M.H.C.: 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.C.
Largest movements
- Stocks and contracts -€2.2m
down €2.2m (-100%), from €2.2m to €0
- Receivables within one year -€139,958
down €139,958 (-14.7%), from €954,269 to €814,311
- Cash +€73,659
up €73,659 (+1,085%), from €6,788 to €80,447
mainly Stocks and contracts (+€2.2m) and Tax, wage and social debts (+€409,884)
- Tangible fixed assets -€64,614
down €64,614 (-11.4%), from €567,747 to €503,134
of which Land and buildings: -€39,431
- Current portion of long-term debt -€1.8m
down €1.8m (-100%), from €1.8m to €0
- Advances received -€1.1m
down €1.1m (-100%), from €1.1m to €0
- Tax, wage and social debts +€409,884
up €409,884 (+76,641%), from €535 to €410,419
- Other debts +€299,739
new in 2025: €299,739
- Reserves -€172,427
down €172,427 (-21.2%), from €813,627 to €641,200
of which Distributable reserves: -€172,427
- Gross operating margin -€95,817
down €95,817, from €51,696 to -€44,121
- Other operating charges +€57,712
up €57,712 (+632%), from €9,129 to €66,841
- Financial charges -€34,539
down €34,539 (-34.0%), from €101,657 to €67,118
- Taxes +€9,445
up €9,445 (+1,766%), from €535 to €9,980
- Financial income -€2,938
down €2,938 (-99.0%), from €2,968 to €30
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 | €3,768,149 | €1,449,630 | -€2.3m | -61.5% |
| Fixed assets | 21/28 | €617,747 | €553,134 | -€64,614 | -10.5% |
| Tangible fixed assets | 22/27 | €567,747 | €503,134 | -€64,614 | -11.4% |
| Land and buildings | 22 | €501,305 | €461,875 | -€39,431 | -7.9% |
| Furniture and vehicles | 24 | €66,442 | €41,259 | -€25,183 | -37.9% |
| Financial fixed assets | 28 | €50,000 | €50,000 | = | 0.0% |
| Current assets | 29/58 | €3,150,402 | €896,496 | -€2.3m | -71.5% |
| Stocks and contracts in progress | 3 | €2,184,458 | €0 | -€2.2m | -100% |
| Stocks | 30/36 | €2,184,458 | €0 | -€2.2m | -100% |
| Amounts receivable within one year | 40/41 | €954,269 | €814,311 | -€139,958 | -14.7% |
| Other amounts receivable | 41 | €954,269 | €814,311 | -€139,958 | -14.7% |
| Cash at bank and in hand | 54/58 | €6,788 | €80,447 | +€73,659 | +1,085% |
| Deferred charges and accrued income | 490/1 | €4,886 | €1,738 | -€3,148 | -64.4% |
| Total equity and liabilities | 10/49 | €3,768,149 | €1,449,630 | -€2.3m | -61.5% |
| Equity | 10/15 | €875,627 | €622,985 | -€252,643 | -28.9% |
| 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 | €813,627 | €641,200 | -€172,427 | -21.2% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €807,427 | €635,000 | -€172,427 | -21.4% |
| Profit (loss) carried forward | 14 | - | -€80,215 | -€80,215 | |
| Amounts payable | 17/49 | €2,892,522 | €826,645 | -€2.1m | -71.4% |
| Amounts payable after more than one year | 17 | €4,021 | €0 | -€4,021 | -100% |
| Financial debts | 170/4 | €4,021 | €0 | -€4,021 | -100% |
| Amounts payable within one year | 42/48 | €2,888,080 | €826,645 | -€2.1m | -71.4% |
| Current portion of amounts payable after more than one year | 42 | €1,782,545 | €0 | -€1.8m | -100% |
| Trade debts | 44 | - | €116,487 | +€116,487 | |
| Suppliers | 440/4 | - | €116,487 | +€116,487 | |
| Advances received on contracts in progress | 46 | €1,105,000 | €0 | -€1.1m | -100% |
| Taxes, remuneration and social security | 45 | €535 | €410,419 | +€409,884 | +76,641% |
| Taxes | 450/3 | €535 | €410,419 | +€409,884 | +76,641% |
| Other amounts payable | 47/48 | - | €299,739 | +€299,739 | |
| Accrued charges and deferred income | 492/3 | €420 | €0 | -€420 | -100% |
| Non-recurring operating income | 76A | €13,613 | €0 | -€13,613 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €64,614 | €64,614 | = | 0.0% |
| Other operating charges | 640/8 | €9,129 | €66,841 | +€57,712 | +632% |
| Gross operating margin | 9900 | €51,696 | -€44,121 | -€95,817 | |
| Operating profit (loss) | 9901 | -€22,047 | -€175,575 | -€153,528 | -696% |
| Financial income | 75/76B | €2,968 | €30 | -€2,938 | -99.0% |
| Recurring financial income | 75 | €2,968 | €30 | -€2,938 | -99.0% |
| Financial charges | 65/66B | €101,657 | €67,118 | -€34,539 | -34.0% |
| Recurring financial charges | 65 | €101,657 | €67,118 | -€34,539 | -34.0% |
| Profit (loss) for the period before taxes | 9903 | -€120,736 | -€242,663 | -€121,927 | -101% |
| Income taxes | 67/77 | €535 | €9,980 | +€9,445 | +1,766% |
| Profit (loss) for the period | 9904 | -€121,270 | -€252,643 | -€131,372 | -108% |
| Profit (loss) for the period to be appropriated | 9905 | -€121,270 | -€252,643 | -€131,372 | -108% |
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 19 October 2026 via checked.be.