MAHLA: 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.
MAHLA
Largest movements
- Cash +€100,746
up €100,746 (+37.9%), from €266,092 to €366,838
mainly Net result for the year (+€48,173) and Trade debts (+€33,359)
- Receivables within one year -€29,512
down €29,512 (-3.8%), from €769,844 to €740,333
of which Trade receivables: -€31,535
- Tangible fixed assets +€12,282
up €12,282 (+44.5%), from €27,619 to €39,901
of which Plant, machinery and equipment: +€8,009
- Reserves +€48,173
up €48,173 (+5.3%), from €903,597 to €951,770
- Trade debts +€33,359
up €33,359 (+79.1%), from €42,176 to €75,536
- Tax, wage and social debts -€13,160
down €13,160 (-28.2%), from €46,603 to €33,443
of which Taxes: -€6,767
- Other operating charges -€50,453
down €50,453 (-80.8%), from €62,426 to €11,973
- Staff costs -€42,094
down €42,094 (-26.0%), from €161,934 to €119,839
- Write-downs +€31,573
up €31,573 (+4791.0%), from €659 to €32,232
- Taxes +€13,215
up €13,215 (+269.7%), from €4,901 to €18,116
- Depreciation +€4,602
up €4,602 (+48.0%), from €9,583 to €14,185
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 | €1,067,551 | €1,147,652 | +€80,101 | +7.5% |
| Fixed assets | 21/28 | €28,199 | €40,481 | +€12,282 | +43.6% |
| Tangible fixed assets | 22/27 | €27,619 | €39,901 | +€12,282 | +44.5% |
| Plant, machinery and equipment | 23 | €10,896 | €18,905 | +€8,009 | +73.5% |
| Furniture and vehicles | 24 | €2,297 | €1,625 | -€672 | -29.3% |
| Other tangible fixed assets | 26 | €14,426 | €19,371 | +€4,945 | +34.3% |
| Financial fixed assets | 28 | €580 | €580 | = | 0.0% |
| Current assets | 29/58 | €1,039,352 | €1,107,171 | +€67,819 | +6.5% |
| Amounts receivable within one year | 40/41 | €769,844 | €740,333 | -€29,512 | -3.8% |
| Trade receivables | 40 | €762,730 | €731,195 | -€31,535 | -4.1% |
| Other amounts receivable | 41 | €7,114 | €9,137 | +€2,023 | +28.4% |
| Cash at bank and in hand | 54/58 | €266,092 | €366,838 | +€100,746 | +37.9% |
| Deferred charges and accrued income | 490/1 | €3,416 | €0 | -€3,416 | -100.0% |
| Total equity and liabilities | 10/49 | €1,067,551 | €1,147,652 | +€80,101 | +7.5% |
| Equity | 10/15 | €922,197 | €970,370 | +€48,173 | +5.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €903,597 | €951,770 | +€48,173 | +5.3% |
| Distributable reserves | 133 | €903,597 | €951,770 | +€48,173 | +5.3% |
| Amounts payable | 17/49 | €145,354 | €177,282 | +€31,928 | +22.0% |
| Amounts payable within one year | 42/48 | €145,354 | €173,130 | +€27,775 | +19.1% |
| Trade debts | 44 | €42,176 | €75,536 | +€33,359 | +79.1% |
| Suppliers | 440/4 | €42,176 | €75,536 | +€33,359 | +79.1% |
| Advances received on contracts in progress | 46 | €56,575 | €64,151 | +€7,576 | +13.4% |
| Taxes, remuneration and social security | 45 | €46,603 | €33,443 | -€13,160 | -28.2% |
| Taxes | 450/3 | €33,372 | €26,606 | -€6,767 | -20.3% |
| Remuneration and social security | 454/9 | €13,231 | €6,838 | -€6,393 | -48.3% |
| Accrued charges and deferred income | 492/3 | - | €4,152 | +€4,152 | |
| Remuneration, social security and pensions | 62 | €161,934 | €119,839 | -€42,094 | -26.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,583 | €14,185 | +€4,602 | +48.0% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €659 | €32,232 | +€31,573 | +4791.0% |
| Other operating charges | 640/8 | €62,426 | €11,973 | -€50,453 | -80.8% |
| Gross operating margin | 9900 | €248,477 | €247,388 | -€1,088 | -0.4% |
| Operating profit (loss) | 9901 | €13,875 | €69,159 | +€55,284 | +398.4% |
| Financial income | 75/76B | €427 | €44 | -€384 | -89.7% |
| Recurring financial income | 75 | €427 | €44 | -€384 | -89.7% |
| Financial charges | 65/66B | €3,746 | €2,914 | -€832 | -22.2% |
| Recurring financial charges | 65 | €3,746 | €2,914 | -€832 | -22.2% |
| Profit (loss) for the period before taxes | 9903 | €10,556 | €66,289 | +€55,733 | +528.0% |
| Income taxes | 67/77 | €4,901 | €18,116 | +€13,215 | +269.7% |
| Profit (loss) for the period | 9904 | €5,656 | €48,173 | +€42,517 | +751.8% |
| Profit (loss) for the period to be appropriated | 9905 | €5,656 | €48,173 | +€42,517 | +751.8% |
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.