MAHO: 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.
MAHO
Largest movements
- Cash +€89,359
up €89,359 (+99.8%), from €89,528 to €178,887
mainly Net result for the year (+€55,921) and Receivables within one year (+€54,072)
- Receivables within one year -€54,072
down €54,072 (-50.7%), from €106,710 to €52,638
- Tangible fixed assets -€12,274
down €12,274 (-20.9%), from €58,764 to €46,490
- Deferred charges and accrued income -€11,488
down €11,488 (-97.7%), from €11,756 to €268
- Reserves +€55,921
up €55,921 (+7.6%), from €737,192 to €793,113
of which Distributable reserves: +€55,921
- Other debts -€25,576
down €25,576 (-18.7%), from €136,450 to €110,875
- Debts after one year -€13,718
down €13,718 (-21.3%), from €64,308 to €50,590
of which Financial debts: -€14,223
- Financial income -€54,126
down €54,126 (-56.1%), from €96,491 to €42,365
- Financial charges -€6,253
down €6,253 (-63.4%), from €9,859 to €3,606
of which Non-recurring financial charges: -€4,548
- Taxes -€2,831
down €2,831 (-21.4%), from €13,220 to €10,389
- Other operating charges -€2,336
down €2,336 (-44.7%), from €5,222 to €2,885
- Gross operating margin -€498
down €498 (-1.2%), from €43,209 to €42,711
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 | €991,653 | €1,003,178 | +€11,524 | +1.2% |
| Fixed assets | 21/28 | €783,659 | €771,385 | -€12,274 | -1.6% |
| Tangible fixed assets | 22/27 | €58,764 | €46,490 | -€12,274 | -20.9% |
| Land and buildings | 22 | €58,764 | €46,490 | -€12,274 | -20.9% |
| Financial fixed assets | 28 | €724,896 | €724,896 | = | 0.0% |
| Current assets | 29/58 | €207,994 | €231,792 | +€23,798 | +11.4% |
| Amounts receivable within one year | 40/41 | €106,710 | €52,638 | -€54,072 | -50.7% |
| Other amounts receivable | 41 | €106,710 | €52,638 | -€54,072 | -50.7% |
| Cash at bank and in hand | 54/58 | €89,528 | €178,887 | +€89,359 | +99.8% |
| Deferred charges and accrued income | 490/1 | €11,756 | €268 | -€11,488 | -97.7% |
| Total equity and liabilities | 10/49 | €991,653 | €1,003,178 | +€11,524 | +1.2% |
| Equity | 10/15 | €761,992 | €817,913 | +€55,921 | +7.3% |
| Contributions | 10/11 | €24,800 | €24,800 | = | 0.0% |
| Reserves | 13 | €737,192 | €793,113 | +€55,921 | +7.6% |
| Tax-exempt reserves | 132 | €18,750 | €18,750 | = | 0.0% |
| Distributable reserves | 133 | €718,442 | €774,363 | +€55,921 | +7.8% |
| Amounts payable | 17/49 | €229,662 | €185,265 | -€44,397 | -19.3% |
| Amounts payable after more than one year | 17 | €64,308 | €50,590 | -€13,718 | -21.3% |
| Financial debts | 170/4 | €61,343 | €47,120 | -€14,223 | -23.2% |
| Other amounts payable | 178/9 | €2,965 | €3,470 | +€505 | +17.0% |
| Amounts payable within one year | 42/48 | €165,353 | €134,675 | -€30,679 | -18.6% |
| Current portion of amounts payable after more than one year | 42 | €13,540 | €14,223 | +€683 | +5.0% |
| Trade debts | 44 | €1,665 | €286 | -€1,379 | -82.8% |
| Suppliers | 440/4 | €1,665 | €286 | -€1,379 | -82.8% |
| Taxes, remuneration and social security | 45 | €13,698 | €9,291 | -€4,407 | -32.2% |
| Taxes | 450/3 | €13,698 | €9,291 | -€4,407 | -32.2% |
| Other amounts payable | 47/48 | €136,450 | €110,875 | -€25,576 | -18.7% |
| Non-recurring operating income | 76A | €452 | - | -€452 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €12,274 | €12,274 | -€0 | 0.0% |
| Other operating charges | 640/8 | €5,222 | €2,885 | -€2,336 | -44.7% |
| Gross operating margin | 9900 | €43,209 | €42,711 | -€498 | -1.2% |
| Operating profit (loss) | 9901 | €25,714 | €27,552 | +€1,838 | +7.1% |
| Financial income | 75/76B | €96,491 | €42,365 | -€54,126 | -56.1% |
| Recurring financial income | 75 | €96,491 | €42,365 | -€54,126 | -56.1% |
| Financial charges | 65/66B | €9,859 | €3,606 | -€6,253 | -63.4% |
| Recurring financial charges | 65 | €5,311 | €3,606 | -€1,705 | -32.1% |
| Non-recurring financial charges | 66B | €4,548 | - | -€4,548 | |
| Profit (loss) for the period before taxes | 9903 | €112,346 | €66,310 | -€46,035 | -41.0% |
| Income taxes | 67/77 | €13,220 | €10,389 | -€2,831 | -21.4% |
| Profit (loss) for the period | 9904 | €99,125 | €55,921 | -€43,204 | -43.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,125 | €55,921 | -€43,204 | -43.6% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.