MHB: 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.
MHB
Largest movements
- Cash +€157,043
up €157,043 (+442.0%), from €35,534 to €192,576
mainly Net result for the year (+€85,910) and Investment in fixed assets (net) (+€66,827)
- Tangible fixed assets -€68,926
down €68,926 (-90.6%), from €76,086 to €7,160
of which Land and buildings: -€64,656
- Receivables within one year +€17,047
up €17,047 (+10.3%), from €165,162 to €182,210
of which Trade receivables: +€16,639
- Reserves +€82,410
up €82,410 (+101.3%), from €81,384 to €163,794
of which Tax-exempt reserves: +€58,539
- Provisions +€14,635
new in 2025: €14,635
- Trade debts +€6,357
up €6,357 (+184.1%), from €3,452 to €9,809
- Other debts +€4,445
up €4,445 (+59.9%), from €7,421 to €11,866
- Gross operating margin +€81,894
up €81,894 (+255.9%), from €32,008 to €113,903
- Depreciation -€5,738
down €5,738 (-73.2%), from €7,837 to €2,099
- Taxes +€5,430
up €5,430 (+117.5%), from €4,622 to €10,052
- Other operating charges -€1,731
down €1,731 (-78.5%), from €2,205 to €474
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 | €277,474 | €382,638 | +€105,164 | +37.9% |
| Fixed assets | 21/28 | €76,778 | €7,852 | -€68,926 | -89.8% |
| Tangible fixed assets | 22/27 | €76,086 | €7,160 | -€68,926 | -90.6% |
| Land and buildings | 22 | €64,656 | - | -€64,656 | |
| Plant, machinery and equipment | 23 | €2,171 | - | -€2,171 | |
| Furniture and vehicles | 24 | €4,838 | €3,189 | -€1,649 | -34.1% |
| Assets under construction and advance payments | 27 | €4,421 | €3,971 | -€450 | -10.2% |
| Financial fixed assets | 28 | €692 | €692 | = | 0.0% |
| Current assets | 29/58 | €200,696 | €374,786 | +€174,090 | +86.7% |
| Amounts receivable within one year | 40/41 | €165,162 | €182,210 | +€17,047 | +10.3% |
| Trade receivables | 40 | €2,331 | €18,970 | +€16,639 | +713.8% |
| Other amounts receivable | 41 | €162,831 | €163,240 | +€409 | +0.3% |
| Cash at bank and in hand | 54/58 | €35,534 | €192,576 | +€157,043 | +442.0% |
| Total equity and liabilities | 10/49 | €277,474 | €382,638 | +€105,164 | +37.9% |
| Equity | 10/15 | €93,784 | €176,194 | +€82,410 | +87.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €81,384 | €163,794 | +€82,410 | +101.3% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €58,539 | +€58,539 | |
| Distributable reserves | 133 | €79,524 | €103,395 | +€23,871 | +30.0% |
| Provisions and deferred taxes | 16 | - | €14,635 | +€14,635 | |
| Deferred taxes | 168 | - | €14,635 | +€14,635 | |
| Amounts payable | 17/49 | €183,690 | €191,809 | +€8,119 | +4.4% |
| Amounts payable within one year | 42/48 | €182,007 | €191,276 | +€9,269 | +5.1% |
| Current portion of amounts payable after more than one year | 42 | €159,750 | €159,750 | = | 0.0% |
| Trade debts | 44 | €3,452 | €9,809 | +€6,357 | +184.1% |
| Suppliers | 440/4 | €3,452 | €9,809 | +€6,357 | +184.1% |
| Taxes, remuneration and social security | 45 | €11,384 | €9,851 | -€1,533 | -13.5% |
| Taxes | 450/3 | €11,384 | €9,851 | -€1,533 | -13.5% |
| Other amounts payable | 47/48 | €7,421 | €11,866 | +€4,445 | +59.9% |
| Accrued charges and deferred income | 492/3 | €1,682 | €532 | -€1,150 | -68.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,837 | €2,099 | -€5,738 | -73.2% |
| Other operating charges | 640/8 | €2,205 | €474 | -€1,731 | -78.5% |
| Gross operating margin | 9900 | €32,008 | €113,903 | +€81,894 | +255.9% |
| Operating profit (loss) | 9901 | €21,966 | €111,329 | +€89,363 | +406.8% |
| Financial income | 75/76B | €0 | €0 | +€0 | +38.9% |
| Recurring financial income | 75 | €0 | €0 | +€0 | +38.9% |
| Financial charges | 65/66B | €1,658 | €733 | -€925 | -55.8% |
| Recurring financial charges | 65 | €1,658 | €733 | -€925 | -55.8% |
| Profit (loss) for the period before taxes | 9903 | €20,309 | €110,597 | +€90,288 | +444.6% |
| Transfer to deferred taxes | 680 | - | €14,635 | +€14,635 | |
| Income taxes | 67/77 | €4,622 | €10,052 | +€5,430 | +117.5% |
| Profit (loss) for the period | 9904 | €15,686 | €85,910 | +€70,224 | +447.7% |
| Transfer to tax-exempt reserves | 689 | - | €58,539 | +€58,539 | |
| Profit (loss) for the period to be appropriated | 9905 | €15,686 | €27,371 | +€11,685 | +74.5% |
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 7 October 2026 via checked.be.