MAHALO: 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.
MAHALO
Largest movements
- Receivables within one year +€7,346
up €7,346 (+28.9%), from €25,401 to €32,747
of which Trade receivables: +€5,482
- Stocks and contracts -€4,873
down €4,873 (-10.8%), from €45,274 to €40,401
- Deferred charges and accrued income -€3,017
no longer reported in 2025 (was €3,017)
- Tangible fixed assets -€2,776
down €2,776 (-51.9%), from €5,343 to €2,568
- Cash +€1,698
up €1,698 (+5.4%), from €31,518 to €33,216
mainly Net result for the year (+€6,853) and Stocks and contracts (+€4,873)
- Current portion of long-term debt -€7,683
down €7,683 (-9.4%), from €81,303 to €73,621
- Profit (loss) carried forward +€6,853
up €6,853 (+14.9%), from -€45,967 to -€39,114
- Trade debts -€3,310
down €3,310 (-7.8%), from €42,694 to €39,383
- Tax, wage and social debts +€2,518
up €2,518 (+8.2%), from €30,659 to €33,177
of which Remuneration and social security: +€5,149
- Staff costs +€29,838
up €29,838 (+68.6%), from €43,518 to €73,356
- Depreciation -€7,896
down €7,896 (-64.5%), from €12,241 to €4,345
- Gross operating margin +€5,151
up €5,151 (+5.9%), from €86,715 to €91,867
- Financial charges -€1,565
down €1,565 (-15.6%), from €10,062 to €8,497
of which Non-recurring financial charges: -€809
- Other operating charges -€1,304
down €1,304 (-72.1%), from €1,807 to €503
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 | €111,689 | €110,067 | -€1,622 | -1.5% |
| Fixed assets | 21/28 | €6,478 | €3,702 | -€2,776 | -42.8% |
| Tangible fixed assets | 22/27 | €5,343 | €2,568 | -€2,776 | -51.9% |
| Furniture and vehicles | 24 | €5,343 | €2,568 | -€2,776 | -51.9% |
| Financial fixed assets | 28 | €1,135 | €1,135 | = | 0.0% |
| Current assets | 29/58 | €105,211 | €106,365 | +€1,154 | +1.1% |
| Stocks and contracts in progress | 3 | €45,274 | €40,401 | -€4,873 | -10.8% |
| Stocks | 30/36 | €45,274 | €40,401 | -€4,873 | -10.8% |
| Amounts receivable within one year | 40/41 | €25,401 | €32,747 | +€7,346 | +28.9% |
| Trade receivables | 40 | €1,429 | €6,911 | +€5,482 | +384% |
| Other amounts receivable | 41 | €23,973 | €25,837 | +€1,864 | +7.8% |
| Cash at bank and in hand | 54/58 | €31,518 | €33,216 | +€1,698 | +5.4% |
| Deferred charges and accrued income | 490/1 | €3,017 | - | -€3,017 | |
| Total equity and liabilities | 10/49 | €111,689 | €110,067 | -€1,622 | -1.5% |
| Equity | 10/15 | -€42,967 | -€36,114 | +€6,853 | +15.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€45,967 | -€39,114 | +€6,853 | +14.9% |
| Amounts payable | 17/49 | €154,656 | €146,181 | -€8,475 | -5.5% |
| Amounts payable within one year | 42/48 | €154,656 | €146,181 | -€8,475 | -5.5% |
| Current portion of amounts payable after more than one year | 42 | €81,303 | €73,621 | -€7,683 | -9.4% |
| Trade debts | 44 | €42,694 | €39,383 | -€3,310 | -7.8% |
| Suppliers | 440/4 | €42,694 | €39,383 | -€3,310 | -7.8% |
| Taxes, remuneration and social security | 45 | €30,659 | €33,177 | +€2,518 | +8.2% |
| Taxes | 450/3 | €21,783 | €19,152 | -€2,631 | -12.1% |
| Remuneration and social security | 454/9 | €8,876 | €14,025 | +€5,149 | +58.0% |
| Remuneration, social security and pensions | 62 | €43,518 | €73,356 | +€29,838 | +68.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,241 | €4,345 | -€7,896 | -64.5% |
| Other operating charges | 640/8 | €1,807 | €503 | -€1,304 | -72.1% |
| Gross operating margin | 9900 | €86,715 | €91,867 | +€5,151 | +5.9% |
| Operating profit (loss) | 9901 | €29,149 | €13,662 | -€15,487 | -53.1% |
| Financial income | 75/76B | €1,175 | €1,688 | +€513 | +43.7% |
| Recurring financial income | 75 | €1,175 | €1,688 | +€513 | +43.7% |
| Financial charges | 65/66B | €10,062 | €8,497 | -€1,565 | -15.6% |
| Recurring financial charges | 65 | €9,153 | €8,397 | -€756 | -8.3% |
| Non-recurring financial charges | 66B | €909 | €100 | -€809 | -89.0% |
| Profit (loss) for the period before taxes | 9903 | €20,263 | €6,853 | -€13,409 | -66.2% |
| Income taxes | 67/77 | €260 | - | -€260 | |
| Profit (loss) for the period | 9904 | €20,003 | €6,853 | -€13,150 | -65.7% |
| Profit (loss) for the period to be appropriated | 9905 | €20,003 | €6,853 | -€13,150 | -65.7% |
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 20 October 2026 via checked.be.