MH: 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.
MH
Largest movements
- Tangible fixed assets -€5,317
down €5,317 (-12.3%), from €43,253 to €37,936
of which Furniture and vehicles: -€9,998
- Receivables within one year +€5,047
up €5,047 (+18.1%), from €27,834 to €32,881
of which Trade receivables: +€8,261
- Cash -€4,158
down €4,158 (-38.3%), from €10,850 to €6,693
mainly Net result for the year (-€35,538) and Investment in fixed assets (net) (-€12,978)
- Profit (loss) carried forward -€35,538
down €35,538 (-34.8%), from -€102,046 to -€137,584
- Other debts +€24,172
up €24,172 (+27.6%), from €87,507 to €111,679
- Advances received +€5,101
up €5,101, from €0 to €5,101
- Trade debts +€2,585
up €2,585 (+28.1%), from €9,198 to €11,783
- Current portion of long-term debt -€1,051
down €1,051 (-100%), from €1,051 to €0
- Gross operating margin -€14,517
down €14,517 (-973%), from -€1,492 to -€16,009
- Depreciation +€1,179
up €1,179 (+6.8%), from €17,296 to €18,475
- Financial charges -€161
down €161 (-43.0%), from €375 to €214
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 | €85,311 | €80,745 | -€4,566 | -5.4% |
| Fixed assets | 21/28 | €43,793 | €38,296 | -€5,497 | -12.6% |
| Intangible fixed assets | 21 | €540 | €360 | -€180 | -33.3% |
| Tangible fixed assets | 22/27 | €43,253 | €37,936 | -€5,317 | -12.3% |
| Plant, machinery and equipment | 23 | €21,532 | €26,213 | +€4,681 | +21.7% |
| Furniture and vehicles | 24 | €21,721 | €11,723 | -€9,998 | -46.0% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Current assets | 29/58 | €41,518 | €42,449 | +€931 | +2.2% |
| Amounts receivable within one year | 40/41 | €27,834 | €32,881 | +€5,047 | +18.1% |
| Trade receivables | 40 | €22,042 | €30,303 | +€8,261 | +37.5% |
| Other amounts receivable | 41 | €5,792 | €2,578 | -€3,214 | -55.5% |
| Cash at bank and in hand | 54/58 | €10,850 | €6,693 | -€4,158 | -38.3% |
| Deferred charges and accrued income | 490/1 | €2,833 | €2,874 | +€41 | +1.5% |
| Total equity and liabilities | 10/49 | €85,311 | €80,745 | -€4,566 | -5.4% |
| Equity | 10/15 | -€13,910 | -€49,448 | -€35,538 | -255% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €69,536 | €69,536 | = | 0.0% |
| Distributable reserves | 133 | €69,536 | €69,536 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€102,046 | -€137,584 | -€35,538 | -34.8% |
| Amounts payable | 17/49 | €99,221 | €130,193 | +€30,971 | +31.2% |
| Amounts payable within one year | 42/48 | €99,221 | €130,193 | +€30,971 | +31.2% |
| Current portion of amounts payable after more than one year | 42 | €1,051 | €0 | -€1,051 | -100% |
| Trade debts | 44 | €9,198 | €11,783 | +€2,585 | +28.1% |
| Suppliers | 440/4 | €9,198 | €11,783 | +€2,585 | +28.1% |
| Advances received on contracts in progress | 46 | €0 | €5,101 | +€5,101 | |
| Taxes, remuneration and social security | 45 | €1,465 | €1,629 | +€163 | +11.2% |
| Taxes | 450/3 | €140 | €1,101 | +€961 | +689% |
| Remuneration and social security | 454/9 | €1,326 | €528 | -€798 | -60.2% |
| Other amounts payable | 47/48 | €87,507 | €111,679 | +€24,172 | +27.6% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,296 | €18,475 | +€1,179 | +6.8% |
| Other operating charges | 640/8 | €742 | €704 | -€38 | -5.1% |
| Gross operating margin | 9900 | -€1,492 | -€16,009 | -€14,517 | -973% |
| Operating profit (loss) | 9901 | -€19,530 | -€35,188 | -€15,658 | -80.2% |
| Financial income | 75/76B | €34 | €5 | -€28 | -83.9% |
| Recurring financial income | 75 | €34 | €5 | -€28 | -83.9% |
| Financial charges | 65/66B | €375 | €214 | -€161 | -43.0% |
| Recurring financial charges | 65 | €375 | €214 | -€161 | -43.0% |
| Profit (loss) for the period before taxes | 9903 | -€19,871 | -€35,397 | -€15,526 | -78.1% |
| Income taxes | 67/77 | €140 | €141 | +€1 | +1.0% |
| Profit (loss) for the period | 9904 | -€20,011 | -€35,538 | -€15,527 | -77.6% |
| Profit (loss) for the period to be appropriated | 9905 | -€20,011 | -€35,538 | -€15,527 | -77.6% |
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 25 October 2026 via checked.be.