MHW: what changed
Two fiscal 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.
MHW
Largest movements
- Receivables within one year -€30,349
down €30,349 (-46.1%), from €65,825 to €35,476
of which Other amounts receivable: -€38,541
- Cash -€7,229
down €7,229 (-82.8%), from €8,730 to €1,501
mainly Net result for the year (-€18,273) and Current portion of long-term debt (-€9,807)
- Tangible fixed assets -€2,772
down €2,772 (-28.7%), from €9,654 to €6,882
of which Furniture and vehicles: -€2,772
- Profit (loss) carried forward -€18,273
down €18,273 (-49.2%), from €37,114 to €18,841
- Current portion of long-term debt -€9,807
down €9,807 (-58.7%), from €16,705 to €6,898
- Debts after one year -€6,898
down €6,898 (-70.2%), from €9,830 to €2,932
- Tax, wage and social debts -€2,872
down €2,872 (-25.9%), from €11,079 to €8,207
- Trade debts -€1,526
down €1,526 (-23.4%), from €6,523 to €4,996
- Financial charges +€46,927
up €46,927 (+1247.8%), from €3,761 to €50,688
- Taxes -€7,154
down €7,154 (-97.7%), from €7,324 to €170
- Gross operating margin +€2,902
up €2,902 (+8.2%), from €35,508 to €38,410
- Other operating charges +€2,210
up €2,210 (+570.6%), from €387 to €2,598
- Depreciation +€944
up €944 (+51.6%), from €1,828 to €2,772
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 | €85,626 | €45,497 | -€40,129 | -46.9% |
| Fixed assets | 21/28 | €9,954 | €7,382 | -€2,572 | -25.8% |
| Tangible fixed assets | 22/27 | €9,654 | €6,882 | -€2,772 | -28.7% |
| Furniture and vehicles | 24 | €5,854 | €3,082 | -€2,772 | -47.3% |
| Other tangible fixed assets | 26 | €3,800 | €3,800 | = | 0.0% |
| Financial fixed assets | 28 | €300 | €500 | +€200 | +66.7% |
| Current assets | 29/58 | €75,672 | €38,115 | -€37,557 | -49.6% |
| Amounts receivable within one year | 40/41 | €65,825 | €35,476 | -€30,349 | -46.1% |
| Trade receivables | 40 | €15,461 | €23,653 | +€8,193 | +53.0% |
| Other amounts receivable | 41 | €50,364 | €11,823 | -€38,541 | -76.5% |
| Cash at bank and in hand | 54/58 | €8,730 | €1,501 | -€7,229 | -82.8% |
| Deferred charges and accrued income | 490/1 | €1,117 | €1,137 | +€20 | +1.8% |
| Total equity and liabilities | 10/49 | €85,626 | €45,497 | -€40,129 | -46.9% |
| Equity | 10/15 | €39,614 | €21,341 | -€18,273 | -46.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | €37,114 | €18,841 | -€18,273 | -49.2% |
| Amounts payable | 17/49 | €46,012 | €24,156 | -€21,856 | -47.5% |
| Amounts payable after more than one year | 17 | €9,830 | €2,932 | -€6,898 | -70.2% |
| Financial debts | 170/4 | €9,830 | €2,932 | -€6,898 | -70.2% |
| Amounts payable within one year | 42/48 | €36,173 | €21,169 | -€15,004 | -41.5% |
| Current portion of amounts payable after more than one year | 42 | €16,705 | €6,898 | -€9,807 | -58.7% |
| Financial debts | 43 | €1,867 | €1,068 | -€799 | -42.8% |
| Credit institutions | 430/8 | €1,867 | €1,068 | -€799 | -42.8% |
| Trade debts | 44 | €6,523 | €4,996 | -€1,526 | -23.4% |
| Suppliers | 440/4 | €6,523 | €4,996 | -€1,526 | -23.4% |
| Taxes, remuneration and social security | 45 | €11,079 | €8,207 | -€2,872 | -25.9% |
| Taxes | 450/3 | €11,079 | €8,207 | -€2,872 | -25.9% |
| Accrued charges and deferred income | 492/3 | €9 | €54 | +€46 | +515.7% |
| Non-recurring operating income | 76A | €277 | €0 | -€277 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,828 | €2,772 | +€944 | +51.6% |
| Other operating charges | 640/8 | €387 | €2,598 | +€2,210 | +570.6% |
| Non-recurring operating charges | 66A | €4,571 | €552 | -€4,020 | -87.9% |
| Gross operating margin | 9900 | €35,508 | €38,410 | +€2,902 | +8.2% |
| Operating profit (loss) | 9901 | €28,722 | €32,489 | +€3,767 | +13.1% |
| Financial income | 75/76B | €1 | €96 | +€94 | +6837.7% |
| Recurring financial income | 75 | €1 | €96 | +€94 | +6837.7% |
| Financial charges | 65/66B | €3,761 | €50,688 | +€46,927 | +1247.8% |
| Recurring financial charges | 65 | €3,761 | €50,688 | +€46,927 | +1247.8% |
| Profit (loss) for the period before taxes | 9903 | €24,962 | -€18,103 | -€43,066 | |
| Income taxes | 67/77 | €7,324 | €170 | -€7,154 | -97.7% |
| Profit (loss) for the period | 9904 | €17,638 | -€18,273 | -€35,911 | |
| Profit (loss) for the period to be appropriated | 9905 | €17,638 | -€18,273 | -€35,911 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 1 October 2026 via checked.be.