M.H.B.: 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.H.B.
Largest movements
- Tangible fixed assets -€68,675
down €68,675 (-24.2%), from €283,556 to €214,880
of which Furniture and vehicles: -€57,823
- Current investments +€50,249
up €50,249 (+50.1%), from €100,242 to €150,491
- Cash -€47,826
down €47,826 (-47.9%), from €99,753 to €51,927
mainly Current investments (-€50,249) and Net result for the year (-€48,132)
- Receivables within one year -€17,796
down €17,796 (-15.0%), from €118,918 to €101,121
of which Other amounts receivable: -€17,820
- Profit (loss) carried forward -€48,132
down €48,132 (-54.6%), from -€88,075 to -€136,206
- Trade debts -€30,348
down €30,348 (-34.4%), from €88,333 to €57,985
- Reserves -€17,975
down €17,975 (-3.6%), from €498,217 to €480,242
of which Distributable reserves: -€17,975
- Tax, wage and social debts +€6,711
up €6,711 (+126%), from €5,335 to €12,046
of which Taxes: +€6,699
- Gross operating margin +€22,327
up €22,327 (+99.8%), from €22,371 to €44,698
- Write-downs -€9,641
no longer reported in 2025 (was €9,641)
- Depreciation -€9,495
down €9,495 (-11.2%), from €85,051 to €75,556
- Financial income -€2,671
down €2,671 (-32.0%), from €8,348 to €5,677
- Other operating charges -€1,998
down €1,998 (-24.5%), from €8,153 to €6,155
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 | €611,784 | €525,067 | -€86,717 | -14.2% |
| Fixed assets | 21/28 | €283,556 | €214,880 | -€68,675 | -24.2% |
| Tangible fixed assets | 22/27 | €283,556 | €214,880 | -€68,675 | -24.2% |
| Land and buildings | 22 | €65,075 | €50,105 | -€14,970 | -23.0% |
| Plant, machinery and equipment | 23 | €2,713 | €6,831 | +€4,118 | +152% |
| Furniture and vehicles | 24 | €215,768 | €157,944 | -€57,823 | -26.8% |
| Current assets | 29/58 | €328,229 | €310,187 | -€18,042 | -5.5% |
| Amounts receivable within one year | 40/41 | €118,918 | €101,121 | -€17,796 | -15.0% |
| Trade receivables | 40 | €95,126 | €95,149 | +€23 | 0.0% |
| Other amounts receivable | 41 | €23,792 | €5,972 | -€17,820 | -74.9% |
| Current investments | 50/53 | €100,242 | €150,491 | +€50,249 | +50.1% |
| Cash at bank and in hand | 54/58 | €99,753 | €51,927 | -€47,826 | -47.9% |
| Deferred charges and accrued income | 490/1 | €9,316 | €6,647 | -€2,669 | -28.7% |
| Total equity and liabilities | 10/49 | €611,784 | €525,067 | -€86,717 | -14.2% |
| Equity | 10/15 | €472,142 | €406,035 | -€66,107 | -14.0% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €498,217 | €480,242 | -€17,975 | -3.6% |
| Non-distributable reserves | 130/1 | €27,620 | €27,620 | = | 0.0% |
| Legal reserve | 130 | €27,620 | €27,620 | = | 0.0% |
| Distributable reserves | 133 | €470,597 | €452,622 | -€17,975 | -3.8% |
| Profit (loss) carried forward | 14 | -€88,075 | -€136,206 | -€48,132 | -54.6% |
| Amounts payable | 17/49 | €139,642 | €119,032 | -€20,610 | -14.8% |
| Amounts payable within one year | 42/48 | €139,327 | €118,711 | -€20,617 | -14.8% |
| Trade debts | 44 | €88,333 | €57,985 | -€30,348 | -34.4% |
| Suppliers | 440/4 | €88,333 | €57,985 | -€30,348 | -34.4% |
| Taxes, remuneration and social security | 45 | €5,335 | €12,046 | +€6,711 | +126% |
| Taxes | 450/3 | €4,982 | €11,681 | +€6,699 | +134% |
| Remuneration and social security | 454/9 | €353 | €365 | +€12 | +3.4% |
| Other amounts payable | 47/48 | €45,660 | €48,681 | +€3,021 | +6.6% |
| Accrued charges and deferred income | 492/3 | €315 | €321 | +€6 | +2.0% |
| Non-recurring operating income | 76A | €2,900 | - | -€2,900 | |
| Remuneration, social security and pensions | 62 | €10,812 | €11,247 | +€435 | +4.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €85,051 | €75,556 | -€9,495 | -11.2% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €9,641 | - | -€9,641 | |
| Other operating charges | 640/8 | €8,153 | €6,155 | -€1,998 | -24.5% |
| Gross operating margin | 9900 | €22,371 | €44,698 | +€22,327 | +99.8% |
| Operating profit (loss) | 9901 | -€91,286 | -€48,259 | +€43,027 | +47.1% |
| Financial income | 75/76B | €8,348 | €5,677 | -€2,671 | -32.0% |
| Recurring financial income | 75 | €8,348 | €5,677 | -€2,671 | -32.0% |
| Financial charges | 65/66B | €3,248 | €3,590 | +€341 | +10.5% |
| Recurring financial charges | 65 | €3,248 | €3,590 | +€341 | +10.5% |
| Profit (loss) for the period before taxes | 9903 | -€86,187 | -€46,172 | +€40,015 | +46.4% |
| Income taxes | 67/77 | €1,888 | €1,960 | +€72 | +3.8% |
| Profit (loss) for the period | 9904 | -€88,075 | -€48,132 | +€39,943 | +45.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€88,075 | -€48,132 | +€39,943 | +45.4% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.