MAHE: 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.
MAHE
Largest movements
- Cash -€43,912
down €43,912 (-19.4%), from €226,579 to €182,667
mainly Contributions, distributions and other (-€143,390) and Current investments (-€1,466)
- Tangible fixed assets -€21,587
down €21,587 (-28.3%), from €76,326 to €54,739
of which Land and buildings: -€13,295
- Deferred charges and accrued income -€6,604
down €6,604 (-38.5%), from €17,151 to €10,546
- Reserves -€113,528
down €113,528 (-36.5%), from €310,615 to €197,087
- Other debts +€34,920
new in 2025: €34,920
- Accrued charges and deferred income +€5,176
up €5,176 (+113.0%), from €4,581 to €9,757
- Depreciation +€2,224
up €2,224 (+11.1%), from €20,115 to €22,340
- Other operating charges -€1,646
down €1,646 (-41.3%), from €3,989 to €2,342
- Gross operating margin -€1,204
down €1,204 (-1.7%), from €71,198 to €69,994
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 | €386,498 | €315,688 | -€70,811 | -18.3% |
| Fixed assets | 21/28 | €76,326 | €54,739 | -€21,587 | -28.3% |
| Tangible fixed assets | 22/27 | €76,326 | €54,739 | -€21,587 | -28.3% |
| Land and buildings | 22 | €39,021 | €25,726 | -€13,295 | -34.1% |
| Plant, machinery and equipment | 23 | €2,175 | €1,476 | -€698 | -32.1% |
| Furniture and vehicles | 24 | €35,130 | €27,536 | -€7,594 | -21.6% |
| Current assets | 29/58 | €310,173 | €260,949 | -€49,224 | -15.9% |
| Amounts receivable within one year | 40/41 | €1,168 | €994 | -€174 | -14.9% |
| Other amounts receivable | 41 | €1,168 | €994 | -€174 | -14.9% |
| Current investments | 50/53 | €65,275 | €66,741 | +€1,466 | +2.2% |
| Cash at bank and in hand | 54/58 | €226,579 | €182,667 | -€43,912 | -19.4% |
| Deferred charges and accrued income | 490/1 | €17,151 | €10,546 | -€6,604 | -38.5% |
| Total equity and liabilities | 10/49 | €386,498 | €315,688 | -€70,811 | -18.3% |
| Equity | 10/15 | €347,908 | €234,380 | -€113,528 | -32.6% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €310,615 | €197,087 | -€113,528 | -36.5% |
| Distributable reserves | 133 | €310,615 | €197,087 | -€113,528 | -36.5% |
| Profit (loss) carried forward | 14 | €2,293 | €2,293 | = | 0.0% |
| Amounts payable | 17/49 | €38,590 | €81,307 | +€42,717 | +110.7% |
| Amounts payable within one year | 42/48 | €34,009 | €71,550 | +€37,541 | +110.4% |
| Trade debts | 44 | €27,844 | €28,459 | +€615 | +2.2% |
| Suppliers | 440/4 | €27,844 | €28,459 | +€615 | +2.2% |
| Advances received on contracts in progress | 46 | €1,000 | - | -€1,000 | |
| Taxes, remuneration and social security | 45 | €5,165 | €8,172 | +€3,006 | +58.2% |
| Taxes | 450/3 | €5,165 | €8,172 | +€3,006 | +58.2% |
| Other amounts payable | 47/48 | - | €34,920 | +€34,920 | |
| Accrued charges and deferred income | 492/3 | €4,581 | €9,757 | +€5,176 | +113.0% |
| Non-recurring operating income | 76A | - | €920 | +€920 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,115 | €22,340 | +€2,224 | +11.1% |
| Other operating charges | 640/8 | €3,989 | €2,342 | -€1,646 | -41.3% |
| Non-recurring operating charges | 66A | €397 | - | -€397 | |
| Gross operating margin | 9900 | €71,198 | €69,994 | -€1,204 | -1.7% |
| Operating profit (loss) | 9901 | €46,698 | €45,312 | -€1,386 | -3.0% |
| Financial income | 75/76B | €1,495 | €1,894 | +€400 | +26.7% |
| Recurring financial income | 75 | €1,495 | €1,894 | +€400 | +26.7% |
| Financial charges | 65/66B | €1,219 | €1,917 | +€698 | +57.3% |
| Recurring financial charges | 65 | €1,219 | €1,917 | +€698 | +57.3% |
| Profit (loss) for the period before taxes | 9903 | €46,973 | €45,289 | -€1,684 | -3.6% |
| Income taxes | 67/77 | €15,766 | €15,428 | -€338 | -2.1% |
| Profit (loss) for the period | 9904 | €31,207 | €29,862 | -€1,346 | -4.3% |
| Profit (loss) for the period to be appropriated | 9905 | €31,207 | €29,862 | -€1,346 | -4.3% |
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 4 October 2026 via checked.be.