M-HUB: 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-HUB
Largest movements
- Financial fixed assets +€1.4m
up €1.4m (+63.6%), from €2.3m to €3.7m
- Tangible fixed assets +€489,314
new in 2025: €489,314
- Other debts +€1.5m
up €1.5m (+1,161%), from €130,470 to €1.6m
- Trade debts +€253,336
up €253,336 (+6,838%), from €3,705 to €257,041
- Profit (loss) carried forward +€238,314
up €238,314 (+286%), from €83,300 to €321,613
- Debts after one year -€202,377
down €202,377 (-11.0%), from €1.8m to €1.6m
- Gross operating margin +€311,602
up €311,602 (+239%), from €130,168 to €441,770
- Taxes +€58,017
up €58,017 (+210%), from €27,582 to €85,599
- Financial charges +€51,942
up €51,942 (+190%), from €27,306 to €79,247
- Other operating charges +€32,922
up €32,922 (+1,373%), from €2,398 to €35,320
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 | €2,330,912 | €4,211,092 | +€1.9m | +80.7% |
| Fixed assets | 21/28 | €2,250,000 | €4,169,314 | +€1.9m | +85.3% |
| Tangible fixed assets | 22/27 | - | €489,314 | +€489,314 | |
| Land and buildings | 22 | - | €489,314 | +€489,314 | |
| Financial fixed assets | 28 | €2,250,000 | €3,680,000 | +€1.4m | +63.6% |
| Current assets | 29/58 | €80,912 | €41,778 | -€39,134 | -48.4% |
| Amounts receivable within one year | 40/41 | €74,171 | €32,709 | -€41,462 | -55.9% |
| Trade receivables | 40 | €70,793 | - | -€70,793 | |
| Other amounts receivable | 41 | €3,378 | €32,709 | +€29,331 | +868% |
| Cash at bank and in hand | 54/58 | €6,332 | €8,646 | +€2,315 | +36.6% |
| Deferred charges and accrued income | 490/1 | €408 | €422 | +€14 | +3.4% |
| Total equity and liabilities | 10/49 | €2,330,912 | €4,211,092 | +€1.9m | +80.7% |
| Equity | 10/15 | €85,300 | €323,613 | +€238,314 | +279% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €83,300 | €321,613 | +€238,314 | +286% |
| Amounts payable | 17/49 | €2,245,612 | €3,887,478 | +€1.6m | +73.1% |
| Amounts payable after more than one year | 17 | €1,831,961 | €1,629,584 | -€202,377 | -11.0% |
| Financial debts | 170/4 | €1,831,961 | €1,629,584 | -€202,377 | -11.0% |
| Amounts payable within one year | 42/48 | €413,431 | €2,257,894 | +€1.8m | +446% |
| Current portion of amounts payable after more than one year | 42 | €255,674 | €288,763 | +€33,088 | +12.9% |
| Financial debts | 43 | - | €22,038 | +€22,038 | |
| Credit institutions | 430/8 | - | €22,038 | +€22,038 | |
| Trade debts | 44 | €3,705 | €257,041 | +€253,336 | +6,838% |
| Suppliers | 440/4 | €3,705 | €257,041 | +€253,336 | +6,838% |
| Taxes, remuneration and social security | 45 | €23,582 | €45,002 | +€21,420 | +90.8% |
| Taxes | 450/3 | €23,582 | €45,002 | +€21,420 | +90.8% |
| Other amounts payable | 47/48 | €130,470 | €1,645,050 | +€1.5m | +1,161% |
| Accrued charges and deferred income | 492/3 | €220 | - | -€220 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €3,290 | +€3,290 | |
| Other operating charges | 640/8 | €2,398 | €35,320 | +€32,922 | +1,373% |
| Gross operating margin | 9900 | €130,168 | €441,770 | +€311,602 | +239% |
| Operating profit (loss) | 9901 | €127,770 | €403,160 | +€275,390 | +216% |
| Financial charges | 65/66B | €27,306 | €79,247 | +€51,942 | +190% |
| Recurring financial charges | 65 | €27,306 | €79,247 | +€51,942 | +190% |
| Profit (loss) for the period before taxes | 9903 | €100,464 | €323,912 | +€223,448 | +222% |
| Income taxes | 67/77 | €27,582 | €85,599 | +€58,017 | +210% |
| Profit (loss) for the period | 9904 | €72,883 | €238,314 | +€165,431 | +227% |
| Profit (loss) for the period to be appropriated | 9905 | €72,883 | €238,314 | +€165,431 | +227% |
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.