MAHIEU: 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.
MAHIEU
Largest movements
- Cash +€34,874
up €34,874 (+107.9%), from €32,317 to €67,191
mainly Depreciation (+€33,007) and Receivables within one year (+€28,338)
- Tangible fixed assets -€32,470
down €32,470 (-6.9%), from €468,855 to €436,385
of which Land and buildings: -€22,598
- Receivables within one year -€28,338
down €28,338 (-14.6%), from €193,852 to €165,514
of which Trade receivables: -€19,801
- Stocks and contracts -€11,261
down €11,261 (-58.7%), from €19,173 to €7,912
- Trade debts -€38,678
down €38,678 (-40.3%), from €95,883 to €57,204
- Reserves +€9,936
up €9,936 (+9.5%), from €104,274 to €114,211
of which Distributable reserves: +€9,936
- Gross operating margin +€28,099
up €28,099 (+9.5%), from €295,144 to €323,243
- Staff costs +€25,427
up €25,427 (+10.5%), from €241,530 to €266,957
- Write-downs -€6,354
down €6,354 (-100.0%), from €6,354 to €0
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 | €724,723 | €689,440 | -€35,283 | -4.9% |
| Fixed assets | 21/28 | €468,917 | €436,448 | -€32,470 | -6.9% |
| Tangible fixed assets | 22/27 | €468,855 | €436,385 | -€32,470 | -6.9% |
| Land and buildings | 22 | €431,666 | €409,069 | -€22,598 | -5.2% |
| Plant, machinery and equipment | 23 | €1,750 | €1,291 | -€459 | -26.2% |
| Furniture and vehicles | 24 | €35,439 | €26,026 | -€9,413 | -26.6% |
| Financial fixed assets | 28 | €63 | €63 | = | 0.0% |
| Current assets | 29/58 | €255,805 | €252,992 | -€2,813 | -1.1% |
| Stocks and contracts in progress | 3 | €19,173 | €7,912 | -€11,261 | -58.7% |
| Stocks | 30/36 | €19,173 | €7,912 | -€11,261 | -58.7% |
| Amounts receivable within one year | 40/41 | €193,852 | €165,514 | -€28,338 | -14.6% |
| Trade receivables | 40 | €175,161 | €155,360 | -€19,801 | -11.3% |
| Other amounts receivable | 41 | €18,691 | €10,154 | -€8,537 | -45.7% |
| Cash at bank and in hand | 54/58 | €32,317 | €67,191 | +€34,874 | +107.9% |
| Deferred charges and accrued income | 490/1 | €10,463 | €12,376 | +€1,912 | +18.3% |
| Total equity and liabilities | 10/49 | €724,723 | €689,440 | -€35,283 | -4.9% |
| Equity | 10/15 | €122,866 | €132,803 | +€9,936 | +8.1% |
| Contributions | 10/11 | €18,592 | €18,592 | = | 0.0% |
| Reserves | 13 | €104,274 | €114,211 | +€9,936 | +9.5% |
| Tax-exempt reserves | 132 | €231 | €231 | = | 0.0% |
| Distributable reserves | 133 | €104,043 | €113,979 | +€9,936 | +9.6% |
| Provisions and deferred taxes | 16 | €229,856 | €229,856 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €229,856 | €229,856 | = | 0.0% |
| Pensions and similar obligations | 160 | €229,856 | €229,856 | = | 0.0% |
| Amounts payable | 17/49 | €372,001 | €326,782 | -€45,219 | -12.2% |
| Amounts payable after more than one year | 17 | €17,657 | €12,611 | -€5,045 | -28.6% |
| Financial debts | 170/4 | €17,657 | €12,611 | -€5,045 | -28.6% |
| Amounts payable within one year | 42/48 | €336,734 | €301,550 | -€35,184 | -10.4% |
| Current portion of amounts payable after more than one year | 42 | €4,842 | €5,045 | +€203 | +4.2% |
| Trade debts | 44 | €95,883 | €57,204 | -€38,678 | -40.3% |
| Suppliers | 440/4 | €95,883 | €57,204 | -€38,678 | -40.3% |
| Taxes, remuneration and social security | 45 | €11,914 | €14,595 | +€2,680 | +22.5% |
| Taxes | 450/3 | €4,136 | €6,662 | +€2,526 | +61.1% |
| Remuneration and social security | 454/9 | €7,778 | €7,933 | +€154 | +2.0% |
| Other amounts payable | 47/48 | €224,094 | €224,705 | +€611 | +0.3% |
| Accrued charges and deferred income | 492/3 | €17,611 | €12,621 | -€4,990 | -28.3% |
| Non-recurring operating income | 76A | €1,000 | €0 | -€1,000 | -100.0% |
| Remuneration, social security and pensions | 62 | €241,530 | €266,957 | +€25,427 | +10.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €33,270 | €33,007 | -€264 | -0.8% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €6,354 | €0 | -€6,354 | -100.0% |
| Other operating charges | 640/8 | €5,576 | €5,412 | -€164 | -2.9% |
| Non-recurring operating charges | 66A | - | €563 | +€563 | |
| Gross operating margin | 9900 | €295,144 | €323,243 | +€28,099 | +9.5% |
| Operating profit (loss) | 9901 | €8,413 | €17,305 | +€8,892 | +105.7% |
| Financial income | 75/76B | €2,403 | €1,200 | -€1,203 | -50.1% |
| Recurring financial income | 75 | €2,403 | €1,200 | -€1,203 | -50.1% |
| Financial charges | 65/66B | €3,361 | €2,644 | -€716 | -21.3% |
| Recurring financial charges | 65 | €3,361 | €2,644 | -€716 | -21.3% |
| Profit (loss) for the period before taxes | 9903 | €7,456 | €15,861 | +€8,405 | +112.7% |
| Income taxes | 67/77 | €3,337 | €5,925 | +€2,588 | +77.6% |
| Profit (loss) for the period | 9904 | €4,119 | €9,936 | +€5,817 | +141.2% |
| Profit (loss) for the period to be appropriated | 9905 | €4,119 | €9,936 | +€5,817 | +141.2% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 4 October 2026 via checked.be.