M-HOF: 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-HOF
Largest movements
- Tangible fixed assets -€16,333
down €16,333 (-7.6%), from €214,077 to €197,743
of which Land and buildings: -€9,909
- Receivables within one year +€11,232
up €11,232 (+13.5%), from €83,209 to €94,441
of which Trade receivables: +€12,679
- Cash -€8,846
no longer reported in 2025 (was €8,846)
mainly Net result for the year (-€14,570) and Receivables within one year (-€11,232)
- Profit (loss) carried forward -€14,570
down €14,570 (-12.6%), from -€115,571 to -€130,141
- Depreciation +€1,350
up €1,350 (+6.3%), from €21,313 to €22,663
- Gross operating margin +€625
up €625 (+5.0%), from €12,577 to €13,202
- Other operating charges -€204
down €204 (-4.4%), from €4,595 to €4,391
- Financial charges +€157
up €157 (+27.9%), from €562 to €718
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 | €324,422 | €310,300 | -€14,123 | -4.4% |
| Fixed assets | 21/28 | €214,077 | €197,743 | -€16,333 | -7.6% |
| Tangible fixed assets | 22/27 | €214,077 | €197,743 | -€16,333 | -7.6% |
| Land and buildings | 22 | €151,622 | €141,713 | -€9,909 | -6.5% |
| Plant, machinery and equipment | 23 | €56,143 | €51,232 | -€4,912 | -8.7% |
| Furniture and vehicles | 24 | €6,311 | €4,799 | -€1,513 | -24.0% |
| Current assets | 29/58 | €110,345 | €112,556 | +€2,211 | +2.0% |
| Stocks and contracts in progress | 3 | €13,900 | €13,900 | = | 0.0% |
| Stocks | 30/36 | €13,900 | €13,900 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €83,209 | €94,441 | +€11,232 | +13.5% |
| Trade receivables | 40 | €81,762 | €94,441 | +€12,679 | +15.5% |
| Other amounts receivable | 41 | €1,447 | - | -€1,447 | |
| Cash at bank and in hand | 54/58 | €8,846 | - | -€8,846 | |
| Deferred charges and accrued income | 490/1 | €4,390 | €4,216 | -€175 | -4.0% |
| Total equity and liabilities | 10/49 | €324,422 | €310,300 | -€14,123 | -4.4% |
| Equity | 10/15 | -€59,119 | -€73,689 | -€14,570 | -24.6% |
| Contributions | 10/11 | €53,600 | €53,600 | = | 0.0% |
| Reserves | 13 | €2,852 | €2,852 | = | 0.0% |
| Non-distributable reserves | 130/1 | €2,852 | €2,852 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,852 | €2,852 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€115,571 | -€130,141 | -€14,570 | -12.6% |
| Amounts payable | 17/49 | €383,541 | €383,989 | +€448 | +0.1% |
| Amounts payable within one year | 42/48 | €383,541 | €383,989 | +€448 | +0.1% |
| Financial debts | 43 | - | €230 | +€230 | |
| Credit institutions | 430/8 | - | €230 | +€230 | |
| Trade debts | 44 | €7,017 | €7,741 | +€724 | +10.3% |
| Suppliers | 440/4 | €7,017 | €7,741 | +€724 | +10.3% |
| Taxes, remuneration and social security | 45 | - | €2,043 | +€2,043 | |
| Taxes | 450/3 | - | €2,043 | +€2,043 | |
| Other amounts payable | 47/48 | €376,524 | €373,975 | -€2,549 | -0.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,313 | €22,663 | +€1,350 | +6.3% |
| Other operating charges | 640/8 | €4,595 | €4,391 | -€204 | -4.4% |
| Gross operating margin | 9900 | €12,577 | €13,202 | +€625 | +5.0% |
| Operating profit (loss) | 9901 | -€13,331 | -€13,852 | -€521 | -3.9% |
| Financial income | 75/76B | €31 | - | -€31 | |
| Recurring financial income | 75 | €31 | - | -€31 | |
| Financial charges | 65/66B | €562 | €718 | +€157 | +27.9% |
| Recurring financial charges | 65 | €562 | €718 | +€157 | +27.9% |
| Profit (loss) for the period before taxes | 9903 | -€13,861 | -€14,570 | -€709 | -5.1% |
| Profit (loss) for the period | 9904 | -€13,861 | -€14,570 | -€709 | -5.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€13,861 | -€14,570 | -€709 | -5.1% |
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 5 October 2026 via checked.be.