MKH: 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.
What changed
MKH
NACE 49.410, Freight transport by road
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€118,851
2024 · -€8,131+€126,981
Equity
€1.1m
2024 · €982,155+€118,851
Cash
€36,679
2024 · €24,721+€11,959
Balance sheet total
€2.8m
2024 · €2.1m+€720,056
Largest movements
Assets
- Tangible fixed assets +€679,294
up €679,294 (+117%), from €579,240 to €1.3m
of which Land and buildings: +€976,260
Equity and liabilities
- Debts after one year +€627,828
up €627,828 (+115%), from €544,801 to €1.2m
- Trade debts -€209,917
down €209,917 (-77.6%), from €270,587 to €60,670
- Profit (loss) carried forward +€118,851
up €118,851 (+12.4%), from €961,695 to €1.1m
- Current portion of long-term debt +€107,123
up €107,123 (+34.6%), from €309,932 to €417,055
- Other debts +€76,171
new in 2025: €76,171
Income statement
- Gross operating margin +€124,934
up €124,934 (+5.3%), from €2.4m to €2.5m
- Staff costs -€111,057
down €111,057 (-5.0%), from €2.2m to €2.1m
- Depreciation +€76,133
up €76,133 (+158%), from €48,156 to €124,289
- Financial charges +€45,337
up €45,337 (+186%), from €24,335 to €69,672
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.
Result 2024
-€8,131
Gross operating margin
+€124,934
Staff costs
+€111,057
Depreciation
-€76,133
Other operating charges
+€937
Financial income
+€23
Financial charges
-€45,337
Taxes
+€11,499
Result 2025
€118,851
raises the resultlowers the result
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.
From operations
+€87,190
Investment
-€810,183
Financing
+€734,951
Cash 2024
€24,721
From operations (derived)
+€87,190
Net result for the year
+€118,851
Depreciation
+€124,289
Receivables within one year
-€22,001
Deferred charges and accrued income
-€203
Trade debts
-€209,917
Other debts
+€76,171
Investment (derived)
-€810,183
Investment in fixed assets (net)
-€810,183
Financing
+€734,951
Debts after one year
+€627,828
Current portion of long-term debt
+€107,123
Cash 2025
€36,679
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,107,475 | €2,827,531 | +€720,056 | +34.2% |
| Fixed assets | 21/28 | €617,263 | €1,303,157 | +€685,894 | +111% |
| Tangible fixed assets | 22/27 | €579,240 | €1,258,534 | +€679,294 | +117% |
| Land and buildings | 22 | - | €976,260 | +€976,260 | |
| Plant, machinery and equipment | 23 | €1,992 | €76,164 | +€74,172 | +3,724% |
| Furniture and vehicles | 24 | €38,054 | €127,182 | +€89,127 | +234% |
| Leasing and similar rights | 25 | €481,103 | €29,010 | -€452,093 | -94.0% |
| Other tangible fixed assets | 26 | €58,091 | €49,919 | -€8,173 | -14.1% |
| Financial fixed assets | 28 | €38,023 | €44,623 | +€6,600 | +17.4% |
| Current assets | 29/58 | €1,490,211 | €1,524,374 | +€34,162 | +2.3% |
| Stocks and contracts in progress | 3 | €130,000 | €130,000 | = | 0.0% |
| Stocks | 30/36 | €130,000 | €130,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €1,320,921 | €1,342,922 | +€22,001 | +1.7% |
| Trade receivables | 40 | €1,136,157 | €908,293 | -€227,864 | -20.1% |
| Other amounts receivable | 41 | €184,764 | €434,629 | +€249,865 | +135% |
| Cash at bank and in hand | 54/58 | €24,721 | €36,679 | +€11,959 | +48.4% |
| Deferred charges and accrued income | 490/1 | €14,570 | €14,773 | +€203 | +1.4% |
| Total equity and liabilities | 10/49 | €2,107,475 | €2,827,531 | +€720,056 | +34.2% |
| Equity | 10/15 | €982,155 | €1,101,006 | +€118,851 | +12.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Capital | 10 | €18,600 | - | -€18,600 | |
| Issued capital | 100 | €18,600 | - | -€18,600 | |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Legal reserve | 130 | €1,860 | - | -€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Profit (loss) carried forward | 14 | €961,695 | €1,080,546 | +€118,851 | +12.4% |
| Amounts payable | 17/49 | €1,125,320 | €1,726,525 | +€601,206 | +53.4% |
| Amounts payable after more than one year | 17 | €544,801 | €1,172,629 | +€627,828 | +115% |
| Financial debts | 170/4 | €544,801 | €1,172,629 | +€627,828 | +115% |
| Amounts payable within one year | 42/48 | €580,519 | €553,896 | -€26,623 | -4.6% |
| Current portion of amounts payable after more than one year | 42 | €309,932 | €417,055 | +€107,123 | +34.6% |
| Trade debts | 44 | €270,587 | €60,670 | -€209,917 | -77.6% |
| Suppliers | 440/4 | €270,587 | €60,670 | -€209,917 | -77.6% |
| Taxes | 450/3 | €0 | - | = | |
| Remuneration and social security | 454/9 | €0 | - | = | |
| Other amounts payable | 47/48 | - | €76,171 | +€76,171 | |
| Non-recurring operating income | 76A | - | €1,677 | +€1,677 | |
| Remuneration, social security and pensions | 62 | €2,208,052 | €2,096,995 | -€111,057 | -5.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €48,156 | €124,289 | +€76,133 | +158% |
| Other operating charges | 640/8 | €29,816 | €28,879 | -€937 | -3.1% |
| Gross operating margin | 9900 | €2,371,157 | €2,496,091 | +€124,934 | +5.3% |
| Operating profit (loss) | 9901 | €85,132 | €245,928 | +€160,796 | +189% |
| Financial income | 75/76B | €0 | €23 | +€23 | +229,600% |
| Recurring financial income | 75 | €0 | €23 | +€23 | +229,600% |
| Financial charges | 65/66B | €24,335 | €69,672 | +€45,337 | +186% |
| Recurring financial charges | 65 | €24,335 | €69,672 | +€45,337 | +186% |
| Profit (loss) for the period before taxes | 9903 | €60,797 | €176,279 | +€115,482 | +190% |
| Income taxes | 67/77 | €68,928 | €57,428 | -€11,499 | -16.7% |
| Profit (loss) for the period | 9904 | -€8,131 | €118,851 | +€126,981 | |
| Profit (loss) for the period to be appropriated | 9905 | -€8,131 | €118,851 | +€126,981 |
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 14 October 2026 via checked.be.