MIHALI 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.
MIHALI CONSTRUCT
Largest movements
- Cash -€15,497
down €15,497 (-45.4%), from €34,114 to €18,617
mainly Contributions, distributions and other (-€16,364) and Receivables within one year (-€1,900)
- Receivables within one year +€1,900
up €1,900 (+13.8%), from €13,791 to €15,691
of which Trade receivables: +€1,906
- Tangible fixed assets -€704
down €704 (-44.5%), from €1,581 to €877
of which Plant, machinery and equipment: -€622
- Reserves -€11,454
down €11,454 (-30.5%), from €37,500 to €26,045
- Tax, wage and social debts -€1,773
down €1,773 (-23.6%), from €7,516 to €5,743
of which Taxes: -€1,940
- Other debts -€999
no longer reported in 2025 (was €999)
- Gross operating margin -€5,909
down €5,909 (-16.6%), from €35,602 to €29,693
- Taxes -€1,885
down €1,885 (-41.9%), from €4,495 to €2,610
- Staff costs +€1,206
up €1,206 (+6.1%), from €19,638 to €20,844
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 | €52,475 | €38,423 | -€14,053 | -26.8% |
| Fixed assets | 21/28 | €3,081 | €2,377 | -€704 | -22.8% |
| Tangible fixed assets | 22/27 | €1,581 | €877 | -€704 | -44.5% |
| Plant, machinery and equipment | 23 | €1,499 | €877 | -€622 | -41.5% |
| Other tangible fixed assets | 26 | €82 | - | -€82 | |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €49,395 | €36,046 | -€13,349 | -27.0% |
| Amounts receivable within one year | 40/41 | €13,791 | €15,691 | +€1,900 | +13.8% |
| Trade receivables | 40 | €6,233 | €8,138 | +€1,906 | +30.6% |
| Other amounts receivable | 41 | €7,558 | €7,552 | -€6 | -0.1% |
| Cash at bank and in hand | 54/58 | €34,114 | €18,617 | -€15,497 | -45.4% |
| Deferred charges and accrued income | 490/1 | €1,491 | €1,739 | +€248 | +16.6% |
| Total equity and liabilities | 10/49 | €52,475 | €38,423 | -€14,053 | -26.8% |
| Equity | 10/15 | €43,700 | €32,245 | -€11,454 | -26.2% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €37,500 | €26,045 | -€11,454 | -30.5% |
| Distributable reserves | 133 | €37,500 | €26,045 | -€11,454 | -30.5% |
| Amounts payable | 17/49 | €8,776 | €6,178 | -€2,598 | -29.6% |
| Amounts payable within one year | 42/48 | €8,776 | €6,178 | -€2,598 | -29.6% |
| Trade debts | 44 | €261 | €435 | +€174 | +66.7% |
| Suppliers | 440/4 | €261 | €435 | +€174 | +66.7% |
| Taxes, remuneration and social security | 45 | €7,516 | €5,743 | -€1,773 | -23.6% |
| Taxes | 450/3 | €4,495 | €2,555 | -€1,940 | -43.2% |
| Remuneration and social security | 454/9 | €3,020 | €3,188 | +€167 | +5.5% |
| Other amounts payable | 47/48 | €999 | - | -€999 | |
| Remuneration, social security and pensions | 62 | €19,638 | €20,844 | +€1,206 | +6.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €473 | €704 | +€231 | +48.7% |
| Other operating charges | 640/8 | €981 | €853 | -€128 | -13.0% |
| Gross operating margin | 9900 | €35,602 | €29,693 | -€5,909 | -16.6% |
| Operating profit (loss) | 9901 | €14,509 | €7,292 | -€7,217 | -49.7% |
| Financial income | 75/76B | €366 | €386 | +€20 | +5.6% |
| Recurring financial income | 75 | €366 | €386 | +€20 | +5.6% |
| Financial charges | 65/66B | €177 | €158 | -€18 | -10.3% |
| Recurring financial charges | 65 | €177 | €158 | -€18 | -10.3% |
| Profit (loss) for the period before taxes | 9903 | €14,699 | €7,520 | -€7,179 | -48.8% |
| Income taxes | 67/77 | €4,495 | €2,610 | -€1,885 | -41.9% |
| Profit (loss) for the period | 9904 | €10,203 | €4,909 | -€5,294 | -51.9% |
| Profit (loss) for the period to be appropriated | 9905 | €10,203 | €4,909 | -€5,294 | -51.9% |
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.