MH: 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.
MH
Largest movements
- Cash -€36,682
down €36,682 (-69.9%), from €52,469 to €15,787
mainly Other debts (-€47,177) and Receivables within one year (-€21,252)
- Receivables within one year +€21,252
up €21,252 (+624.3%), from €3,404 to €24,656
of which Trade receivables: +€21,175
- Tangible fixed assets -€16,899
down €16,899 (-28.5%), from €59,247 to €42,348
of which Furniture and vehicles: -€11,600
- Other debts -€47,177
down €47,177 (-83.3%), from €56,616 to €9,439
- Profit (loss) carried forward +€16,043
up €16,043 (+48.3%), from €33,204 to €49,247
- Trade debts -€2,500
no longer reported in 2025 (was €2,500)
- Tax, wage and social debts +€1,304
up €1,304 (+16.7%), from €7,800 to €9,105
- Gross operating margin +€7,229
up €7,229 (+21.9%), from €32,995 to €40,224
- Depreciation +€5,555
up €5,555 (+49.0%), from €11,345 to €16,899
- Other operating charges +€1,825
up €1,825 (+162.4%), from €1,124 to €2,948
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 | €115,121 | €82,791 | -€32,330 | -28.1% |
| Fixed assets | 21/28 | €59,247 | €42,348 | -€16,899 | -28.5% |
| Tangible fixed assets | 22/27 | €59,247 | €42,348 | -€16,899 | -28.5% |
| Plant, machinery and equipment | 23 | €17,061 | €11,761 | -€5,300 | -31.1% |
| Furniture and vehicles | 24 | €42,186 | €30,587 | -€11,600 | -27.5% |
| Current assets | 29/58 | €55,873 | €40,443 | -€15,430 | -27.6% |
| Amounts receivable within one year | 40/41 | €3,404 | €24,656 | +€21,252 | +624.3% |
| Trade receivables | 40 | - | €21,175 | +€21,175 | |
| Other amounts receivable | 41 | €3,404 | €3,481 | +€77 | +2.3% |
| Cash at bank and in hand | 54/58 | €52,469 | €15,787 | -€36,682 | -69.9% |
| Total equity and liabilities | 10/49 | €115,121 | €82,791 | -€32,330 | -28.1% |
| Equity | 10/15 | €48,204 | €64,247 | +€16,043 | +33.3% |
| Contributions | 10/11 | €15,000 | €15,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €33,204 | €49,247 | +€16,043 | +48.3% |
| Amounts payable | 17/49 | €66,917 | €18,544 | -€48,373 | -72.3% |
| Amounts payable within one year | 42/48 | €66,917 | €18,544 | -€48,373 | -72.3% |
| Trade debts | 44 | €2,500 | - | -€2,500 | |
| Suppliers | 440/4 | €2,500 | - | -€2,500 | |
| Taxes, remuneration and social security | 45 | €7,800 | €9,105 | +€1,304 | +16.7% |
| Taxes | 450/3 | €7,800 | €9,105 | +€1,304 | +16.7% |
| Other amounts payable | 47/48 | €56,616 | €9,439 | -€47,177 | -83.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,345 | €16,899 | +€5,555 | +49.0% |
| Other operating charges | 640/8 | €1,124 | €2,948 | +€1,825 | +162.4% |
| Non-recurring operating charges | 66A | €2,928 | - | -€2,928 | |
| Gross operating margin | 9900 | €32,995 | €40,224 | +€7,229 | +21.9% |
| Operating profit (loss) | 9901 | €17,599 | €20,376 | +€2,777 | +15.8% |
| Financial income | 75/76B | - | €130 | +€130 | |
| Recurring financial income | 75 | - | €130 | +€130 | |
| Financial charges | 65/66B | €53 | €53 | = | 0.0% |
| Recurring financial charges | 65 | €53 | €53 | = | 0.0% |
| Profit (loss) for the period before taxes | 9903 | €17,546 | €20,453 | +€2,907 | +16.6% |
| Income taxes | 67/77 | €4,109 | €4,410 | +€302 | +7.3% |
| Profit (loss) for the period | 9904 | €13,437 | €16,043 | +€2,606 | +19.4% |
| Profit (loss) for the period to be appropriated | 9905 | €13,437 | €16,043 | +€2,606 | +19.4% |
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 7 October 2026 via checked.be.