MAHE: 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.
MAHE
Largest movements
- Tangible fixed assets -€25,646
down €25,646 (-9.0%), from €284,229 to €258,583
of which Other tangible fixed assets: -€19,296
- Deferred charges and accrued income -€8,644
down €8,644 (-36.7%), from €23,544 to €14,901
- Stocks and contracts -€7,891
down €7,891 (-19.7%), from €40,052 to €32,161
- Debts after one year -€77,408
down €77,408 (-79.8%), from €97,033 to €19,625
of which Other amounts payable: -€50,000
- Other debts +€48,990
up €48,990 (+133%), from €36,881 to €85,872
- Tax, wage and social debts -€38,114
down €38,114 (-58.4%), from €65,268 to €27,155
of which Taxes: -€30,788
- Trade debts +€22,790
up €22,790 (+112%), from €20,301 to €43,091
- Current portion of long-term debt -€18,249
down €18,249 (-37.5%), from €48,688 to €30,439
- Gross operating margin -€23,076
down €23,076 (-18.0%), from €127,880 to €104,804
- Depreciation -€7,119
down €7,119 (-22.2%), from €32,067 to €24,948
- Taxes -€3,972
down €3,972 (-53.7%), from €7,399 to €3,427
- Financial charges -€3,294
down €3,294 (-25.5%), from €12,906 to €9,612
- Staff costs +€2,934
up €2,934 (+5.9%), from €50,005 to €52,939
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 | €360,896 | €316,482 | -€44,415 | -12.3% |
| Fixed assets | 21/28 | €284,729 | €259,083 | -€25,646 | -9.0% |
| Tangible fixed assets | 22/27 | €284,229 | €258,583 | -€25,646 | -9.0% |
| Plant, machinery and equipment | 23 | €18,080 | €13,020 | -€5,060 | -28.0% |
| Furniture and vehicles | 24 | €4,854 | €3,564 | -€1,290 | -26.6% |
| Other tangible fixed assets | 26 | €261,295 | €241,999 | -€19,296 | -7.4% |
| Financial fixed assets | 28 | €500 | €500 | = | 0.0% |
| Current assets | 29/58 | €76,167 | €57,399 | -€18,769 | -24.6% |
| Stocks and contracts in progress | 3 | €40,052 | €32,161 | -€7,891 | -19.7% |
| Stocks | 30/36 | €40,052 | €32,161 | -€7,891 | -19.7% |
| Amounts receivable within one year | 40/41 | €2,590 | €2,109 | -€480 | -18.5% |
| Trade receivables | 40 | €2,335 | €1,889 | -€446 | -19.1% |
| Other amounts receivable | 41 | €255 | €221 | -€34 | -13.5% |
| Cash at bank and in hand | 54/58 | €9,982 | €8,228 | -€1,754 | -17.6% |
| Deferred charges and accrued income | 490/1 | €23,544 | €14,901 | -€8,644 | -36.7% |
| Total equity and liabilities | 10/49 | €360,896 | €316,482 | -€44,415 | -12.3% |
| Equity | 10/15 | €83,964 | €93,551 | +€9,587 | +11.4% |
| Contributions | 10/11 | €70,700 | €70,700 | = | 0.0% |
| Reserves | 13 | €13,260 | €13,260 | = | 0.0% |
| Distributable reserves | 133 | €13,260 | €13,260 | = | 0.0% |
| Profit (loss) carried forward | 14 | €4 | €9,591 | +€9,587 | +219,876% |
| Amounts payable | 17/49 | €276,932 | €222,931 | -€54,001 | -19.5% |
| Amounts payable after more than one year | 17 | €97,033 | €19,625 | -€77,408 | -79.8% |
| Financial debts | 170/4 | €47,033 | €19,625 | -€27,408 | -58.3% |
| Other amounts payable | 178/9 | €50,000 | - | -€50,000 | |
| Amounts payable within one year | 42/48 | €171,139 | €188,566 | +€17,428 | +10.2% |
| Current portion of amounts payable after more than one year | 42 | €48,688 | €30,439 | -€18,249 | -37.5% |
| Financial debts | 43 | - | €2,010 | +€2,010 | |
| Credit institutions | 430/8 | - | €2,010 | +€2,010 | |
| Trade debts | 44 | €20,301 | €43,091 | +€22,790 | +112% |
| Suppliers | 440/4 | €20,301 | €43,091 | +€22,790 | +112% |
| Taxes, remuneration and social security | 45 | €65,268 | €27,155 | -€38,114 | -58.4% |
| Taxes | 450/3 | €52,377 | €21,588 | -€30,788 | -58.8% |
| Remuneration and social security | 454/9 | €12,892 | €5,566 | -€7,325 | -56.8% |
| Other amounts payable | 47/48 | €36,881 | €85,872 | +€48,990 | +133% |
| Accrued charges and deferred income | 492/3 | €8,761 | €14,739 | +€5,979 | +68.2% |
| Non-recurring operating income | 76A | €1,745 | - | -€1,745 | |
| Remuneration, social security and pensions | 62 | €50,005 | €52,939 | +€2,934 | +5.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,067 | €24,948 | -€7,119 | -22.2% |
| Other operating charges | 640/8 | €6,171 | €4,417 | -€1,754 | -28.4% |
| Gross operating margin | 9900 | €127,880 | €104,804 | -€23,076 | -18.0% |
| Operating profit (loss) | 9901 | €39,637 | €22,500 | -€17,137 | -43.2% |
| Financial income | 75/76B | €35 | €126 | +€91 | +258% |
| Recurring financial income | 75 | €35 | €126 | +€91 | +258% |
| Financial charges | 65/66B | €12,906 | €9,612 | -€3,294 | -25.5% |
| Recurring financial charges | 65 | €12,906 | €9,612 | -€3,294 | -25.5% |
| Profit (loss) for the period before taxes | 9903 | €26,766 | €13,014 | -€13,752 | -51.4% |
| Income taxes | 67/77 | €7,399 | €3,427 | -€3,972 | -53.7% |
| Profit (loss) for the period | 9904 | €19,367 | €9,587 | -€9,780 | -50.5% |
| Profit (loss) for the period to be appropriated | 9905 | €19,367 | €9,587 | -€9,780 | -50.5% |
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 21 October 2026 via checked.be.