M.H.C.L.: 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.L.
Largest movements
- Cash -€35,442
down €35,442 (-56.3%), from €62,938 to €27,497
mainly Tax, wage and social debts (-€26,849) and Stocks and contracts (-€14,348)
- Stocks and contracts +€14,348
up €14,348 (+6.3%), from €226,281 to €240,629
- Receivables within one year +€12,882
up €12,882 (+75.5%), from €17,061 to €29,943
of which Trade receivables: +€12,912
- Deferred charges and accrued income +€7,671
up €7,671 (+409%), from €1,877 to €9,548
- Intangible fixed assets -€7,143
down €7,143 (-19.7%), from €36,243 to €29,100
- Tax, wage and social debts -€26,849
down €26,849 (-54.2%), from €49,524 to €22,675
of which Taxes: -€31,434
- Short-term financial debts +€20,000
up €20,000 (+26.7%), from €75,000 to €95,000
- Accrued charges and deferred income -€11,200
down €11,200 (-100%), from €11,200 to €0
- Trade debts +€8,936
up €8,936 (+13.3%), from €67,391 to €76,327
- Other operating charges -€11,883
down €11,883 (-84.9%), from €13,998 to €2,115
- Gross operating margin -€8,600
down €8,600 (-8.0%), from €107,898 to €99,299
- Staff costs -€4,609
down €4,609 (-5.8%), from €79,948 to €75,339
- Financial charges +€1,295
up €1,295 (+13.1%), from €9,881 to €11,176
- Depreciation +€1,086
up €1,086 (+12.9%), from €8,402 to €9,488
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 | €363,495 | €354,849 | -€8,646 | -2.4% |
| Fixed assets | 21/28 | €55,338 | €47,233 | -€8,105 | -14.6% |
| Intangible fixed assets | 21 | €36,243 | €29,100 | -€7,143 | -19.7% |
| Tangible fixed assets | 22/27 | €17,595 | €16,633 | -€962 | -5.5% |
| Plant, machinery and equipment | 23 | €17,595 | €15,259 | -€2,336 | -13.3% |
| Furniture and vehicles | 24 | - | €1,374 | +€1,374 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €308,157 | €307,617 | -€541 | -0.2% |
| Stocks and contracts in progress | 3 | €226,281 | €240,629 | +€14,348 | +6.3% |
| Stocks | 30/36 | €226,281 | €240,629 | +€14,348 | +6.3% |
| Amounts receivable within one year | 40/41 | €17,061 | €29,943 | +€12,882 | +75.5% |
| Trade receivables | 40 | €6,984 | €19,896 | +€12,912 | +185% |
| Other amounts receivable | 41 | €10,077 | €10,046 | -€30 | -0.3% |
| Cash at bank and in hand | 54/58 | €62,938 | €27,497 | -€35,442 | -56.3% |
| Deferred charges and accrued income | 490/1 | €1,877 | €9,548 | +€7,671 | +409% |
| Total equity and liabilities | 10/49 | €363,495 | €354,849 | -€8,646 | -2.4% |
| Equity | 10/15 | €148,361 | €149,551 | +€1,190 | +0.8% |
| Contributions | 10/11 | €61,550 | €61,550 | = | 0.0% |
| Capital | 10 | €61,550 | €61,550 | = | 0.0% |
| Issued capital | 100 | €61,550 | €61,550 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Legal reserve | 130 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €84,811 | €86,001 | +€1,190 | +1.4% |
| Amounts payable | 17/49 | €215,134 | €205,298 | -€9,836 | -4.6% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €203,934 | €205,298 | +€1,364 | +0.7% |
| Current portion of amounts payable after more than one year | 42 | €2,151 | €0 | -€2,151 | -100% |
| Financial debts | 43 | €75,000 | €95,000 | +€20,000 | +26.7% |
| Credit institutions | 430/8 | €75,000 | €95,000 | +€20,000 | +26.7% |
| Trade debts | 44 | €67,391 | €76,327 | +€8,936 | +13.3% |
| Suppliers | 440/4 | €67,391 | €76,327 | +€8,936 | +13.3% |
| Advances received on contracts in progress | 46 | - | €960 | +€960 | |
| Taxes, remuneration and social security | 45 | €49,524 | €22,675 | -€26,849 | -54.2% |
| Taxes | 450/3 | €37,546 | €6,112 | -€31,434 | -83.7% |
| Remuneration and social security | 454/9 | €11,978 | €16,563 | +€4,585 | +38.3% |
| Other amounts payable | 47/48 | €9,868 | €10,336 | +€467 | +4.7% |
| Accrued charges and deferred income | 492/3 | €11,200 | €0 | -€11,200 | -100% |
| Remuneration, social security and pensions | 62 | €79,948 | €75,339 | -€4,609 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,402 | €9,488 | +€1,086 | +12.9% |
| Other operating charges | 640/8 | €13,998 | €2,115 | -€11,883 | -84.9% |
| Gross operating margin | 9900 | €107,898 | €99,299 | -€8,600 | -8.0% |
| Operating profit (loss) | 9901 | €5,551 | €12,356 | +€6,805 | +123% |
| Financial income | 75/76B | €1,026 | €714 | -€312 | -30.4% |
| Recurring financial income | 75 | €1,026 | €714 | -€312 | -30.4% |
| Financial charges | 65/66B | €9,881 | €11,176 | +€1,295 | +13.1% |
| Recurring financial charges | 65 | €9,881 | €11,176 | +€1,295 | +13.1% |
| Profit (loss) for the period before taxes | 9903 | -€3,304 | €1,893 | +€5,198 | |
| Income taxes | 67/77 | €41 | €703 | +€662 | +1,623% |
| Profit (loss) for the period | 9904 | -€3,345 | €1,190 | +€4,535 | |
| Profit (loss) for the period to be appropriated | 9905 | -€3,345 | €1,190 | +€4,535 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.