M.H.: what changed
Two fiscal 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.
What changed
M.H.
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€55,799
2024 · -€47,651-€8,147
Equity
€2.1m
2024 · €2.3m-€116,298
Cash
€9,657
2024 · €14,021-€4,364
Balance sheet total
€2.7m
2024 · €2.8m-€99,437
Largest movements
Assets
- Current investments -€149,660
down €149,660 (-26.1%), from €574,051 to €424,391
- Tangible fixed assets +€56,115
up €56,115 (+2.6%), from €2.2m to €2.2m
of which Land and buildings: +€50,073
Equity and liabilities
- Reserves -€117,496
down €117,496 (-5.9%), from €2.0m to €1.9m
of which Tax-exempt reserves: -€81,996
- Other debts +€89,156
new in 2025: €89,156
- Trade debts -€49,388
down €49,388 (-95.6%), from €51,651 to €2,262
Income statement
- Gross operating margin -€739,495
down €739,495 (-95.4%), from €775,379 to €35,885
- Depreciation +€17,139
up €17,139 (+22.8%), from €75,318 to €92,457
- Other operating charges +€12,014
up €12,014 (+350.8%), from €3,425 to €15,439
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.
Result 2024
-€47,651
Gross operating margin
-€739,495
Depreciation
-€17,139
Other operating charges
-€12,014
Financial income
+€1,206
Financial charges
+€298
Taxes
-€4,129
Deferred taxes and other
+€763,124
Result 2025
-€55,799
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.
From operations
+€74,088
Investment
+€1,088
Financing
-€79,540
Cash 2024
€14,021
From operations (derived)
+€74,088
Net result for the year
-€55,799
Depreciation
+€92,457
Receivables within one year
+€1,483
Deferred charges and accrued income
+€44
Trade debts
-€49,388
Tax, wage and social debts
-€4,745
Other debts
+€89,156
Accrued charges and deferred income
+€880
Investment (derived)
+€1,088
Investment in fixed assets (net)
-€148,572
Current investments
+€149,660
Financing
-€79,540
Debts after one year
-€19,380
Current portion of long-term debt
+€339
Contributions, distributions and other
-€60,499
Cash 2025
€9,657
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,774,733 | €2,675,296 | -€99,437 | -3.6% |
| Fixed assets | 21/28 | €2,151,490 | €2,207,605 | +€56,115 | +2.6% |
| Tangible fixed assets | 22/27 | €2,151,490 | €2,207,605 | +€56,115 | +2.6% |
| Land and buildings | 22 | €2,146,326 | €2,196,399 | +€50,073 | +2.3% |
| Plant, machinery and equipment | 23 | €5,164 | €9,574 | +€4,411 | +85.4% |
| Furniture and vehicles | 24 | - | €1,632 | +€1,632 | |
| Current assets | 29/58 | €623,243 | €467,691 | -€155,552 | -25.0% |
| Amounts receivable within one year | 40/41 | €34,810 | €33,327 | -€1,483 | -4.3% |
| Other amounts receivable | 41 | €34,810 | €33,327 | -€1,483 | -4.3% |
| Current investments | 50/53 | €574,051 | €424,391 | -€149,660 | -26.1% |
| Cash at bank and in hand | 54/58 | €14,021 | €9,657 | -€4,364 | -31.1% |
| Deferred charges and accrued income | 490/1 | €361 | €317 | -€44 | -12.3% |
| Total equity and liabilities | 10/49 | €2,774,733 | €2,675,296 | -€99,437 | -3.6% |
| Equity | 10/15 | €2,253,633 | €2,137,335 | -€116,298 | -5.2% |
| Contributions | 10/11 | €150,000 | €150,000 | = | 0.0% |
| Capital | 10 | €150,000 | €150,000 | = | 0.0% |
| Issued capital | 100 | €150,000 | €150,000 | = | 0.0% |
| Reserves | 13 | €1,997,763 | €1,880,267 | -€117,496 | -5.9% |
| Non-distributable reserves | 130/1 | €15,000 | €15,000 | = | 0.0% |
| Legal reserve | 130 | €15,000 | €15,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,347,270 | €1,265,274 | -€81,996 | -6.1% |
| Distributable reserves | 133 | €635,493 | €599,993 | -€35,500 | -5.6% |
| Profit (loss) carried forward | 14 | €105,870 | €107,068 | +€1,198 | +1.1% |
| Provisions and deferred taxes | 16 | €214,226 | €214,226 | = | 0.0% |
| Deferred taxes | 168 | €214,226 | €214,226 | = | 0.0% |
| Amounts payable | 17/49 | €306,874 | €323,735 | +€16,861 | +5.5% |
| Amounts payable after more than one year | 17 | €228,151 | €208,771 | -€19,380 | -8.5% |
| Financial debts | 170/4 | €227,351 | €207,971 | -€19,380 | -8.5% |
| Other amounts payable | 178/9 | €800 | €800 | = | 0.0% |
| Amounts payable within one year | 42/48 | €78,638 | €113,999 | +€35,361 | +45.0% |
| Current portion of amounts payable after more than one year | 42 | €19,041 | €19,380 | +€339 | +1.8% |
| Trade debts | 44 | €51,651 | €2,262 | -€49,388 | -95.6% |
| Suppliers | 440/4 | €51,651 | €2,262 | -€49,388 | -95.6% |
| Taxes, remuneration and social security | 45 | €7,946 | €3,201 | -€4,745 | -59.7% |
| Taxes | 450/3 | €7,946 | €3,201 | -€4,745 | -59.7% |
| Other amounts payable | 47/48 | - | €89,156 | +€89,156 | |
| Accrued charges and deferred income | 492/3 | €85 | €965 | +€880 | +1035.3% |
| Non-recurring operating income | 76A | €796,615 | €0 | -€796,615 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €75,318 | €92,457 | +€17,139 | +22.8% |
| Other operating charges | 640/8 | €3,425 | €15,439 | +€12,014 | +350.8% |
| Gross operating margin | 9900 | €775,379 | €35,885 | -€739,495 | -95.4% |
| Operating profit (loss) | 9901 | €696,637 | -€72,011 | -€768,647 | |
| Financial income | 75/76B | €4,312 | €5,518 | +€1,206 | +28.0% |
| Recurring financial income | 75 | €4,312 | €5,518 | +€1,206 | +28.0% |
| Financial charges | 65/66B | €5,325 | €5,027 | -€298 | -5.6% |
| Recurring financial charges | 65 | €5,325 | €5,027 | -€298 | -5.6% |
| Profit (loss) for the period before taxes | 9903 | €695,624 | -€71,519 | -€767,143 | |
| Transfer from deferred taxes | 780 | €6,042 | €20,499 | +€14,457 | +239.3% |
| Transfer to deferred taxes | 680 | €748,667 | €0 | -€748,667 | -100.0% |
| Income taxes | 67/77 | €650 | €4,779 | +€4,129 | +635.2% |
| Profit (loss) for the period | 9904 | -€47,651 | -€55,799 | -€8,147 | -17.1% |
| Transfer from tax-exempt reserves | 789 | €47,685 | €61,497 | +€13,812 | +29.0% |
| Profit (loss) for the period to be appropriated | 9905 | €34 | €5,698 | +€5,664 | +16734.1% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.