Mhanna: 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.
Mhanna
Largest movements
- Tangible fixed assets -€85,372
down €85,372 (-33.9%), from €252,142 to €166,770
of which Other tangible fixed assets: -€55,000
- Receivables within one year +€71,910
up €71,910 (+1,419%), from €5,067 to €76,977
- Deferred charges and accrued income +€4,944
new in 2025: €4,944
- Cash +€4,035
up €4,035 (+3.8%), from €105,326 to €109,361
mainly Depreciation (+€64,856) and Investment in fixed assets (net) (+€20,516)
- Debts after one year -€30,522
down €30,522 (-20.4%), from €149,926 to €119,404
- Trade debts +€17,366
up €17,366 (+59.5%), from €29,195 to €46,562
- Tax, wage and social debts +€15,526
up €15,526 (+26.3%), from €59,000 to €74,525
of which Taxes: +€11,803
- Reserves -€8,291
down €8,291 (-8.4%), from €98,805 to €90,514
- Gross operating margin -€226,594
down €226,594 (-49.0%), from €462,015 to €235,421
- Staff costs -€61,501
down €61,501 (-27.8%), from €221,555 to €160,053
- Taxes -€27,543
down €27,543 (-88.7%), from €31,057 to €3,515
- Depreciation -€16,738
down €16,738 (-20.5%), from €81,594 to €64,856
- Financial charges -€12,777
down €12,777 (-55.5%), from €23,013 to €10,236
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 | €370,860 | €365,723 | -€5,137 | -1.4% |
| Fixed assets | 21/28 | €255,142 | €169,770 | -€85,372 | -33.5% |
| Tangible fixed assets | 22/27 | €252,142 | €166,770 | -€85,372 | -33.9% |
| Furniture and vehicles | 24 | €56,486 | €26,114 | -€30,372 | -53.8% |
| Other tangible fixed assets | 26 | €195,656 | €140,656 | -€55,000 | -28.1% |
| Financial fixed assets | 28 | €3,000 | €3,000 | = | 0.0% |
| Current assets | 29/58 | €115,718 | €195,953 | +€80,235 | +69.3% |
| Stocks and contracts in progress | 3 | €5,325 | €4,671 | -€654 | -12.3% |
| Stocks | 30/36 | €5,325 | €4,671 | -€654 | -12.3% |
| Amounts receivable within one year | 40/41 | €5,067 | €76,977 | +€71,910 | +1,419% |
| Other amounts receivable | 41 | €5,067 | €76,977 | +€71,910 | +1,419% |
| Cash at bank and in hand | 54/58 | €105,326 | €109,361 | +€4,035 | +3.8% |
| Deferred charges and accrued income | 490/1 | - | €4,944 | +€4,944 | |
| Total equity and liabilities | 10/49 | €370,860 | €365,723 | -€5,137 | -1.4% |
| Equity | 10/15 | €98,806 | €90,515 | -€8,291 | -8.4% |
| Contributions | 10/11 | €1 | €1 | = | 0.0% |
| Reserves | 13 | €98,805 | €90,514 | -€8,291 | -8.4% |
| Distributable reserves | 133 | €98,805 | €90,514 | -€8,291 | -8.4% |
| Amounts payable | 17/49 | €272,055 | €275,208 | +€3,154 | +1.2% |
| Amounts payable after more than one year | 17 | €149,926 | €119,404 | -€30,522 | -20.4% |
| Financial debts | 170/4 | €149,926 | €119,404 | -€30,522 | -20.4% |
| Amounts payable within one year | 42/48 | €121,313 | €155,804 | +€34,491 | +28.4% |
| Current portion of amounts payable after more than one year | 42 | €29,063 | €30,522 | +€1,459 | +5.0% |
| Trade debts | 44 | €29,195 | €46,562 | +€17,366 | +59.5% |
| Suppliers | 440/4 | €29,195 | €46,562 | +€17,366 | +59.5% |
| Taxes, remuneration and social security | 45 | €59,000 | €74,525 | +€15,526 | +26.3% |
| Taxes | 450/3 | €34,196 | €45,999 | +€11,803 | +34.5% |
| Remuneration and social security | 454/9 | €24,804 | €28,526 | +€3,722 | +15.0% |
| Other amounts payable | 47/48 | €4,055 | €4,195 | +€141 | +3.5% |
| Accrued charges and deferred income | 492/3 | €816 | €0 | -€816 | -100% |
| Remuneration, social security and pensions | 62 | €221,555 | €160,053 | -€61,501 | -27.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €81,594 | €64,856 | -€16,738 | -20.5% |
| Other operating charges | 640/8 | €5,992 | €5,062 | -€930 | -15.5% |
| Gross operating margin | 9900 | €462,015 | €235,421 | -€226,594 | -49.0% |
| Operating profit (loss) | 9901 | €152,875 | €5,450 | -€147,425 | -96.4% |
| Financial income | 75/76B | - | €10 | +€10 | |
| Recurring financial income | 75 | - | €10 | +€10 | |
| Financial charges | 65/66B | €23,013 | €10,236 | -€12,777 | -55.5% |
| Recurring financial charges | 65 | €23,013 | €10,236 | -€12,777 | -55.5% |
| Profit (loss) for the period before taxes | 9903 | €129,862 | -€4,776 | -€134,638 | |
| Income taxes | 67/77 | €31,057 | €3,515 | -€27,543 | -88.7% |
| Profit (loss) for the period | 9904 | €98,805 | -€8,291 | -€107,096 | |
| Profit (loss) for the period to be appropriated | 9905 | €98,805 | -€8,291 | -€107,096 |
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 24 October 2026 via checked.be.