DE MAHONEY: 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 MAHONEY
Largest movements
- Stocks and contracts +€755,460
up €755,460 (+37.2%), from €2.0m to €2.8m
- Tangible fixed assets +€132,510
up €132,510 (+7.5%), from €1.8m to €1.9m
of which Furniture and vehicles: +€165,764
- Receivables within one year +€82,024
up €82,024 (+53.2%), from €154,152 to €236,176
of which Trade receivables: +€125,158
- Cash -€77,507
down €77,507 (-54.0%), from €143,466 to €65,959
mainly Stocks and contracts (-€755,460) and Investment in fixed assets (net) (-€394,757)
- Deferred charges and accrued income -€65,631
down €65,631 (-90.5%), from €72,503 to €6,873
- Trade debts +€613,060
up €613,060 (+134%), from €459,043 to €1.1m
- Other debts +€86,738
up €86,738 (+5.4%), from €1.6m to €1.7m
- Current portion of long-term debt +€60,340
up €60,340 (+24.1%), from €249,909 to €310,249
- Reserves +€57,254
up €57,254 (+10.6%), from €540,977 to €598,231
of which Distributable reserves: +€57,254
- Gross operating margin -€185,786
down €185,786 (-29.2%), from €635,973 to €450,187
- Depreciation -€80,807
down €80,807 (-22.9%), from €352,229 to €271,422
- Financial charges +€20,111
up €20,111 (+53.9%), from €37,278 to €57,389
- Staff costs -€16,831
down €16,831 (-24.3%), from €69,192 to €52,361
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 | €4,188,884 | €5,006,565 | +€817,681 | +19.5% |
| Fixed assets | 21/28 | €1,787,110 | €1,910,446 | +€123,335 | +6.9% |
| Intangible fixed assets | 21 | €1,439 | €1,214 | -€225 | -15.6% |
| Tangible fixed assets | 22/27 | €1,776,322 | €1,908,832 | +€132,510 | +7.5% |
| Land and buildings | 22 | €1,317,773 | €1,239,827 | -€77,947 | -5.9% |
| Plant, machinery and equipment | 23 | €304,904 | €385,995 | +€81,091 | +26.6% |
| Furniture and vehicles | 24 | €58,937 | €224,701 | +€165,764 | +281% |
| Leasing and similar rights | 25 | €94,707 | €58,309 | -€36,398 | -38.4% |
| Financial fixed assets | 28 | €9,350 | €400 | -€8,950 | -95.7% |
| Current assets | 29/58 | €2,401,773 | €3,096,119 | +€694,345 | +28.9% |
| Stocks and contracts in progress | 3 | €2,031,652 | €2,787,112 | +€755,460 | +37.2% |
| Stocks | 30/36 | €2,031,652 | €2,787,112 | +€755,460 | +37.2% |
| Amounts receivable within one year | 40/41 | €154,152 | €236,176 | +€82,024 | +53.2% |
| Trade receivables | 40 | €26,647 | €151,805 | +€125,158 | +470% |
| Other amounts receivable | 41 | €127,505 | €84,371 | -€43,134 | -33.8% |
| Cash at bank and in hand | 54/58 | €143,466 | €65,959 | -€77,507 | -54.0% |
| Deferred charges and accrued income | 490/1 | €72,503 | €6,873 | -€65,631 | -90.5% |
| Total equity and liabilities | 10/49 | €4,188,884 | €5,006,565 | +€817,681 | +19.5% |
| Equity | 10/15 | €559,577 | €616,831 | +€57,254 | +10.2% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €540,977 | €598,231 | +€57,254 | +10.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €1,912 | €1,912 | = | 0.0% |
| Distributable reserves | 133 | €537,205 | €594,459 | +€57,254 | +10.7% |
| Amounts payable | 17/49 | €3,629,307 | €4,389,734 | +€760,427 | +21.0% |
| Amounts payable after more than one year | 17 | €1,220,796 | €1,208,177 | -€12,618 | -1.0% |
| Financial debts | 170/4 | €1,220,796 | €1,208,177 | -€12,618 | -1.0% |
| Amounts payable within one year | 42/48 | €2,408,070 | €3,181,556 | +€773,486 | +32.1% |
| Current portion of amounts payable after more than one year | 42 | €249,909 | €310,249 | +€60,340 | +24.1% |
| Financial debts | 43 | €100,000 | €100,000 | = | 0.0% |
| Credit institutions | 430/8 | €100,000 | €100,000 | = | 0.0% |
| Trade debts | 44 | €459,043 | €1,072,104 | +€613,060 | +134% |
| Suppliers | 440/4 | €459,043 | €1,072,104 | +€613,060 | +134% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €6,163 | €19,510 | +€13,348 | +217% |
| Taxes | 450/3 | €242 | €10,123 | +€9,881 | +4,084% |
| Remuneration and social security | 454/9 | €5,921 | €9,387 | +€3,466 | +58.5% |
| Other amounts payable | 47/48 | €1,592,955 | €1,679,693 | +€86,738 | +5.4% |
| Accrued charges and deferred income | 492/3 | €441 | €0 | -€441 | -100% |
| Non-recurring operating income | 76A | €3,000 | €34,699 | +€31,699 | +1,057% |
| Remuneration, social security and pensions | 62 | €69,192 | €52,361 | -€16,831 | -24.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €352,229 | €271,422 | -€80,807 | -22.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | - | = | |
| Other operating charges | 640/8 | €9,480 | €8,745 | -€735 | -7.8% |
| Non-recurring operating charges | 66A | - | €917 | +€917 | |
| Gross operating margin | 9900 | €635,973 | €450,187 | -€185,786 | -29.2% |
| Operating profit (loss) | 9901 | €205,072 | €116,742 | -€88,330 | -43.1% |
| Financial income | 75/76B | €5,758 | €3,779 | -€1,978 | -34.4% |
| Recurring financial income | 75 | €5,758 | €3,779 | -€1,978 | -34.4% |
| Financial charges | 65/66B | €37,278 | €57,389 | +€20,111 | +53.9% |
| Recurring financial charges | 65 | €37,278 | €57,389 | +€20,111 | +53.9% |
| Profit (loss) for the period before taxes | 9903 | €173,552 | €63,133 | -€110,419 | -63.6% |
| Income taxes | 67/77 | €223 | €5,879 | +€5,656 | +2,541% |
| Profit (loss) for the period | 9904 | €173,330 | €57,254 | -€116,076 | -67.0% |
| Profit (loss) for the period to be appropriated | 9905 | €173,330 | €57,254 | -€116,076 | -67.0% |
Source: filed annual accounts (NBB), financial years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 26 October 2026 via checked.be.