MHDR: 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.
MHDR
Largest movements
- Cash +€57,619
up €57,619 (+67.4%), from €85,498 to €143,117
mainly Debts after one year (+€46,617) and Current portion of long-term debt (+€29,493)
- Stocks and contracts +€7,096
up €7,096 (+6.3%), from €112,422 to €119,519
- Receivables within one year -€6,432
down €6,432 (-4.5%), from €142,261 to €135,830
of which Other amounts receivable: -€5,533
- Debts after one year +€46,617
new in 2025: €46,617
- Current portion of long-term debt +€29,493
new in 2025: €29,493
- Profit (loss) carried forward -€28,354
down €28,354, from €21,333 to -€7,021
- Short-term financial debts +€18,242
up €18,242 (+10.2%), from €178,191 to €196,433
- Trade debts -€11,449
down €11,449 (-34.2%), from €33,519 to €22,070
- Gross operating margin -€35,951
down €35,951 (-12.9%), from €279,306 to €243,355
- Other operating charges -€13,580
down €13,580 (-89.2%), from €15,232 to €1,652
- Staff costs +€11,223
up €11,223 (+5.0%), from €225,434 to €236,656
- Taxes -€3,208
down €3,208 (-76.8%), from €4,176 to €968
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 | €408,662 | €461,171 | +€52,509 | +12.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €58,927 | €54,977 | -€3,951 | -6.7% |
| Tangible fixed assets | 22/27 | €35,877 | €31,627 | -€4,251 | -11.8% |
| Plant, machinery and equipment | 23 | €9,337 | €16,540 | +€7,203 | +77.1% |
| Furniture and vehicles | 24 | €1,894 | €702 | -€1,192 | -62.9% |
| Other tangible fixed assets | 26 | €24,646 | €14,385 | -€10,262 | -41.6% |
| Financial fixed assets | 28 | €23,050 | €23,350 | +€300 | +1.3% |
| Current assets | 29/58 | €349,735 | €406,195 | +€56,460 | +16.1% |
| Stocks and contracts in progress | 3 | €112,422 | €119,519 | +€7,096 | +6.3% |
| Stocks | 30/36 | €112,422 | €119,519 | +€7,096 | +6.3% |
| Amounts receivable within one year | 40/41 | €142,261 | €135,830 | -€6,432 | -4.5% |
| Trade receivables | 40 | €2,155 | €1,256 | -€899 | -41.7% |
| Other amounts receivable | 41 | €140,106 | €134,574 | -€5,533 | -3.9% |
| Cash at bank and in hand | 54/58 | €85,498 | €143,117 | +€57,619 | +67.4% |
| Deferred charges and accrued income | 490/1 | €9,554 | €7,729 | -€1,824 | -19.1% |
| Total equity and liabilities | 10/49 | €408,662 | €461,171 | +€52,509 | +12.8% |
| Equity | 10/15 | €131,333 | €102,979 | -€28,354 | -21.6% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | - | -€100,000 | |
| Issued capital | 100 | €100,000 | - | -€100,000 | |
| Reserves | 13 | €10,000 | €10,000 | = | 0.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | - | -€10,000 | |
| Reserves not available under the articles | 1311 | - | €10,000 | +€10,000 | |
| Profit (loss) carried forward | 14 | €21,333 | -€7,021 | -€28,354 | |
| Amounts payable | 17/49 | €277,329 | €358,193 | +€80,863 | +29.2% |
| Amounts payable after more than one year | 17 | - | €46,617 | +€46,617 | |
| Financial debts | 170/4 | - | €46,617 | +€46,617 | |
| Amounts payable within one year | 42/48 | €269,465 | €308,436 | +€38,970 | +14.5% |
| Current portion of amounts payable after more than one year | 42 | - | €29,493 | +€29,493 | |
| Financial debts | 43 | €178,191 | €196,433 | +€18,242 | +10.2% |
| Credit institutions | 430/8 | €178,191 | €196,433 | +€18,242 | +10.2% |
| Trade debts | 44 | €33,519 | €22,070 | -€11,449 | -34.2% |
| Suppliers | 440/4 | €33,519 | €22,070 | -€11,449 | -34.2% |
| Taxes, remuneration and social security | 45 | €57,755 | €60,440 | +€2,684 | +4.6% |
| Taxes | 450/3 | €4,926 | €5,145 | +€219 | +4.4% |
| Remuneration and social security | 454/9 | €52,829 | €55,295 | +€2,466 | +4.7% |
| Accrued charges and deferred income | 492/3 | €7,864 | €3,140 | -€4,724 | -60.1% |
| Remuneration, social security and pensions | 62 | €225,434 | €236,656 | +€11,223 | +5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €23,734 | €24,809 | +€1,075 | +4.5% |
| Other operating charges | 640/8 | €15,232 | €1,652 | -€13,580 | -89.2% |
| Gross operating margin | 9900 | €279,306 | €243,355 | -€35,951 | -12.9% |
| Operating profit (loss) | 9901 | €14,907 | -€19,763 | -€34,669 | |
| Financial income | 75/76B | €75 | €40 | -€36 | -47.2% |
| Recurring financial income | 75 | €75 | €40 | -€36 | -47.2% |
| Financial charges | 65/66B | €6,034 | €7,663 | +€1,629 | +27.0% |
| Recurring financial charges | 65 | €6,034 | €7,663 | +€1,629 | +27.0% |
| Profit (loss) for the period before taxes | 9903 | €8,949 | -€27,386 | -€36,334 | |
| Income taxes | 67/77 | €4,176 | €968 | -€3,208 | -76.8% |
| Profit (loss) for the period | 9904 | €4,772 | -€28,354 | -€33,126 | |
| Profit (loss) for the period to be appropriated | 9905 | €4,772 | -€28,354 | -€33,126 |
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.