MFH: 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.
MFH
Largest movements
- Receivables within one year +€56,624
up €56,624 (+11.1%), from €511,990 to €568,614
of which Trade receivables: +€60,276
- Current investments -€50,000
down €50,000 (-11.1%), from €450,000 to €400,000
- Trade debts +€82,138
up €82,138 (+77,856%), from €106 to €82,243
- Reserves -€71,770
down €71,770 (-1.6%), from €4.4m to €4.3m
of which Distributable reserves: -€71,770
- Tax, wage and social debts -€45,784
down €45,784 (-56.2%), from €81,449 to €35,665
- Gross operating margin +€13,417
up €13,417 (+2.3%), from €583,077 to €596,495
- Financial income +€11,834
up €11,834 (+2,390%), from €495 to €12,330
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 | €4,515,373 | €4,484,729 | -€30,644 | -0.7% |
| Fixed assets | 21/28 | €3,506,015 | €3,487,663 | -€18,352 | -0.5% |
| Tangible fixed assets | 22/27 | €587,838 | €569,486 | -€18,352 | -3.1% |
| Land and buildings | 22 | €543,489 | €537,475 | -€6,014 | -1.1% |
| Plant, machinery and equipment | 23 | €230 | €0 | -€230 | -100.0% |
| Furniture and vehicles | 24 | €44,119 | €32,011 | -€12,108 | -27.4% |
| Assets under construction and advance payments | 27 | €0 | €0 | = | |
| Financial fixed assets | 28 | €2,918,177 | €2,918,177 | = | 0.0% |
| Current assets | 29/58 | €1,009,358 | €997,066 | -€12,292 | -1.2% |
| Amounts receivable within one year | 40/41 | €511,990 | €568,614 | +€56,624 | +11.1% |
| Trade receivables | 40 | €499,238 | €559,514 | +€60,276 | +12.1% |
| Other amounts receivable | 41 | €12,752 | €9,100 | -€3,652 | -28.6% |
| Current investments | 50/53 | €450,000 | €400,000 | -€50,000 | -11.1% |
| Cash at bank and in hand | 54/58 | €46,204 | €27,231 | -€18,974 | -41.1% |
| Deferred charges and accrued income | 490/1 | €1,164 | €1,222 | +€58 | +5.0% |
| Total equity and liabilities | 10/49 | €4,515,373 | €4,484,729 | -€30,644 | -0.7% |
| Equity | 10/15 | €4,422,489 | €4,350,719 | -€71,770 | -1.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €4,410,089 | €4,338,319 | -€71,770 | -1.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €4,408,229 | €4,336,459 | -€71,770 | -1.6% |
| Amounts payable | 17/49 | €92,884 | €134,011 | +€41,126 | +44.3% |
| Amounts payable within one year | 42/48 | €92,884 | €134,011 | +€41,126 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €0 | - | = | |
| Trade debts | 44 | €106 | €82,243 | +€82,138 | +77,856% |
| Suppliers | 440/4 | €106 | €82,243 | +€82,138 | +77,856% |
| Taxes, remuneration and social security | 45 | €81,449 | €35,665 | -€45,784 | -56.2% |
| Taxes | 450/3 | €81,449 | €35,665 | -€45,784 | -56.2% |
| Other amounts payable | 47/48 | €11,330 | €16,102 | +€4,772 | +42.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €35,142 | €36,147 | +€1,005 | +2.9% |
| Other operating charges | 640/8 | €1,823 | €1,736 | -€87 | -4.8% |
| Gross operating margin | 9900 | €583,077 | €596,495 | +€13,417 | +2.3% |
| Operating profit (loss) | 9901 | €546,112 | €558,612 | +€12,499 | +2.3% |
| Financial income | 75/76B | €495 | €12,330 | +€11,834 | +2,390% |
| Recurring financial income | 75 | €495 | €12,330 | +€11,834 | +2,390% |
| Financial charges | 65/66B | €930 | €278 | -€652 | -70.1% |
| Recurring financial charges | 65 | €930 | €278 | -€652 | -70.1% |
| Profit (loss) for the period before taxes | 9903 | €545,678 | €570,664 | +€24,986 | +4.6% |
| Income taxes | 67/77 | €170,973 | €176,434 | +€5,461 | +3.2% |
| Profit (loss) for the period | 9904 | €374,705 | €394,230 | +€19,525 | +5.2% |
| Profit (loss) for the period to be appropriated | 9905 | €374,705 | €394,230 | +€19,525 | +5.2% |
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 16 October 2026 via checked.be.