MHA +: 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.
MHA +
Largest movements
- Receivables within one year +€23,797
up €23,797 (+91.1%), from €26,126 to €49,924
of which Trade receivables: +€21,170
- Tangible fixed assets +€12,547
up €12,547 (+86.6%), from €14,492 to €27,039
of which Furniture and vehicles: +€12,772
- Cash +€7,002
up €7,002 (+28636.8%), from €24 to €7,026
mainly Net result for the year (+€26,820) and Tax, wage and social debts (+€11,723)
- Profit (loss) carried forward +€26,820
up €26,820 (+185.7%), from €14,442 to €41,262
- Tax, wage and social debts +€11,723
up €11,723 (+111.4%), from €10,524 to €22,246
of which Taxes: +€9,382
- Other debts +€4,619
up €4,619 (+175.0%), from €2,640 to €7,259
- Trade debts +€4,498
up €4,498 (+115.5%), from €3,896 to €8,394
- Accrued charges and deferred income -€4,141
no longer reported in 2025 (was €4,141)
- Gross operating margin +€41,990
up €41,990 (+179.2%), from €23,435 to €65,425
- Depreciation +€8,856
up €8,856 (+807.6%), from €1,097 to €9,953
- Write-downs +€8,087
new in 2025: €8,087
- Taxes +€6,466
up €6,466 (+349.0%), from €1,853 to €8,319
- Staff costs -€2,408
down €2,408 (-23.3%), from €10,342 to €7,935
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 | €40,643 | €84,161 | +€43,518 | +107.1% |
| Fixed assets | 21/28 | €14,492 | €27,039 | +€12,547 | +86.6% |
| Tangible fixed assets | 22/27 | €14,492 | €27,039 | +€12,547 | +86.6% |
| Plant, machinery and equipment | 23 | €864 | €639 | -€225 | -26.1% |
| Furniture and vehicles | 24 | €13,628 | €26,401 | +€12,772 | +93.7% |
| Current assets | 29/58 | €26,151 | €57,122 | +€30,971 | +118.4% |
| Amounts receivable within one year | 40/41 | €26,126 | €49,924 | +€23,797 | +91.1% |
| Trade receivables | 40 | €20,567 | €41,738 | +€21,170 | +102.9% |
| Other amounts receivable | 41 | €5,559 | €8,186 | +€2,627 | +47.3% |
| Cash at bank and in hand | 54/58 | €24 | €7,026 | +€7,002 | +28636.8% |
| Deferred charges and accrued income | 490/1 | - | €172 | +€172 | |
| Total equity and liabilities | 10/49 | €40,643 | €84,161 | +€43,518 | +107.1% |
| Equity | 10/15 | €19,442 | €46,262 | +€26,820 | +137.9% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €14,442 | €41,262 | +€26,820 | +185.7% |
| Amounts payable | 17/49 | €21,200 | €37,899 | +€16,699 | +78.8% |
| Amounts payable within one year | 42/48 | €17,059 | €37,899 | +€20,840 | +122.2% |
| Trade debts | 44 | €3,896 | €8,394 | +€4,498 | +115.5% |
| Suppliers | 440/4 | €3,896 | €8,394 | +€4,498 | +115.5% |
| Taxes, remuneration and social security | 45 | €10,524 | €22,246 | +€11,723 | +111.4% |
| Taxes | 450/3 | €2,038 | €11,420 | +€9,382 | +460.4% |
| Remuneration and social security | 454/9 | €8,486 | €10,826 | +€2,341 | +27.6% |
| Other amounts payable | 47/48 | €2,640 | €7,259 | +€4,619 | +175.0% |
| Accrued charges and deferred income | 492/3 | €4,141 | - | -€4,141 | |
| Remuneration, social security and pensions | 62 | €10,342 | €7,935 | -€2,408 | -23.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,097 | €9,953 | +€8,856 | +807.6% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €8,087 | +€8,087 | |
| Other operating charges | 640/8 | €3,133 | €4,158 | +€1,025 | +32.7% |
| Gross operating margin | 9900 | €23,435 | €65,425 | +€41,990 | +179.2% |
| Operating profit (loss) | 9901 | €8,862 | €35,293 | +€26,431 | +298.2% |
| Financial income | 75/76B | €2 | €2 | -€0 | -5.4% |
| Recurring financial income | 75 | €2 | €2 | -€0 | -5.4% |
| Financial charges | 65/66B | €36 | €156 | +€120 | +332.7% |
| Recurring financial charges | 65 | €36 | €156 | +€120 | +332.7% |
| Profit (loss) for the period before taxes | 9903 | €8,828 | €35,139 | +€26,310 | +298.0% |
| Income taxes | 67/77 | €1,853 | €8,319 | +€6,466 | +349.0% |
| Profit (loss) for the period | 9904 | €6,975 | €26,820 | +€19,844 | +284.5% |
| Profit (loss) for the period to be appropriated | 9905 | €6,975 | €26,820 | +€19,844 | +284.5% |
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 5 October 2026 via checked.be.