MAHOLD: 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.
MAHOLD
Largest movements
- Current investments +€10.6m
up €10.6m (+41.8%), from €25.3m to €35.9m
- Financial fixed assets -€8.7m
down €8.7m (-94.7%), from €9.2m to €488,870
- Receivables after one year +€2.5m
new in 2025: €2.5m
- Cash +€2.3m
up €2.3m (+176.2%), from €1.3m to €3.6m
mainly Investment in fixed assets (net) (+€9.0m) and Net result for the year (+€6.6m)
- Reserves +€6.6m
up €6.6m (+31.9%), from €20.8m to €27.4m
of which Distributable reserves: +€6.6m
- Financial income +€4.1m
up €4.1m (+101.7%), from €4.0m to €8.1m
of which Non-recurring financial income: +€6.2m
- Gross operating margin -€1.2m
down €1.2m (-96.9%), from €1.2m to €38,423
- Financial charges +€260,104
up €260,104 (+74.4%), from €349,642 to €609,747
- Staff costs -€200,671
down €200,671 (-72.9%), from €275,089 to €74,418
- Taxes +€179,392
up €179,392 (+27.1%), from €663,069 to €842,460
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 | €36,227,545 | €43,058,312 | +€6.8m | +18.9% |
| Fixed assets | 21/28 | €9,494,278 | €516,576 | -€9.0m | -94.6% |
| Tangible fixed assets | 22/27 | €294,334 | €27,706 | -€266,628 | -90.6% |
| Plant, machinery and equipment | 23 | €258,628 | €0 | -€258,628 | -100.0% |
| Furniture and vehicles | 24 | €35,706 | €27,706 | -€8,000 | -22.4% |
| Financial fixed assets | 28 | €9,199,944 | €488,870 | -€8.7m | -94.7% |
| Current assets | 29/58 | €26,733,267 | €42,541,736 | +€15.8m | +59.1% |
| Amounts receivable after more than one year | 29 | - | €2,500,000 | +€2.5m | |
| Other amounts receivable | 291 | - | €2,500,000 | +€2.5m | |
| Amounts receivable within one year | 40/41 | €80,202 | €420,228 | +€340,026 | +424.0% |
| Trade receivables | 40 | €79,291 | €31,400 | -€47,891 | -60.4% |
| Other amounts receivable | 41 | €911 | €388,828 | +€387,917 | +42594.0% |
| Current investments | 50/53 | €25,307,860 | €35,898,017 | +€10.6m | +41.8% |
| Cash at bank and in hand | 54/58 | €1,292,100 | €3,569,382 | +€2.3m | +176.2% |
| Deferred charges and accrued income | 490/1 | €53,106 | €154,110 | +€101,004 | +190.2% |
| Total equity and liabilities | 10/49 | €36,227,545 | €43,058,312 | +€6.8m | +18.9% |
| Equity | 10/15 | €27,991,396 | €34,614,233 | +€6.6m | +23.7% |
| Contributions | 10/11 | €7,226,484 | €7,226,484 | = | 0.0% |
| Reserves | 13 | €20,764,912 | €27,387,749 | +€6.6m | +31.9% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Distributable reserves | 133 | €20,764,912 | €27,387,749 | +€6.6m | +31.9% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €8,236,150 | €8,444,079 | +€207,929 | +2.5% |
| Amounts payable after more than one year | 17 | €2,406,690 | €2,406,690 | = | 0.0% |
| Other amounts payable | 178/9 | €2,406,690 | €2,406,690 | = | 0.0% |
| Amounts payable within one year | 42/48 | €5,778,332 | €6,037,389 | +€259,056 | +4.5% |
| Trade debts | 44 | €147 | €12,361 | +€12,214 | +8336.7% |
| Suppliers | 440/4 | €147 | €12,361 | +€12,214 | +8336.7% |
| Taxes, remuneration and social security | 45 | €818,347 | €865,777 | +€47,430 | +5.8% |
| Taxes | 450/3 | €781,822 | €865,777 | +€83,955 | +10.7% |
| Remuneration and social security | 454/9 | €36,525 | €0 | -€36,525 | -100.0% |
| Other amounts payable | 47/48 | €4,959,838 | €5,159,251 | +€199,412 | +4.0% |
| Accrued charges and deferred income | 492/3 | €51,128 | €0 | -€51,128 | -100.0% |
| Remuneration, social security and pensions | 62 | €275,089 | €74,418 | -€200,671 | -72.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €88,457 | €8,000 | -€80,457 | -91.0% |
| Other operating charges | 640/8 | €28,274 | €29,401 | +€1,127 | +4.0% |
| Gross operating margin | 9900 | €1,240,197 | €38,423 | -€1.2m | -96.9% |
| Operating profit (loss) | 9901 | €848,377 | -€73,396 | -€921,774 | |
| Financial income | 75/76B | €4,039,020 | €8,148,441 | +€4.1m | +101.7% |
| Recurring financial income | 75 | €4,039,020 | €1,969,307 | -€2.1m | -51.2% |
| Non-recurring financial income | 76B | - | €6,179,134 | +€6.2m | |
| Financial charges | 65/66B | €349,642 | €609,747 | +€260,104 | +74.4% |
| Recurring financial charges | 65 | €349,642 | €609,747 | +€260,104 | +74.4% |
| Profit (loss) for the period before taxes | 9903 | €4,537,755 | €7,465,298 | +€2.9m | +64.5% |
| Income taxes | 67/77 | €663,069 | €842,460 | +€179,392 | +27.1% |
| Profit (loss) for the period | 9904 | €3,874,686 | €6,622,838 | +€2.7m | +70.9% |
| Profit (loss) for the period to be appropriated | 9905 | €3,874,686 | €6,622,838 | +€2.7m | +70.9% |
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 30 September 2026 via checked.be.