EDM MAHIEU: 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.
EDM MAHIEU
Largest movements
- Cash +€20,148
up €20,148 (+25.8%), from €77,999 to €98,147
mainly Trade debts (+€27,254) and Net result for the year (+€14,600)
- Tangible fixed assets +€18,296
up €18,296 (+43.1%), from €42,433 to €60,728
of which Land and buildings: +€29,106
- Receivables within one year +€17,626
up €17,626 (+51.7%), from €34,070 to €51,696
of which Trade receivables: +€17,481
- Stocks and contracts -€9,612
down €9,612 (-24.4%), from €39,353 to €29,741
- Trade debts +€27,254
up €27,254 (+155%), from €17,572 to €44,826
- Reserves +€14,600
up €14,600 (+11.5%), from €127,384 to €141,984
of which Distributable reserves: +€14,600
- Accrued charges and deferred income +€10,838
up €10,838 (+1,357%), from €799 to €11,637
- Tax, wage and social debts +€4,457
up €4,457 (+533%), from €837 to €5,294
of which Taxes: +€2,957
- Debts after one year -€4,445
down €4,445 (-47.8%), from €9,289 to €4,845
- Depreciation -€8,457
down €8,457 (-39.0%), from €21,661 to €13,204
- Gross operating margin +€8,035
up €8,035 (+29.1%), from €27,604 to €35,640
- Taxes +€3,077
up €3,077 (+7,098%), from €43 to €3,120
- Financial income +€464
up €464 (+209%), from €222 to €685
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 | €194,372 | €241,204 | +€46,833 | +24.1% |
| Fixed assets | 21/28 | €42,433 | €60,728 | +€18,296 | +43.1% |
| Intangible fixed assets | 21 | €0 | - | = | |
| Tangible fixed assets | 22/27 | €42,433 | €60,728 | +€18,296 | +43.1% |
| Land and buildings | 22 | €18,646 | €47,753 | +€29,106 | +156% |
| Plant, machinery and equipment | 23 | €17,830 | €11,936 | -€5,894 | -33.1% |
| Furniture and vehicles | 24 | €5,957 | €1,040 | -€4,917 | -82.5% |
| Current assets | 29/58 | €151,939 | €180,476 | +€28,537 | +18.8% |
| Stocks and contracts in progress | 3 | €39,353 | €29,741 | -€9,612 | -24.4% |
| Stocks | 30/36 | €39,353 | €29,741 | -€9,612 | -24.4% |
| Amounts receivable within one year | 40/41 | €34,070 | €51,696 | +€17,626 | +51.7% |
| Trade receivables | 40 | €32,896 | €50,377 | +€17,481 | +53.1% |
| Other amounts receivable | 41 | €1,174 | €1,320 | +€146 | +12.4% |
| Cash at bank and in hand | 54/58 | €77,999 | €98,147 | +€20,148 | +25.8% |
| Deferred charges and accrued income | 490/1 | €517 | €891 | +€374 | +72.4% |
| Total equity and liabilities | 10/49 | €194,372 | €241,204 | +€46,833 | +24.1% |
| Equity | 10/15 | €147,384 | €161,984 | +€14,600 | +9.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €127,384 | €141,984 | +€14,600 | +11.5% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €0 | -€2,000 | -100% |
| Other | 1319 | - | €2,000 | +€2,000 | |
| Tax-exempt reserves | 132 | €53,403 | €53,403 | = | 0.0% |
| Distributable reserves | 133 | €71,982 | €86,581 | +€14,600 | +20.3% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €46,987 | €79,220 | +€32,233 | +68.6% |
| Amounts payable after more than one year | 17 | €9,289 | €4,845 | -€4,445 | -47.8% |
| Financial debts | 170/4 | €9,289 | €4,845 | -€4,445 | -47.8% |
| Amounts payable within one year | 42/48 | €36,899 | €62,738 | +€25,839 | +70.0% |
| Current portion of amounts payable after more than one year | 42 | €8,169 | €4,445 | -€3,724 | -45.6% |
| Trade debts | 44 | €17,572 | €44,826 | +€27,254 | +155% |
| Suppliers | 440/4 | €17,572 | €44,826 | +€27,254 | +155% |
| Taxes, remuneration and social security | 45 | €837 | €5,294 | +€4,457 | +533% |
| Taxes | 450/3 | €837 | €3,794 | +€2,957 | +353% |
| Remuneration and social security | 454/9 | €0 | €1,500 | +€1,500 | |
| Other amounts payable | 47/48 | €10,321 | €8,174 | -€2,147 | -20.8% |
| Accrued charges and deferred income | 492/3 | €799 | €11,637 | +€10,838 | +1,357% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €21,661 | €13,204 | -€8,457 | -39.0% |
| Other operating charges | 640/8 | €3,546 | €3,548 | +€2 | +0.1% |
| Gross operating margin | 9900 | €27,604 | €35,640 | +€8,035 | +29.1% |
| Operating profit (loss) | 9901 | €2,397 | €18,888 | +€16,491 | +688% |
| Financial income | 75/76B | €222 | €685 | +€464 | +209% |
| Recurring financial income | 75 | €222 | €685 | +€464 | +209% |
| Financial charges | 65/66B | €2,142 | €1,854 | -€289 | -13.5% |
| Recurring financial charges | 65 | €2,142 | €1,854 | -€289 | -13.5% |
| Profit (loss) for the period before taxes | 9903 | €477 | €17,720 | +€17,243 | +3,616% |
| Income taxes | 67/77 | €43 | €3,120 | +€3,077 | +7,098% |
| Profit (loss) for the period | 9904 | €433 | €14,600 | +€14,166 | +3,268% |
| Profit (loss) for the period to be appropriated | 9905 | €433 | €14,600 | +€14,166 | +3,268% |
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 25 October 2026 via checked.be.