MM HOLDING: 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
MM HOLDING
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€1.9m
2024 · €1.7m+€189,097
Equity
€2.8m
2024 · €2.2m+€607,627
Cash
€2.4m
2024 · €2.0m+€388,676
Balance sheet total
€7.9m
2024 · €10.3m-€2.4m
Largest movements
Assets
- Financial fixed assets -€1.6m
down €1.6m (-36.7%), from €4.4m to €2.8m
- Receivables within one year -€1.1m
down €1.1m (-28.5%), from €3.9m to €2.8m
of which Other amounts receivable: -€1.2m
- Cash +€388,676
up €388,676 (+19.4%), from €2.0m to €2.4m
mainly Net result for the year (+€1.9m) and Investment in fixed assets (net) (+€1.6m)
Equity and liabilities
- Other debts -€2.7m
down €2.7m (-72.3%), from €3.8m to €1.0m
- Reserves +€607,627
up €607,627 (+36.5%), from €1.7m to €2.3m
of which Distributable reserves: +€607,627
- Debts after one year -€372,879
down €372,879 (-9.6%), from €3.9m to €3.5m
Income statement
- Financial income +€147,062
up €147,062 (+8.4%), from €1.8m to €1.9m
of which Non-recurring financial income: +€388,765
- Turnover +€53,750
up €53,750 (+16.5%), from €326,575 to €380,326
- Staff costs +€38,893
up €38,893 (+19.7%), from €197,012 to €235,904
- Financial charges -€22,841
down €22,841 (-23.9%), from €95,539 to €72,698
- Taxes -€6,734
down €6,734 (-23.2%), from €29,000 to €22,266
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
€1.7m
Turnover
+€53,750
Other operating income
-€1,337
Goods and materials
-€83
Services and other goods
+€47
Staff costs
-€38,893
Depreciation
+€5,331
Other operating charges
-€6,355
Financial income
+€147,062
Financial charges
+€22,841
Taxes
+€6,734
Result 2025
€1.9m
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
+€450,491
Investment
+€1.6m
Financing
-€1.7m
Cash 2024
€2.0m
From operations (derived)
+€450,491
Net result for the year
+€1.9m
Depreciation
+€12,031
Receivables within one year
+€1.1m
Deferred charges and accrued income
+€42,195
Trade debts
-€704
Tax, wage and social debts
+€54,133
Other debts
-€2.7m
Accrued charges and deferred income
+€66,536
Investment (derived)
+€1.6m
Investment in fixed assets (net)
+€1.6m
Financing
-€1.7m
Debts after one year
-€372,879
Current portion of long-term debt
+€5,075
Contributions, distributions and other
-€1.3m
Cash 2025
€2.4m
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €10,318,689 | €7,949,639 | -€2.4m | -23.0% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €4,412,939 | €2,794,918 | -€1.6m | -36.7% |
| Tangible fixed assets | 22/27 | €42,772 | €30,741 | -€12,031 | -28.1% |
| Plant, machinery and equipment | 23 | €468 | €260 | -€208 | -44.5% |
| Furniture and vehicles | 24 | €0 | €0 | = | |
| Leasing and similar rights | 25 | €42,304 | €30,481 | -€11,823 | -27.9% |
| Other tangible fixed assets | 26 | €0 | €0 | = | |
| Financial fixed assets | 28 | €4,370,167 | €2,764,177 | -€1.6m | -36.7% |
| Affiliated companies | 280/1 | €4,370,167 | €2,764,177 | -€1.6m | -36.7% |
| Participating interests | 280 | €4,175,411 | €2,764,177 | -€1.4m | -33.8% |
| Amounts receivable | 281 | €194,756 | €0 | -€194,756 | -100% |
| Current assets | 29/58 | €5,905,750 | €5,154,720 | -€751,029 | -12.7% |
| Amounts receivable after more than one year | 29 | - | €0 | = | |
| Other amounts receivable | 291 | - | €0 | = | |
| Amounts receivable within one year | 40/41 | €3,850,930 | €2,753,420 | -€1.1m | -28.5% |
| Trade receivables | 40 | €409,313 | €467,503 | +€58,190 | +14.2% |
| Other amounts receivable | 41 | €3,441,617 | €2,285,916 | -€1.2m | -33.6% |
| Current investments | 50/53 | €11,976 | €11,976 | = | 0.0% |
| Other investments | 51/53 | €11,976 | €11,976 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €2,000,016 | €2,388,691 | +€388,676 | +19.4% |
| Deferred charges and accrued income | 490/1 | €42,829 | €634 | -€42,195 | -98.5% |
