MHE Group: 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 Group
Largest movements
- Receivables within one year +€11,922
up €11,922 (+58.6%), from €20,337 to €32,259
of which Other amounts receivable: +€7,901
- Cash +€4,450
up €4,450 (+85,094%), from €5 to €4,456
mainly Net result for the year (+€8,071) and Depreciation (+€6,207)
- Intangible fixed assets -€4,250
down €4,250 (-16.9%), from €25,139 to €20,889
- Tangible fixed assets -€1,957
down €1,957 (-39.0%), from €5,020 to €3,063
- Profit (loss) carried forward +€8,071
up €8,071 (+32.0%), from €25,197 to €33,268
- Trade debts +€1,399
new in 2025: €1,399
- Tax, wage and social debts +€696
up €696 (+13.1%), from €5,304 to €6,000
- Gross operating margin +€4,458
up €4,458 (+21.1%), from €21,148 to €25,606
- Other operating charges +€1,300
up €1,300 (+51.7%), from €2,515 to €3,815
- Taxes +€615
up €615 (+10.7%), from €5,733 to €6,348
- Financial income +€393
up €393 (+169%), from €233 to €626
- Financial charges -€286
down €286 (-13.8%), from €2,078 to €1,792
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 | €50,501 | €60,667 | +€10,166 | +20.1% |
| Fixed assets | 21/28 | €30,159 | €23,952 | -€6,207 | -20.6% |
| Intangible fixed assets | 21 | €25,139 | €20,889 | -€4,250 | -16.9% |
| Tangible fixed assets | 22/27 | €5,020 | €3,063 | -€1,957 | -39.0% |
| Furniture and vehicles | 24 | €5,020 | €3,063 | -€1,957 | -39.0% |
| Current assets | 29/58 | €20,342 | €36,715 | +€16,373 | +80.5% |
| Amounts receivable within one year | 40/41 | €20,337 | €32,259 | +€11,922 | +58.6% |
| Trade receivables | 40 | €12,045 | €16,066 | +€4,021 | +33.4% |
| Other amounts receivable | 41 | €8,292 | €16,193 | +€7,901 | +95.3% |
| Cash at bank and in hand | 54/58 | €5 | €4,456 | +€4,450 | +85,094% |
| Total equity and liabilities | 10/49 | €50,501 | €60,667 | +€10,166 | +20.1% |
| Equity | 10/15 | €45,197 | €53,268 | +€8,071 | +17.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €25,197 | €33,268 | +€8,071 | +32.0% |
| Amounts payable | 17/49 | €5,304 | €7,399 | +€2,095 | +39.5% |
| Amounts payable within one year | 42/48 | €5,304 | €7,399 | +€2,095 | +39.5% |
| Trade debts | 44 | - | €1,399 | +€1,399 | |
| Suppliers | 440/4 | - | €1,399 | +€1,399 | |
| Taxes, remuneration and social security | 45 | €5,304 | €6,000 | +€696 | +13.1% |
| Taxes | 450/3 | €5,304 | €6,000 | +€696 | +13.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €6,117 | €6,207 | +€90 | +1.5% |
| Other operating charges | 640/8 | €2,515 | €3,815 | +€1,300 | +51.7% |
| Gross operating margin | 9900 | €21,148 | €25,606 | +€4,458 | +21.1% |
| Operating profit (loss) | 9901 | €12,516 | €15,584 | +€3,068 | +24.5% |
| Financial income | 75/76B | €233 | €626 | +€393 | +169% |
| Recurring financial income | 75 | €233 | €626 | +€393 | +169% |
| Financial charges | 65/66B | €2,078 | €1,792 | -€286 | -13.8% |
| Recurring financial charges | 65 | €2,078 | €1,792 | -€286 | -13.8% |
| Profit (loss) for the period before taxes | 9903 | €10,671 | €14,419 | +€3,747 | +35.1% |
| Income taxes | 67/77 | €5,733 | €6,348 | +€615 | +10.7% |
| Profit (loss) for the period | 9904 | €4,938 | €8,071 | +€3,132 | +63.4% |
| Profit (loss) for the period to be appropriated | 9905 | €4,938 | €8,071 | +€3,132 | +63.4% |
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.