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.
M & H
Largest movements
- Receivables within one year +€4,340
up €4,340 (+455.9%), from €952 to €5,292
of which Trade receivables: +€4,459
- Cash +€4,336
up €4,336 (+3643.7%), from €119 to €4,455
mainly Contributions, distributions and other (+€15,000) and Trade debts (+€3,075)
- Deferred charges and accrued income -€2,500
no longer reported in 2025 (was €2,500)
- Trade debts +€3,075
up €3,075 (+718.5%), from €428 to €3,503
- Tax, wage and social debts +€1,657
up €1,657 (+175.7%), from €943 to €2,600
of which Remuneration and social security: +€2,600
- Profit (loss) carried forward +€860
up €860 (+172.0%), from €500 to €1,360
- Other debts +€584
new in 2025: €584
- Gross operating margin -€11,367
down €11,367 (-561.1%), from -€2,026 to -€13,393
- Staff costs +€234
new in 2025: €234
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 | €8,071 | €14,247 | +€6,176 | +76.5% |
| Fixed assets | 21/28 | €4,500 | €4,500 | = | 0.0% |
| Financial fixed assets | 28 | €4,500 | €4,500 | = | 0.0% |
| Current assets | 29/58 | €3,571 | €9,747 | +€6,176 | +172.9% |
| Amounts receivable within one year | 40/41 | €952 | €5,292 | +€4,340 | +455.9% |
| Trade receivables | 40 | - | €4,459 | +€4,459 | |
| Other amounts receivable | 41 | €952 | €833 | -€119 | -12.5% |
| Cash at bank and in hand | 54/58 | €119 | €4,455 | +€4,336 | +3643.7% |
| Deferred charges and accrued income | 490/1 | €2,500 | - | -€2,500 | |
| Total equity and liabilities | 10/49 | €8,071 | €14,247 | +€6,176 | +76.5% |
| Equity | 10/15 | €6,700 | €7,560 | +€860 | +12.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €500 | €1,360 | +€860 | +172.0% |
| Amounts payable | 17/49 | €1,371 | €6,687 | +€5,316 | +387.7% |
| Amounts payable within one year | 42/48 | €1,371 | €6,687 | +€5,316 | +387.7% |
| Trade debts | 44 | €428 | €3,503 | +€3,075 | +718.5% |
| Suppliers | 440/4 | €428 | €3,503 | +€3,075 | +718.5% |
| Taxes, remuneration and social security | 45 | €943 | €2,600 | +€1,657 | +175.7% |
| Taxes | 450/3 | €943 | - | -€943 | |
| Remuneration and social security | 454/9 | - | €2,600 | +€2,600 | |
| Other amounts payable | 47/48 | - | €584 | +€584 | |
| Remuneration, social security and pensions | 62 | - | €234 | +€234 | |
| Other operating charges | 640/8 | €387 | €400 | +€13 | +3.4% |
| Gross operating margin | 9900 | -€2,026 | -€13,393 | -€11,367 | -561.1% |
| Operating profit (loss) | 9901 | -€2,413 | -€14,027 | -€11,614 | -481.3% |
| Financial charges | 65/66B | €120 | €113 | -€7 | -5.8% |
| Recurring financial charges | 65 | €120 | €113 | -€7 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | -€2,533 | -€14,140 | -€11,607 | -458.2% |
| Profit (loss) for the period | 9904 | -€2,533 | -€14,140 | -€11,607 | -458.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€2,533 | -€14,140 | -€11,607 | -458.2% |
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 7 October 2026 via checked.be.