MH Holding: 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 Holding
Largest movements
- Receivables within one year +€18.0m
up €18.0m (+611%), from €3.0m to €21.0m
- Financial fixed assets +€975,355
up €975,355 (+13.7%), from €7.1m to €8.1m
- Reserves +€14.4m
up €14.4m (+189%), from €7.6m to €21.9m
- Contributions +€4.5m
up €4.5m (+184%), from €2.4m to €6.9m
- Financial income +€9.8m
up €9.8m (+10,175%), from €96,456 to €9.9m
of which Non-recurring financial income: +€9.7m
- Financial charges +€1.9m
up €1.9m (+1,270,953%), from €150 to €1.9m
of which Non-recurring financial charges: +€1.9m
- Gross operating margin -€38,531
new in 2025: -€38,531
- Taxes +€25,613
up €25,613 (+136%), from €18,882 to €44,495
- Services and other goods -€21,522
no longer reported in 2025 (was €21,522)
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 | €10,076,659 | €29,102,792 | +€19.0m | +189% |
| Fixed assets | 21/28 | €7,123,300 | €8,098,655 | +€975,355 | +13.7% |
| Financial fixed assets | 28 | €7,123,300 | €8,098,655 | +€975,355 | +13.7% |
| Companies linked by participating interests | 282/3 | €6,970,849 | - | -€7.0m | |
| Participating interests | 282 | €6,970,849 | - | -€7.0m | |
| Other financial fixed assets | 284/8 | €152,451 | - | -€152,451 | |
| Shares | 284 | €152,451 | - | -€152,451 | |
| Current assets | 29/58 | €2,953,359 | €21,004,137 | +€18.1m | +611% |
| Stocks and contracts in progress | 3 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €2,952,960 | €20,998,486 | +€18.0m | +611% |
| Other amounts receivable | 41 | €2,952,960 | €20,998,486 | +€18.0m | +611% |
| Cash at bank and in hand | 54/58 | €400 | €5,650 | +€5,251 | +1,314% |
| Total equity and liabilities | 10/49 | €10,076,659 | €29,102,792 | +€19.0m | +189% |
| Equity | 10/15 | €10,011,223 | €28,830,955 | +€18.8m | +188% |
| Contributions | 10/11 | €2,428,224 | €6,890,931 | +€4.5m | +184% |
| Reserves | 13 | €7,582,998 | €21,940,024 | +€14.4m | +189% |
| Distributable reserves | 133 | €7,582,998 | €21,940,024 | +€14.4m | +189% |
| Amounts payable | 17/49 | €65,436 | €271,837 | +€206,400 | +315% |
| Amounts payable within one year | 42/48 | €65,436 | €271,837 | +€206,400 | +315% |
| Trade debts | 44 | €25,839 | €1,954 | -€23,885 | -92.4% |
| Suppliers | 440/4 | €25,839 | €1,954 | -€23,885 | -92.4% |
| Taxes, remuneration and social security | 45 | €39,597 | €81,698 | +€42,101 | +106% |
| Taxes | 450/3 | €39,597 | €81,698 | +€42,101 | +106% |
| Other amounts payable | 47/48 | - | €188,185 | +€188,185 | |
| Operating charges | 60/66A | €27,015 | - | -€27,015 | |
| Services and other goods | 61 | €21,522 | - | -€21,522 | |
| Other operating charges | 640/8 | €5,492 | €6,041 | +€549 | +10.0% |
| Gross operating margin | 9900 | - | -€38,531 | -€38,531 | |
| Operating profit (loss) | 9901 | -€27,015 | -€44,572 | -€17,557 | -65.0% |
| Financial income | 75/76B | €96,456 | €9,911,347 | +€9.8m | +10,175% |
| Recurring financial income | 75 | €96,456 | €211,715 | +€115,259 | +119% |
| Income from financial fixed assets | 750 | €0 | - | = | |
| Income from current assets | 751 | €96,456 | - | -€96,456 | |
| Non-recurring financial income | 76B | €0 | €9,699,632 | +€9.7m | |
| Financial charges | 65/66B | €150 | €1,906,580 | +€1.9m | +1,270,953% |
| Recurring financial charges | 65 | €150 | €417 | +€267 | +178% |
| Other financial charges | 652/9 | €150 | - | -€150 | |
| Non-recurring financial charges | 66B | - | €1,906,162 | +€1.9m | |
| Profit (loss) for the period before taxes | 9903 | €69,292 | €7,960,196 | +€7.9m | +11,388% |
| Income taxes | 67/77 | €18,882 | €44,495 | +€25,613 | +136% |
| Taxes | 670/3 | €18,882 | - | -€18,882 | |
| Profit (loss) for the period | 9904 | €50,410 | €7,915,701 | +€7.9m | +15,603% |
| Profit (loss) for the period to be appropriated | 9905 | €50,410 | €7,915,701 | +€7.9m | +15,603% |
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 19 October 2026 via checked.be.