MaBHel: 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.
MaBHel
Largest movements
- Cash +€10,290
up €10,290 (+48.3%), from €21,314 to €31,605
mainly Net result for the year (+€82,187) and Other debts (+€54,138)
- Other debts +€54,138
up €54,138 (+48.1%), from €112,605 to €166,743
- Debts after one year -€30,095
down €30,095 (-18.3%), from €164,213 to €134,118
- Reserves -€17,813
down €17,813 (-9.1%), from €195,500 to €177,687
- Gross operating margin +€4,074
up €4,074 (+3.8%), from €106,320 to €110,394
- Financial charges -€1,736
down €1,736 (-26.5%), from €6,557 to €4,821
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 | €509,597 | €518,725 | +€9,128 | +1.8% |
| Fixed assets | 21/28 | €483,758 | €482,713 | -€1,045 | -0.2% |
| Tangible fixed assets | 22/27 | €3,758 | €2,713 | -€1,045 | -27.8% |
| Plant, machinery and equipment | 23 | €3,758 | €2,713 | -€1,045 | -27.8% |
| Financial fixed assets | 28 | €480,000 | €480,000 | = | 0.0% |
| Current assets | 29/58 | €25,839 | €36,012 | +€10,173 | +39.4% |
| Amounts receivable within one year | 40/41 | €3,121 | €3,121 | = | 0.0% |
| Other amounts receivable | 41 | €3,121 | €3,121 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €21,314 | €31,605 | +€10,290 | +48.3% |
| Deferred charges and accrued income | 490/1 | €1,404 | €1,286 | -€118 | -8.4% |
| Total equity and liabilities | 10/49 | €509,597 | €518,725 | +€9,128 | +1.8% |
| Equity | 10/15 | €201,217 | €183,404 | -€17,813 | -8.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €195,500 | €177,687 | -€17,813 | -9.1% |
| Distributable reserves | 133 | €195,500 | €177,687 | -€17,813 | -9.1% |
| Profit (loss) carried forward | 14 | €717 | €717 | = | 0.0% |
| Amounts payable | 17/49 | €308,380 | €335,321 | +€26,941 | +8.7% |
| Amounts payable after more than one year | 17 | €164,213 | €134,118 | -€30,095 | -18.3% |
| Financial debts | 170/4 | €164,213 | €134,118 | -€30,095 | -18.3% |
| Amounts payable within one year | 42/48 | €144,166 | €201,202 | +€57,036 | +39.6% |
| Current portion of amounts payable after more than one year | 42 | €29,559 | €30,095 | +€536 | +1.8% |
| Trade debts | 44 | €2,003 | €1,344 | -€659 | -32.9% |
| Suppliers | 440/4 | €2,003 | €1,344 | -€659 | -32.9% |
| Taxes, remuneration and social security | 45 | €0 | €3,020 | +€3,020 | |
| Taxes | 450/3 | €0 | €3,020 | +€3,020 | |
| Other amounts payable | 47/48 | €112,605 | €166,743 | +€54,138 | +48.1% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €817 | €1,045 | +€228 | +27.9% |
| Other operating charges | 640/8 | €528 | €821 | +€293 | +55.5% |
| Gross operating margin | 9900 | €106,320 | €110,394 | +€4,074 | +3.8% |
| Operating profit (loss) | 9901 | €104,975 | €108,528 | +€3,553 | +3.4% |
| Financial charges | 65/66B | €6,557 | €4,821 | -€1,736 | -26.5% |
| Recurring financial charges | 65 | €6,557 | €4,821 | -€1,736 | -26.5% |
| Profit (loss) for the period before taxes | 9903 | €98,418 | €103,707 | +€5,289 | +5.4% |
| Income taxes | 67/77 | €20,629 | €21,520 | +€891 | +4.3% |
| Profit (loss) for the period | 9904 | €77,789 | €82,187 | +€4,398 | +5.7% |
| Profit (loss) for the period to be appropriated | 9905 | €77,789 | €82,187 | +€4,398 | +5.7% |
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 6 October 2026 via checked.be.