MEGAHORECA: 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.
MEGAHORECA
Largest movements
- Cash -€33,618
down €33,618 (-64.3%), from €52,248 to €18,630
mainly Short-term financial debts (-€50,000) and Trade debts (-€39,279)
- Stocks and contracts +€11,820
up €11,820 (+3.9%), from €304,620 to €316,440
- Receivables within one year +€7,389
up €7,389 (+8.2%), from €89,813 to €97,202
of which Trade receivables: +€37,723
- Short-term financial debts -€50,000
down €50,000 (-33.3%), from €150,000 to €100,000
- Reserves +€42,500
up €42,500 (+170%), from €25,000 to €67,500
- Trade debts -€39,279
down €39,279 (-15.3%), from €256,838 to €217,560
- Tax, wage and social debts +€34,501
up €34,501 (+293%), from €11,768 to €46,269
- Gross operating margin +€28,310
up €28,310 (+68.1%), from €41,594 to €69,904
- Taxes +€6,960
up €6,960 (+59.1%), from €11,768 to €18,728
- Financial charges +€1,617
up €1,617 (+45.8%), from €3,531 to €5,148
- Other operating charges +€862
new in 2025: €862
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 | €448,186 | €436,597 | -€11,589 | -2.6% |
| Formation expenses | 20 | €86 | - | -€86 | |
| Fixed assets | 21/28 | - | €3,318 | +€3,318 | |
| Tangible fixed assets | 22/27 | - | €3,318 | +€3,318 | |
| Furniture and vehicles | 24 | - | €3,318 | +€3,318 | |
| Current assets | 29/58 | €448,100 | €433,280 | -€14,821 | -3.3% |
| Stocks and contracts in progress | 3 | €304,620 | €316,440 | +€11,820 | +3.9% |
| Stocks | 30/36 | €304,620 | €316,440 | +€11,820 | +3.9% |
| Amounts receivable within one year | 40/41 | €89,813 | €97,202 | +€7,389 | +8.2% |
| Trade receivables | 40 | €59,240 | €96,962 | +€37,723 | +63.7% |
| Other amounts receivable | 41 | €30,573 | €240 | -€30,333 | -99.2% |
| Cash at bank and in hand | 54/58 | €52,248 | €18,630 | -€33,618 | -64.3% |
| Deferred charges and accrued income | 490/1 | €1,419 | €1,007 | -€412 | -29.0% |
| Total equity and liabilities | 10/49 | €448,186 | €436,597 | -€11,589 | -2.6% |
| Equity | 10/15 | €28,305 | €72,769 | +€44,464 | +157% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €25,000 | €67,500 | +€42,500 | +170% |
| Distributable reserves | 133 | €25,000 | €67,500 | +€42,500 | +170% |
| Profit (loss) carried forward | 14 | €305 | €2,269 | +€1,964 | +644% |
| Amounts payable | 17/49 | €419,881 | €363,829 | -€56,053 | -13.3% |
| Amounts payable within one year | 42/48 | €419,881 | €363,829 | -€56,053 | -13.3% |
| Financial debts | 43 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Other loans | 439 | €150,000 | €100,000 | -€50,000 | -33.3% |
| Trade debts | 44 | €256,838 | €217,560 | -€39,279 | -15.3% |
| Suppliers | 440/4 | €256,838 | €217,560 | -€39,279 | -15.3% |
| Advances received on contracts in progress | 46 | €1,275 | - | -€1,275 | |
| Taxes, remuneration and social security | 45 | €11,768 | €46,269 | +€34,501 | +293% |
| Taxes | 450/3 | €11,768 | €46,269 | +€34,501 | +293% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,079 | €750 | -€329 | -30.5% |
| Other operating charges | 640/8 | - | €862 | +€862 | |
| Gross operating margin | 9900 | €41,594 | €69,904 | +€28,310 | +68.1% |
| Operating profit (loss) | 9901 | €40,515 | €68,292 | +€27,777 | +68.6% |
| Financial income | 75/76B | €89 | €48 | -€41 | -46.0% |
| Recurring financial income | 75 | €89 | €48 | -€41 | -46.0% |
| Financial charges | 65/66B | €3,531 | €5,148 | +€1,617 | +45.8% |
| Recurring financial charges | 65 | €3,531 | €5,148 | +€1,617 | +45.8% |
| Profit (loss) for the period before taxes | 9903 | €37,073 | €63,192 | +€26,119 | +70.5% |
| Income taxes | 67/77 | €11,768 | €18,728 | +€6,960 | +59.1% |
| Profit (loss) for the period | 9904 | €25,305 | €44,464 | +€19,159 | +75.7% |
| Profit (loss) for the period to be appropriated | 9905 | €25,305 | €44,464 | +€19,159 | +75.7% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.