liabilities | 10/49 | €1,469,561 | €1,430,088 | -€39,473 | -2.7% |
| Equity | 10/15 | €1,031,170 | €1,280,567 | +€249,397 | +24.2% |
| Contributions | 10/11 | €362,800 | €362,800 | = | 0.0% |
| Reserves | 13 | €36,280 | €36,280 | = | 0.0% |
| Non-distributable reserves | 130/1 | €36,280 | €36,280 | = | 0.0% |
| Reserves not available under the articles | 1311 | €36,280 | €36,280 | = | 0.0% |
| Profit (loss) carried forward | 14 | €632,090 | €881,487 | +€249,397 | +39.5% |
| Amounts payable | 17/49 | €438,391 | €149,521 | -€288,870 | -65.9% |
| Amounts payable within one year | 42/48 | €437,871 | €148,972 | -€288,899 | -66.0% |
| Trade debts | 44 | €62,056 | €87,026 | +€24,970 | +40.2% |
| Suppliers | 440/4 | €62,056 | €87,026 | +€24,970 | +40.2% |
| Taxes, remuneration and social security | 45 | €82,251 | €61,946 | -€20,305 | -24.7% |
| Taxes | 450/3 | €23,965 | €15,391 | -€8,574 | -35.8% |
| Remuneration and social security | 454/9 | €58,286 | €46,555 | -€11,731 | -20.1% |
| Other amounts payable | 47/48 | €293,564 | - | -€293,564 | |
| Accrued charges and deferred income | 492/3 | €520 | €549 | +€29 | +5.6% |
| Remuneration, social security and pensions | 62 | €277,591 | €291,724 | +€14,133 | +5.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €45,386 | €40,883 | -€4,503 | -9.9% |
| Other operating charges | 640/8 | €15,001 | €20,051 | +€5,050 | +33.7% |
| Gross operating margin | 9900 | €720,999 | €675,235 | -€45,764 | -6.3% |
| Operating profit (loss) | 9901 | €383,021 | €322,577 | -€60,444 | -15.8% |
| Financial income | 75/76B | €23,309 | €23,752 | +€443 | +1.9% |
| Recurring financial income | 75 | €23,309 | €23,752 | +€443 | +1.9% |
| Financial charges | 65/66B | €10,490 | €8,845 | -€1,645 | -15.7% |
| Recurring financial charges | 65 | €10,490 | €8,845 | -€1,645 | -15.7% |
| Profit (loss) for the period before taxes | 9903 | €395,840 | €337,484 | -€58,356 | -14.7% |
| Income taxes | 67/77 | €102,276 | €88,087 | -€14,189 | -13.9% |
| Profit (loss) for the period | 9904 | €293,564 | €249,397 | -€44,167 | -15.0% |
| Profit (loss) for the period to be appropriated | 9905 | €293,564 | €249,397 | -€44,167 | -15.0% |
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 31 October 2026 via checked.be.