MAHE INDUSTRIES: 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 INDUSTRIES
Largest movements
- Cash +€189,092
up €189,092 (+58.0%), from €325,855 to €514,947
mainly Net result for the year (+€177,442) and Depreciation (+€120,051)
- Receivables within one year +€77,684
up €77,684 (+29.7%), from €261,222 to €338,907
of which Trade receivables: +€112,400
- Tangible fixed assets -€35,162
down €35,162 (-11.0%), from €319,219 to €284,057
of which Furniture and vehicles: -€43,487
- Deferred charges and accrued income +€15,446
new in 2025: €15,446
- Stocks and contracts +€15,133
up €15,133 (+6.2%), from €244,897 to €260,031
- Reserves +€177,442
up €177,442 (+30.0%), from €591,523 to €768,965
- Trade debts +€98,340
up €98,340 (+63.0%), from €156,053 to €254,394
- Debts after one year -€17,009
down €17,009 (-13.4%), from €126,648 to €109,639
- Other debts -€15,850
down €15,850 (-10.2%), from €155,448 to €139,597
- Tax, wage and social debts +€14,651
up €14,651 (+43.1%), from €33,961 to €48,612
- Gross operating margin -€34,171
down €34,171 (-7.7%), from €441,423 to €407,252
- Depreciation +€17,908
up €17,908 (+17.5%), from €102,144 to €120,051
- Financial charges -€13,086
down €13,086 (-43.5%), from €30,096 to €17,011
- Taxes -€12,163
down €12,163 (-13.0%), from €93,893 to €81,730
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 | €1,151,194 | €1,413,388 | +€262,194 | +22.8% |
| Fixed assets | 21/28 | €319,219 | €284,057 | -€35,162 | -11.0% |
| Tangible fixed assets | 22/27 | €319,219 | €284,057 | -€35,162 | -11.0% |
| Land and buildings | 22 | €16,674 | €22,019 | +€5,345 | +32.1% |
| Plant, machinery and equipment | 23 | €28,452 | €31,433 | +€2,980 | +10.5% |
| Furniture and vehicles | 24 | €274,093 | €230,606 | -€43,487 | -15.9% |
| Current assets | 29/58 | €831,975 | €1,129,330 | +€297,356 | +35.7% |
| Stocks and contracts in progress | 3 | €244,897 | €260,031 | +€15,133 | +6.2% |
| Stocks | 30/36 | €244,897 | €260,031 | +€15,133 | +6.2% |
| Amounts receivable within one year | 40/41 | €261,222 | €338,907 | +€77,684 | +29.7% |
| Trade receivables | 40 | €210,863 | €323,263 | +€112,400 | +53.3% |
| Other amounts receivable | 41 | €50,359 | €15,644 | -€34,715 | -68.9% |
| Cash at bank and in hand | 54/58 | €325,855 | €514,947 | +€189,092 | +58.0% |
| Deferred charges and accrued income | 490/1 | - | €15,446 | +€15,446 | |
| Total equity and liabilities | 10/49 | €1,151,194 | €1,413,388 | +€262,194 | +22.8% |
| Equity | 10/15 | €610,123 | €787,565 | +€177,442 | +29.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €591,523 | €768,965 | +€177,442 | +30.0% |
| Distributable reserves | 133 | €591,523 | €768,965 | +€177,442 | +30.0% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €541,071 | €625,823 | +€84,752 | +15.7% |
| Amounts payable after more than one year | 17 | €126,648 | €109,639 | -€17,009 | -13.4% |
| Financial debts | 170/4 | €126,648 | €109,639 | -€17,009 | -13.4% |
| Amounts payable within one year | 42/48 | €414,423 | €516,184 | +€101,760 | +24.6% |
| Current portion of amounts payable after more than one year | 42 | €62,373 | €64,034 | +€1,662 | +2.7% |
| Financial debts | 43 | €6,589 | €9,547 | +€2,957 | +44.9% |
| Credit institutions | 430/8 | €6,589 | €9,547 | +€2,957 | +44.9% |
| Trade debts | 44 | €156,053 | €254,394 | +€98,340 | +63.0% |
| Suppliers | 440/4 | €156,053 | €254,394 | +€98,340 | +63.0% |
| Taxes, remuneration and social security | 45 | €33,961 | €48,612 | +€14,651 | +43.1% |
| Taxes | 450/3 | €33,961 | €48,612 | +€14,651 | +43.1% |
| Other amounts payable | 47/48 | €155,448 | €139,597 | -€15,850 | -10.2% |
| Remuneration, social security and pensions | 62 | €5,058 | €8,165 | +€3,107 | +61.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,144 | €120,051 | +€17,908 | +17.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €6,641 | €3,848 | -€2,793 | -42.1% |
| Gross operating margin | 9900 | €441,423 | €407,252 | -€34,171 | -7.7% |
| Operating profit (loss) | 9901 | €327,581 | €275,188 | -€52,393 | -16.0% |
| Financial income | 75/76B | €1,151 | €995 | -€155 | -13.5% |
| Recurring financial income | 75 | €1,151 | €995 | -€155 | -13.5% |
| Financial charges | 65/66B | €30,096 | €17,011 | -€13,086 | -43.5% |
| Recurring financial charges | 65 | €30,096 | €17,011 | -€13,086 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €298,635 | €259,172 | -€39,463 | -13.2% |
| Income taxes | 67/77 | €93,893 | €81,730 | -€12,163 | -13.0% |
| Profit (loss) for the period | 9904 | €204,742 | €177,442 | -€27,300 | -13.3% |
| Profit (loss) for the period to be appropriated | 9905 | €204,742 | €177,442 | -€27,300 | -13.3% |
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 28 October 2026 via checked.be.