MHF MANAGEMENT: 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.
MHF MANAGEMENT
Largest movements
- Tangible fixed assets +€94,911
up €94,911 (+73.5%), from €129,117 to €224,028
of which Land and buildings: +€93,444
- Cash -€16,151
down €16,151 (-63.5%), from €25,432 to €9,281
mainly Investment in fixed assets (net) (-€101,718) and Receivables within one year (-€10,000)
- Receivables within one year +€10,000
up €10,000, from €0 to €10,000
of which Trade receivables: +€10,000
- Other debts +€36,400
up €36,400 (+145.9%), from €24,949 to €61,349
- Trade debts +€28,637
up €28,637 (+937.7%), from €3,054 to €31,691
- Profit (loss) carried forward +€22,227
up €22,227 (+3302.2%), from €673 to €22,900
- Tax, wage and social debts +€5,501
up €5,501 (+84.3%), from €6,525 to €12,025
- Debts after one year -€4,153
down €4,153 (-3.8%), from €110,344 to €106,191
- Gross operating margin +€16,000
up €16,000 (+61.6%), from €25,992 to €41,992
- Depreciation +€5,937
up €5,937 (+682.2%), from €870 to €6,807
- Taxes +€5,897
up €5,897 (+257.0%), from €2,295 to €8,192
- Financial charges +€2,964
up €2,964 (+232.2%), from €1,276 to €4,240
- Other operating charges -€447
down €447 (-46.0%), from €974 to €526
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 | €154,549 | €243,309 | +€88,760 | +57.4% |
| Fixed assets | 21/28 | €129,117 | €224,028 | +€94,911 | +73.5% |
| Tangible fixed assets | 22/27 | €129,117 | €224,028 | +€94,911 | +73.5% |
| Land and buildings | 22 | €129,117 | €222,561 | +€93,444 | +72.4% |
| Furniture and vehicles | 24 | - | €1,467 | +€1,467 | |
| Current assets | 29/58 | €25,432 | €19,281 | -€6,151 | -24.2% |
| Amounts receivable within one year | 40/41 | €0 | €10,000 | +€10,000 | |
| Trade receivables | 40 | - | €10,000 | +€10,000 | |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €25,432 | €9,281 | -€16,151 | -63.5% |
| Total equity and liabilities | 10/49 | €154,549 | €243,309 | +€88,760 | +57.4% |
| Equity | 10/15 | €5,673 | €27,900 | +€22,227 | +391.8% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €673 | €22,900 | +€22,227 | +3302.2% |
| Amounts payable | 17/49 | €148,876 | €215,409 | +€66,533 | +44.7% |
| Amounts payable after more than one year | 17 | €110,344 | €106,191 | -€4,153 | -3.8% |
| Financial debts | 170/4 | €110,344 | €106,191 | -€4,153 | -3.8% |
| Amounts payable within one year | 42/48 | €38,532 | €109,218 | +€70,686 | +183.4% |
| Current portion of amounts payable after more than one year | 42 | €4,005 | €4,153 | +€149 | +3.7% |
| Trade debts | 44 | €3,054 | €31,691 | +€28,637 | +937.7% |
| Suppliers | 440/4 | €3,054 | €31,691 | +€28,637 | +937.7% |
| Taxes, remuneration and social security | 45 | €6,525 | €12,025 | +€5,501 | +84.3% |
| Taxes | 450/3 | €6,525 | €12,025 | +€5,501 | +84.3% |
| Other amounts payable | 47/48 | €24,949 | €61,349 | +€36,400 | +145.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €870 | €6,807 | +€5,937 | +682.2% |
| Other operating charges | 640/8 | €974 | €526 | -€447 | -46.0% |
| Non-recurring operating charges | 66A | €17,682 | - | -€17,682 | |
| Gross operating margin | 9900 | €25,992 | €41,992 | +€16,000 | +61.6% |
| Operating profit (loss) | 9901 | €6,467 | €34,659 | +€28,192 | +436.0% |
| Financial charges | 65/66B | €1,276 | €4,240 | +€2,964 | +232.2% |
| Recurring financial charges | 65 | €1,276 | €4,240 | +€2,964 | +232.2% |
| Profit (loss) for the period before taxes | 9903 | €5,190 | €30,419 | +€25,228 | +486.1% |
| Income taxes | 67/77 | €2,295 | €8,192 | +€5,897 | +257.0% |
| Profit (loss) for the period | 9904 | €2,896 | €22,227 | +€19,331 | +667.6% |
| Profit (loss) for the period to be appropriated | 9905 | €2,896 | €22,227 | +€19,331 | +667.6% |
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 11 October 2026 via checked.be.