MHE: 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.
MHE
Largest movements
- Receivables within one year +€61,582
up €61,582 (+25.0%), from €245,938 to €307,520
of which Other amounts receivable: +€94,863
- Cash -€8,139
down €8,139 (-27.5%), from €29,632 to €21,493
mainly Contributions, distributions and other (-€115,000) and Receivables within one year (-€61,582)
- Deferred charges and accrued income -€7,070
down €7,070 (-56.4%), from €12,542 to €5,472
- Other debts +€85,277
up €85,277 (+85.5%), from €99,788 to €185,065
- Tax, wage and social debts -€41,086
down €41,086 (-63.0%), from €65,250 to €24,163
of which Taxes: -€41,086
- Profit (loss) carried forward -€18,486
down €18,486 (-38.4%), from €48,158 to €29,672
- Provisions +€17,977
up €17,977 (+22.4%), from €80,157 to €98,134
- Gross operating margin +€114,992
up €114,992 (+82.8%), from €138,796 to €253,788
- Taxes +€22,162
up €22,162 (+142%), from €15,567 to €37,730
- Financial charges +€20,364
up €20,364 (+30.0%), from €67,934 to €88,298
- Staff costs -€7,052
down €7,052 (-100%), from €7,052 to €0
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 | €317,912 | €363,685 | +€45,773 | +14.4% |
| Fixed assets | 21/28 | €29,799 | €29,200 | -€599 | -2.0% |
| Tangible fixed assets | 22/27 | €20,499 | €19,900 | -€599 | -2.9% |
| Furniture and vehicles | 24 | €18,674 | €11,277 | -€7,396 | -39.6% |
| Other tangible fixed assets | 26 | €1,826 | €8,623 | +€6,797 | +372% |
| Financial fixed assets | 28 | €9,300 | €9,300 | = | 0.0% |
| Current assets | 29/58 | €288,112 | €334,485 | +€46,373 | +16.1% |
| Amounts receivable after more than one year | 29 | €0 | - | = | |
| Other amounts receivable | 291 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €245,938 | €307,520 | +€61,582 | +25.0% |
| Trade receivables | 40 | €61,439 | €28,158 | -€33,281 | -54.2% |
| Other amounts receivable | 41 | €184,499 | €279,362 | +€94,863 | +51.4% |
| Cash at bank and in hand | 54/58 | €29,632 | €21,493 | -€8,139 | -27.5% |
| Deferred charges and accrued income | 490/1 | €12,542 | €5,472 | -€7,070 | -56.4% |
| Total equity and liabilities | 10/49 | €317,912 | €363,685 | +€45,773 | +14.4% |
| Equity | 10/15 | €69,058 | €50,572 | -€18,486 | -26.8% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Reserves | 13 | €1,900 | €1,900 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,900 | €1,900 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,900 | €1,900 | = | 0.0% |
| Profit (loss) carried forward | 14 | €48,158 | €29,672 | -€18,486 | -38.4% |
| Provisions and deferred taxes | 16 | €80,157 | €98,134 | +€17,977 | +22.4% |
| Provisions for liabilities and charges | 160/5 | €80,157 | €98,134 | +€17,977 | +22.4% |
| Other liabilities and charges | 164/5 | €80,157 | €98,134 | +€17,977 | +22.4% |
| Amounts payable | 17/49 | €168,697 | €214,979 | +€46,282 | +27.4% |
| Amounts payable within one year | 42/48 | €168,697 | €214,979 | +€46,282 | +27.4% |
| Trade debts | 44 | €3,659 | €5,751 | +€2,091 | +57.1% |
| Suppliers | 440/4 | €3,659 | €5,751 | +€2,091 | +57.1% |
| Taxes, remuneration and social security | 45 | €65,250 | €24,163 | -€41,086 | -63.0% |
| Taxes | 450/3 | €65,250 | €24,163 | -€41,086 | -63.0% |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | €99,788 | €185,065 | +€85,277 | +85.5% |
| Remuneration, social security and pensions | 62 | €7,052 | €0 | -€7,052 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €10,805 | €12,009 | +€1,205 | +11.1% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,800 | €17,977 | +€2,178 | +13.8% |
| Other operating charges | 640/8 | €451 | €1,261 | +€809 | +179% |
| Gross operating margin | 9900 | €138,796 | €253,788 | +€114,992 | +82.8% |
| Operating profit (loss) | 9901 | €104,689 | €222,541 | +€117,852 | +113% |
| Financial income | 75/76B | €21 | €0 | -€21 | -99.9% |
| Recurring financial income | 75 | €21 | €0 | -€21 | -99.9% |
| Financial charges | 65/66B | €67,934 | €88,298 | +€20,364 | +30.0% |
| Recurring financial charges | 65 | €67,934 | €88,298 | +€20,364 | +30.0% |
| Profit (loss) for the period before taxes | 9903 | €36,776 | €134,243 | +€97,468 | +265% |
| Income taxes | 67/77 | €15,567 | €37,730 | +€22,162 | +142% |
| Profit (loss) for the period | 9904 | €21,208 | €96,514 | +€75,306 | +355% |
| Profit (loss) for the period to be appropriated | 9905 | €21,208 | €96,514 | +€75,306 | +355% |
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 19 October 2026 via checked.be.