M.H. IMMO: 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.
M.H. IMMO
Largest movements
- Stocks and contracts -€179,153
down €179,153 (-33.7%), from €531,818 to €352,665
- Cash +€66,402
up €66,402 (+928%), from €7,152 to €73,554
mainly Stocks and contracts (+€179,153) and Tax, wage and social debts (+€48,310)
- Other debts -€176,888
down €176,888 (-46.1%), from €383,436 to €206,549
- Tax, wage and social debts +€48,310
new in 2025: €48,310
- Profit (loss) carried forward +€13,656
up €13,656, from -€12,847 to €809
- Gross operating margin +€12,956
up €12,956 (+117%), from €11,085 to €24,040
- Financial charges -€8,158
down €8,158 (-46.7%), from €17,465 to €9,307
- Depreciation -€842
no longer reported in 2025 (was €842)
- Other operating charges +€470
up €470 (+121%), from €387 to €858
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.
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.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €540,589 | €429,127 | -€111,462 | -20.6% |
| Current assets | 29/58 | €540,589 | €429,127 | -€111,462 | -20.6% |
| Stocks and contracts in progress | 3 | €531,818 | €352,665 | -€179,153 | -33.7% |
| Contracts in progress | 37 | €531,818 | €352,665 | -€179,153 | -33.7% |
| Amounts receivable within one year | 40/41 | €1,619 | €2,908 | +€1,289 | +79.6% |
| Trade receivables | 40 | - | €2,896 | +€2,896 | |
| Other amounts receivable | 41 | €1,619 | €12 | -€1,607 | -99.2% |
| Cash at bank and in hand | 54/58 | €7,152 | €73,554 | +€66,402 | +928% |
| Total equity and liabilities | 10/49 | €540,589 | €429,127 | -€111,462 | -20.6% |
| Equity | 10/15 | -€7,847 | €5,809 | +€13,656 | |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€12,847 | €809 | +€13,656 | |
| Amounts payable | 17/49 | €548,436 | €423,318 | -€125,118 | -22.8% |
| Amounts payable within one year | 42/48 | €548,436 | €423,318 | -€125,118 | -22.8% |
| Current portion of amounts payable after more than one year | 42 | €165,000 | €165,000 | = | 0.0% |
| Trade debts | 44 | - | €3,460 | +€3,460 | |
| Suppliers | 440/4 | - | €3,460 | +€3,460 | |
| Taxes, remuneration and social security | 45 | - | €48,310 | +€48,310 | |
| Taxes | 450/3 | - | €48,310 | +€48,310 | |
| Other amounts payable | 47/48 | €383,436 | €206,549 | -€176,888 | -46.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €842 | - | -€842 | |
| Other operating charges | 640/8 | €387 | €858 | +€470 | +121% |
| Gross operating margin | 9900 | €11,085 | €24,040 | +€12,956 | +117% |
| Operating profit (loss) | 9901 | €9,856 | €23,183 | +€13,327 | +135% |
| Financial charges | 65/66B | €17,465 | €9,307 | -€8,158 | -46.7% |
| Recurring financial charges | 65 | €17,465 | €9,307 | -€8,158 | -46.7% |
| Profit (loss) for the period before taxes | 9903 | -€7,609 | €13,876 | +€21,485 | |
| Income taxes | 67/77 | - | €220 | +€220 | |
| Profit (loss) for the period | 9904 | -€7,609 | €13,656 | +€21,266 | |
| Profit (loss) for the period to be appropriated | 9905 | -€7,609 | €13,656 | +€21,266 |
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 13 October 2026 via checked.be.