MAHDATA: 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.
MAHDATA
Largest movements
- Cash +€49,548
up €49,548 (+38.5%), from €128,598 to €178,146
mainly Other debts (+€122,510) and Net result for the year (+€65,841)
- Receivables within one year -€10,003
down €10,003 (-34.3%), from €29,185 to €19,182
of which Trade receivables: -€13,855
- Tangible fixed assets -€6,788
down €6,788 (-26.9%), from €25,264 to €18,476
- Other debts +€122,510
up €122,510 (+1,167%), from €10,498 to €133,008
- Profit (loss) carried forward -€59,159
down €59,159 (-44.8%), from €131,913 to €72,754
- Trade debts -€15,807
no longer reported in 2025 (was €15,807)
- Tax, wage and social debts -€14,786
down €14,786 (-63.4%), from €23,328 to €8,542
of which Taxes: -€12,377
- Gross operating margin +€18,925
up €18,925 (+25.7%), from €73,709 to €92,633
- Depreciation +€7,790
up €7,790 (+527%), from €1,478 to €9,268
- Taxes +€3,341
up €3,341 (+22.6%), from €14,788 to €18,130
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 | €183,047 | €215,804 | +€32,757 | +17.9% |
| Fixed assets | 21/28 | €25,264 | €18,476 | -€6,788 | -26.9% |
| Tangible fixed assets | 22/27 | €25,264 | €18,476 | -€6,788 | -26.9% |
| Furniture and vehicles | 24 | €25,264 | €18,476 | -€6,788 | -26.9% |
| Current assets | 29/58 | €157,783 | €197,328 | +€39,546 | +25.1% |
| Amounts receivable within one year | 40/41 | €29,185 | €19,182 | -€10,003 | -34.3% |
| Trade receivables | 40 | €29,101 | €15,246 | -€13,855 | -47.6% |
| Other amounts receivable | 41 | €84 | €3,936 | +€3,852 | +4,580% |
| Cash at bank and in hand | 54/58 | €128,598 | €178,146 | +€49,548 | +38.5% |
| Total equity and liabilities | 10/49 | €183,047 | €215,804 | +€32,757 | +17.9% |
| Equity | 10/15 | €133,413 | €74,254 | -€59,159 | -44.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €131,913 | €72,754 | -€59,159 | -44.8% |
| Amounts payable | 17/49 | €49,634 | €141,550 | +€91,917 | +185% |
| Amounts payable within one year | 42/48 | €49,634 | €141,550 | +€91,917 | +185% |
| Trade debts | 44 | €15,807 | - | -€15,807 | |
| Suppliers | 440/4 | €15,807 | - | -€15,807 | |
| Taxes, remuneration and social security | 45 | €23,328 | €8,542 | -€14,786 | -63.4% |
| Taxes | 450/3 | €20,920 | €8,542 | -€12,377 | -59.2% |
| Remuneration and social security | 454/9 | €2,408 | - | -€2,408 | |
| Other amounts payable | 47/48 | €10,498 | €133,008 | +€122,510 | +1,167% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,478 | €9,268 | +€7,790 | +527% |
| Other operating charges | 640/8 | €40 | - | -€40 | |
| Gross operating margin | 9900 | €73,709 | €92,633 | +€18,925 | +25.7% |
| Operating profit (loss) | 9901 | €72,191 | €83,366 | +€11,175 | +15.5% |
| Financial income | 75/76B | €364 | €1,000 | +€636 | +175% |
| Recurring financial income | 75 | €364 | €1,000 | +€636 | +175% |
| Financial charges | 65/66B | €317 | €396 | +€78 | +24.6% |
| Recurring financial charges | 65 | €317 | €396 | +€78 | +24.6% |
| Profit (loss) for the period before taxes | 9903 | €72,238 | €83,970 | +€11,732 | +16.2% |
| Income taxes | 67/77 | €14,788 | €18,130 | +€3,341 | +22.6% |
| Profit (loss) for the period | 9904 | €57,450 | €65,841 | +€8,391 | +14.6% |
| Profit (loss) for the period to be appropriated | 9905 | €57,450 | €65,841 | +€8,391 | +14.6% |
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 13 October 2026 via checked.be.