MHZN: 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.
MHZN
Largest movements
- Current investments +€38,051
up €38,051 (+173.7%), from €21,902 to €59,953
- Receivables within one year +€25,749
up €25,749 (+45.4%), from €56,773 to €82,521
of which Other amounts receivable: +€29,949
- Cash +€22,785
up €22,785 (+387.7%), from €5,877 to €28,662
mainly Net result for the year (+€68,201) and Tax, wage and social debts (+€15,538)
- Reserves +€68,201
up €68,201 (+100.7%), from €67,743 to €135,944
- Tax, wage and social debts +€15,538
up €15,538 (+107.3%), from €14,478 to €30,016
- Trade debts +€3,077
up €3,077 (+1081.2%), from €285 to €3,362
- Gross operating margin -€2,631
down €2,631 (-3.0%), from €88,004 to €85,373
- Financial income +€2,627
up €2,627 (+138.9%), from €1,892 to €4,519
- Financial charges +€1,725
up €1,725 (+159.4%), from €1,082 to €2,808
- Depreciation -€1,610
down €1,610 (-91.1%), from €1,767 to €158
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 | €85,006 | €171,824 | +€86,819 | +102.1% |
| Formation expenses | 20 | €158 | €0 | -€158 | -100.0% |
| Current assets | 29/58 | €84,848 | €171,824 | +€86,976 | +102.5% |
| Amounts receivable within one year | 40/41 | €56,773 | €82,521 | +€25,749 | +45.4% |
| Trade receivables | 40 | €16,800 | €12,600 | -€4,200 | -25.0% |
| Other amounts receivable | 41 | €39,973 | €69,921 | +€29,949 | +74.9% |
| Current investments | 50/53 | €21,902 | €59,953 | +€38,051 | +173.7% |
| Cash at bank and in hand | 54/58 | €5,877 | €28,662 | +€22,785 | +387.7% |
| Deferred charges and accrued income | 490/1 | €297 | €688 | +€391 | +131.7% |
| Total equity and liabilities | 10/49 | €85,006 | €171,824 | +€86,819 | +102.1% |
| Equity | 10/15 | €70,243 | €138,444 | +€68,201 | +97.1% |
| Contributions | 10/11 | €2,500 | €2,500 | = | 0.0% |
| Reserves | 13 | €67,743 | €135,944 | +€68,201 | +100.7% |
| Distributable reserves | 133 | €67,743 | €135,944 | +€68,201 | +100.7% |
| Amounts payable | 17/49 | €14,763 | €33,380 | +€18,618 | +126.1% |
| Amounts payable within one year | 42/48 | €14,763 | €33,380 | +€18,618 | +126.1% |
| Financial debts | 43 | - | €2 | +€2 | |
| Credit institutions | 430/8 | - | €2 | +€2 | |
| Trade debts | 44 | €285 | €3,362 | +€3,077 | +1081.2% |
| Suppliers | 440/4 | €285 | €3,362 | +€3,077 | +1081.2% |
| Taxes, remuneration and social security | 45 | €14,478 | €30,016 | +€15,538 | +107.3% |
| Taxes | 450/3 | €14,478 | €30,016 | +€15,538 | +107.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,767 | €158 | -€1,610 | -91.1% |
| Other operating charges | 640/8 | €622 | €355 | -€267 | -42.9% |
| Gross operating margin | 9900 | €88,004 | €85,373 | -€2,631 | -3.0% |
| Operating profit (loss) | 9901 | €85,615 | €84,860 | -€755 | -0.9% |
| Financial income | 75/76B | €1,892 | €4,519 | +€2,627 | +138.9% |
| Recurring financial income | 75 | €1,892 | €4,519 | +€2,627 | +138.9% |
| Financial charges | 65/66B | €1,082 | €2,808 | +€1,725 | +159.4% |
| Recurring financial charges | 65 | €1,082 | €2,808 | +€1,725 | +159.4% |
| Profit (loss) for the period before taxes | 9903 | €86,424 | €86,572 | +€148 | +0.2% |
| Income taxes | 67/77 | €18,681 | €18,371 | -€310 | -1.7% |
| Profit (loss) for the period | 9904 | €67,743 | €68,201 | +€458 | +0.7% |
| Profit (loss) for the period to be appropriated | 9905 | €67,743 | €68,201 | +€458 | +0.7% |
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 12 October 2026 via checked.be.