MHO: 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.
MHO
Largest movements
- Current investments -€200,000
no longer reported in 2025 (was €200,000)
- Tangible fixed assets -€119,639
down €119,639 (-4.7%), from €2.6m to €2.4m
of which Land and buildings: -€63,666
- Receivables within one year -€89,309
down €89,309 (-38.3%), from €232,918 to €143,610
of which Trade receivables: -€147,600
- Cash -€40,194
down €40,194 (-13.5%), from €298,671 to €258,477
mainly Contributions, distributions and other (-€620,626) and Other debts (-€158,933)
- Reserves -€403,226
no longer reported in 2025 (was €403,226)
- Other debts -€158,933
down €158,933 (-20.3%), from €781,703 to €622,770
- Debts after one year +€145,179
up €145,179 (+8.1%), from €1.8m to €1.9m
- Tax, wage and social debts -€85,439
no longer reported in 2025 (was €85,439)
- Current portion of long-term debt +€80,237
up €80,237 (+51.4%), from €156,059 to €236,295
- Gross operating margin -€766,498
down €766,498 (-57.2%), from €1.3m to €573,515
- Taxes -€185,362
down €185,362 (-67.1%), from €276,048 to €90,685
- Depreciation -€49,016
down €49,016 (-20.0%), from €245,202 to €196,187
- Financial charges +€43,495
up €43,495 (+238%), from €18,311 to €61,806
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 | €3,296,784 | €2,854,121 | -€442,663 | -13.4% |
| Fixed assets | 21/28 | €2,564,100 | €2,444,461 | -€119,639 | -4.7% |
| Tangible fixed assets | 22/27 | €2,564,100 | €2,444,461 | -€119,639 | -4.7% |
| Land and buildings | 22 | €2,322,580 | €2,258,914 | -€63,666 | -2.7% |
| Plant, machinery and equipment | 23 | €738 | €1,036 | +€298 | +40.4% |
| Furniture and vehicles | 24 | €57,853 | €37,781 | -€20,073 | -34.7% |
| Leasing and similar rights | 25 | €166,403 | €131,858 | -€34,545 | -20.8% |
| Other tangible fixed assets | 26 | €16,525 | €14,872 | -€1,653 | -10.0% |
| Current assets | 29/58 | €732,684 | €409,660 | -€323,024 | -44.1% |
| Stocks and contracts in progress | 3 | - | €6,147 | +€6,147 | |
| Stocks | 30/36 | - | €6,147 | +€6,147 | |
| Amounts receivable within one year | 40/41 | €232,918 | €143,610 | -€89,309 | -38.3% |
| Trade receivables | 40 | €227,000 | €79,400 | -€147,600 | -65.0% |
| Other amounts receivable | 41 | €5,918 | €64,210 | +€58,291 | +985% |
| Current investments | 50/53 | €200,000 | - | -€200,000 | |
| Cash at bank and in hand | 54/58 | €298,671 | €258,477 | -€40,194 | -13.5% |
| Deferred charges and accrued income | 490/1 | €1,095 | €1,426 | +€331 | +30.2% |
| Total equity and liabilities | 10/49 | €3,296,784 | €2,854,121 | -€442,663 | -13.4% |
| Equity | 10/15 | €421,776 | €18,550 | -€403,226 | -95.6% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Reserves | 13 | €403,226 | - | -€403,226 | |
| Distributable reserves | 133 | €403,226 | - | -€403,226 | |
| Amounts payable | 17/49 | €2,875,008 | €2,835,571 | -€39,438 | -1.4% |
| Amounts payable after more than one year | 17 | €1,790,583 | €1,935,762 | +€145,179 | +8.1% |
| Financial debts | 170/4 | €1,790,583 | €1,935,762 | +€145,179 | +8.1% |
| Amounts payable within one year | 42/48 | €1,082,426 | €894,830 | -€187,596 | -17.3% |
| Current portion of amounts payable after more than one year | 42 | €156,059 | €236,295 | +€80,237 | +51.4% |
| Trade debts | 44 | €59,226 | €35,765 | -€23,461 | -39.6% |
| Suppliers | 440/4 | €59,226 | €35,765 | -€23,461 | -39.6% |
| Taxes, remuneration and social security | 45 | €85,439 | - | -€85,439 | |
| Taxes | 450/3 | €85,439 | - | -€85,439 | |
| Other amounts payable | 47/48 | €781,703 | €622,770 | -€158,933 | -20.3% |
| Accrued charges and deferred income | 492/3 | €2,000 | €4,979 | +€2,979 | +149% |
| Non-recurring operating income | 76A | - | €24,629 | +€24,629 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €245,202 | €196,187 | -€49,016 | -20.0% |
| Other operating charges | 640/8 | €25,183 | €15,146 | -€10,037 | -39.9% |
| Gross operating margin | 9900 | €1,340,013 | €573,515 | -€766,498 | -57.2% |
| Operating profit (loss) | 9901 | €1,069,628 | €362,182 | -€707,445 | -66.1% |
| Financial income | 75/76B | €613 | €7,710 | +€7,097 | +1,159% |
| Recurring financial income | 75 | €613 | €7,710 | +€7,097 | +1,159% |
| Financial charges | 65/66B | €18,311 | €61,806 | +€43,495 | +238% |
| Recurring financial charges | 65 | €18,311 | €61,806 | +€43,495 | +238% |
| Profit (loss) for the period before taxes | 9903 | €1,051,929 | €308,086 | -€743,843 | -70.7% |
| Income taxes | 67/77 | €276,048 | €90,685 | -€185,362 | -67.1% |
| Profit (loss) for the period | 9904 | €775,882 | €217,401 | -€558,481 | -72.0% |
| Profit (loss) for the period to be appropriated | 9905 | €775,882 | €217,401 | -€558,481 | -72.0% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 15 October 2026 via checked.be.