MAHAB: 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.
MAHAB
Largest movements
- Cash -€21,502
down €21,502 (-49.4%), from €43,555 to €22,053
mainly Tax, wage and social debts (-€11,676) and Stocks and contracts (-€9,443)
- Stocks and contracts +€9,443
up €9,443 (+57.8%), from €16,332 to €25,775
- Receivables within one year +€3,810
up €3,810 (+10.3%), from €36,824 to €40,634
- Deferred charges and accrued income -€2,477
no longer reported in 2025 (was €2,477)
- Tax, wage and social debts -€11,676
down €11,676 (-45.7%), from €25,567 to €13,891
of which Remuneration and social security: -€6,145
- Profit (loss) carried forward +€7,818
up €7,818 (+29.2%), from €26,809 to €34,627
- Trade debts -€5,898
down €5,898 (-33.4%), from €17,650 to €11,752
- Gross operating margin -€56,019
down €56,019 (-76.0%), from €73,749 to €17,730
- Taxes -€9,558
down €9,558 (-72.1%), from €13,250 to €3,692
- Write-downs -€4,557
no longer reported in 2025 (was €4,557)
- Staff costs -€1,981
down €1,981 (-87.7%), from €2,258 to €277
- Depreciation -€1,365
down €1,365 (-28.7%), from €4,756 to €3,391
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 | €105,983 | €96,311 | -€9,672 | -9.1% |
| Fixed assets | 21/28 | €6,795 | €7,849 | +€1,054 | +15.5% |
| Tangible fixed assets | 22/27 | €6,795 | €7,849 | +€1,054 | +15.5% |
| Plant, machinery and equipment | 23 | €4,649 | €7,093 | +€2,444 | +52.6% |
| Furniture and vehicles | 24 | €950 | - | -€950 | |
| Other tangible fixed assets | 26 | €1,196 | €756 | -€440 | -36.8% |
| Current assets | 29/58 | €99,188 | €88,462 | -€10,726 | -10.8% |
| Stocks and contracts in progress | 3 | €16,332 | €25,775 | +€9,443 | +57.8% |
| Stocks | 30/36 | €16,332 | €25,775 | +€9,443 | +57.8% |
| Amounts receivable within one year | 40/41 | €36,824 | €40,634 | +€3,810 | +10.3% |
| Trade receivables | 40 | €36,824 | €40,634 | +€3,810 | +10.3% |
| Cash at bank and in hand | 54/58 | €43,555 | €22,053 | -€21,502 | -49.4% |
| Deferred charges and accrued income | 490/1 | €2,477 | - | -€2,477 | |
| Total equity and liabilities | 10/49 | €105,983 | €96,311 | -€9,672 | -9.1% |
| Equity | 10/15 | €43,673 | €51,491 | +€7,818 | +17.9% |
| Contributions | 10/11 | €15,200 | €15,200 | = | 0.0% |
| Reserves | 13 | €1,664 | €1,664 | = | 0.0% |
| Distributable reserves | 133 | €1,664 | €1,664 | = | 0.0% |
| Profit (loss) carried forward | 14 | €26,809 | €34,627 | +€7,818 | +29.2% |
| Amounts payable | 17/49 | €62,310 | €44,820 | -€17,490 | -28.1% |
| Amounts payable within one year | 42/48 | €62,310 | €44,820 | -€17,490 | -28.1% |
| Trade debts | 44 | €17,650 | €11,752 | -€5,898 | -33.4% |
| Suppliers | 440/4 | €17,650 | €11,752 | -€5,898 | -33.4% |
| Advances received on contracts in progress | 46 | €3,000 | €3,100 | +€100 | +3.3% |
| Taxes, remuneration and social security | 45 | €25,567 | €13,891 | -€11,676 | -45.7% |
| Taxes | 450/3 | €17,740 | €12,208 | -€5,531 | -31.2% |
| Remuneration and social security | 454/9 | €7,828 | €1,683 | -€6,145 | -78.5% |
| Other amounts payable | 47/48 | €16,093 | €16,077 | -€16 | -0.1% |
| Remuneration, social security and pensions | 62 | €2,258 | €277 | -€1,981 | -87.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,756 | €3,391 | -€1,365 | -28.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €4,557 | - | -€4,557 | |
| Other operating charges | 640/8 | €2,507 | €1,745 | -€762 | -30.4% |
| Gross operating margin | 9900 | €73,749 | €17,730 | -€56,019 | -76.0% |
| Operating profit (loss) | 9901 | €59,671 | €12,317 | -€47,353 | -79.4% |
| Financial charges | 65/66B | €1,728 | €807 | -€921 | -53.3% |
| Recurring financial charges | 65 | €1,728 | €807 | -€921 | -53.3% |
| Profit (loss) for the period before taxes | 9903 | €57,942 | €11,510 | -€46,433 | -80.1% |
| Income taxes | 67/77 | €13,250 | €3,692 | -€9,558 | -72.1% |
| Profit (loss) for the period | 9904 | €44,692 | €7,818 | -€36,874 | -82.5% |
| Profit (loss) for the period to be appropriated | 9905 | €44,692 | €7,818 | -€36,874 | -82.5% |
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 30 September 2026 via checked.be.