MSHL 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.
MSHL CONSTRUCT
Largest movements
- Receivables within one year +€82,196
up €82,196 (+151.7%), from €54,199 to €136,395
of which Trade receivables: +€83,124
- Tangible fixed assets +€7,697
up €7,697 (+3361.1%), from €229 to €7,926
of which Furniture and vehicles: +€7,452
- Cash -€7,203
down €7,203 (-42.6%), from €16,923 to €9,720
mainly Receivables within one year (-€82,196) and Trade debts (-€24,930)
- Deferred charges and accrued income -€5,233
down €5,233 (-50.8%), from €10,311 to €5,078
- Reserves +€50,000
up €50,000 (+416.7%), from €12,000 to €62,000
- Trade debts -€24,930
down €24,930 (-73.1%), from €34,117 to €9,187
- Tax, wage and social debts +€23,623
up €23,623 (+449.4%), from €5,257 to €28,880
- Other debts +€17,998
up €17,998 (+116.1%), from €15,507 to €33,505
- Profit (loss) carried forward +€10,766
up €10,766 (+911.6%), from €1,181 to €11,947
- Gross operating margin +€68,092
up €68,092 (+342.1%), from €19,903 to €87,995
- Taxes +€18,463
up €18,463 (+357.8%), from €5,160 to €23,623
- Depreciation +€2,254
up €2,254 (+819.6%), from €275 to €2,529
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €81,662 | €159,119 | +€77,457 | +94.9% |
| Fixed assets | 21/28 | €229 | €7,926 | +€7,697 | +3361.1% |
| Tangible fixed assets | 22/27 | €229 | €7,926 | +€7,697 | +3361.1% |
| Land and buildings | 22 | - | €245 | +€245 | |
| Furniture and vehicles | 24 | €229 | €7,681 | +€7,452 | +3254.1% |
| Current assets | 29/58 | €81,433 | €151,193 | +€69,760 | +85.7% |
| Amounts receivable within one year | 40/41 | €54,199 | €136,395 | +€82,196 | +151.7% |
| Trade receivables | 40 | €51,160 | €134,284 | +€83,124 | +162.5% |
| Other amounts receivable | 41 | €3,039 | €2,111 | -€928 | -30.5% |
| Cash at bank and in hand | 54/58 | €16,923 | €9,720 | -€7,203 | -42.6% |
| Deferred charges and accrued income | 490/1 | €10,311 | €5,078 | -€5,233 | -50.8% |
| Total equity and liabilities | 10/49 | €81,662 | €159,119 | +€77,457 | +94.9% |
| Equity | 10/15 | €26,781 | €87,547 | +€60,766 | +226.9% |
| Contributions | 10/11 | €13,600 | €13,600 | = | 0.0% |
| Capital | 10 | €13,600 | €13,600 | = | 0.0% |
| Issued capital | 100 | €18,600 | €18,600 | = | 0.0% |
| Uncalled capital | 101 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €12,000 | €62,000 | +€50,000 | +416.7% |
| Distributable reserves | 133 | €12,000 | €62,000 | +€50,000 | +416.7% |
| Profit (loss) carried forward | 14 | €1,181 | €11,947 | +€10,766 | +911.6% |
| Amounts payable | 17/49 | €54,881 | €71,572 | +€16,691 | +30.4% |
| Amounts payable within one year | 42/48 | €54,881 | €71,572 | +€16,691 | +30.4% |
| Trade debts | 44 | €34,117 | €9,187 | -€24,930 | -73.1% |
| Suppliers | 440/4 | €34,117 | €9,187 | -€24,930 | -73.1% |
| Taxes, remuneration and social security | 45 | €5,257 | €28,880 | +€23,623 | +449.4% |
| Taxes | 450/3 | €5,257 | €28,880 | +€23,623 | +449.4% |
| Other amounts payable | 47/48 | €15,507 | €33,505 | +€17,998 | +116.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €275 | €2,529 | +€2,254 | +819.6% |
| Other operating charges | 640/8 | €711 | €576 | -€135 | -19.0% |
| Gross operating margin | 9900 | €19,903 | €87,995 | +€68,092 | +342.1% |
| Operating profit (loss) | 9901 | €18,917 | €84,890 | +€65,973 | +348.7% |
| Financial income | 75/76B | €10 | €18 | +€8 | +80.0% |
| Recurring financial income | 75 | €10 | €18 | +€8 | +80.0% |
| Financial charges | 65/66B | €20 | €519 | +€499 | +2495.0% |
| Recurring financial charges | 65 | €20 | €519 | +€499 | +2495.0% |
| Profit (loss) for the period before taxes | 9903 | €18,907 | €84,389 | +€65,482 | +346.3% |
| Income taxes | 67/77 | €5,160 | €23,623 | +€18,463 | +357.8% |
| Profit (loss) for the period | 9904 | €13,747 | €60,766 | +€47,019 | +342.0% |
| Profit (loss) for the period to be appropriated | 9905 | €13,747 | €60,766 | +€47,019 | +342.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.