Gracien MAENHOUT: 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.
What changed
Gracien MAENHOUT
NACE 43.343, Specialised construction activities
financial year 2025 compared with 2024filed annual accounts (NBB)
Net result for the year
€218,312
2024 · €286,762-€68,450
Equity
€2.2m
2024 · €2.1m+€93,312
Cash
€657,170
2024 · €1.2m-€533,593
Balance sheet total
€2.4m
2024 · €3.1m-€633,187
Largest movements
Assets
- Cash -€533,593
down €533,593 (-44.8%), from €1.2m to €657,170
mainly Other debts (-€712,053) and Contributions, distributions and other (-€125,000)
- Receivables within one year -€81,888
down €81,888 (-14.1%), from €581,758 to €499,871
of which Trade receivables: -€193,194
Equity and liabilities
- Other debts -€712,053
down €712,053 (-85.1%), from €837,053 to €125,000
- Reserves +€85,500
up €85,500 (+4.4%), from €1.9m to €2.0m
of which Tax-exempt reserves: +€210,500
- Provisions +€47,000
new in 2025: €47,000
Income statement
- Staff costs +€50,944
up €50,944 (+40.5%), from €125,652 to €176,595
- Taxes -€49,985
down €49,985 (-37.9%), from €131,714 to €81,729
- Provisions +€47,000
new in 2025: €47,000
- Gross operating margin -€41,949
down €41,949 (-7.2%), from €584,754 to €542,804
- Financial charges -€23,055
down €23,055 (-52.4%), from €43,956 to €20,901
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.
Result 2024
€286,762
Gross operating margin
-€41,949
Staff costs
-€50,944
Depreciation
+€3,028
Provisions
-€47,000
Other operating charges
-€363
Financial income
-€4,262
Financial charges
+€23,055
Taxes
+€49,985
Result 2025
€218,312
raises the resultlowers the result
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.
From operations
-€401,241
Investment
-€7,352
Financing
-€125,000
Cash 2024
€1.2m
From operations (derived)
-€401,241
Net result for the year
+€218,312
Depreciation
+€31,246
Stocks and contracts
-€2,755
Receivables within one year
+€81,888
Deferred charges and accrued income
-€3,433
Provisions
+€47,000
Trade debts
-€14,789
Tax, wage and social debts
-€24,838
Other debts
-€712,053
Accrued charges and deferred income
-€21,818
Investment (derived)
-€7,352
Investment in fixed assets (net)
-€7,352
Financing
-€125,000
Contributions, distributions and other
-€125,000
Cash 2025
€657,170
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,051,323 | €2,418,137 | -€633,187 | -20.8% |
| Fixed assets | 21/28 | €101,139 | €77,245 | -€23,894 | -23.6% |
| Tangible fixed assets | 22/27 | €101,139 | €77,245 | -€23,894 | -23.6% |
| Plant, machinery and equipment | 23 | €2,335 | €3,967 | +€1,632 | +69.9% |
| Furniture and vehicles | 24 | €98,804 | €73,278 | -€25,526 | -25.8% |
| Current assets | 29/58 | €2,950,184 | €2,340,892 | -€609,292 | -20.7% |
| Stocks and contracts in progress | 3 | €12,260 | €15,015 | +€2,755 | +22.5% |
| Stocks | 30/36 | €12,260 | €15,015 | +€2,755 | +22.5% |
| Contracts in progress | 37 | €0 | - | = | |
| Amounts receivable within one year | 40/41 | €581,758 | €499,871 | -€81,888 | -14.1% |
| Trade receivables | 40 | €535,276 | €342,082 | -€193,194 | -36.1% |
| Other amounts receivable | 41 | €46,483 | €157,789 | +€111,306 | +239% |
