IR. C. 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.
IR. C. MAENHOUT
Largest movements
- Tangible fixed assets -€41,786
down €41,786 (-18.0%), from €232,733 to €190,947
of which Furniture and vehicles: -€30,537
- Cash +€14,456
up €14,456 (+6.9%), from €208,198 to €222,654
mainly Depreciation (+€32,444) and Accrued charges and deferred income (+€25,939)
- Reserves -€52,867
down €52,867 (-13.7%), from €386,962 to €334,095
- Accrued charges and deferred income +€25,939
up €25,939, from €0 to €25,939
- Other debts +€9,944
up €9,944 (+34.6%), from €28,700 to €38,644
- Profit (loss) carried forward -€5,854
down €5,854 (-100.0%), from €5,854 to €0
- Depreciation -€8,694
down €8,694 (-21.1%), from €41,138 to €32,444
- Write-downs +€7,379
new in 2026: €7,379
- Gross operating margin -€1,674
down €1,674 (-4.1%), from €41,134 to €39,460
- Taxes -€1,556
down €1,556 (-39.9%), from €3,902 to €2,346
- Other operating charges -€909
down €909 (-42.3%), from €2,151 to €1,242
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €456,398 | €433,349 | -€23,049 | -5.1% |
| Formation expenses | 20 | €751 | €751 | = | 0.0% |
| Fixed assets | 21/28 | €232,783 | €190,997 | -€41,786 | -18.0% |
| Tangible fixed assets | 22/27 | €232,733 | €190,947 | -€41,786 | -18.0% |
| Land and buildings | 22 | €11,234 | €9,778 | -€1,456 | -13.0% |
| Plant, machinery and equipment | 23 | €74,760 | €64,967 | -€9,793 | -13.1% |
| Furniture and vehicles | 24 | €146,739 | €116,202 | -€30,537 | -20.8% |
| Other tangible fixed assets | 26 | €0 | €0 | -€0 | -100.0% |
| Financial fixed assets | 28 | €50 | €50 | = | 0.0% |
| Current assets | 29/58 | €222,865 | €241,601 | +€18,736 | +8.4% |
| Amounts receivable within one year | 40/41 | €12,511 | €15,301 | +€2,790 | +22.3% |
| Trade receivables | 40 | €6,285 | €1,550 | -€4,735 | -75.3% |
| Other amounts receivable | 41 | €6,227 | €13,752 | +€7,525 | +120.8% |
| Cash at bank and in hand | 54/58 | €208,198 | €222,654 | +€14,456 | +6.9% |
| Deferred charges and accrued income | 490/1 | €2,155 | €3,646 | +€1,491 | +69.2% |
| Total equity and liabilities | 10/49 | €456,398 | €433,349 | -€23,049 | -5.1% |
| Equity | 10/15 | €412,817 | €354,095 | -€58,722 | -14.2% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €386,962 | €334,095 | -€52,867 | -13.7% |
| Distributable reserves | 133 | €386,962 | €334,095 | -€52,867 | -13.7% |
| Profit (loss) carried forward | 14 | €5,854 | €0 | -€5,854 | -100.0% |
| Amounts payable | 17/49 | €43,581 | €79,253 | +€35,672 | +81.9% |
| Amounts payable within one year | 42/48 | €43,581 | €53,314 | +€9,733 | +22.3% |
| Current portion of amounts payable after more than one year | 42 | €6,721 | €3,767 | -€2,954 | -44.0% |
| Trade debts | 44 | €2,190 | €3,678 | +€1,487 | +67.9% |
| Suppliers | 440/4 | €2,190 | €3,678 | +€1,487 | +67.9% |
| Taxes, remuneration and social security | 45 | €5,970 | €7,226 | +€1,255 | +21.0% |
| Taxes | 450/3 | €5,970 | €7,226 | +€1,255 | +21.0% |
| Other amounts payable | 47/48 | €28,700 | €38,644 | +€9,944 | +34.6% |
| Accrued charges and deferred income | 492/3 | €0 | €25,939 | +€25,939 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,138 | €32,444 | -€8,694 | -21.1% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €7,379 | +€7,379 | |
| Other operating charges | 640/8 | €2,151 | €1,242 | -€909 | -42.3% |
| Non-recurring operating charges | 66A | - | €15,334 | +€15,334 | |
| Gross operating margin | 9900 | €41,134 | €39,460 | -€1,674 | -4.1% |
| Operating profit (loss) | 9901 | -€2,155 | -€16,939 | -€14,784 | -686.1% |
| Financial income | 75/76B | €0 | €95 | +€95 | |
| Recurring financial income | 75 | €0 | €95 | +€95 | |
| Financial charges | 65/66B | €99 | €531 | +€432 | +438.1% |
| Recurring financial charges | 65 | €99 | €531 | +€432 | +438.1% |
| Profit (loss) for the period before taxes | 9903 | -€2,254 | -€17,375 | -€15,122 | -671.0% |
| Income taxes | 67/77 | €3,902 | €2,346 | -€1,556 | -39.9% |
| Profit (loss) for the period | 9904 | -€6,156 | -€19,722 | -€13,566 | -220.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€6,156 | -€19,722 | -€13,566 | -220.4% |
Source: filed annual accounts (NBB), financial years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 12 October 2026 via checked.be.