MAH MANAGEMENT: 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.
MAH MANAGEMENT
Largest movements
- Tangible fixed assets +€95,102
up €95,102 (+16.0%), from €592,781 to €687,883
of which Plant, machinery and equipment: +€148,285
- Cash -€77,368
down €77,368 (-74.2%), from €104,242 to €26,874
mainly Investment in fixed assets (net) (-€124,187) and Advances received (-€34,000)
- Receivables within one year -€9,421
down €9,421 (-60.9%), from €15,476 to €6,056
of which Trade receivables: -€9,421
- Trade debts +€46,344
up €46,344 (+154,998%), from €30 to €46,374
- Advances received -€34,000
down €34,000 (-100%), from €34,000 to €0
- Debts after one year -€25,709
down €25,709 (-4.0%), from €649,318 to €623,609
- Profit (loss) carried forward +€16,262
up €16,262 (+57.6%), from -€28,253 to -€11,991
- Depreciation -€59,446
down €59,446 (-67.1%), from €88,532 to €29,085
- Financial charges +€12,246
up €12,246 (+78.7%), from €15,569 to €27,815
- Other operating charges +€12,237
up €12,237 (+597%), from €2,051 to €14,287
- Gross operating margin +€9,272
up €9,272 (+11.9%), from €78,049 to €87,321
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 | €713,376 | €720,813 | +€7,437 | +1.0% |
| Fixed assets | 21/28 | €592,781 | €687,883 | +€95,102 | +16.0% |
| Tangible fixed assets | 22/27 | €592,781 | €687,883 | +€95,102 | +16.0% |
| Land and buildings | 22 | €592,102 | €539,240 | -€52,862 | -8.9% |
| Plant, machinery and equipment | 23 | - | €148,285 | +€148,285 | |
| Furniture and vehicles | 24 | €679 | €357 | -€322 | -47.4% |
| Current assets | 29/58 | €120,595 | €32,930 | -€87,665 | -72.7% |
| Amounts receivable within one year | 40/41 | €15,476 | €6,056 | -€9,421 | -60.9% |
| Trade receivables | 40 | €15,476 | €6,056 | -€9,421 | -60.9% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €104,242 | €26,874 | -€77,368 | -74.2% |
| Deferred charges and accrued income | 490/1 | €876 | €0 | -€876 | -100% |
| Total equity and liabilities | 10/49 | €713,376 | €720,813 | +€7,437 | +1.0% |
| Equity | 10/15 | -€23,253 | -€6,991 | +€16,262 | +69.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €0 | - | = | |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Profit (loss) carried forward | 14 | -€28,253 | -€11,991 | +€16,262 | +57.6% |
| Amounts payable | 17/49 | €736,628 | €727,803 | -€8,825 | -1.2% |
| Amounts payable after more than one year | 17 | €649,318 | €623,609 | -€25,709 | -4.0% |
| Financial debts | 170/4 | €649,318 | €623,609 | -€25,709 | -4.0% |
| Amounts payable within one year | 42/48 | €85,116 | €102,023 | +€16,906 | +19.9% |
| Current portion of amounts payable after more than one year | 42 | €27,126 | €27,836 | +€710 | +2.6% |
| Trade debts | 44 | €30 | €46,374 | +€46,344 | +154,998% |
| Suppliers | 440/4 | €30 | €46,374 | +€46,344 | +154,998% |
| Advances received on contracts in progress | 46 | €34,000 | €0 | -€34,000 | -100% |
| Taxes, remuneration and social security | 45 | €7,748 | €8,326 | +€577 | +7.5% |
| Taxes | 450/3 | €7,748 | €8,326 | +€577 | +7.5% |
| Other amounts payable | 47/48 | €16,212 | €19,487 | +€3,275 | +20.2% |
| Accrued charges and deferred income | 492/3 | €2,194 | €2,172 | -€22 | -1.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,532 | €29,085 | -€59,446 | -67.1% |
| Other operating charges | 640/8 | €2,051 | €14,287 | +€12,237 | +597% |
| Gross operating margin | 9900 | €78,049 | €87,321 | +€9,272 | +11.9% |
| Operating profit (loss) | 9901 | -€12,534 | €43,948 | +€56,482 | |
| Financial income | 75/76B | €25 | €271 | +€246 | +991% |
| Recurring financial income | 75 | €25 | €271 | +€246 | +991% |
| Financial charges | 65/66B | €15,569 | €27,815 | +€12,246 | +78.7% |
| Recurring financial charges | 65 | €15,569 | €27,815 | +€12,246 | +78.7% |
| Profit (loss) for the period before taxes | 9903 | -€28,078 | €16,404 | +€44,482 | |
| Income taxes | 67/77 | €174 | €142 | -€32 | -18.6% |
| Profit (loss) for the period | 9904 | -€28,253 | €16,262 | +€44,514 | |
| Profit (loss) for the period to be appropriated | 9905 | -€28,253 | €16,262 | +€44,514 |
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.