MKHL: 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.
MKHL
Largest movements
- Cash +€57,474
up €57,474 (+44.4%), from €129,362 to €186,835
mainly Other debts (+€156,514) and Net result for the year (+€86,642)
- Receivables within one year -€32,352
down €32,352 (-39.1%), from €82,823 to €50,471
of which Trade receivables: -€32,175
- Tangible fixed assets +€7,679
up €7,679 (+74.9%), from €10,246 to €17,925
of which Furniture and vehicles: +€10,202
- Other debts +€156,514
new in 2025: €156,514
- Reserves -€110,963
down €110,963 (-33.7%), from €329,266 to €218,303
- Tax, wage and social debts -€10,856
down €10,856 (-54.0%), from €20,093 to €9,238
- Gross operating margin -€34,775
down €34,775 (-27.2%), from €127,906 to €93,131
- Financial income +€19,341
up €19,341 (+658.7%), from €2,936 to €22,277
- Taxes -€5,331
down €5,331 (-18.9%), from €28,227 to €22,896
- Depreciation +€2,461
up €2,461 (+127.9%), from €1,924 to €4,385
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 | €356,515 | €393,100 | +€36,584 | +10.3% |
| Fixed assets | 21/28 | €10,246 | €17,925 | +€7,679 | +74.9% |
| Tangible fixed assets | 22/27 | €10,246 | €17,925 | +€7,679 | +74.9% |
| Plant, machinery and equipment | 23 | €4,102 | €3,382 | -€721 | -17.6% |
| Furniture and vehicles | 24 | - | €10,202 | +€10,202 | |
| Other tangible fixed assets | 26 | €6,144 | €4,341 | -€1,802 | -29.3% |
| Current assets | 29/58 | €346,269 | €375,175 | +€28,906 | +8.3% |
| Amounts receivable within one year | 40/41 | €82,823 | €50,471 | -€32,352 | -39.1% |
| Trade receivables | 40 | €71,608 | €39,433 | -€32,175 | -44.9% |
| Other amounts receivable | 41 | €11,215 | €11,038 | -€177 | -1.6% |
| Current investments | 50/53 | €133,000 | €136,001 | +€3,001 | +2.3% |
| Cash at bank and in hand | 54/58 | €129,362 | €186,835 | +€57,474 | +44.4% |
| Deferred charges and accrued income | 490/1 | €1,085 | €1,868 | +€783 | +72.1% |
| Total equity and liabilities | 10/49 | €356,515 | €393,100 | +€36,584 | +10.3% |
| Equity | 10/15 | €334,266 | €223,303 | -€110,963 | -33.2% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €329,266 | €218,303 | -€110,963 | -33.7% |
| Distributable reserves | 133 | €329,266 | €218,303 | -€110,963 | -33.7% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €22,249 | €169,796 | +€147,547 | +663.2% |
| Amounts payable within one year | 42/48 | €22,249 | €169,796 | +€147,547 | +663.2% |
| Trade debts | 44 | €2,156 | €4,045 | +€1,889 | +87.6% |
| Suppliers | 440/4 | €2,156 | €4,045 | +€1,889 | +87.6% |
| Taxes, remuneration and social security | 45 | €20,093 | €9,238 | -€10,856 | -54.0% |
| Taxes | 450/3 | €20,093 | €9,238 | -€10,856 | -54.0% |
| Other amounts payable | 47/48 | - | €156,514 | +€156,514 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,924 | €4,385 | +€2,461 | +127.9% |
| Other operating charges | 640/8 | €861 | €1,117 | +€256 | +29.7% |
| Gross operating margin | 9900 | €127,906 | €93,131 | -€34,775 | -27.2% |
| Operating profit (loss) | 9901 | €125,121 | €87,630 | -€37,491 | -30.0% |
| Financial income | 75/76B | €2,936 | €22,277 | +€19,341 | +658.7% |
| Recurring financial income | 75 | €2,936 | €22,277 | +€19,341 | +658.7% |
| Financial charges | 65/66B | €725 | €369 | -€356 | -49.1% |
| Recurring financial charges | 65 | €725 | €369 | -€356 | -49.1% |
| Profit (loss) for the period before taxes | 9903 | €127,333 | €109,538 | -€17,794 | -14.0% |
| Income taxes | 67/77 | €28,227 | €22,896 | -€5,331 | -18.9% |
| Profit (loss) for the period | 9904 | €99,106 | €86,642 | -€12,463 | -12.6% |
| Profit (loss) for the period to be appropriated | 9905 | €99,106 | €86,642 | -€12,463 | -12.6% |
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 9 October 2026 via checked.be.