| Total equity and liabilities | 10/49 | €10,318,689 | €7,949,639 | -€2.4m | -23.0% |
| Equity | 10/15 | €2,165,347 | €2,772,974 | +€607,627 | +28.1% |
| Contributions | 10/11 | €500,000 | €500,000 | = | 0.0% |
| Capital | 10 | €500,000 | €500,000 | = | 0.0% |
| Issued capital | 100 | €500,000 | €500,000 | = | 0.0% |
| Reserves | 13 | €1,665,347 | €2,272,974 | +€607,627 | +36.5% |
| Non-distributable reserves | 130/1 | €50,000 | €50,000 | = | 0.0% |
| Legal reserve | 130 | €50,000 | €50,000 | = | 0.0% |
| Distributable reserves | 133 | €1,615,347 | €2,222,974 | +€607,627 | +37.6% |
| Amounts payable | 17/49 | €8,153,342 | €5,176,665 | -€3.0m | -36.5% |
| Amounts payable after more than one year | 17 | €3,898,571 | €3,525,691 | -€372,879 | -9.6% |
| Financial debts | 170/4 | €3,898,571 | €3,525,691 | -€372,879 | -9.6% |
| Leasing and similar obligations | 172 | €30,303 | €18,183 | -€12,120 | -40.0% |
| Credit institutions | 173 | €968,268 | €607,509 | -€360,759 | -37.3% |
| Other loans | 174 | €2,900,000 | €2,900,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €4,215,087 | €1,544,753 | -€2.7m | -63.4% |
| Current portion of amounts payable after more than one year | 42 | €366,808 | €371,883 | +€5,075 | +1.4% |
| Trade debts | 44 | €7,533 | €6,829 | -€704 | -9.3% |
| Suppliers | 440/4 | €7,533 | €6,829 | -€704 | -9.3% |
| Taxes, remuneration and social security | 45 | €66,384 | €120,517 | +€54,133 | +81.5% |
| Taxes | 450/3 | €39,187 | €89,714 | +€50,528 | +129% |
| Remuneration and social security | 454/9 | €27,197 | €30,802 | +€3,605 | +13.3% |
| Other amounts payable | 47/48 | €3,774,361 | €1,045,524 | -€2.7m | -72.3% |
| Accrued charges and deferred income | 492/3 | €39,685 | €106,221 | +€66,536 | +168% |
| Operating income | 70/76A | €390,911 | €443,324 | +€52,414 | +13.4% |
| Turnover | 70 | €326,575 | €380,326 | +€53,750 | +16.5% |
| Other operating income | 74 | €64,335 | €62,999 | -€1,337 | -2.1% |
| Operating charges | 60/66A | €305,706 | €345,659 | +€39,953 | +13.1% |
| Goods for resale, raw materials and consumables | 60 | - | €83 | +€83 | |
| Purchases | 600/8 | - | €83 | +€83 | |
| Services and other goods | 61 | €80,323 | €80,276 | -€47 | -0.1% |
| Remuneration, social security and pensions | 62 | €197,012 | €235,904 | +€38,893 | +19.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,362 | €12,031 | -€5,331 | -30.7% |
| Other operating charges | 640/8 | €11,010 | €17,365 | +€6,355 | +57.7% |
| Operating profit (loss) | 9901 | €85,204 | €97,665 | +€12,460 | +14.6% |
| Financial income | 75/76B | €1,757,864 | €1,904,926 | +€147,062 | +8.4% |
| Recurring financial income | 75 | €1,757,864 | €1,516,161 | -€241,703 | -13.7% |
| Income from financial fixed assets | 750 | €1,632,255 | €1,460,900 | -€171,355 | -10.5% |
| Income from current assets | 751 | €125,608 | €55,261 | -€70,347 | -56.0% |
| Other financial income | 752/9 | €1 | - | -€1 | |
| Non-recurring financial income | 76B | - | €388,765 | +€388,765 | |
| Financial charges | 65/66B | €95,539 | €72,698 | -€22,841 | -23.9% |
| Recurring financial charges | 65 | €95,539 | €72,698 | -€22,841 | -23.9% |
| Debt charges | 650 | €90,975 | €70,754 | -€20,221 | -22.2% |
| Other financial charges | 652/9 | €4,564 | €1,944 | -€2,620 | -57.4% |
| Profit (loss) for the period before taxes | 9903 | €1,747,529 | €1,929,893 | +€182,363 | +10.4% |
| Income taxes | 67/77 | €29,000 | €22,266 | -€6,734 | -23.2% |
| Taxes | 670/3 | €29,000 | €22,266 | -€6,734 | -23.2% |
| Profit (loss) for the period | 9904 | €1,718,529 | €1,907,627 | +€189,097 | +11.0% |
| Profit (loss) for the period to be appropriated | 9905 | €1,718,529 | €1,907,627 | +€189,097 | +11.0% |
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 26 October 2026 via checked.be.