Mihalache Construct: 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.
Mihalache Construct
Largest movements
- Tangible fixed assets -€11,124
down €11,124 (-92.8%), from €11,989 to €865
of which Furniture and vehicles: -€10,234
- Receivables within one year -€3,353
down €3,353 (-8.0%), from €41,892 to €38,539
of which Trade receivables: -€6,745
- Cash -€1,965
down €1,965 (-99.9%), from €1,967 to €2
mainly Net result for the year (-€19,515)
- Profit (loss) carried forward -€19,515
down €19,515 (-46.9%), from €41,588 to €22,073
- Trade debts +€3,073
new in 2025: €3,073
- Gross operating margin -€23,545
down €23,545, from €6,157 to -€17,387
- Depreciation -€2,183
down €2,183 (-62.3%), from €3,505 to €1,323
- Financial charges -€1,110
down €1,110 (-96.4%), from €1,152 to €42
- Other operating charges -€606
down €606 (-29.0%), from €2,089 to €1,483
- Financial income -€397
down €397 (-35.6%), from €1,117 to €720
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 | €55,848 | €39,406 | -€16,442 | -29.4% |
| Fixed assets | 21/28 | €11,989 | €865 | -€11,124 | -92.8% |
| Tangible fixed assets | 22/27 | €11,989 | €865 | -€11,124 | -92.8% |
| Plant, machinery and equipment | 23 | €1,651 | €762 | -€889 | -53.9% |
| Furniture and vehicles | 24 | €10,338 | €103 | -€10,234 | -99.0% |
| Current assets | 29/58 | €43,859 | €38,541 | -€5,318 | -12.1% |
| Amounts receivable within one year | 40/41 | €41,892 | €38,539 | -€3,353 | -8.0% |
| Trade receivables | 40 | €23,041 | €16,296 | -€6,745 | -29.3% |
| Other amounts receivable | 41 | €18,851 | €22,243 | +€3,392 | +18.0% |
| Cash at bank and in hand | 54/58 | €1,967 | €2 | -€1,965 | -99.9% |
| Total equity and liabilities | 10/49 | €55,848 | €39,406 | -€16,442 | -29.4% |
| Equity | 10/15 | €55,848 | €36,333 | -€19,515 | -34.9% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €1,860 | €1,860 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Profit (loss) carried forward | 14 | €41,588 | €22,073 | -€19,515 | -46.9% |
| Amounts payable | 17/49 | - | €3,073 | +€3,073 | |
| Amounts payable within one year | 42/48 | - | €3,073 | +€3,073 | |
| Trade debts | 44 | - | €3,073 | +€3,073 | |
| Suppliers | 440/4 | - | €3,073 | +€3,073 | |
| Non-recurring operating income | 76A | - | €199 | +€199 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,505 | €1,323 | -€2,183 | -62.3% |
| Other operating charges | 640/8 | €2,089 | €1,483 | -€606 | -29.0% |
| Gross operating margin | 9900 | €6,157 | -€17,387 | -€23,545 | |
| Operating profit (loss) | 9901 | €563 | -€20,193 | -€20,756 | |
| Financial income | 75/76B | €1,117 | €720 | -€397 | -35.6% |
| Recurring financial income | 75 | €1,117 | €720 | -€397 | -35.6% |
| Financial charges | 65/66B | €1,152 | €42 | -€1,110 | -96.4% |
| Recurring financial charges | 65 | €1,152 | €42 | -€1,110 | -96.4% |
| Profit (loss) for the period before taxes | 9903 | €529 | -€19,515 | -€20,044 | |
| Profit (loss) for the period | 9904 | €529 | -€19,515 | -€20,044 | |
| Profit (loss) for the period to be appropriated | 9905 | €529 | -€19,515 | -€20,044 |
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.