MHAL: 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.
MHAL
Largest movements
- Tangible fixed assets -€29,544
down €29,544 (-6.9%), from €426,932 to €397,389
- Debts after one year -€39,840
down €39,840 (-14.2%), from €279,843 to €240,003
- Reserves +€17,309
up €17,309 (+105%), from €16,512 to €33,821
- Other debts -€12,700
down €12,700 (-11.1%), from €114,700 to €102,000
- Gross operating margin +€871
up €871 (+1.5%), from €57,171 to €58,042
- Financial charges -€748
down €748 (-11.8%), from €6,351 to €5,603
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 | €472,908 | €441,048 | -€31,861 | -6.7% |
| Fixed assets | 21/28 | €426,932 | €397,389 | -€29,544 | -6.9% |
| Tangible fixed assets | 22/27 | €426,932 | €397,389 | -€29,544 | -6.9% |
| Land and buildings | 22 | €426,932 | €397,389 | -€29,544 | -6.9% |
| Current assets | 29/58 | €45,976 | €43,659 | -€2,317 | -5.0% |
| Amounts receivable within one year | 40/41 | €13,326 | €13,462 | +€136 | +1.0% |
| Trade receivables | 40 | €12,659 | €12,813 | +€154 | +1.2% |
| Other amounts receivable | 41 | €667 | €649 | -€18 | -2.7% |
| Cash at bank and in hand | 54/58 | €32,650 | €30,197 | -€2,453 | -7.5% |
| Total equity and liabilities | 10/49 | €472,908 | €441,048 | -€31,861 | -6.7% |
| Equity | 10/15 | €36,512 | €53,821 | +€17,309 | +47.4% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €16,512 | €33,821 | +€17,309 | +105% |
| Distributable reserves | 133 | €16,512 | €33,821 | +€17,309 | +105% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €436,397 | €387,227 | -€49,170 | -11.3% |
| Amounts payable after more than one year | 17 | €279,843 | €240,003 | -€39,840 | -14.2% |
| Financial debts | 170/4 | €279,843 | €240,003 | -€39,840 | -14.2% |
| Amounts payable within one year | 42/48 | €156,492 | €147,162 | -€9,330 | -6.0% |
| Current portion of amounts payable after more than one year | 42 | €39,120 | €39,840 | +€720 | +1.8% |
| Trade debts | 44 | €701 | €4,190 | +€3,489 | +497% |
| Suppliers | 440/4 | €701 | €4,190 | +€3,489 | +497% |
| Taxes, remuneration and social security | 45 | €1,970 | €1,132 | -€838 | -42.5% |
| Taxes | 450/3 | €1,970 | €1,132 | -€838 | -42.5% |
| Other amounts payable | 47/48 | €114,700 | €102,000 | -€12,700 | -11.1% |
| Accrued charges and deferred income | 492/3 | €62 | €62 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,544 | €29,544 | -€0 | 0.0% |
| Other operating charges | 640/8 | €534 | €549 | +€15 | +2.8% |
| Gross operating margin | 9900 | €57,171 | €58,042 | +€871 | +1.5% |
| Operating profit (loss) | 9901 | €27,093 | €27,949 | +€856 | +3.2% |
| Financial income | 75/76B | €872 | €710 | -€162 | -18.6% |
| Recurring financial income | 75 | €872 | €710 | -€162 | -18.6% |
| Financial charges | 65/66B | €6,351 | €5,603 | -€748 | -11.8% |
| Recurring financial charges | 65 | €6,351 | €5,603 | -€748 | -11.8% |
| Profit (loss) for the period before taxes | 9903 | €21,614 | €23,055 | +€1,441 | +6.7% |
| Income taxes | 67/77 | €5,386 | €5,746 | +€360 | +6.7% |
| Profit (loss) for the period | 9904 | €16,228 | €17,309 | +€1,081 | +6.7% |
| Profit (loss) for the period to be appropriated | 9905 | €16,228 | €17,309 | +€1,081 | +6.7% |
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 18 October 2026 via checked.be.