MH & Co: 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 & Co
Largest movements
- Stocks and contracts +€416,963
new in 2025: €416,963
- Cash -€228,067
down €228,067 (-88.3%), from €258,388 to €30,321
mainly Stocks and contracts (-€416,963) and Tax, wage and social debts (-€25,452)
- Receivables within one year -€43,114
down €43,114 (-71.1%), from €60,664 to €17,550
of which Other amounts receivable: -€35,750
- Tangible fixed assets -€33,391
down €33,391 (-11.6%), from €287,087 to €253,696
of which Furniture and vehicles: -€28,490
- Trade debts +€152,314
up €152,314 (+161%), from €94,846 to €247,160
- Tax, wage and social debts -€25,452
down €25,452 (-81.7%), from €31,138 to €5,686
of which Taxes: -€24,254
- Provisions -€12,424
down €12,424 (-24.5%), from €50,665 to €38,241
of which Provisions for liabilities and charges: -€6,566
- Reserves -€11,821
down €11,821 (-2.9%), from €411,525 to €399,704
of which Tax-exempt reserves: -€23,429
- Other debts +€8,235
up €8,235 (+77.9%), from €10,574 to €18,809
- Gross operating margin +€30,249
up €30,249 (+35.3%), from €85,682 to €115,931
- Taxes -€16,330
down €16,330 (-74.4%), from €21,941 to €5,611
- Depreciation -€11,467
down €11,467 (-25.9%), from €44,270 to €32,803
- Other operating charges +€3,934
up €3,934 (+90.1%), from €4,365 to €8,300
- Financial income -€3,766
down €3,766 (-85.7%), from €4,396 to €630
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 | €633,748 | €745,778 | +€112,030 | +17.7% |
| Fixed assets | 21/28 | €287,087 | €253,696 | -€33,391 | -11.6% |
| Tangible fixed assets | 22/27 | €287,087 | €253,696 | -€33,391 | -11.6% |
| Land and buildings | 22 | €107,435 | €102,533 | -€4,901 | -4.6% |
| Furniture and vehicles | 24 | €179,653 | €151,163 | -€28,490 | -15.9% |
| Current assets | 29/58 | €346,661 | €492,082 | +€145,421 | +41.9% |
| Amounts receivable after more than one year | 29 | €25,983 | €25,983 | = | 0.0% |
| Other amounts receivable | 291 | €25,983 | €25,983 | = | 0.0% |
| Stocks and contracts in progress | 3 | - | €416,963 | +€416,963 | |
| Stocks | 30/36 | - | €416,963 | +€416,963 | |
| Amounts receivable within one year | 40/41 | €60,664 | €17,550 | -€43,114 | -71.1% |
| Trade receivables | 40 | €10,164 | €2,800 | -€7,364 | -72.5% |
| Other amounts receivable | 41 | €50,500 | €14,750 | -€35,750 | -70.8% |
| Cash at bank and in hand | 54/58 | €258,388 | €30,321 | -€228,067 | -88.3% |
| Deferred charges and accrued income | 490/1 | €1,626 | €1,266 | -€360 | -22.2% |
| Total equity and liabilities | 10/49 | €633,748 | €745,778 | +€112,030 | +17.7% |
| Equity | 10/15 | €446,525 | €434,704 | -€11,821 | -2.6% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €411,525 | €399,704 | -€11,821 | -2.9% |
| Tax-exempt reserves | 132 | €176,393 | €152,964 | -€23,429 | -13.3% |
| Distributable reserves | 133 | €235,132 | €246,740 | +€11,607 | +4.9% |
| Provisions and deferred taxes | 16 | €50,665 | €38,241 | -€12,424 | -24.5% |
| Provisions for liabilities and charges | 160/5 | €6,566 | - | -€6,566 | |
| Major repairs and maintenance | 162 | €6,566 | - | -€6,566 | |
| Deferred taxes | 168 | €44,098 | €38,241 | -€5,857 | -13.3% |
| Amounts payable | 17/49 | €136,558 | €272,833 | +€136,275 | +99.8% |
| Amounts payable within one year | 42/48 | €136,558 | €271,655 | +€135,096 | +98.9% |
| Trade debts | 44 | €94,846 | €247,160 | +€152,314 | +161% |
| Suppliers | 440/4 | €94,846 | €247,160 | +€152,314 | +161% |
| Taxes, remuneration and social security | 45 | €31,138 | €5,686 | -€25,452 | -81.7% |
| Taxes | 450/3 | €29,940 | €5,686 | -€24,254 | -81.0% |
| Remuneration and social security | 454/9 | €1,199 | - | -€1,199 | |
| Other amounts payable | 47/48 | €10,574 | €18,809 | +€8,235 | +77.9% |
| Accrued charges and deferred income | 492/3 | - | €1,178 | +€1,178 | |
| Non-recurring operating income | 76A | - | €6,566 | +€6,566 | |
| Remuneration, social security and pensions | 62 | €93 | - | -€93 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €44,270 | €32,803 | -€11,467 | -25.9% |
| Other operating charges | 640/8 | €4,365 | €8,300 | +€3,934 | +90.1% |
| Non-recurring operating charges | 66A | - | €85,935 | +€85,935 | |
| Gross operating margin | 9900 | €85,682 | €115,931 | +€30,249 | +35.3% |
| Operating profit (loss) | 9901 | €36,954 | -€11,106 | -€48,060 | |
| Financial income | 75/76B | €4,396 | €630 | -€3,766 | -85.7% |
| Recurring financial income | 75 | €4,396 | €630 | -€3,766 | -85.7% |
| Financial charges | 65/66B | €723 | €1,591 | +€869 | +120% |
| Recurring financial charges | 65 | €723 | €1,591 | +€869 | +120% |
| Profit (loss) for the period before taxes | 9903 | €40,627 | -€12,068 | -€52,695 | |
| Transfer from deferred taxes | 780 | €5,857 | €5,857 | = | 0.0% |
| Income taxes | 67/77 | €21,941 | €5,611 | -€16,330 | -74.4% |
| Profit (loss) for the period | 9904 | €24,543 | -€11,821 | -€36,365 | |
| Transfer from tax-exempt reserves | 789 | €23,429 | €23,429 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €47,972 | €11,607 | -€36,365 | -75.8% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.