MAHEL: 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.
MAHEL
Largest movements
- Receivables within one year -€10,258
down €10,258 (-5.9%), from €173,100 to €162,843
of which Trade receivables: -€5,580
- Cash -€4,871
down €4,871 (-33.8%), from €14,394 to €9,523
mainly Tax, wage and social debts (-€55,069) and Investment in fixed assets (net) (-€7,545)
- Tangible fixed assets +€2,108
up €2,108 (+11.7%), from €17,985 to €20,093
of which Other tangible fixed assets: +€4,983
- Tax, wage and social debts -€55,069
down €55,069 (-49.6%), from €111,006 to €55,937
of which Remuneration and social security: -€46,190
- Profit (loss) carried forward +€25,585
up €25,585 (+38.7%), from €66,046 to €91,631
- Debts after one year +€20,000
new in 2025: €20,000
- Trade debts -€5,368
down €5,368 (-81.4%), from €6,592 to €1,224
- Turnover +€325,152
new in 2025: €325,152
- Purchases and services +€171,402
new in 2025: €171,402
- Staff costs -€86,718
down €86,718 (-42.7%), from €203,067 to €116,349
- Gross operating margin -€39,574
down €39,574 (-19.8%), from €199,525 to €159,951
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 | €206,409 | €193,127 | -€13,282 | -6.4% |
| Fixed assets | 21/28 | €18,446 | €20,554 | +€2,108 | +11.4% |
| Tangible fixed assets | 22/27 | €17,985 | €20,093 | +€2,108 | +11.7% |
| Furniture and vehicles | 24 | €6,495 | €3,620 | -€2,875 | -44.3% |
| Other tangible fixed assets | 26 | €11,491 | €16,473 | +€4,983 | +43.4% |
| Financial fixed assets | 28 | €461 | €461 | = | 0.0% |
| Current assets | 29/58 | €187,962 | €172,573 | -€15,390 | -8.2% |
| Amounts receivable within one year | 40/41 | €173,100 | €162,843 | -€10,258 | -5.9% |
| Trade receivables | 40 | €5,580 | - | -€5,580 | |
| Other amounts receivable | 41 | €167,520 | €162,843 | -€4,677 | -2.8% |
| Cash at bank and in hand | 54/58 | €14,394 | €9,523 | -€4,871 | -33.8% |
| Deferred charges and accrued income | 490/1 | €469 | €208 | -€261 | -55.7% |
| Total equity and liabilities | 10/49 | €206,409 | €193,127 | -€13,282 | -6.4% |
| Equity | 10/15 | €88,810 | €114,396 | +€25,585 | +28.8% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €4,173 | €4,173 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,138 | €1,138 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,138 | €1,138 | = | 0.0% |
| Distributable reserves | 133 | €3,035 | €3,035 | = | 0.0% |
| Profit (loss) carried forward | 14 | €66,046 | €91,631 | +€25,585 | +38.7% |
| Amounts payable | 17/49 | €117,598 | €78,731 | -€38,867 | -33.1% |
| Amounts payable after more than one year | 17 | - | €20,000 | +€20,000 | |
| Financial debts | 170/4 | - | €20,000 | +€20,000 | |
| Amounts payable within one year | 42/48 | €117,598 | €58,731 | -€58,867 | -50.1% |
| Trade debts | 44 | €6,592 | €1,224 | -€5,368 | -81.4% |
| Suppliers | 440/4 | €6,592 | €1,224 | -€5,368 | -81.4% |
| Advances received on contracts in progress | 46 | - | €1,570 | +€1,570 | |
| Taxes, remuneration and social security | 45 | €111,006 | €55,937 | -€55,069 | -49.6% |
| Taxes | 450/3 | €33,958 | €25,078 | -€8,879 | -26.1% |
| Remuneration and social security | 454/9 | €77,049 | €30,859 | -€46,190 | -59.9% |
| Turnover | 70 | - | €325,152 | +€325,152 | |
| Goods, raw materials, services and sundry goods | 60/61 | - | €171,402 | +€171,402 | |
| Remuneration, social security and pensions | 62 | €203,067 | €116,349 | -€86,718 | -42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,320 | €5,438 | +€1,118 | +25.9% |
| Other operating charges | 640/8 | €177 | €888 | +€712 | +403.0% |
| Non-recurring operating charges | 66A | - | €5,025 | +€5,025 | |
| Gross operating margin | 9900 | €199,525 | €159,951 | -€39,574 | -19.8% |
| Operating profit (loss) | 9901 | -€8,038 | €32,252 | +€40,290 | |
| Financial charges | 65/66B | €502 | €270 | -€232 | -46.2% |
| Recurring financial charges | 65 | €502 | €270 | -€232 | -46.2% |
| Profit (loss) for the period before taxes | 9903 | -€8,541 | €31,982 | +€40,522 | |
| Income taxes | 67/77 | €4,080 | €6,396 | +€2,317 | +56.8% |
| Profit (loss) for the period | 9904 | -€12,620 | €25,585 | +€38,206 | |
| Profit (loss) for the period to be appropriated | 9905 | -€12,620 | €25,585 | +€38,206 |
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 3 October 2026 via checked.be.