MH PROJECTS: 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.
MH PROJECTS
Largest movements
- Receivables within one year +€111,656
up €111,656 (+50.8%), from €219,869 to €331,526
of which Other amounts receivable: +€77,700
- Deferred charges and accrued income -€37,903
down €37,903 (-91.7%), from €41,342 to €3,439
- Tangible fixed assets -€37,283
down €37,283 (-5.9%), from €628,418 to €591,136
of which Furniture and vehicles: -€43,354
- Other debts +€42,411
up €42,411 (+13.5%), from €313,173 to €355,584
- Debts after one year -€16,981
down €16,981 (-4.4%), from €384,664 to €367,683
of which Financial debts: -€15,781
- Gross operating margin +€44,918
up €44,918 (+43.3%), from €103,655 to €148,573
- Depreciation -€10,125
down €10,125 (-27.1%), from €37,335 to €27,210
- Financial charges -€4,129
down €4,129 (-11.9%), from €34,815 to €30,686
- Other operating charges -€3,735
down €3,735 (-44.0%), from €8,489 to €4,754
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 | €906,910 | €943,445 | +€36,535 | +4.0% |
| Fixed assets | 21/28 | €630,668 | €593,386 | -€37,283 | -5.9% |
| Tangible fixed assets | 22/27 | €628,418 | €591,136 | -€37,283 | -5.9% |
| Land and buildings | 22 | €533,159 | €539,230 | +€6,071 | +1.1% |
| Furniture and vehicles | 24 | €95,259 | €51,905 | -€43,354 | -45.5% |
| Financial fixed assets | 28 | €2,250 | €2,250 | = | 0.0% |
| Current assets | 29/58 | €276,242 | €350,060 | +€73,818 | +26.7% |
| Amounts receivable within one year | 40/41 | €219,869 | €331,526 | +€111,656 | +50.8% |
| Trade receivables | 40 | €27,104 | €61,060 | +€33,956 | +125% |
| Other amounts receivable | 41 | €192,765 | €270,466 | +€77,700 | +40.3% |
| Cash at bank and in hand | 54/58 | €15,030 | €15,095 | +€65 | +0.4% |
| Deferred charges and accrued income | 490/1 | €41,342 | €3,439 | -€37,903 | -91.7% |
| Total equity and liabilities | 10/49 | €906,910 | €943,445 | +€36,535 | +4.0% |
| Equity | 10/15 | €156,039 | €164,121 | +€8,082 | +5.2% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €114,040 | €114,040 | = | 0.0% |
| Distributable reserves | 133 | €114,040 | €114,040 | = | 0.0% |
| Profit (loss) carried forward | 14 | €29,599 | €37,681 | +€8,082 | +27.3% |
| Amounts payable | 17/49 | €750,871 | €779,325 | +€28,453 | +3.8% |
| Amounts payable after more than one year | 17 | €384,664 | €367,683 | -€16,981 | -4.4% |
| Financial debts | 170/4 | €383,464 | €367,683 | -€15,781 | -4.1% |
| Other amounts payable | 178/9 | €1,200 | - | -€1,200 | |
| Amounts payable within one year | 42/48 | €343,366 | €392,239 | +€48,874 | +14.2% |
| Current portion of amounts payable after more than one year | 42 | €17,230 | €17,746 | +€515 | +3.0% |
| Trade debts | 44 | €5,446 | €8,293 | +€2,848 | +52.3% |
| Suppliers | 440/4 | €5,446 | €8,293 | +€2,848 | +52.3% |
| Taxes, remuneration and social security | 45 | €7,516 | €10,616 | +€3,100 | +41.2% |
| Taxes | 450/3 | €7,516 | €10,616 | +€3,100 | +41.2% |
| Other amounts payable | 47/48 | €313,173 | €355,584 | +€42,411 | +13.5% |
| Accrued charges and deferred income | 492/3 | €22,842 | €19,402 | -€3,440 | -15.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,335 | €27,210 | -€10,125 | -27.1% |
| Other operating charges | 640/8 | €8,489 | €4,754 | -€3,735 | -44.0% |
| Gross operating margin | 9900 | €103,655 | €148,573 | +€44,918 | +43.3% |
| Operating profit (loss) | 9901 | €57,831 | €116,609 | +€58,777 | +102% |
| Financial income | 75/76B | €3 | €3 | -€1 | -14.7% |
| Recurring financial income | 75 | €3 | €3 | -€1 | -14.7% |
| Financial charges | 65/66B | €34,815 | €30,686 | -€4,129 | -11.9% |
| Recurring financial charges | 65 | €34,815 | €30,686 | -€4,129 | -11.9% |
| Profit (loss) for the period before taxes | 9903 | €23,020 | €85,926 | +€62,906 | +273% |
| Income taxes | 67/77 | €1,486 | €2,844 | +€1,358 | +91.4% |
| Profit (loss) for the period | 9904 | €21,534 | €83,082 | +€61,548 | +286% |
| Profit (loss) for the period to be appropriated | 9905 | €21,534 | €83,082 | +€61,548 | +286% |
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 14 October 2026 via checked.be.