MHO CONCEPT: 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 CONCEPT
Largest movements
- Tangible fixed assets +€10,091
up €10,091 (+853.8%), from €1,182 to €11,273
- Receivables within one year +€9,641
up €9,641 (+27.1%), from €35,550 to €45,191
- Deferred charges and accrued income +€2,201
up €2,201 (+159.8%), from €1,378 to €3,579
- Cash -€1,571
down €1,571 (-42.6%), from €3,685 to €2,114
mainly Investment in fixed assets (net) (-€14,450) and Receivables within one year (-€9,641)
- Profit (loss) carried forward +€15,738
up €15,738 (+41.6%), from -€37,852 to -€22,114
- Debts after one year +€6,755
new in 2025: €6,755
- Tax, wage and social debts -€5,369
down €5,369 (-24.9%), from €21,586 to €16,217
- Current portion of long-term debt +€3,053
up €3,053 (+313.3%), from €975 to €4,027
- Short-term financial debts +€2,060
up €2,060 (+5.4%), from €37,940 to €40,000
- Write-downs -€17,939
no longer reported in 2025 (was €17,939)
- Gross operating margin -€11,247
down €11,247 (-25.0%), from €45,034 to €33,787
- Depreciation +€2,917
up €2,917 (+202.4%), from €1,441 to €4,359
- Taxes -€1,801
down €1,801 (-18.3%), from €9,839 to €8,038
- Financial income -€1,378
no longer reported in 2025 (was €1,378)
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 | €43,468 | €63,831 | +€20,363 | +46.8% |
| Fixed assets | 21/28 | €2,856 | €12,947 | +€10,091 | +353.3% |
| Tangible fixed assets | 22/27 | €1,182 | €11,273 | +€10,091 | +853.8% |
| Furniture and vehicles | 24 | €1,182 | €11,273 | +€10,091 | +853.8% |
| Financial fixed assets | 28 | €1,674 | €1,674 | = | 0.0% |
| Current assets | 29/58 | €40,612 | €50,884 | +€10,272 | +25.3% |
| Amounts receivable within one year | 40/41 | €35,550 | €45,191 | +€9,641 | +27.1% |
| Other amounts receivable | 41 | €35,550 | €45,191 | +€9,641 | +27.1% |
| Cash at bank and in hand | 54/58 | €3,685 | €2,114 | -€1,571 | -42.6% |
| Deferred charges and accrued income | 490/1 | €1,378 | €3,579 | +€2,201 | +159.8% |
| Total equity and liabilities | 10/49 | €43,468 | €63,831 | +€20,363 | +46.8% |
| Equity | 10/15 | -€19,302 | -€3,564 | +€15,738 | +81.5% |
| Contributions | 10/11 | €18,550 | €18,550 | = | 0.0% |
| Capital | 10 | €18,550 | €18,550 | = | 0.0% |
| Issued capital | 100 | €18,550 | €18,550 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€37,852 | -€22,114 | +€15,738 | +41.6% |
| Amounts payable | 17/49 | €62,770 | €67,395 | +€4,625 | +7.4% |
| Amounts payable after more than one year | 17 | - | €6,755 | +€6,755 | |
| Financial debts | 170/4 | - | €6,755 | +€6,755 | |
| Amounts payable within one year | 42/48 | €62,770 | €60,640 | -€2,131 | -3.4% |
| Current portion of amounts payable after more than one year | 42 | €975 | €4,027 | +€3,053 | +313.3% |
| Financial debts | 43 | €37,940 | €40,000 | +€2,060 | +5.4% |
| Credit institutions | 430/8 | €37,940 | €40,000 | +€2,060 | +5.4% |
| Trade debts | 44 | €2,270 | €395 | -€1,875 | -82.6% |
| Suppliers | 440/4 | €2,270 | €395 | -€1,875 | -82.6% |
| Taxes, remuneration and social security | 45 | €21,586 | €16,217 | -€5,369 | -24.9% |
| Taxes | 450/3 | €21,586 | €16,217 | -€5,369 | -24.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,441 | €4,359 | +€2,917 | +202.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €17,939 | - | -€17,939 | |
| Other operating charges | 640/8 | €894 | €1,708 | +€815 | +91.2% |
| Non-recurring operating charges | 66A | €6,599 | - | -€6,599 | |
| Gross operating margin | 9900 | €45,034 | €33,787 | -€11,247 | -25.0% |
| Operating profit (loss) | 9901 | €18,161 | €27,720 | +€9,559 | +52.6% |
| Financial income | 75/76B | €1,378 | - | -€1,378 | |
| Recurring financial income | 75 | €1,378 | - | -€1,378 | |
| Financial charges | 65/66B | €3,431 | €3,944 | +€513 | +14.9% |
| Recurring financial charges | 65 | €3,431 | €3,944 | +€513 | +14.9% |
| Profit (loss) for the period before taxes | 9903 | €16,107 | €23,776 | +€7,669 | +47.6% |
| Income taxes | 67/77 | €9,839 | €8,038 | -€1,801 | -18.3% |
| Profit (loss) for the period | 9904 | €6,268 | €15,738 | +€9,470 | +151.1% |
| Profit (loss) for the period to be appropriated | 9905 | €6,268 | €15,738 | +€9,470 | +151.1% |
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 11 October 2026 via checked.be.