Herman Maes Kitchen: 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.
Herman Maes Kitchen
Largest movements
- Receivables within one year +€856,093
up €856,093 (+280%), from €305,774 to €1.2m
of which Other amounts receivable: +€493,733
- Stocks and contracts -€172,500
down €172,500 (-41.6%), from €415,000 to €242,500
of which Stocks: -€110,500
- Cash -€83,403
down €83,403 (-87.4%), from €95,415 to €12,013
mainly Receivables within one year (-€856,093) and Debts after one year (-€69,601)
- Tangible fixed assets +€25,856
up €25,856 (+56.5%), from €45,729 to €71,585
of which Furniture and vehicles: +€29,948
- Trade debts +€452,751
up €452,751 (+334%), from €135,421 to €588,172
- Tax, wage and social debts +€126,556
up €126,556 (+111%), from €113,740 to €240,296
of which Taxes: +€106,078
- Debts after one year -€69,601
down €69,601 (-16.6%), from €418,576 to €348,975
- Profit (loss) carried forward +€49,286
up €49,286 (+100.0%), from €49,297 to €98,582
- Short-term financial debts +€49,066
new in 2025: €49,066
- Staff costs +€97,779
up €97,779 (+207%), from €47,126 to €144,904
- Gross operating margin +€97,455
up €97,455 (+72.4%), from €134,547 to €232,002
- Financial income +€9,320
up €9,320 (+44,788%), from €21 to €9,341
- Financial charges +€8,680
up €8,680 (+148%), from €5,861 to €14,541
- Depreciation +€7,779
up €7,779 (+165%), from €4,701 to €12,479
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 | €870,523 | €1,495,110 | +€624,587 | +71.7% |
| Fixed assets | 21/28 | €50,729 | €76,585 | +€25,856 | +51.0% |
| Tangible fixed assets | 22/27 | €45,729 | €71,585 | +€25,856 | +56.5% |
| Plant, machinery and equipment | 23 | €24,274 | €20,182 | -€4,092 | -16.9% |
| Furniture and vehicles | 24 | €21,455 | €51,403 | +€29,948 | +140% |
| Financial fixed assets | 28 | €5,000 | €5,000 | = | 0.0% |
| Current assets | 29/58 | €819,794 | €1,418,525 | +€598,731 | +73.0% |
| Stocks and contracts in progress | 3 | €415,000 | €242,500 | -€172,500 | -41.6% |
| Stocks | 30/36 | €223,000 | €112,500 | -€110,500 | -49.6% |
| Contracts in progress | 37 | €192,000 | €130,000 | -€62,000 | -32.3% |
| Amounts receivable within one year | 40/41 | €305,774 | €1,161,867 | +€856,093 | +280% |
| Trade receivables | 40 | €145,668 | €508,028 | +€362,360 | +249% |
| Other amounts receivable | 41 | €160,106 | €653,839 | +€493,733 | +308% |
| Cash at bank and in hand | 54/58 | €95,415 | €12,013 | -€83,403 | -87.4% |
| Deferred charges and accrued income | 490/1 | €3,604 | €2,145 | -€1,459 | -40.5% |
| Total equity and liabilities | 10/49 | €870,523 | €1,495,110 | +€624,587 | +71.7% |
| Equity | 10/15 | €67,497 | €116,782 | +€49,286 | +73.0% |
| Contributions | 10/11 | €18,200 | €18,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | €49,297 | €98,582 | +€49,286 | +100.0% |
| Amounts payable | 17/49 | €803,027 | €1,378,328 | +€575,301 | +71.6% |
| Amounts payable after more than one year | 17 | €418,576 | €348,975 | -€69,601 | -16.6% |
| Financial debts | 170/4 | €418,576 | €348,975 | -€69,601 | -16.6% |
| Amounts payable within one year | 42/48 | €384,451 | €1,026,154 | +€641,703 | +167% |
| Current portion of amounts payable after more than one year | 42 | €95,100 | €102,600 | +€7,500 | +7.9% |
| Financial debts | 43 | - | €49,066 | +€49,066 | |
| Credit institutions | 430/8 | - | €49,066 | +€49,066 | |
| Trade debts | 44 | €135,421 | €588,172 | +€452,751 | +334% |
| Suppliers | 440/4 | €135,421 | €588,172 | +€452,751 | +334% |
| Advances received on contracts in progress | 46 | - | €31,850 | +€31,850 | |
| Taxes, remuneration and social security | 45 | €113,740 | €240,296 | +€126,556 | +111% |
| Taxes | 450/3 | €110,346 | €216,424 | +€106,078 | +96.1% |
| Remuneration and social security | 454/9 | €3,394 | €23,872 | +€20,478 | +603% |
| Other amounts payable | 47/48 | €40,191 | €14,170 | -€26,020 | -64.7% |
| Accrued charges and deferred income | 492/3 | - | €3,199 | +€3,199 | |
| Remuneration, social security and pensions | 62 | €47,126 | €144,904 | +€97,779 | +207% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €4,701 | €12,479 | +€7,779 | +165% |
| Other operating charges | 640/8 | €6,132 | €4,981 | -€1,150 | -18.8% |
| Gross operating margin | 9900 | €134,547 | €232,002 | +€97,455 | +72.4% |
| Operating profit (loss) | 9901 | €76,589 | €69,637 | -€6,952 | -9.1% |
| Financial income | 75/76B | €21 | €9,341 | +€9,320 | +44,788% |
| Recurring financial income | 75 | €21 | €9,341 | +€9,320 | +44,788% |
| Financial charges | 65/66B | €5,861 | €14,541 | +€8,680 | +148% |
| Recurring financial charges | 65 | €5,861 | €14,541 | +€8,680 | +148% |
| Profit (loss) for the period before taxes | 9903 | €70,750 | €64,437 | -€6,312 | -8.9% |
| Income taxes | 67/77 | €21,453 | €15,152 | -€6,301 | -29.4% |
| Profit (loss) for the period | 9904 | €49,297 | €49,286 | -€11 | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €49,297 | €49,286 | -€11 | 0.0% |
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 28 October 2026 via checked.be.