MS HANET: 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.
MS HANET
Largest movements
- Cash +€149,322
up €149,322 (+28.8%), from €518,125 to €667,446
mainly Net result for the year (+€124,193) and Depreciation (+€13,576)
- Tangible fixed assets -€13,576
down €13,576 (-15.6%), from €86,859 to €73,283
of which Plant, machinery and equipment: -€9,762
- Reserves +€120,000
up €120,000 (+21.3%), from €564,422 to €684,422
of which Distributable reserves: +€120,000
- Tax, wage and social debts +€8,019
up €8,019 (+50.0%), from €16,048 to €24,067
- Gross operating margin -€133,810
down €133,810 (-40.5%), from €330,474 to €196,663
- Taxes -€42,510
down €42,510 (-42.3%), from €100,529 to €58,019
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 | €605,609 | €743,730 | +€138,121 | +22.8% |
| Fixed assets | 21/28 | €86,859 | €73,283 | -€13,576 | -15.6% |
| Tangible fixed assets | 22/27 | €86,859 | €73,283 | -€13,576 | -15.6% |
| Plant, machinery and equipment | 23 | €76,743 | €66,981 | -€9,762 | -12.7% |
| Furniture and vehicles | 24 | €1,585 | - | -€1,585 | |
| Other tangible fixed assets | 26 | €8,531 | €6,302 | -€2,229 | -26.1% |
| Current assets | 29/58 | €518,750 | €670,447 | +€151,697 | +29.2% |
| Amounts receivable within one year | 40/41 | - | €2,105 | +€2,105 | |
| Trade receivables | 40 | - | €2,105 | +€2,105 | |
| Cash at bank and in hand | 54/58 | €518,125 | €667,446 | +€149,322 | +28.8% |
| Deferred charges and accrued income | 490/1 | €625 | €895 | +€270 | +43.3% |
| Total equity and liabilities | 10/49 | €605,609 | €743,730 | +€138,121 | +22.8% |
| Equity | 10/15 | €582,924 | €707,117 | +€124,193 | +21.3% |
| Contributions | 10/11 | €6,000 | €6,000 | = | 0.0% |
| Reserves | 13 | €564,422 | €684,422 | +€120,000 | +21.3% |
| Non-distributable reserves | 130/1 | €600 | €600 | = | 0.0% |
| Other | 1319 | €600 | €600 | = | 0.0% |
| Distributable reserves | 133 | €563,822 | €683,822 | +€120,000 | +21.3% |
| Profit (loss) carried forward | 14 | €12,501 | €16,695 | +€4,193 | +33.5% |
| Amounts payable | 17/49 | €22,685 | €36,612 | +€13,927 | +61.4% |
| Amounts payable within one year | 42/48 | €22,685 | €36,612 | +€13,927 | +61.4% |
| Taxes, remuneration and social security | 45 | €16,048 | €24,067 | +€8,019 | +50.0% |
| Taxes | 450/3 | €16,048 | €24,067 | +€8,019 | +50.0% |
| Other amounts payable | 47/48 | €6,637 | €12,545 | +€5,908 | +89.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €15,168 | €13,576 | -€1,592 | -10.5% |
| Other operating charges | 640/8 | - | €787 | +€787 | |
| Gross operating margin | 9900 | €330,474 | €196,663 | -€133,810 | -40.5% |
| Operating profit (loss) | 9901 | €315,306 | €182,300 | -€133,005 | -42.2% |
| Financial charges | 65/66B | €121 | €88 | -€34 | -27.9% |
| Recurring financial charges | 65 | €121 | €88 | -€34 | -27.9% |
| Profit (loss) for the period before taxes | 9903 | €315,184 | €182,213 | -€132,971 | -42.2% |
| Income taxes | 67/77 | €100,529 | €58,019 | -€42,510 | -42.3% |
| Profit (loss) for the period | 9904 | €214,655 | €124,193 | -€90,461 | -42.1% |
| Profit (loss) for the period to be appropriated | 9905 | €214,655 | €124,193 | -€90,461 | -42.1% |
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 10 October 2026 via checked.be.