DE MAEYER: 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 MAEYER
Largest movements
- Tangible fixed assets -€32,389
down €32,389 (-5.6%), from €574,468 to €542,079
of which Land and buildings: -€47,970
- Reserves +€171,826
up €171,826 (+37.5%), from €458,353 to €630,179
of which Distributable reserves: +€171,826
- Other debts -€88,466
down €88,466 (-54.8%), from €161,394 to €72,928
- Debts after one year -€78,033
no longer reported in 2025 (was €78,033)
- Current portion of long-term debt -€64,837
no longer reported in 2025 (was €64,837)
- Trade debts +€19,754
up €19,754 (+16.0%), from €123,591 to €143,345
- Staff costs -€41,821
down €41,821 (-22.2%), from €188,022 to €146,201
- Gross operating margin +€15,687
up €15,687 (+3.5%), from €450,418 to €466,105
- Taxes +€13,836
up €13,836 (+29.7%), from €46,524 to €60,360
- Financial charges -€4,894
down €4,894 (-20.6%), from €23,812 to €18,918
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 | €1,105,231 | €1,068,145 | -€37,087 | -3.4% |
| Fixed assets | 21/28 | €574,468 | €542,079 | -€32,389 | -5.6% |
| Tangible fixed assets | 22/27 | €574,468 | €542,079 | -€32,389 | -5.6% |
| Land and buildings | 22 | €496,818 | €448,848 | -€47,970 | -9.7% |
| Plant, machinery and equipment | 23 | €56,786 | €68,688 | +€11,902 | +21.0% |
| Furniture and vehicles | 24 | €20,864 | €24,543 | +€3,679 | +17.6% |
| Current assets | 29/58 | €530,763 | €526,065 | -€4,698 | -0.9% |
| Stocks and contracts in progress | 3 | €250,966 | €243,797 | -€7,169 | -2.9% |
| Stocks | 30/36 | €250,966 | €243,797 | -€7,169 | -2.9% |
| Amounts receivable within one year | 40/41 | €189,036 | €188,878 | -€159 | -0.1% |
| Trade receivables | 40 | €175,271 | €183,399 | +€8,128 | +4.6% |
| Other amounts receivable | 41 | €13,766 | €5,479 | -€8,287 | -60.2% |
| Cash at bank and in hand | 54/58 | €78,689 | €74,649 | -€4,040 | -5.1% |
| Deferred charges and accrued income | 490/1 | €12,071 | €18,742 | +€6,671 | +55.3% |
| Total equity and liabilities | 10/49 | €1,105,231 | €1,068,145 | -€37,087 | -3.4% |
| Equity | 10/15 | €631,878 | €803,704 | +€171,826 | +27.2% |
| Contributions | 10/11 | €173,525 | €173,525 | = | 0.0% |
| Reserves | 13 | €458,353 | €630,179 | +€171,826 | +37.5% |
| Tax-exempt reserves | 132 | €4,665 | €4,665 | = | 0.0% |
| Distributable reserves | 133 | €453,688 | €625,513 | +€171,826 | +37.9% |
| Amounts payable | 17/49 | €473,353 | €264,441 | -€208,912 | -44.1% |
| Amounts payable after more than one year | 17 | €78,033 | - | -€78,033 | |
| Financial debts | 170/4 | €78,033 | - | -€78,033 | |
| Amounts payable within one year | 42/48 | €386,221 | €253,541 | -€132,680 | -34.4% |
| Current portion of amounts payable after more than one year | 42 | €64,837 | - | -€64,837 | |
| Financial debts | 43 | €18,594 | €18,505 | -€89 | -0.5% |
| Credit institutions | 430/8 | €18,594 | €18,505 | -€89 | -0.5% |
| Trade debts | 44 | €123,591 | €143,345 | +€19,754 | +16.0% |
| Suppliers | 440/4 | €123,591 | €143,345 | +€19,754 | +16.0% |
| Taxes, remuneration and social security | 45 | €17,805 | €18,763 | +€958 | +5.4% |
| Remuneration and social security | 454/9 | €17,805 | €18,763 | +€958 | +5.4% |
| Other amounts payable | 47/48 | €161,394 | €72,928 | -€88,466 | -54.8% |
| Accrued charges and deferred income | 492/3 | €9,099 | €10,900 | +€1,801 | +19.8% |
| Remuneration, social security and pensions | 62 | €188,022 | €146,201 | -€41,821 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €67,016 | €70,378 | +€3,361 | +5.0% |
| Other operating charges | 640/8 | €2,206 | €1,627 | -€579 | -26.3% |
| Gross operating margin | 9900 | €450,418 | €466,105 | +€15,687 | +3.5% |
| Operating profit (loss) | 9901 | €193,173 | €247,900 | +€54,726 | +28.3% |
| Financial income | 75/76B | €4,476 | €3,204 | -€1,272 | -28.4% |
| Recurring financial income | 75 | €4,476 | €3,204 | -€1,272 | -28.4% |
| Financial charges | 65/66B | €23,812 | €18,918 | -€4,894 | -20.6% |
| Recurring financial charges | 65 | €23,812 | €18,918 | -€4,894 | -20.6% |
| Profit (loss) for the period before taxes | 9903 | €173,837 | €232,186 | +€58,349 | +33.6% |
| Income taxes | 67/77 | €46,524 | €60,360 | +€13,836 | +29.7% |
| Profit (loss) for the period | 9904 | €127,313 | €171,826 | +€44,513 | +35.0% |
| Profit (loss) for the period to be appropriated | 9905 | €127,313 | €171,826 | +€44,513 | +35.0% |
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 12 October 2026 via checked.be.