M-Holding: 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-Holding
Largest movements
- Receivables within one year -€108,525
down €108,525 (-53.4%), from €203,364 to €94,839
of which Other amounts receivable: -€127,525
- Debts after one year -€544,700
down €544,700 (-24.3%), from €2.2m to €1.7m
- Profit (loss) carried forward +€468,923
up €468,923 (+29.8%), from €1.6m to €2.0m
- Other debts -€144,686
down €144,686 (-12.2%), from €1.2m to €1.0m
- Current portion of long-term debt +€113,571
up €113,571 (+25.7%), from €441,429 to €555,000
- Services and other goods -€35,104
down €35,104 (-77.9%), from €45,048 to €9,944
- Financial charges -€11,260
down €11,260 (-9.3%), from €121,356 to €110,095
- Turnover -€4,500
down €4,500 (-4.1%), from €109,500 to €105,000
- Financial income -€3,039
down €3,039 (-0.6%), from €488,769 to €485,730
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 | €6,643,673 | €6,537,195 | -€106,478 | -1.6% |
| Fixed assets | 21/28 | €6,438,711 | €6,438,711 | = | 0.0% |
| Financial fixed assets | 28 | €6,438,711 | €6,438,711 | = | 0.0% |
| Affiliated companies | 280/1 | €6,438,711 | €6,438,711 | = | 0.0% |
| Participating interests | 280 | €6,438,711 | €6,438,711 | = | 0.0% |
| Current assets | 29/58 | €204,962 | €98,484 | -€106,478 | -52.0% |
| Amounts receivable within one year | 40/41 | €203,364 | €94,839 | -€108,525 | -53.4% |
| Trade receivables | 40 | €74,500 | €93,500 | +€19,000 | +25.5% |
| Other amounts receivable | 41 | €128,864 | €1,339 | -€127,525 | -99.0% |
| Cash at bank and in hand | 54/58 | €1,598 | €3,645 | +€2,047 | +128% |
| Total equity and liabilities | 10/49 | €6,643,673 | €6,537,195 | -€106,478 | -1.6% |
| Equity | 10/15 | €2,713,895 | €3,182,818 | +€468,923 | +17.3% |
| Contributions | 10/11 | €1,036,000 | €1,036,000 | = | 0.0% |
| Capital | 10 | €1,036,000 | €1,036,000 | = | 0.0% |
| Issued capital | 100 | €1,036,000 | €1,036,000 | = | 0.0% |
| Reserves | 13 | €103,600 | €103,600 | = | 0.0% |
| Non-distributable reserves | 130/1 | €103,600 | €103,600 | = | 0.0% |
| Legal reserve | 130 | €103,600 | €103,600 | = | 0.0% |
| Profit (loss) carried forward | 14 | €1,574,295 | €2,043,218 | +€468,923 | +29.8% |
| Amounts payable | 17/49 | €3,929,778 | €3,354,377 | -€575,401 | -14.6% |
| Amounts payable after more than one year | 17 | €2,240,432 | €1,695,732 | -€544,700 | -24.3% |
| Financial debts | 170/4 | €2,240,432 | €1,695,732 | -€544,700 | -24.3% |
| Subordinated loans | 170 | €1,685,432 | €1,695,732 | +€10,300 | +0.6% |
| Credit institutions | 173 | €555,000 | - | -€555,000 | |
| Amounts payable within one year | 42/48 | €1,626,153 | €1,595,452 | -€30,701 | -1.9% |
| Current portion of amounts payable after more than one year | 42 | €441,429 | €555,000 | +€113,571 | +25.7% |
| Trade debts | 44 | €553 | €533 | -€20 | -3.7% |
| Suppliers | 440/4 | €553 | €533 | -€20 | -3.7% |
| Taxes, remuneration and social security | 45 | €1,214 | €1,647 | +€433 | +35.7% |
| Taxes | 450/3 | €1,214 | €1,647 | +€433 | +35.7% |
| Other amounts payable | 47/48 | €1,182,958 | €1,038,272 | -€144,686 | -12.2% |
| Accrued charges and deferred income | 492/3 | €63,193 | €63,193 | = | 0.0% |
| Operating income | 70/76A | €109,500 | €105,000 | -€4,500 | -4.1% |
| Turnover | 70 | €109,500 | €105,000 | -€4,500 | -4.1% |
| Operating charges | 60/66A | €46,658 | €11,712 | -€34,946 | -74.9% |
| Services and other goods | 61 | €45,048 | €9,944 | -€35,104 | -77.9% |
| Other operating charges | 640/8 | €1,609 | €1,768 | +€159 | +9.9% |
| Operating profit (loss) | 9901 | €62,842 | €93,288 | +€30,446 | +48.4% |
| Financial income | 75/76B | €488,769 | €485,730 | -€3,039 | -0.6% |
| Recurring financial income | 75 | €488,769 | €485,730 | -€3,039 | -0.6% |
| Income from financial fixed assets | 750 | €486,558 | €484,392 | -€2,167 | -0.4% |
| Income from current assets | 751 | €2,211 | €1,339 | -€872 | -39.4% |
| Financial charges | 65/66B | €121,356 | €110,095 | -€11,260 | -9.3% |
| Recurring financial charges | 65 | €121,356 | €110,095 | -€11,260 | -9.3% |
| Debt charges | 650 | €119,273 | €108,030 | -€11,244 | -9.4% |
| Other financial charges | 652/9 | €2,082 | €2,066 | -€17 | -0.8% |
| Profit (loss) for the period before taxes | 9903 | €430,256 | €468,923 | +€38,668 | +9.0% |
| Profit (loss) for the period | 9904 | €430,256 | €468,923 | +€38,668 | +9.0% |
| Profit (loss) for the period to be appropriated | 9905 | €430,256 | €468,923 | +€38,668 | +9.0% |
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 31 October 2026 via checked.be.