MDHF: 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.
MDHF
Largest movements
- Tangible fixed assets -€28.3m
down €28.3m (-98.2%), from €28.8m to €517,078
of which Other tangible fixed assets: -€28.2m
- Financial fixed assets +€11.5m
up €11.5m (+7.9%), from €146.0m to €157.5m
- Profit (loss) carried forward -€15.5m
down €15.5m (-3260.8%), from -€475,903 to -€16.0m
- Gross operating margin +€434,029
up €434,029 (+87.4%), from -€496,687 to -€62,658
- Financial income +€129,516
up €129,516 (+102.7%), from €126,137 to €255,653
- Staff costs +€92,761
up €92,761 (+41.7%), from €222,451 to €315,212
- Financial charges +€24,162
up €24,162 (+455.6%), from €5,303 to €29,465
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 | €201,135,898 | €185,689,949 | -€15.4m | -7.7% |
| Fixed assets | 21/28 | €174,787,030 | €158,033,238 | -€16.8m | -9.6% |
| Tangible fixed assets | 22/27 | €28,774,564 | €517,078 | -€28.3m | -98.2% |
| Furniture and vehicles | 24 | €28,654 | €11,778 | -€16,876 | -58.9% |
| Other tangible fixed assets | 26 | €28,745,910 | €505,300 | -€28.2m | -98.2% |
| Financial fixed assets | 28 | €146,012,467 | €157,516,160 | +€11.5m | +7.9% |
| Current assets | 29/58 | €26,348,868 | €27,656,711 | +€1.3m | +5.0% |
| Amounts receivable within one year | 40/41 | €26,303,777 | €25,925,410 | -€378,367 | -1.4% |
| Trade receivables | 40 | - | €18,600 | +€18,600 | |
| Other amounts receivable | 41 | €26,303,777 | €25,906,810 | -€396,967 | -1.5% |
| Cash at bank and in hand | 54/58 | €15,011 | €1,722,596 | +€1.7m | +11375.8% |
| Deferred charges and accrued income | 490/1 | €30,080 | €8,705 | -€21,375 | -71.1% |
| Total equity and liabilities | 10/49 | €201,135,898 | €185,689,949 | -€15.4m | -7.7% |
| Equity | 10/15 | €201,071,312 | €185,553,296 | -€15.5m | -7.7% |
| Contributions | 10/11 | €196,000,000 | €196,000,000 | = | 0.0% |
| Capital | 10 | €196,000,000 | €196,000,000 | = | 0.0% |
| Issued capital | 100 | €196,000,000 | €196,000,000 | = | 0.0% |
| Reserves | 13 | €5,547,215 | €5,547,215 | = | 0.0% |
| Non-distributable reserves | 130/1 | €5,547,215 | €5,547,215 | = | 0.0% |
| Legal reserve | 130 | €5,547,215 | €5,547,215 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€475,903 | -€15,993,919 | -€15.5m | -3260.8% |
| Amounts payable | 17/49 | €64,586 | €136,653 | +€72,067 | +111.6% |
| Amounts payable within one year | 42/48 | €64,586 | €136,653 | +€72,067 | +111.6% |
| Trade debts | 44 | €44,234 | €19,988 | -€24,247 | -54.8% |
| Suppliers | 440/4 | €44,234 | €19,988 | -€24,247 | -54.8% |
| Taxes, remuneration and social security | 45 | €20,351 | €116,665 | +€96,314 | +473.3% |
| Taxes | 450/3 | €2,692 | €16,518 | +€13,827 | +513.6% |
| Remuneration and social security | 454/9 | €17,660 | €100,147 | +€82,487 | +467.1% |
| Non-recurring operating income | 76A | - | €307,847 | +€307,847 | |
| Remuneration, social security and pensions | 62 | €222,451 | €315,212 | +€92,761 | +41.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €20,371 | €18,639 | -€1,732 | -8.5% |
| Other operating charges | 640/8 | €9,508 | €7,292 | -€2,215 | -23.3% |
| Non-recurring operating charges | 66A | €467,843 | €15,339,712 | +€14.9m | +3178.8% |
| Gross operating margin | 9900 | -€496,687 | -€62,658 | +€434,029 | +87.4% |
| Operating profit (loss) | 9901 | -€1,216,859 | -€15,743,514 | -€14.5m | -1193.8% |
| Financial income | 75/76B | €126,137 | €255,653 | +€129,516 | +102.7% |
| Recurring financial income | 75 | €126,137 | €255,653 | +€129,516 | +102.7% |
| Financial charges | 65/66B | €5,303 | €29,465 | +€24,162 | +455.6% |
| Recurring financial charges | 65 | €5,303 | €29,465 | +€24,162 | +455.6% |
| Profit (loss) for the period before taxes | 9903 | -€1,096,026 | -€15,517,326 | -€14.4m | -1315.8% |
| Income taxes | 67/77 | €20 | €691 | +€671 | +3442.7% |
| Profit (loss) for the period | 9904 | -€1,096,045 | -€15,518,016 | -€14.4m | -1315.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,096,045 | -€15,518,016 | -€14.4m | -1315.8% |
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 30 September 2026 via checked.be.