M.H.B.S.: 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.S.
Largest movements
- Tangible fixed assets +€1.0m
up €1.0m (+13.5%), from €7.7m to €8.7m
of which Land and buildings: +€1.1m
- Receivables within one year -€99,250
down €99,250 (-52.8%), from €187,866 to €88,616
of which Trade receivables: -€127,931
- Debts after one year +€1.1m
up €1.1m (+26.2%), from €4.4m to €5.5m
- Reserves -€554,139
down €554,139 (-35.8%), from €1.5m to €992,459
of which Distributable reserves: -€514,814
- Other debts +€244,969
up €244,969 (+23.2%), from €1.1m to €1.3m
- Current portion of long-term debt +€140,354
up €140,354 (+27.7%), from €506,609 to €646,962
- Depreciation +€149,368
up €149,368 (+70.4%), from €212,094 to €361,463
- Gross operating margin -€122,199
down €122,199 (-13.7%), from €888,769 to €766,569
- Taxes -€111,428
down €111,428 (-63.5%), from €175,402 to €63,974
- Provisions +€60,760
new in 2025: €60,760
- Financial charges +€22,911
up €22,911 (+28.9%), from €79,307 to €102,219
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 | €7,897,373 | €8,897,366 | +€999,993 | +12.7% |
| Fixed assets | 21/28 | €7,691,754 | €8,730,576 | +€1.0m | +13.5% |
| Tangible fixed assets | 22/27 | €7,691,754 | €8,730,576 | +€1.0m | +13.5% |
| Land and buildings | 22 | €5,543,316 | €6,661,620 | +€1.1m | +20.2% |
| Leasing and similar rights | 25 | €2,148,437 | €2,068,956 | -€79,482 | -3.7% |
| Current assets | 29/58 | €205,619 | €166,790 | -€38,829 | -18.9% |
| Amounts receivable within one year | 40/41 | €187,866 | €88,616 | -€99,250 | -52.8% |
| Trade receivables | 40 | €151,547 | €23,616 | -€127,931 | -84.4% |
| Other amounts receivable | 41 | €36,319 | €65,000 | +€28,681 | +79.0% |
| Cash at bank and in hand | 54/58 | €17,754 | €78,174 | +€60,420 | +340% |
| Total equity and liabilities | 10/49 | €7,897,373 | €8,897,366 | +€999,993 | +12.7% |
| Equity | 10/15 | €1,650,792 | €1,096,835 | -€553,957 | -33.6% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €1,546,598 | €992,459 | -€554,139 | -35.8% |
| Tax-exempt reserves | 132 | €244,434 | €205,109 | -€39,325 | -16.1% |
| Distributable reserves | 133 | €1,302,164 | €787,350 | -€514,814 | -39.5% |
| Profit (loss) carried forward | 14 | €42,194 | €42,376 | +€182 | +0.4% |
| Provisions and deferred taxes | 16 | €160,858 | €201,360 | +€40,502 | +25.2% |
| Provisions for liabilities and charges | 160/5 | €34,240 | €95,000 | +€60,760 | +177% |
| Environmental obligations | 163 | €34,240 | €95,000 | +€60,760 | +177% |
| Deferred taxes | 168 | €126,618 | €106,360 | -€20,258 | -16.0% |
| Amounts payable | 17/49 | €6,085,722 | €7,599,170 | +€1.5m | +24.9% |
| Amounts payable after more than one year | 17 | €4,364,724 | €5,509,674 | +€1.1m | +26.2% |
| Financial debts | 170/4 | €4,364,724 | €5,509,674 | +€1.1m | +26.2% |
| Amounts payable within one year | 42/48 | €1,720,999 | €2,089,496 | +€368,497 | +21.4% |
| Current portion of amounts payable after more than one year | 42 | €506,609 | €646,962 | +€140,354 | +27.7% |
| Financial debts | 43 | €77,524 | €108,645 | +€31,121 | +40.1% |
| Credit institutions | 430/8 | €77,524 | €108,645 | +€31,121 | +40.1% |
| Trade debts | 44 | €21,980 | €15,860 | -€6,119 | -27.8% |
| Suppliers | 440/4 | €21,980 | €15,860 | -€6,119 | -27.8% |
| Taxes, remuneration and social security | 45 | €60,488 | €18,660 | -€41,827 | -69.2% |
| Taxes | 450/3 | €60,488 | €18,660 | -€41,827 | -69.2% |
| Other amounts payable | 47/48 | €1,054,399 | €1,299,368 | +€244,969 | +23.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €212,094 | €361,463 | +€149,368 | +70.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | -€6,400 | -€6,400 | |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €60,760 | +€60,760 | |
| Other operating charges | 640/8 | €126,178 | €131,226 | +€5,048 | +4.0% |
| Gross operating margin | 9900 | €888,769 | €766,569 | -€122,199 | -13.7% |
| Operating profit (loss) | 9901 | €550,496 | €219,520 | -€330,976 | -60.1% |
| Financial income | 75/76B | €5,803 | €908 | -€4,896 | -84.4% |
| Recurring financial income | 75 | €5,803 | €908 | -€4,896 | -84.4% |
| Financial charges | 65/66B | €79,307 | €102,219 | +€22,911 | +28.9% |
| Recurring financial charges | 65 | €79,307 | €102,219 | +€22,911 | +28.9% |
| Profit (loss) for the period before taxes | 9903 | €476,993 | €118,209 | -€358,783 | -75.2% |
| Transfer from deferred taxes | 780 | €20,258 | €20,258 | = | 0.0% |
| Income taxes | 67/77 | €175,402 | €63,974 | -€111,428 | -63.5% |
| Profit (loss) for the period | 9904 | €321,849 | €74,493 | -€247,356 | -76.9% |
| Transfer from tax-exempt reserves | 789 | €39,325 | €39,325 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €361,173 | €113,818 | -€247,356 | -68.5% |
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 16 October 2026 via checked.be.