DE MAAIEN: 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.
DE MAAIEN
Largest movements
- Tangible fixed assets -€342,537
down €342,537 (-11.8%), from €2.9m to €2.6m
of which Land and buildings: -€331,774
- Stocks and contracts -€187,171
down €187,171 (-18.6%), from €1.0m to €817,057
- Cash +€154,970
up €154,970 (+137%), from €113,511 to €268,480
mainly Depreciation (+€381,006) and Stocks and contracts (+€187,171)
- Receivables within one year +€59,546
up €59,546 (+169%), from €35,151 to €94,698
of which Trade receivables: +€68,381
- Intangible fixed assets +€43,409
up €43,409 (+48,232,122%), from €0 to €43,409
- Debts after one year -€175,211
down €175,211 (-10.1%), from €1.7m to €1.6m
- Revaluation surpluses -€171,576
down €171,576 (-12.5%), from €1.4m to €1.2m
- Reserves +€171,576
up €171,576 (+36.4%), from €471,165 to €642,741
of which Distributable reserves: +€171,576
- Trade debts -€109,788
down €109,788 (-27.9%), from €393,531 to €283,744
- Staff costs -€19,169
down €19,169 (-100.0%), from €19,171 to €2
- Financial charges -€19,126
down €19,126 (-27.0%), from €70,865 to €51,738
- Gross operating margin +€8,878
up €8,878 (+2.0%), from €453,169 to €462,047
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 | €4,063,928 | €3,793,997 | -€269,931 | -6.6% |
| Fixed assets | 21/28 | €2,899,594 | €2,600,466 | -€299,128 | -10.3% |
| Intangible fixed assets | 21 | €0 | €43,409 | +€43,409 | +48,232,122% |
| Tangible fixed assets | 22/27 | €2,899,593 | €2,557,057 | -€342,537 | -11.8% |
| Land and buildings | 22 | €2,839,610 | €2,507,836 | -€331,774 | -11.7% |
| Plant, machinery and equipment | 23 | €59,984 | €49,220 | -€10,763 | -17.9% |
| Current assets | 29/58 | €1,164,334 | €1,193,531 | +€29,197 | +2.5% |
| Stocks and contracts in progress | 3 | €1,004,228 | €817,057 | -€187,171 | -18.6% |
| Stocks | 30/36 | €1,004,228 | €817,057 | -€187,171 | -18.6% |
| Amounts receivable within one year | 40/41 | €35,151 | €94,698 | +€59,546 | +169% |
| Trade receivables | 40 | €892 | €69,273 | +€68,381 | +7,666% |
| Other amounts receivable | 41 | €34,259 | €25,425 | -€8,834 | -25.8% |
| Cash at bank and in hand | 54/58 | €113,511 | €268,480 | +€154,970 | +137% |
| Deferred charges and accrued income | 490/1 | €11,444 | €13,296 | +€1,852 | +16.2% |
| Total equity and liabilities | 10/49 | €4,063,928 | €3,793,997 | -€269,931 | -6.6% |
| Equity | 10/15 | €1,098,044 | €1,104,408 | +€6,364 | +0.6% |
| Contributions | 10/11 | €525,000 | €525,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,372,605 | €1,201,029 | -€171,576 | -12.5% |
| Reserves | 13 | €471,165 | €642,741 | +€171,576 | +36.4% |
| Non-distributable reserves | 130/1 | €2,500 | €2,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,500 | €2,500 | = | 0.0% |
| Distributable reserves | 133 | €468,665 | €640,241 | +€171,576 | +36.6% |
| Profit (loss) carried forward | 14 | -€1,297,945 | -€1,282,540 | +€15,406 | +1.2% |
| Investment grants | 15 | €27,219 | €18,178 | -€9,041 | -33.2% |
| Provisions and deferred taxes | 16 | €1,433 | €957 | -€476 | -33.2% |
| Deferred taxes | 168 | €1,433 | €957 | -€476 | -33.2% |
| Amounts payable | 17/49 | €2,964,451 | €2,688,632 | -€275,819 | -9.3% |
| Amounts payable after more than one year | 17 | €1,728,599 | €1,553,388 | -€175,211 | -10.1% |
| Financial debts | 170/4 | €1,728,599 | €1,553,388 | -€175,211 | -10.1% |
| Amounts payable within one year | 42/48 | €1,235,852 | €1,135,243 | -€100,609 | -8.1% |
| Current portion of amounts payable after more than one year | 42 | €535,998 | €535,211 | -€788 | -0.1% |
| Trade debts | 44 | €393,531 | €283,744 | -€109,788 | -27.9% |
| Suppliers | 440/4 | €393,531 | €283,744 | -€109,788 | -27.9% |
| Taxes, remuneration and social security | 45 | €4,072 | €11,017 | +€6,944 | +171% |
| Taxes | 450/3 | €2,712 | €11,017 | +€8,304 | +306% |
| Remuneration and social security | 454/9 | €1,360 | €0 | -€1,360 | -100% |
| Other amounts payable | 47/48 | €302,250 | €305,273 | +€3,023 | +1.0% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €19,171 | €2 | -€19,169 | -100.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €385,615 | €381,006 | -€4,609 | -1.2% |
| Other operating charges | 640/8 | €10,720 | €13,919 | +€3,199 | +29.8% |
| Gross operating margin | 9900 | €453,169 | €462,047 | +€8,878 | +2.0% |
| Operating profit (loss) | 9901 | €37,663 | €67,120 | +€29,458 | +78.2% |
| Financial income | 75/76B | €0 | - | = | |
| Recurring financial income | 75 | €0 | - | = | |
| Financial charges | 65/66B | €70,865 | €51,738 | -€19,126 | -27.0% |
| Recurring financial charges | 65 | €70,865 | €51,738 | -€19,126 | -27.0% |
| Profit (loss) for the period before taxes | 9903 | -€33,202 | €15,382 | +€48,584 | |
| Transfer from deferred taxes | 780 | €1,428 | €476 | -€952 | -66.7% |
| Income taxes | 67/77 | €1,356 | €452 | -€904 | -66.7% |
| Profit (loss) for the period | 9904 | -€33,131 | €15,406 | +€48,536 | |
| Profit (loss) for the period to be appropriated | 9905 | -€33,131 | €15,406 | +€48,536 |
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 21 October 2026 via checked.be.