MHN: 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.
MHN
Largest movements
- Receivables within one year +€69,253
up €69,253 (+59.1%), from €117,229 to €186,482
of which Other amounts receivable: +€39,680
- Tangible fixed assets -€25,081
down €25,081 (-25.2%), from €99,491 to €74,410
- Deferred charges and accrued income -€18,738
down €18,738 (-86.1%), from €21,758 to €3,020
- Cash -€3,767
down €3,767 (-99.2%), from €3,798 to €31
mainly Receivables within one year (-€69,253) and Trade debts (-€52,775)
- Trade debts -€52,775
down €52,775 (-80.0%), from €65,945 to €13,171
- Profit (loss) carried forward +€41,648
up €41,648 (+121.5%), from €34,290 to €75,938
- Accrued charges and deferred income +€24,465
new in 2025: €24,465
- Debts after one year +€21,127
up €21,127 (+62.4%), from €33,847 to €54,974
- Contributions -€20,000
down €20,000 (-17.4%), from €115,100 to €95,100
- Gross operating margin +€104,814
up €104,814 (+66.4%), from €157,796 to €262,610
- Financial charges +€38,101
up €38,101 (+177.8%), from €21,431 to €59,532
of which Non-recurring financial charges: +€37,894
- Taxes +€15,463
up €15,463 (+4220.5%), from €366 to €15,830
- Other operating charges +€13,329
up €13,329 (+182.1%), from €7,321 to €20,649
- Staff costs -€5,126
down €5,126 (-4.9%), from €104,252 to €99,125
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 | €347,217 | €372,005 | +€24,787 | +7.1% |
| Fixed assets | 21/28 | €102,752 | €79,026 | -€23,726 | -23.1% |
| Intangible fixed assets | 21 | €745 | €0 | -€745 | -100.0% |
| Tangible fixed assets | 22/27 | €99,491 | €74,410 | -€25,081 | -25.2% |
| Other tangible fixed assets | 26 | €99,491 | €74,410 | -€25,081 | -25.2% |
| Financial fixed assets | 28 | €2,516 | €4,616 | +€2,100 | +83.5% |
| Current assets | 29/58 | €244,466 | €292,979 | +€48,513 | +19.8% |
| Stocks and contracts in progress | 3 | €101,681 | €103,446 | +€1,764 | +1.7% |
| Stocks | 30/36 | €101,681 | €103,446 | +€1,764 | +1.7% |
| Amounts receivable within one year | 40/41 | €117,229 | €186,482 | +€69,253 | +59.1% |
| Trade receivables | 40 | €113,619 | €143,191 | +€29,573 | +26.0% |
| Other amounts receivable | 41 | €3,610 | €43,290 | +€39,680 | +1099.1% |
| Cash at bank and in hand | 54/58 | €3,798 | €31 | -€3,767 | -99.2% |
| Deferred charges and accrued income | 490/1 | €21,758 | €3,020 | -€18,738 | -86.1% |
| Total equity and liabilities | 10/49 | €347,217 | €372,005 | +€24,787 | +7.1% |
| Equity | 10/15 | €160,722 | €182,370 | +€21,648 | +13.5% |
| Contributions | 10/11 | €115,100 | €95,100 | -€20,000 | -17.4% |
| Reserves | 13 | €11,333 | €11,333 | = | 0.0% |
| Non-distributable reserves | 130/1 | €4,807 | €4,807 | = | 0.0% |
| Reserves not available under the articles | 1311 | €4,807 | €4,807 | = | 0.0% |
| Distributable reserves | 133 | €6,525 | €6,525 | = | 0.0% |
| Profit (loss) carried forward | 14 | €34,290 | €75,938 | +€41,648 | +121.5% |
| Amounts payable | 17/49 | €186,495 | €189,634 | +€3,140 | +1.7% |
| Amounts payable after more than one year | 17 | €33,847 | €54,974 | +€21,127 | +62.4% |
| Financial debts | 170/4 | €33,847 | €54,974 | +€21,127 | +62.4% |
| Amounts payable within one year | 42/48 | €152,648 | €110,195 | -€42,452 | -27.8% |
| Current portion of amounts payable after more than one year | 42 | €25,010 | €32,262 | +€7,252 | +29.0% |
| Financial debts | 43 | - | €4,370 | +€4,370 | |
| Credit institutions | 430/8 | - | €4,370 | +€4,370 | |
| Trade debts | 44 | €65,945 | €13,171 | -€52,775 | -80.0% |
| Suppliers | 440/4 | €65,945 | €13,171 | -€52,775 | -80.0% |
| Taxes, remuneration and social security | 45 | €60,261 | €58,886 | -€1,375 | -2.3% |
| Taxes | 450/3 | €38,751 | €45,369 | +€6,619 | +17.1% |
| Remuneration and social security | 454/9 | €21,510 | €13,517 | -€7,993 | -37.2% |
| Other amounts payable | 47/48 | €1,432 | €1,507 | +€75 | +5.2% |
| Accrued charges and deferred income | 492/3 | - | €24,465 | +€24,465 | |
| Remuneration, social security and pensions | 62 | €104,252 | €99,125 | -€5,126 | -4.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €29,039 | €25,826 | -€3,213 | -11.1% |
| Other operating charges | 640/8 | €7,321 | €20,649 | +€13,329 | +182.1% |
| Gross operating margin | 9900 | €157,796 | €262,610 | +€104,814 | +66.4% |
| Operating profit (loss) | 9901 | €17,185 | €117,010 | +€99,825 | +580.9% |
| Financial charges | 65/66B | €21,431 | €59,532 | +€38,101 | +177.8% |
| Recurring financial charges | 65 | €14,127 | €14,334 | +€207 | +1.5% |
| Non-recurring financial charges | 66B | €7,305 | €45,199 | +€37,894 | +518.8% |
| Profit (loss) for the period before taxes | 9903 | -€4,247 | €57,478 | +€61,725 | |
| Income taxes | 67/77 | €366 | €15,830 | +€15,463 | +4220.5% |
| Profit (loss) for the period | 9904 | -€4,613 | €41,648 | +€46,261 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,613 | €41,648 | +€46,261 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 9 October 2026 via checked.be.