MH Optic: 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 Optic
Largest movements
- Cash +€25,489
up €25,489 (+84.2%), from €30,288 to €55,777
mainly Net result for the year (+€55,770) and Depreciation (+€32,749)
- Receivables within one year -€11,571
down €11,571 (-69.7%), from €16,595 to €5,024
of which Trade receivables: -€6,785
- Stocks and contracts +€8,967
up €8,967 (+21.0%), from €42,650 to €51,617
- Reserves +€46,164
up €46,164 (+279.4%), from €16,524 to €62,688
- Debts after one year -€38,068
down €38,068 (-7.7%), from €496,940 to €458,872
- Current portion of long-term debt +€10,395
up €10,395 (+35.8%), from €29,022 to €39,416
- Other debts -€9,325
down €9,325 (-13.5%), from €68,873 to €59,549
- Profit (loss) carried forward +€8,773
no longer reported in 2025 (was -€8,773)
- Other operating charges -€57,894
down €57,894 (-95.4%), from €60,661 to €2,767
- Gross operating margin +€56,322
up €56,322 (+83.6%), from €67,333 to €123,655
- Taxes +€14,581
up €14,581 (+11391.3%), from €128 to €14,709
- Depreciation +€11,568
up €11,568 (+54.6%), from €21,182 to €32,749
- Provisions +€11,343
no longer reported in 2025 (was -€11,343)
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 | €643,085 | €660,423 | +€17,338 | +2.7% |
| Fixed assets | 21/28 | €549,817 | €546,294 | -€3,523 | -0.6% |
| Intangible fixed assets | 21 | €39,000 | €32,500 | -€6,500 | -16.7% |
| Tangible fixed assets | 22/27 | €510,817 | €513,794 | +€2,977 | +0.6% |
| Land and buildings | 22 | €418,225 | €407,025 | -€11,200 | -2.7% |
| Furniture and vehicles | 24 | €19,756 | €33,120 | +€13,363 | +67.6% |
| Other tangible fixed assets | 26 | €72,836 | €73,649 | +€813 | +1.1% |
| Current assets | 29/58 | €93,269 | €114,130 | +€20,861 | +22.4% |
| Stocks and contracts in progress | 3 | €42,650 | €51,617 | +€8,967 | +21.0% |
| Stocks | 30/36 | €42,650 | €51,617 | +€8,967 | +21.0% |
| Amounts receivable within one year | 40/41 | €16,595 | €5,024 | -€11,571 | -69.7% |
| Trade receivables | 40 | €8,446 | €1,661 | -€6,785 | -80.3% |
| Other amounts receivable | 41 | €8,150 | €3,363 | -€4,786 | -58.7% |
| Cash at bank and in hand | 54/58 | €30,288 | €55,777 | +€25,489 | +84.2% |
| Deferred charges and accrued income | 490/1 | €3,736 | €1,712 | -€2,024 | -54.2% |
| Total equity and liabilities | 10/49 | €643,085 | €660,423 | +€17,338 | +2.7% |
| Equity | 10/15 | €13,751 | €68,688 | +€54,937 | +399.5% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €16,524 | €62,688 | +€46,164 | +279.4% |
| Distributable reserves | 133 | €16,524 | €62,688 | +€46,164 | +279.4% |
| Profit (loss) carried forward | 14 | -€8,773 | - | +€8,773 | |
| Amounts payable | 17/49 | €629,334 | €591,735 | -€37,599 | -6.0% |
| Amounts payable after more than one year | 17 | €496,940 | €458,872 | -€38,068 | -7.7% |
| Financial debts | 170/4 | €496,940 | €458,872 | -€38,068 | -7.7% |
| Amounts payable within one year | 42/48 | €132,068 | €132,863 | +€795 | +0.6% |
| Current portion of amounts payable after more than one year | 42 | €29,022 | €39,416 | +€10,395 | +35.8% |
| Trade debts | 44 | €32,037 | €31,316 | -€721 | -2.3% |
| Suppliers | 440/4 | €32,037 | €31,316 | -€721 | -2.3% |
| Taxes, remuneration and social security | 45 | €2,136 | €2,583 | +€447 | +20.9% |
| Taxes | 450/3 | €2,136 | €2,583 | +€447 | +20.9% |
| Other amounts payable | 47/48 | €68,873 | €59,549 | -€9,325 | -13.5% |
| Accrued charges and deferred income | 492/3 | €326 | - | -€326 | |
| Non-recurring operating income | 76A | - | €327 | +€327 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,182 | €32,749 | +€11,568 | +54.6% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | -€11,343 | - | +€11,343 | |
| Other operating charges | 640/8 | €60,661 | €2,767 | -€57,894 | -95.4% |
| Gross operating margin | 9900 | €67,333 | €123,655 | +€56,322 | +83.6% |
| Operating profit (loss) | 9901 | -€3,165 | €88,140 | +€91,305 | |
| Financial income | 75/76B | €698 | €1,329 | +€630 | +90.3% |
| Recurring financial income | 75 | €698 | €1,329 | +€630 | +90.3% |
| Financial charges | 65/66B | €18,992 | €18,989 | -€3 | 0.0% |
| Recurring financial charges | 65 | €18,992 | €18,989 | -€3 | 0.0% |
| Profit (loss) for the period before taxes | 9903 | -€21,459 | €70,479 | +€91,938 | |
| Income taxes | 67/77 | €128 | €14,709 | +€14,581 | +11391.3% |
| Profit (loss) for the period | 9904 | -€21,587 | €55,770 | +€77,357 | |
| Profit (loss) for the period to be appropriated | 9905 | -€21,587 | €55,770 | +€77,357 |
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 30 September 2026 via checked.be.