PROJECTS MH: 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.
PROJECTS MH
Largest movements
- Receivables within one year +€4,524
up €4,524 (+21.4%), from €21,145 to €25,669
of which Trade receivables: +€4,046
- Tangible fixed assets +€2,716
up €2,716 (+4.4%), from €61,440 to €64,156
of which Furniture and vehicles: +€1,782
- Cash -€1,242
down €1,242 (-6.5%), from €19,028 to €17,785
mainly Investment in fixed assets (net) (-€30,550) and Debts after one year (-€15,433)
- Debts after one year -€15,433
down €15,433 (-40.4%), from €38,200 to €22,766
- Other debts +€13,244
up €13,244 (+5218.3%), from €254 to €13,498
- Reserves +€7,576
up €7,576 (+24.3%), from €31,198 to €38,774
- Tax, wage and social debts +€2,729
up €2,729 (+24.5%), from €11,149 to €13,877
of which Remuneration and social security: +€2,405
- Trade debts -€2,566
down €2,566 (-53.1%), from €4,835 to €2,268
- Gross operating margin -€9,445
down €9,445 (-18.8%), from €50,257 to €40,811
- Depreciation +€8,404
up €8,404 (+43.3%), from €19,429 to €27,834
- Taxes -€3,978
down €3,978 (-55.0%), from €7,234 to €3,255
- Financial charges +€710
up €710 (+170.6%), from €416 to €1,126
- Other operating charges +€509
up €509 (+75.8%), from €671 to €1,180
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 | €102,068 | €108,373 | +€6,305 | +6.2% |
| Fixed assets | 21/28 | €61,890 | €64,606 | +€2,716 | +4.4% |
| Tangible fixed assets | 22/27 | €61,440 | €64,156 | +€2,716 | +4.4% |
| Plant, machinery and equipment | 23 | €5,013 | €6,099 | +€1,086 | +21.7% |
| Furniture and vehicles | 24 | €55,199 | €56,981 | +€1,782 | +3.2% |
| Other tangible fixed assets | 26 | €1,228 | €1,076 | -€151 | -12.3% |
| Financial fixed assets | 28 | €450 | €450 | = | 0.0% |
| Current assets | 29/58 | €40,178 | €43,767 | +€3,589 | +8.9% |
| Amounts receivable within one year | 40/41 | €21,145 | €25,669 | +€4,524 | +21.4% |
| Trade receivables | 40 | €21,128 | €25,174 | +€4,046 | +19.1% |
| Other amounts receivable | 41 | €17 | €495 | +€478 | +2857.8% |
| Cash at bank and in hand | 54/58 | €19,028 | €17,785 | -€1,242 | -6.5% |
| Deferred charges and accrued income | 490/1 | €6 | €313 | +€307 | +5052.1% |
| Total equity and liabilities | 10/49 | €102,068 | €108,373 | +€6,305 | +6.2% |
| Equity | 10/15 | €32,198 | €39,774 | +€7,576 | +23.5% |
| Contributions | 10/11 | €1,000 | €1,000 | = | 0.0% |
| Reserves | 13 | €31,198 | €38,774 | +€7,576 | +24.3% |
| Distributable reserves | 133 | €31,198 | €38,774 | +€7,576 | +24.3% |
| Amounts payable | 17/49 | €69,870 | €68,599 | -€1,271 | -1.8% |
| Amounts payable after more than one year | 17 | €38,200 | €22,766 | -€15,433 | -40.4% |
| Financial debts | 170/4 | €38,200 | €22,766 | -€15,433 | -40.4% |
| Amounts payable within one year | 42/48 | €31,670 | €45,077 | +€13,407 | +42.3% |
| Current portion of amounts payable after more than one year | 42 | €15,433 | €15,433 | = | 0.0% |
| Trade debts | 44 | €4,835 | €2,268 | -€2,566 | -53.1% |
| Suppliers | 440/4 | €4,835 | €2,268 | -€2,566 | -53.1% |
| Taxes, remuneration and social security | 45 | €11,149 | €13,877 | +€2,729 | +24.5% |
| Taxes | 450/3 | €11,149 | €11,473 | +€324 | +2.9% |
| Remuneration and social security | 454/9 | - | €2,405 | +€2,405 | |
| Other amounts payable | 47/48 | €254 | €13,498 | +€13,244 | +5218.3% |
| Accrued charges and deferred income | 492/3 | - | €756 | +€756 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,429 | €27,834 | +€8,404 | +43.3% |
| Other operating charges | 640/8 | €671 | €1,180 | +€509 | +75.8% |
| Gross operating margin | 9900 | €50,257 | €40,811 | -€9,445 | -18.8% |
| Operating profit (loss) | 9901 | €30,156 | €11,798 | -€18,358 | -60.9% |
| Financial income | 75/76B | €130 | €159 | +€29 | +22.4% |
| Recurring financial income | 75 | €130 | €159 | +€29 | +22.4% |
| Financial charges | 65/66B | €416 | €1,126 | +€710 | +170.6% |
| Recurring financial charges | 65 | €416 | €1,126 | +€710 | +170.6% |
| Profit (loss) for the period before taxes | 9903 | €29,870 | €10,831 | -€19,039 | -63.7% |
| Income taxes | 67/77 | €7,234 | €3,255 | -€3,978 | -55.0% |
| Profit (loss) for the period | 9904 | €22,637 | €7,576 | -€15,060 | -66.5% |
| Profit (loss) for the period to be appropriated | 9905 | €22,637 | €7,576 | -€15,060 | -66.5% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 6 October 2026 via checked.be.