MAHI: 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.
MAHI
Largest movements
- Cash +€1.7m
up €1.7m (+392.0%), from €432,203 to €2.1m
mainly Contributions, distributions and other (+€2.3m) and Accrued charges and deferred income (+€50,545)
- Receivables within one year +€359,712
up €359,712 (+344.4%), from €104,457 to €464,169
of which Trade receivables: +€338,682
- Contributions +€2.3m
up €2.3m (+298.4%), from €770,819 to €3.1m
- Profit (loss) carried forward -€350,796
down €350,796 (-545.5%), from -€64,309 to -€415,106
- Accrued charges and deferred income +€50,545
new in 2025: €50,545
- Staff costs +€166,513
up €166,513 (+149.5%), from €111,372 to €277,885
- Gross operating margin -€157,392
down €157,392, from €134,031 to -€23,362
- Depreciation +€23,608
up €23,608 (+106.6%), from €22,154 to €45,761
- Financial charges +€5,551
up €5,551 (+398.1%), from €1,394 to €6,945
of which Non-recurring financial charges: +€4,610
- Other operating charges +€2,503
up €2,503 (+335.2%), from €747 to €3,249
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 | €786,551 | €2,842,125 | +€2.1m | +261.3% |
| Fixed assets | 21/28 | €211,873 | €195,585 | -€16,288 | -7.7% |
| Intangible fixed assets | 21 | €46,594 | €36,539 | -€10,055 | -21.6% |
| Tangible fixed assets | 22/27 | €163,779 | €138,795 | -€24,983 | -15.3% |
| Plant, machinery and equipment | 23 | €26,319 | €11,024 | -€15,295 | -58.1% |
| Furniture and vehicles | 24 | €137,460 | €127,771 | -€9,689 | -7.0% |
| Financial fixed assets | 28 | €1,500 | €20,250 | +€18,750 | +1250.0% |
| Current assets | 29/58 | €574,678 | €2,646,540 | +€2.1m | +360.5% |
| Stocks and contracts in progress | 3 | €38,018 | €55,825 | +€17,807 | +46.8% |
| Stocks | 30/36 | €38,018 | €55,825 | +€17,807 | +46.8% |
| Amounts receivable within one year | 40/41 | €104,457 | €464,169 | +€359,712 | +344.4% |
| Trade receivables | 40 | €62,705 | €401,387 | +€338,682 | +540.1% |
| Other amounts receivable | 41 | €41,752 | €62,782 | +€21,030 | +50.4% |
| Cash at bank and in hand | 54/58 | €432,203 | €2,126,546 | +€1.7m | +392.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €786,551 | €2,842,125 | +€2.1m | +261.3% |
| Equity | 10/15 | €706,510 | €2,655,785 | +€1.9m | +275.9% |
| Contributions | 10/11 | €770,819 | €3,070,891 | +€2.3m | +298.4% |
| Profit (loss) carried forward | 14 | -€64,309 | -€415,106 | -€350,796 | -545.5% |
| Amounts payable | 17/49 | €80,041 | €186,339 | +€106,299 | +132.8% |
| Amounts payable within one year | 42/48 | €80,041 | €135,794 | +€55,754 | +69.7% |
| Financial debts | 43 | €1,238 | €10,296 | +€9,058 | +731.7% |
| Credit institutions | 430/8 | €1,238 | €10,296 | +€9,058 | +731.7% |
| Trade debts | 44 | €43,901 | €62,292 | +€18,391 | +41.9% |
| Suppliers | 440/4 | €43,901 | €62,292 | +€18,391 | +41.9% |
| Taxes, remuneration and social security | 45 | €13,648 | €41,944 | +€28,296 | +207.3% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €13,648 | €41,944 | +€28,296 | +207.3% |
| Other amounts payable | 47/48 | €21,254 | €21,262 | +€9 | 0.0% |
| Accrued charges and deferred income | 492/3 | - | €50,545 | +€50,545 | |
| Remuneration, social security and pensions | 62 | €111,372 | €277,885 | +€166,513 | +149.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €22,154 | €45,761 | +€23,608 | +106.6% |
| Other operating charges | 640/8 | €747 | €3,249 | +€2,503 | +335.2% |
| Non-recurring operating charges | 66A | - | -€6,143 | -€6,143 | |
| Gross operating margin | 9900 | €134,031 | -€23,362 | -€157,392 | |
| Operating profit (loss) | 9901 | -€242 | -€344,115 | -€343,873 | -142237.3% |
| Financial income | 75/76B | €87 | €263 | +€176 | +201.8% |
| Recurring financial income | 75 | €87 | €263 | +€176 | +201.8% |
| Financial charges | 65/66B | €1,394 | €6,945 | +€5,551 | +398.1% |
| Recurring financial charges | 65 | €1,394 | €2,335 | +€940 | +67.4% |
| Non-recurring financial charges | 66B | - | €4,610 | +€4,610 | |
| Profit (loss) for the period before taxes | 9903 | -€1,549 | -€350,796 | -€349,247 | -22547.2% |
| Profit (loss) for the period | 9904 | -€1,549 | -€350,796 | -€349,247 | -22547.2% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,549 | -€350,796 | -€349,247 | -22547.2% |
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.