MH-C: 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-C
Largest movements
- Receivables within one year +€135,177
up €135,177 (+96.7%), from €139,806 to €274,983
of which Trade receivables: +€129,681
- Receivables after one year -€100,000
no longer reported in 2025 (was €100,000)
- Cash -€54,971
down €54,971 (-19.7%), from €279,729 to €224,759
mainly Contributions, distributions and other (-€169,492) and Receivables within one year (-€135,177)
- Deferred charges and accrued income -€35,880
down €35,880 (-24.0%), from €149,322 to €113,442
- Tangible fixed assets +€7,443
up €7,443 (+25.1%), from €29,678 to €37,121
of which Plant, machinery and equipment: +€19,089
- Other debts -€69,679
down €69,679 (-31.8%), from €218,831 to €149,152
- Tax, wage and social debts +€12,736
up €12,736 (+5.4%), from €236,133 to €248,869
of which Remuneration and social security: +€8,891
- Contributions +€12,400
up €12,400 (+200%), from €6,200 to €18,600
- Gross operating margin -€245,197
down €245,197 (-28.5%), from €861,047 to €615,851
- Staff costs -€157,760
down €157,760 (-33.0%), from €478,406 to €320,647
- Taxes -€24,038
down €24,038 (-24.5%), from €98,079 to €74,041
- Other operating charges +€16,191
up €16,191 (+351%), from €4,613 to €20,805
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 | €698,535 | €650,305 | -€48,230 | -6.9% |
| Fixed assets | 21/28 | €29,678 | €37,121 | +€7,443 | +25.1% |
| Tangible fixed assets | 22/27 | €29,678 | €37,121 | +€7,443 | +25.1% |
| Plant, machinery and equipment | 23 | €10,918 | €30,007 | +€19,089 | +175% |
| Furniture and vehicles | 24 | €13,199 | €7,114 | -€6,085 | -46.1% |
| Other tangible fixed assets | 26 | €5,561 | - | -€5,561 | |
| Current assets | 29/58 | €668,857 | €613,184 | -€55,673 | -8.3% |
| Amounts receivable after more than one year | 29 | €100,000 | - | -€100,000 | |
| Other amounts receivable | 291 | €100,000 | - | -€100,000 | |
| Amounts receivable within one year | 40/41 | €139,806 | €274,983 | +€135,177 | +96.7% |
| Trade receivables | 40 | €83,563 | €213,244 | +€129,681 | +155% |
| Other amounts receivable | 41 | €56,243 | €61,739 | +€5,496 | +9.8% |
| Cash at bank and in hand | 54/58 | €279,729 | €224,759 | -€54,971 | -19.7% |
| Deferred charges and accrued income | 490/1 | €149,322 | €113,442 | -€35,880 | -24.0% |
| Total equity and liabilities | 10/49 | €698,535 | €650,305 | -€48,230 | -6.9% |
| Equity | 10/15 | €189,070 | €201,470 | +€12,400 | +6.6% |
| Contributions | 10/11 | €6,200 | €18,600 | +€12,400 | +200% |
| Contributions outside capital | 11 | €6,200 | €18,600 | +€12,400 | +200% |
| Other | 1109/19 | €6,200 | €18,600 | +€12,400 | +200% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €181,010 | €181,010 | = | 0.0% |
| Amounts payable | 17/49 | €509,465 | €448,835 | -€60,630 | -11.9% |
| Amounts payable within one year | 42/48 | €509,465 | €448,835 | -€60,630 | -11.9% |
| Trade debts | 44 | €54,501 | €50,814 | -€3,687 | -6.8% |
| Suppliers | 440/4 | €54,501 | €50,814 | -€3,687 | -6.8% |
| Taxes, remuneration and social security | 45 | €236,133 | €248,869 | +€12,736 | +5.4% |
| Taxes | 450/3 | €199,610 | €203,455 | +€3,845 | +1.9% |
| Remuneration and social security | 454/9 | €36,523 | €45,414 | +€8,891 | +24.3% |
| Other amounts payable | 47/48 | €218,831 | €149,152 | -€69,679 | -31.8% |
| Remuneration, social security and pensions | 62 | €478,406 | €320,647 | -€157,760 | -33.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,289 | €17,325 | -€3,964 | -18.6% |
| Other operating charges | 640/8 | €4,613 | €20,805 | +€16,191 | +351% |
| Gross operating margin | 9900 | €861,047 | €615,851 | -€245,197 | -28.5% |
| Operating profit (loss) | 9901 | €356,739 | €257,074 | -€99,665 | -27.9% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €1,212 | €1,141 | -€71 | -5.8% |
| Recurring financial charges | 65 | €1,212 | €1,141 | -€71 | -5.8% |
| Profit (loss) for the period before taxes | 9903 | €355,527 | €255,933 | -€99,594 | -28.0% |
| Income taxes | 67/77 | €98,079 | €74,041 | -€24,038 | -24.5% |
| Profit (loss) for the period | 9904 | €257,448 | €181,892 | -€75,556 | -29.3% |
| Profit (loss) for the period to be appropriated | 9905 | €257,448 | €181,892 | -€75,556 | -29.3% |
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 15 October 2026 via checked.be.