MHF MGMT: 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 MGMT
Largest movements
- Cash +€92,470
up €92,470 (+375%), from €24,630 to €117,100
mainly Net result for the year (+€77,915) and Debts after one year (+€31,271)
- Tangible fixed assets +€42,090
new in 2025: €42,090
- Receivables within one year +€4,541
up €4,541 (+12.5%), from €36,300 to €40,841
of which Other amounts receivable: +€14,095
- Reserves +€77,915
up €77,915 (+393%), from €19,815 to €97,730
- Debts after one year +€31,271
new in 2025: €31,271
- Tax, wage and social debts +€22,868
up €22,868 (+254%), from €8,999 to €31,867
- Current portion of long-term debt +€7,229
new in 2025: €7,229
- Other debts +€2,203
up €2,203 (+7.8%), from €28,187 to €30,390
- Gross operating margin +€50,710
up €50,710 (+106%), from €47,815 to €98,525
- Taxes +€14,631
up €14,631 (+279%), from €5,241 to €19,872
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 | €60,930 | €201,700 | +€140,771 | +231% |
| Fixed assets | 21/28 | - | €42,090 | +€42,090 | |
| Tangible fixed assets | 22/27 | - | €42,090 | +€42,090 | |
| Furniture and vehicles | 24 | - | €42,090 | +€42,090 | |
| Current assets | 29/58 | €60,930 | €159,610 | +€98,681 | +162% |
| Amounts receivable within one year | 40/41 | €36,300 | €40,841 | +€4,541 | +12.5% |
| Trade receivables | 40 | €36,300 | €26,746 | -€9,554 | -26.3% |
| Other amounts receivable | 41 | - | €14,095 | +€14,095 | |
| Cash at bank and in hand | 54/58 | €24,630 | €117,100 | +€92,470 | +375% |
| Deferred charges and accrued income | 490/1 | - | €1,670 | +€1,670 | |
| Total equity and liabilities | 10/49 | €60,930 | €201,700 | +€140,771 | +231% |
| Equity | 10/15 | €22,315 | €100,230 | +€77,915 | +349% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €19,815 | €97,730 | +€77,915 | +393% |
| Distributable reserves | 133 | €19,815 | €97,730 | +€77,915 | +393% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €38,614 | €101,470 | +€62,856 | +163% |
| Amounts payable after more than one year | 17 | - | €31,271 | +€31,271 | |
| Financial debts | 170/4 | - | €31,271 | +€31,271 | |
| Amounts payable within one year | 42/48 | €38,614 | €70,199 | +€31,585 | +81.8% |
| Current portion of amounts payable after more than one year | 42 | - | €7,229 | +€7,229 | |
| Trade debts | 44 | €1,429 | €713 | -€715 | -50.1% |
| Suppliers | 440/4 | €1,429 | €713 | -€715 | -50.1% |
| Taxes, remuneration and social security | 45 | €8,999 | €31,867 | +€22,868 | +254% |
| Taxes | 450/3 | €8,999 | €31,867 | +€22,868 | +254% |
| Other amounts payable | 47/48 | €28,187 | €30,390 | +€2,203 | +7.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €453 | +€453 | |
| Other operating charges | 640/8 | €214 | €66 | -€148 | -69.2% |
| Gross operating margin | 9900 | €47,815 | €98,525 | +€50,710 | +106% |
| Operating profit (loss) | 9901 | €47,601 | €98,007 | +€50,406 | +106% |
| Financial income | 75/76B | - | €1 | +€1 | |
| Recurring financial income | 75 | - | €1 | +€1 | |
| Financial charges | 65/66B | €45 | €221 | +€176 | +393% |
| Recurring financial charges | 65 | €45 | €221 | +€176 | +393% |
| Profit (loss) for the period before taxes | 9903 | €47,556 | €97,787 | +€50,231 | +106% |
| Income taxes | 67/77 | €5,241 | €19,872 | +€14,631 | +279% |
| Profit (loss) for the period | 9904 | €42,315 | €77,915 | +€35,599 | +84.1% |
| Profit (loss) for the period to be appropriated | 9905 | €42,315 | €77,915 | +€35,599 | +84.1% |
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 13 October 2026 via checked.be.