MHEERSTAAL: 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.
MHEERSTAAL
Largest movements
- Cash +€8,612
up €8,612 (+40.8%), from €21,096 to €29,709
mainly Trade debts (+€51,799) and Net result for the year (+€8,688)
- Receivables within one year +€5,459
up €5,459 (+15.7%), from €34,708 to €40,167
of which Trade receivables: +€3,632
- Deferred charges and accrued income -€3,792
down €3,792 (-100%), from €3,792 to €0
- Trade debts +€51,799
up €51,799 (+1,836%), from €2,821 to €54,620
- Debts after one year -€50,000
down €50,000 (-100%), from €50,000 to €0
- Profit (loss) carried forward +€8,688
up €8,688 (+28.4%), from -€30,576 to -€21,888
- Gross operating margin -€2,270
down €2,270 (-15.6%), from €14,582 to €12,312
- Financial income -€1,776
down €1,776 (-83.5%), from €2,128 to €352
- Taxes -€1,134
down €1,134 (-26.0%), from €4,361 to €3,227
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 | €59,596 | €69,875 | +€10,279 | +17.2% |
| Current assets | 29/58 | €59,596 | €69,875 | +€10,279 | +17.2% |
| Amounts receivable within one year | 40/41 | €34,708 | €40,167 | +€5,459 | +15.7% |
| Trade receivables | 40 | €203 | €3,835 | +€3,632 | +1,787% |
| Other amounts receivable | 41 | €34,505 | €36,331 | +€1,827 | +5.3% |
| Cash at bank and in hand | 54/58 | €21,096 | €29,709 | +€8,612 | +40.8% |
| Deferred charges and accrued income | 490/1 | €3,792 | €0 | -€3,792 | -100% |
| Total equity and liabilities | 10/49 | €59,596 | €69,875 | +€10,279 | +17.2% |
| Equity | 10/15 | -€8,576 | €112 | +€8,688 | |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €2,000 | €2,000 | = | 0.0% |
| Distributable reserves | 133 | €2,000 | €2,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€30,576 | -€21,888 | +€8,688 | +28.4% |
| Amounts payable | 17/49 | €68,172 | €69,763 | +€1,591 | +2.3% |
| Amounts payable after more than one year | 17 | €50,000 | €0 | -€50,000 | -100% |
| Other amounts payable | 178/9 | €50,000 | €0 | -€50,000 | -100% |
| Amounts payable within one year | 42/48 | €18,172 | €69,763 | +€51,591 | +284% |
| Trade debts | 44 | €2,821 | €54,620 | +€51,799 | +1,836% |
| Suppliers | 440/4 | €2,821 | €54,620 | +€51,799 | +1,836% |
| Taxes, remuneration and social security | 45 | €11,879 | €11,672 | -€208 | -1.7% |
| Taxes | 450/3 | €11,879 | €11,672 | -€208 | -1.7% |
| Other amounts payable | 47/48 | €3,472 | €3,472 | = | 0.0% |
| Non-recurring operating income | 76A | - | €20,611 | +€20,611 | |
| Other operating charges | 640/8 | €623 | €520 | -€104 | -16.6% |
| Gross operating margin | 9900 | €14,582 | €12,312 | -€2,270 | -15.6% |
| Operating profit (loss) | 9901 | €13,958 | €11,793 | -€2,166 | -15.5% |
| Financial income | 75/76B | €2,128 | €352 | -€1,776 | -83.5% |
| Recurring financial income | 75 | €2,128 | €352 | -€1,776 | -83.5% |
| Financial charges | 65/66B | €140 | €228 | +€89 | +63.7% |
| Recurring financial charges | 65 | €140 | €228 | +€89 | +63.7% |
| Profit (loss) for the period before taxes | 9903 | €15,947 | €11,916 | -€4,031 | -25.3% |
| Income taxes | 67/77 | €4,361 | €3,227 | -€1,134 | -26.0% |
| Profit (loss) for the period | 9904 | €11,586 | €8,688 | -€2,898 | -25.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,586 | €8,688 | -€2,898 | -25.0% |
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 15 October 2026 via checked.be.