MH CONSTRUCTION: 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.
MH CONSTRUCTION
Largest movements
- Receivables within one year +€81,989
up €81,989 (+137.6%), from €59,603 to €141,592
of which Trade receivables: +€64,186
- Cash +€45,104
up €45,104 (+65.4%), from €68,921 to €114,025
mainly Trade debts (+€66,402) and Net result for the year (+€31,852)
- Tangible fixed assets +€36,903
up €36,903 (+387.5%), from €9,524 to €46,427
of which Leasing and similar rights: +€38,760
- Stocks and contracts +€9,706
new in 2025: €9,706
- Trade debts +€66,402
up €66,402 (+86.8%), from €76,532 to €142,934
- Profit (loss) carried forward +€31,852
up €31,852 (+80.2%), from €39,719 to €71,571
- Accrued charges and deferred income +€30,679
new in 2025: €30,679
- Current portion of long-term debt +€20,354
new in 2025: €20,354
- Tax, wage and social debts +€18,987
up €18,987 (+127.7%), from €14,867 to €33,855
of which Taxes: +€18,326
- Staff costs +€67,006
up €67,006 (+686.2%), from €9,765 to €76,771
- Gross operating margin +€63,666
up €63,666 (+100.4%), from €63,392 to €127,058
- Depreciation +€11,123
up €11,123 (+1539.3%), from €723 to €11,846
- Financial income +€6,040
up €6,040 (+8304.9%), from €73 to €6,113
- Taxes -€1,430
down €1,430 (-10.8%), from €13,240 to €11,810
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 | €139,118 | €313,362 | +€174,243 | +125.2% |
| Formation expenses | 20 | €1,070 | €843 | -€227 | -21.2% |
| Fixed assets | 21/28 | €9,524 | €47,195 | +€37,671 | +395.5% |
| Tangible fixed assets | 22/27 | €9,524 | €46,427 | +€36,903 | +387.5% |
| Plant, machinery and equipment | 23 | €1,998 | €2,857 | +€860 | +43.0% |
| Furniture and vehicles | 24 | €7,527 | €4,810 | -€2,716 | -36.1% |
| Leasing and similar rights | 25 | - | €38,760 | +€38,760 | |
| Financial fixed assets | 28 | - | €768 | +€768 | |
| Current assets | 29/58 | €128,524 | €265,323 | +€136,799 | +106.4% |
| Stocks and contracts in progress | 3 | - | €9,706 | +€9,706 | |
| Stocks | 30/36 | - | €9,706 | +€9,706 | |
| Amounts receivable within one year | 40/41 | €59,603 | €141,592 | +€81,989 | +137.6% |
| Trade receivables | 40 | €54,778 | €118,964 | +€64,186 | +117.2% |
| Other amounts receivable | 41 | €4,825 | €22,628 | +€17,803 | +369.0% |
| Cash at bank and in hand | 54/58 | €68,921 | €114,025 | +€45,104 | +65.4% |
| Total equity and liabilities | 10/49 | €139,118 | €313,362 | +€174,243 | +125.2% |
| Equity | 10/15 | €47,719 | €79,571 | +€31,852 | +66.8% |
| Contributions | 10/11 | €8,000 | €8,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €39,719 | €71,571 | +€31,852 | +80.2% |
| Amounts payable | 17/49 | €91,400 | €233,791 | +€142,391 | +155.8% |
| Amounts payable after more than one year | 17 | - | €5,969 | +€5,969 | |
| Financial debts | 170/4 | - | €5,969 | +€5,969 | |
| Amounts payable within one year | 42/48 | €91,400 | €197,143 | +€105,744 | +115.7% |
| Current portion of amounts payable after more than one year | 42 | - | €20,354 | +€20,354 | |
| Trade debts | 44 | €76,532 | €142,934 | +€66,402 | +86.8% |
| Suppliers | 440/4 | €76,532 | €142,934 | +€66,402 | +86.8% |
| Taxes, remuneration and social security | 45 | €14,867 | €33,855 | +€18,987 | +127.7% |
| Taxes | 450/3 | €13,240 | €31,566 | +€18,326 | +138.4% |
| Remuneration and social security | 454/9 | €1,627 | €2,288 | +€661 | +40.6% |
| Accrued charges and deferred income | 492/3 | - | €30,679 | +€30,679 | |
| Remuneration, social security and pensions | 62 | €9,765 | €76,771 | +€67,006 | +686.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €723 | €11,846 | +€11,123 | +1539.3% |
| Other operating charges | 640/8 | - | €61 | +€61 | |
| Gross operating margin | 9900 | €63,392 | €127,058 | +€63,666 | +100.4% |
| Operating profit (loss) | 9901 | €52,904 | €38,380 | -€14,524 | -27.5% |
| Financial income | 75/76B | €73 | €6,113 | +€6,040 | +8304.9% |
| Recurring financial income | 75 | €73 | €6,113 | +€6,040 | +8304.9% |
| Financial charges | 65/66B | €18 | €831 | +€813 | +4513.3% |
| Recurring financial charges | 65 | €18 | €831 | +€813 | +4513.3% |
| Profit (loss) for the period before taxes | 9903 | €52,959 | €43,662 | -€9,297 | -17.6% |
| Income taxes | 67/77 | €13,240 | €11,810 | -€1,430 | -10.8% |
| Profit (loss) for the period | 9904 | €39,719 | €31,852 | -€7,866 | -19.8% |
| Profit (loss) for the period to be appropriated | 9905 | €39,719 | €31,852 | -€7,866 | -19.8% |
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.