MHM 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.
MHM construct
Largest movements
- Receivables within one year +€103,264
up €103,264 (+620.2%), from €16,651 to €119,915
of which Trade receivables: +€89,647
- Tangible fixed assets +€10,847
up €10,847 (+56.4%), from €19,234 to €30,082
of which Furniture and vehicles: +€13,331
- Stocks and contracts +€10,250
up €10,250 (+31.5%), from €32,552 to €42,802
- Cash +€9,964
up €9,964 (+1565.1%), from €637 to €10,601
mainly Trade debts (+€65,723) and Other debts (+€50,636)
- Trade debts +€65,723
up €65,723 (+248.9%), from €26,409 to €92,131
- Other debts +€50,636
up €50,636 (+835.3%), from €6,062 to €56,698
- Short-term financial debts +€10,383
up €10,383 (+70.7%), from €14,675 to €25,058
- Profit (loss) carried forward +€9,153
up €9,153 (+3239.9%), from €283 to €9,436
- Gross operating margin +€98,964
up €98,964 (+89.7%), from €110,276 to €209,240
- Staff costs +€88,069
up €88,069 (+98.2%), from €89,688 to €177,758
- Other operating charges -€4,640
down €4,640 (-74.9%), from €6,192 to €1,552
- Financial charges +€3,780
up €3,780 (+65.5%), from €5,768 to €9,547
- Depreciation +€2,168
up €2,168 (+26.9%), from €8,060 to €10,228
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 | €72,110 | €207,640 | +€135,530 | +187.9% |
| Fixed assets | 21/28 | €19,638 | €30,486 | +€10,847 | +55.2% |
| Tangible fixed assets | 22/27 | €19,234 | €30,082 | +€10,847 | +56.4% |
| Plant, machinery and equipment | 23 | €8,197 | €6,026 | -€2,171 | -26.5% |
| Furniture and vehicles | 24 | €9,832 | €23,163 | +€13,331 | +135.6% |
| Other tangible fixed assets | 26 | €1,205 | €892 | -€313 | -26.0% |
| Financial fixed assets | 28 | €404 | €404 | = | 0.0% |
| Current assets | 29/58 | €52,472 | €177,154 | +€124,682 | +237.6% |
| Stocks and contracts in progress | 3 | €32,552 | €42,802 | +€10,250 | +31.5% |
| Stocks | 30/36 | €32,552 | €42,802 | +€10,250 | +31.5% |
| Amounts receivable within one year | 40/41 | €16,651 | €119,915 | +€103,264 | +620.2% |
| Trade receivables | 40 | €13,934 | €103,582 | +€89,647 | +643.3% |
| Other amounts receivable | 41 | €2,717 | €16,334 | +€13,617 | +501.2% |
| Cash at bank and in hand | 54/58 | €637 | €10,601 | +€9,964 | +1565.1% |
| Deferred charges and accrued income | 490/1 | €2,632 | €3,836 | +€1,204 | +45.7% |
| Total equity and liabilities | 10/49 | €72,110 | €207,640 | +€135,530 | +187.9% |
| Equity | 10/15 | €5,283 | €14,436 | +€9,153 | +173.3% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €283 | €9,436 | +€9,153 | +3239.9% |
| Amounts payable | 17/49 | €66,828 | €193,204 | +€126,376 | +189.1% |
| Amounts payable within one year | 42/48 | €66,828 | €193,204 | +€126,376 | +189.1% |
| Financial debts | 43 | €14,675 | €25,058 | +€10,383 | +70.7% |
| Credit institutions | 430/8 | €14,675 | €25,058 | +€10,383 | +70.7% |
| Trade debts | 44 | €26,409 | €92,131 | +€65,723 | +248.9% |
| Suppliers | 440/4 | €26,409 | €92,131 | +€65,723 | +248.9% |
| Taxes, remuneration and social security | 45 | €19,681 | €19,316 | -€365 | -1.9% |
| Taxes | 450/3 | €1,764 | €2,217 | +€453 | +25.7% |
| Remuneration and social security | 454/9 | €17,918 | €17,100 | -€818 | -4.6% |
| Other amounts payable | 47/48 | €6,062 | €56,698 | +€50,636 | +835.3% |
| Remuneration, social security and pensions | 62 | €89,688 | €177,758 | +€88,069 | +98.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,060 | €10,228 | +€2,168 | +26.9% |
| Other operating charges | 640/8 | €6,192 | €1,552 | -€4,640 | -74.9% |
| Gross operating margin | 9900 | €110,276 | €209,240 | +€98,964 | +89.7% |
| Operating profit (loss) | 9901 | €6,336 | €19,702 | +€13,366 | +211.0% |
| Financial charges | 65/66B | €5,768 | €9,547 | +€3,780 | +65.5% |
| Recurring financial charges | 65 | €5,768 | €9,547 | +€3,780 | +65.5% |
| Profit (loss) for the period before taxes | 9903 | €568 | €10,155 | +€9,587 | +1686.8% |
| Income taxes | 67/77 | €286 | €169 | -€117 | -41.0% |
| Profit (loss) for the period | 9904 | €283 | €9,986 | +€9,704 | +3434.8% |
| Profit (loss) for the period to be appropriated | 9905 | €283 | €9,986 | +€9,704 | +3434.8% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 September 2026 via checked.be.