MOHOW: 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
MOHOW
NACE 64.210, Activities of holding companies
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€25,148
2024 · €28,159-€3,011
Equity
€751,759
2024 · €726,611+€25,148
Cash
€32,544
2024 · €145,399-€112,854
Balance sheet total
€17.6m
2024 · €17.6m+€19,802
Largest movements
Assets
- Receivables within one year +€205,138
up €205,138 (+118%), from €173,649 to €378,787
of which Trade receivables: +€270,766
Equity and liabilities
- Other debts +€476,989
up €476,989 (+27.0%), from €1.8m to €2.2m
- Debts after one year -€367,682
down €367,682 (-2.5%), from €14.7m to €14.3m
of which Other amounts payable: -€302,604
Income statement
- Gross operating margin +€123,266
up €123,266 (+18.6%), from €662,249 to €785,515
- Staff costs +€116,786
up €116,786 (+34.3%), from €340,792 to €457,579
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
€28,159
Gross operating margin
+€123,266
Staff costs
-€116,786
Depreciation
-€4,789
Other operating charges
-€5,821
Financial income
-€1,257
Financial charges
-€2,659
Taxes
+€5,036
Result 2025
€25,148
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
+€463,199
Investment
-€79,601
Financing
-€496,452
Cash 2024
€145,399
From operations (derived)
+€463,199
Net result for the year
+€25,148
Depreciation
+€145,174
Receivables within one year
-€205,138
Deferred charges and accrued income
+€6,908
Trade debts
+€1,842
Tax, wage and social debts
+€33,529
Other debts
+€476,989
Accrued charges and deferred income
-€21,254
Investment (derived)
-€79,601
Investment in fixed assets (net)
-€79,601
Financing
-€496,452
Debts after one year
-€367,682
Current portion of long-term debt
-€128,771
Cash 2025
€32,544
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €17,567,330 | €17,587,132 | +€19,802 | +0.1% |
| Fixed assets | 21/28 | €17,207,749 | €17,142,176 | -€65,574 | -0.4% |
| Tangible fixed assets | 22/27 | €2,407,977 | €2,342,404 | -€65,574 | -2.7% |
| Land and buildings | 22 | €56,622 | €70,778 | +€14,156 | +25.0% |
| Plant, machinery and equipment | 23 | €206,045 | €230,506 | +€24,460 | +11.9% |
| Furniture and vehicles | 24 | €47,388 | €30,627 | -€16,761 | -35.4% |
| Leasing and similar rights | 25 | €1,983,735 | €1,877,411 | -€106,324 | -5.4% |
| Other tangible fixed assets | 26 | €114,187 | €133,083 | +€18,896 | +16.5% |
| Financial fixed assets | 28 | €14,799,772 | €14,799,772 | = | 0.0% |
| Current assets | 29/58 | €359,581 | €444,956 | +€85,376 | +23.7% |
| Amounts receivable within one year | 40/41 | €173,649 | €378,787 | +€205,138 | +118% |
| Trade receivables | 40 | €37,137 | €307,902 | +€270,766 | +729% |
| Other amounts receivable | 41 | €136,513 | €70,885 | -€65,627 | -48.1% |
| Cash at bank and in hand | 54/58 | €145,399 | €32,544 | -€112,854 | -77.6% |
| Deferred charges and accrued income | 490/1 | €40,533 | €33,624 | -€6,908 | -17.0% |
| Total equity and liabilities | 10/49 | €17,567,330 | €17,587,132 | +€19,802 | +0.1% |
| Equity | 10/15 | €726,611 | €751,759 | +€25,148 | +3.5% |
| Contributions | 10/11 | €100,000 | €100,000 | = | 0.0% |
| Capital | 10 | €100,000 | €100,000 | = | 0.0% |
| Issued capital | 100 | €100,000 | €100,000 | = | 0.0% |
| Reserves | 13 | €626,611 | €651,759 | +€25,148 | +4.0% |
| Non-distributable reserves | 130/1 | €10,000 | €10,000 | = | 0.0% |
| Legal reserve | 130 | €10,000 | €10,000 | = | 0.0% |
| Distributable reserves | 133 | €616,611 | €641,759 | +€25,148 | +4.1% |
| Amounts payable | 17/49 | €16,840,719 | €16,835,373 | -€5,346 | 0.0% |
| Amounts payable after more than one year | 17 | €14,663,592 | €14,295,910 | -€367,682 | -2.5% |
| Financial debts | 170/4 | €1,352,042 | €1,286,964 | -€65,078 | -4.8% |
| Other amounts payable | 178/9 | €13,311,550 | €13,008,946 | -€302,604 | -2.3% |
| Amounts payable within one year | 42/48 | €2,104,148 | €2,487,738 | +€383,590 | +18.2% |
| Current portion of amounts payable after more than one year | 42 | €277,687 | €148,916 | -€128,771 | -46.4% |
| Financial debts | 43 | €0 | - | = | |
| Credit institutions | 430/8 | €0 | - | = | |
| Trade debts | 44 | €29,166 | €31,009 | +€1,842 | +6.3% |
| Suppliers | 440/4 | €29,166 | €31,009 | +€1,842 | +6.3% |
| Taxes, remuneration and social security | 45 | €30,947 | €64,476 | +€33,529 | +108% |
| Taxes | 450/3 | €12,203 | €7,283 | -€4,920 | -40.3% |
| Remuneration and social security | 454/9 | €18,743 | €57,193 | +€38,449 | +205% |
| Other amounts payable | 47/48 | €1,766,349 | €2,243,338 | +€476,989 | +27.0% |
| Accrued charges and deferred income | 492/3 | €72,979 | €51,724 | -€21,254 | -29.1% |
| Non-recurring operating income | 76A | €14,156 | €14,156 | = | 0.0% |
| Remuneration, social security and pensions | 62 | €340,792 | €457,579 | +€116,786 | +34.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €140,385 | €145,174 | +€4,789 | +3.4% |
| Other operating charges | 640/8 | €8,226 | €14,047 | +€5,821 | +70.8% |
| Gross operating margin | 9900 | €662,249 | €785,515 | +€123,266 | +18.6% |
| Operating profit (loss) | 9901 | €172,845 | €168,715 | -€4,130 | -2.4% |
| Financial income | 75/76B | €3,352 | €2,095 | -€1,257 | -37.5% |
| Recurring financial income | 75 | €3,352 | €2,095 | -€1,257 | -37.5% |
| Financial charges | 65/66B | €120,235 | €122,894 | +€2,659 | +2.2% |
| Recurring financial charges | 65 | €120,235 | €122,894 | +€2,659 | +2.2% |
| Profit (loss) for the period before taxes | 9903 | €55,962 | €47,916 | -€8,047 | -14.4% |
| Income taxes | 67/77 | €27,803 | €22,768 | -€5,036 | -18.1% |
| Profit (loss) for the period | 9904 | €28,159 | €25,148 | -€3,011 | -10.7% |
| Profit (loss) for the period to be appropriated | 9905 | €28,159 | €25,148 | -€3,011 | -10.7% |
Source: filed annual accounts (NBB), financial years ended 30 September 2024 and 30 September 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 20 October 2026 via checked.be.