M.H.CONSTRUCT: what changed
Two fiscal 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.
M.H.CONSTRUCT
Largest movements
- Receivables within one year +€63,306
up €63,306 (+32.6%), from €193,977 to €257,283
of which Trade receivables: +€65,839
- Cash +€34,285
up €34,285 (+98.7%), from €34,733 to €69,018
mainly Net result for the year (+€94,051) and Other debts (+€72,000)
- Stocks and contracts -€11,430
down €11,430 (-61.6%), from €18,550 to €7,120
- Reserves +€90,000
up €90,000 (+4838.7%), from €1,860 to €91,860
of which Distributable reserves: +€90,000
- Other debts +€72,000
up €72,000 (+13401.1%), from €537 to €72,537
- Profit (loss) carried forward -€65,949
down €65,949 (-38.8%), from €170,118 to €104,169
- Trade debts -€25,941
down €25,941 (-52.3%), from €49,636 to €23,695
- Tax, wage and social debts +€20,353
up €20,353 (+89.3%), from €22,800 to €43,153
of which Taxes: +€27,704
- Gross operating margin +€187,687
up €187,687 (+283.8%), from €66,124 to €253,811
- Taxes +€60,239
up €60,239 (+204.9%), from €29,400 to €89,639
- Staff costs +€32,902
new in 2025: €32,902
- Other operating charges +€26,492
up €26,492 (+2379.4%), from €1,113 to €27,606
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 | €263,552 | €354,015 | +€90,463 | +34.3% |
| Fixed assets | 21/28 | €15,417 | €16,272 | +€855 | +5.5% |
| Tangible fixed assets | 22/27 | €15,417 | €16,207 | +€790 | +5.1% |
| Furniture and vehicles | 24 | €15,417 | €16,207 | +€790 | +5.1% |
| Financial fixed assets | 28 | - | €65 | +€65 | |
| Current assets | 29/58 | €248,135 | €337,743 | +€89,608 | +36.1% |
| Stocks and contracts in progress | 3 | €18,550 | €7,120 | -€11,430 | -61.6% |
| Stocks | 30/36 | €18,550 | €7,120 | -€11,430 | -61.6% |
| Amounts receivable within one year | 40/41 | €193,977 | €257,283 | +€63,306 | +32.6% |
| Trade receivables | 40 | €152,688 | €218,527 | +€65,839 | +43.1% |
| Other amounts receivable | 41 | €41,289 | €38,756 | -€2,533 | -6.1% |
| Cash at bank and in hand | 54/58 | €34,733 | €69,018 | +€34,285 | +98.7% |
| Deferred charges and accrued income | 490/1 | €875 | €4,321 | +€3,446 | +393.9% |
| Total equity and liabilities | 10/49 | €263,552 | €354,015 | +€90,463 | +34.3% |
| Equity | 10/15 | €190,578 | €214,629 | +€24,051 | +12.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €1,860 | €91,860 | +€90,000 | +4838.7% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | - | €90,000 | +€90,000 | |
| Profit (loss) carried forward | 14 | €170,118 | €104,169 | -€65,949 | -38.8% |
| Amounts payable | 17/49 | €72,974 | €139,385 | +€66,412 | +91.0% |
| Amounts payable within one year | 42/48 | €72,974 | €139,385 | +€66,412 | +91.0% |
| Trade debts | 44 | €49,636 | €23,695 | -€25,941 | -52.3% |
| Suppliers | 440/4 | €49,636 | €23,695 | -€25,941 | -52.3% |
| Taxes, remuneration and social security | 45 | €22,800 | €43,153 | +€20,353 | +89.3% |
| Taxes | 450/3 | - | €27,704 | +€27,704 | |
| Remuneration and social security | 454/9 | €22,800 | €15,449 | -€7,351 | -32.2% |
| Other amounts payable | 47/48 | €537 | €72,537 | +€72,000 | +13401.1% |
| Remuneration, social security and pensions | 62 | - | €32,902 | +€32,902 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €7,344 | €9,560 | +€2,216 | +30.2% |
| Other operating charges | 640/8 | €1,113 | €27,606 | +€26,492 | +2379.4% |
| Gross operating margin | 9900 | €66,124 | €253,811 | +€187,687 | +283.8% |
| Operating profit (loss) | 9901 | €57,666 | €183,744 | +€126,078 | +218.6% |
| Financial income | 75/76B | €33 | - | -€33 | |
| Recurring financial income | 75 | €33 | - | -€33 | |
| Financial charges | 65/66B | €93 | €54 | -€39 | -42.1% |
| Recurring financial charges | 65 | €93 | €54 | -€39 | -42.1% |
| Profit (loss) for the period before taxes | 9903 | €57,606 | €183,690 | +€126,084 | +218.9% |
| Income taxes | 67/77 | €29,400 | €89,639 | +€60,239 | +204.9% |
| Profit (loss) for the period | 9904 | €28,206 | €94,051 | +€65,845 | +233.4% |
| Profit (loss) for the period to be appropriated | 9905 | €28,206 | €94,051 | +€65,845 | +233.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.