MIHOLD PROJECT: 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.
What changed
MIHOLD PROJECT
NACE 70.200, Business and other management consultancy
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€18,527
2024 · €16,784+€1,743
Equity
€2.4m
2024 · €2.4m+€18,527
Cash
€59,456
2024 · €34,147+€25,309
Balance sheet total
€5.2m
2024 · €6.4m-€1.2m
Largest movements
Assets
- Stocks and contracts -€970,780
down €970,780 (-76.2%), from €1.3m to €303,459
of which Stocks: -€970,780
- Receivables within one year -€250,565
down €250,565 (-34.0%), from €736,403 to €485,837
of which Other amounts receivable: -€185,467
Equity and liabilities
- Debts after one year -€919,459
down €919,459 (-78.0%), from €1.2m to €258,850
- Other debts -€226,091
down €226,091 (-8.6%), from €2.6m to €2.4m
- Short-term financial debts -€70,000
no longer reported in 2025 (was €70,000)
Income statement
- Financial charges -€8,455
down €8,455 (-30.5%), from €27,679 to €19,224
- Gross operating margin -€7,155
down €7,155 (-9.3%), from €76,726 to €69,571
- Taxes -€1,352
down €1,352 (-18.1%), from €7,477 to €6,125
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.
Result 2024
€16,784
Gross operating margin
-€7,155
Other operating charges
-€730
Financial income
-€180
Financial charges
+€8,455
Taxes
+€1,352
Result 2025
€18,527
raises the resultlowers the result
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.
From operations
+€1.0m
Investment
€0
Financing
-€991,197
Cash 2024
€34,147
From operations (derived)
+€1.0m
Net result for the year
+€18,527
Depreciation
+€16,920
Stocks and contracts
+€970,780
Receivables within one year
+€250,565
Deferred charges and accrued income
+€2,730
Trade debts
-€21,367
Tax, wage and social debts
+€3,966
Other debts
-€226,091
Accrued charges and deferred income
+€474
Financing
-€991,197
Debts after one year
-€919,459
Current portion of long-term debt
-€1,738
Short-term financial debts
-€70,000
Cash 2025
€59,456
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €6,445,599 | €5,229,911 | -€1.2m | -18.9% |
| Fixed assets | 21/28 | €4,382,949 | €4,366,029 | -€16,920 | -0.4% |
| Tangible fixed assets | 22/27 | €857,949 | €841,029 | -€16,920 | -2.0% |
| Land and buildings | 22 | €857,480 | €840,857 | -€16,623 | -1.9% |
| Plant, machinery and equipment | 23 | €469 | €172 | -€297 | -63.4% |
| Financial fixed assets | 28 | €3,525,000 | €3,525,000 | = | 0.0% |
| Current assets | 29/58 | €2,062,650 | €863,883 | -€1.2m | -58.1% |
| Stocks and contracts in progress | 3 | €1,274,239 | €303,459 | -€970,780 | -76.2% |
| Stocks | 30/36 | €1,266,239 | €295,459 | -€970,780 | -76.7% |
| Contracts in progress | 37 | €8,000 | €8,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €736,403 | €485,837 | -€250,565 | -34.0% |
| Trade receivables | 40 | €113,159 | €48,061 | -€65,098 | -57.5% |
| Other amounts receivable | 41 | €623,244 | €437,776 | -€185,467 | -29.8% |
| Cash at bank and in hand | 54/58 | €34,147 | €59,456 | +€25,309 | +74.1% |
| Deferred charges and accrued income | 490/1 | €17,860 | €15,130 | -€2,730 | -15.3% |
| Total equity and liabilities | 10/49 | €6,445,599 | €5,229,911 | -€1.2m | -18.9% |
| Equity | 10/15 | €2,429,644 | €2,448,171 | +€18,527 | +0.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | - | €62,000 | +€62,000 | |
| Issued capital | 100 | - | €62,000 | +€62,000 | |
| Revaluation surpluses | 12 | €1,950,772 | €1,950,772 | = | 0.0% |
| Reserves | 13 | €416,872 | €435,399 | +€18,527 | +4.4% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | - | €6,200 | +€6,200 | |
| Other | 1319 | €6,200 | - | -€6,200 | |
| Distributable reserves | 133 | €410,672 | €429,199 | +€18,527 | +4.5% |
| Amounts payable | 17/49 | €4,015,955 | €2,781,741 | -€1.2m | -30.7% |
| Amounts payable after more than one year | 17 | €1,178,309 | €258,850 | -€919,459 | -78.0% |
| Financial debts | 170/4 | €1,178,309 | €258,850 | -€919,459 | -78.0% |
| Amounts payable within one year | 42/48 | €2,834,946 | €2,519,717 | -€315,229 | -11.1% |
| Current portion of amounts payable after more than one year | 42 | €43,893 | €42,155 | -€1,738 | -4.0% |
| Financial debts | 43 | €70,000 | - | -€70,000 | |
| Credit institutions | 430/8 | €70,000 | - | -€70,000 | |
| Trade debts | 44 | €59,453 | €38,086 | -€21,367 | -35.9% |
| Suppliers | 440/4 | €59,453 | €38,086 | -€21,367 | -35.9% |
| Taxes, remuneration and social security | 45 | €19,532 | €23,498 | +€3,966 | +20.3% |
| Taxes | 450/3 | €19,532 | €23,498 | +€3,966 | +20.3% |
| Other amounts payable | 47/48 | €2,642,068 | €2,415,977 | -€226,091 | -8.6% |
| Accrued charges and deferred income | 492/3 | €2,700 | €3,174 | +€474 | +17.6% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,920 | €16,920 | = | 0.0% |
| Other operating charges | 640/8 | €8,046 | €8,776 | +€730 | +9.1% |
| Gross operating margin | 9900 | €76,726 | €69,571 | -€7,155 | -9.3% |
| Operating profit (loss) | 9901 | €51,759 | €43,875 | -€7,885 | -15.2% |
| Financial income | 75/76B | €180 | €1 | -€180 | -99.7% |
| Recurring financial income | 75 | €180 | €1 | -€180 | -99.7% |
| Financial charges | 65/66B | €27,679 | €19,224 | -€8,455 | -30.5% |
| Recurring financial charges | 65 | €27,679 | €19,224 | -€8,455 | -30.5% |
| Profit (loss) for the period before taxes | 9903 | €24,261 | €24,652 | +€391 | +1.6% |
| Income taxes | 67/77 | €7,477 | €6,125 | -€1,352 | -18.1% |
| Profit (loss) for the period | 9904 | €16,784 | €18,527 | +€1,743 | +10.4% |
| Profit (loss) for the period to be appropriated | 9905 | €16,784 | €18,527 | +€1,743 | +10.4% |
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.