| Current investments | 50/53 | €1,165,403 | €1,165,403 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €1,190,763 | €657,170 | -€533,593 | -44.8% |
| Deferred charges and accrued income | 490/1 | - | €3,433 | +€3,433 | |
| Total equity and liabilities | 10/49 | €3,051,323 | €2,418,137 | -€633,187 | -20.8% |
| Equity | 10/15 | €2,060,468 | €2,153,780 | +€93,312 | +4.5% |
| Contributions | 10/11 | €80,600 | €80,600 | = | 0.0% |
| Contributions outside capital | 11 | €80,600 | €80,600 | = | 0.0% |
| Other | 1109/19 | €80,600 | €80,600 | = | 0.0% |
| Reserves | 13 | €1,936,820 | €2,022,320 | +€85,500 | +4.4% |
| Non-distributable reserves | 130/1 | €98,060 | €98,060 | = | 0.0% |
| Reserves not available under the articles | 1311 | €98,060 | €98,060 | = | 0.0% |
| Tax-exempt reserves | 132 | - | €210,500 | +€210,500 | |
| Distributable reserves | 133 | €1,838,760 | €1,713,760 | -€125,000 | -6.8% |
| Profit (loss) carried forward | 14 | €43,048 | €50,860 | +€7,812 | +18.1% |
| Provisions and deferred taxes | 16 | - | €47,000 | +€47,000 | |
| Provisions for liabilities and charges | 160/5 | - | €47,000 | +€47,000 | |
| Other liabilities and charges | 164/5 | - | €47,000 | +€47,000 | |
| Amounts payable | 17/49 | €990,855 | €217,357 | -€773,499 | -78.1% |
| Amounts payable within one year | 42/48 | €969,037 | €217,357 | -€751,680 | -77.6% |
| Trade debts | 44 | €95,277 | €80,488 | -€14,789 | -15.5% |
| Suppliers | 440/4 | €95,277 | €80,488 | -€14,789 | -15.5% |
| Taxes, remuneration and social security | 45 | €36,706 | €11,868 | -€24,838 | -67.7% |
| Taxes | 450/3 | €36,706 | €37 | -€36,669 | -99.9% |
| Remuneration and social security | 454/9 | €0 | €11,831 | +€11,831 | |
| Other amounts payable | 47/48 | €837,053 | €125,000 | -€712,053 | -85.1% |
| Accrued charges and deferred income | 492/3 | €21,818 | €0 | -€21,818 | -100% |
| Non-recurring operating income | 76A | €0 | €5,363 | +€5,363 | |
| Remuneration, social security and pensions | 62 | €125,652 | €176,595 | +€50,944 | +40.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €34,275 | €31,246 | -€3,028 | -8.8% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | - | €47,000 | +€47,000 | |
| Other operating charges | 640/8 | €3,258 | €3,621 | +€363 | +11.1% |
| Gross operating margin | 9900 | €584,754 | €542,804 | -€41,949 | -7.2% |
| Operating profit (loss) | 9901 | €421,570 | €284,342 | -€137,227 | -32.6% |
| Financial income | 75/76B | €40,862 | €36,600 | -€4,262 | -10.4% |
| Recurring financial income | 75 | €40,862 | €36,600 | -€4,262 | -10.4% |
| Financial charges | 65/66B | €43,956 | €20,901 | -€23,055 | -52.4% |
| Recurring financial charges | 65 | €43,956 | €20,901 | -€23,055 | -52.4% |
| Profit (loss) for the period before taxes | 9903 | €418,476 | €300,041 | -€118,435 | -28.3% |
| Income taxes | 67/77 | €131,714 | €81,729 | -€49,985 | -37.9% |
| Profit (loss) for the period | 9904 | €286,762 | €218,312 | -€68,450 | -23.9% |
| Transfer to tax-exempt reserves | 689 | - | €210,500 | +€210,500 | |
| Profit (loss) for the period to be appropriated | 9905 | €286,762 | €7,812 | -€278,950 | -97.3% |
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 17 October 2026 via checked.be.