LES MAITRES ARTISANS: 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.
LES MAITRES ARTISANS
Largest movements
- Tangible fixed assets -€90,223
down €90,223 (-10.0%), from €899,040 to €808,817
of which Land and buildings: -€95,535
- Cash +€30,271
up €30,271 (+380%), from €7,962 to €38,234
mainly Depreciation (+€83,054) and Net result for the year (+€46,709)
- Receivables within one year -€18,508
down €18,508 (-36.5%), from €50,660 to €32,153
of which Trade receivables: -€10,136
- Short-term financial debts -€70,573
down €70,573 (-98.7%), from €71,500 to €927
of which Credit institutions: -€71,500
- Debts after one year -€47,058
down €47,058 (-10.3%), from €458,093 to €411,035
- Reserves +€46,703
up €46,703 (+32.2%), from €145,168 to €191,871
of which Tax-exempt reserves: +€41,883
- Other debts -€11,700
down €11,700 (-15.0%), from €77,867 to €66,167
- Provisions +€10,232
up €10,232 (+192%), from €5,329 to €15,561
- Gross operating margin +€56,934
up €56,934 (+20.3%), from €280,614 to €337,548
- Staff costs -€14,125
down €14,125 (-8.5%), from €166,097 to €151,972
- Financial charges +€8,870
up €8,870 (+31.9%), from €27,834 to €36,705
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 | €1,005,155 | €928,556 | -€76,599 | -7.6% |
| Fixed assets | 21/28 | €899,290 | €809,067 | -€90,223 | -10.0% |
| Tangible fixed assets | 22/27 | €899,040 | €808,817 | -€90,223 | -10.0% |
| Land and buildings | 22 | €697,254 | €601,718 | -€95,535 | -13.7% |
| Plant, machinery and equipment | 23 | €137,783 | €114,629 | -€23,154 | -16.8% |
| Furniture and vehicles | 24 | €1,897 | €1,255 | -€642 | -33.8% |
| Leasing and similar rights | 25 | €62,106 | €91,214 | +€29,108 | +46.9% |
| Financial fixed assets | 28 | €250 | €250 | = | 0.0% |
| Current assets | 29/58 | €105,865 | €119,490 | +€13,624 | +12.9% |
| Stocks and contracts in progress | 3 | €32,392 | €34,846 | +€2,454 | +7.6% |
| Stocks | 30/36 | €32,392 | €34,846 | +€2,454 | +7.6% |
| Amounts receivable within one year | 40/41 | €50,660 | €32,153 | -€18,508 | -36.5% |
| Trade receivables | 40 | €39,626 | €29,491 | -€10,136 | -25.6% |
| Other amounts receivable | 41 | €11,034 | €2,662 | -€8,372 | -75.9% |
| Cash at bank and in hand | 54/58 | €7,962 | €38,234 | +€30,271 | +380% |
| Deferred charges and accrued income | 490/1 | €14,851 | €14,257 | -€593 | -4.0% |
| Total equity and liabilities | 10/49 | €1,005,155 | €928,556 | -€76,599 | -7.6% |
| Equity | 10/15 | €202,723 | €246,963 | +€44,240 | +21.8% |
| Contributions | 10/11 | €35,000 | €35,000 | = | 0.0% |
| Reserves | 13 | €145,168 | €191,871 | +€46,703 | +32.2% |
| Non-distributable reserves | 130/1 | €3,500 | €3,500 | = | 0.0% |
| Reserves not available under the articles | 1311 | €3,500 | €3,500 | = | 0.0% |
| Tax-exempt reserves | 132 | €15,988 | €57,871 | +€41,883 | +262% |
| Distributable reserves | 133 | €125,680 | €130,500 | +€4,820 | +3.8% |
| Profit (loss) carried forward | 14 | €82 | €88 | +€6 | +7.0% |
| Investment grants | 15 | €22,473 | €20,004 | -€2,469 | -11.0% |
| Provisions and deferred taxes | 16 | €5,329 | €15,561 | +€10,232 | +192% |
| Deferred taxes | 168 | €5,329 | €15,561 | +€10,232 | +192% |
| Amounts payable | 17/49 | €797,103 | €666,032 | -€131,071 | -16.4% |
| Amounts payable after more than one year | 17 | €458,093 | €411,035 | -€47,058 | -10.3% |
| Financial debts | 170/4 | €458,093 | €411,035 | -€47,058 | -10.3% |
| Amounts payable within one year | 42/48 | €338,516 | €254,348 | -€84,169 | -24.9% |
| Current portion of amounts payable after more than one year | 42 | €80,446 | €79,954 | -€491 | -0.6% |
| Financial debts | 43 | €71,500 | €927 | -€70,573 | -98.7% |
| Credit institutions | 430/8 | €71,500 | - | -€71,500 | |
| Other loans | 439 | - | €927 | +€927 | |
| Trade debts | 44 | €74,154 | €72,004 | -€2,150 | -2.9% |
| Suppliers | 440/4 | €74,154 | €72,004 | -€2,150 | -2.9% |
| Taxes, remuneration and social security | 45 | €34,549 | €35,295 | +€746 | +2.2% |
| Taxes | 450/3 | €6,384 | €5,193 | -€1,190 | -18.6% |
| Remuneration and social security | 454/9 | €28,165 | €30,101 | +€1,936 | +6.9% |
| Other amounts payable | 47/48 | €77,867 | €66,167 | -€11,700 | -15.0% |
| Accrued charges and deferred income | 492/3 | €493 | €649 | +€156 | +31.6% |
| Non-recurring operating income | 76A | - | €74,263 | +€74,263 | |
| Remuneration, social security and pensions | 62 | €166,097 | €151,972 | -€14,125 | -8.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €84,789 | €83,054 | -€1,736 | -2.0% |
| Other operating charges | 640/8 | €12,019 | €11,046 | -€974 | -8.1% |
| Gross operating margin | 9900 | €280,614 | €337,548 | +€56,934 | +20.3% |
| Operating profit (loss) | 9901 | €17,709 | €91,478 | +€73,768 | +417% |
| Financial income | 75/76B | €2,526 | €2,887 | +€361 | +14.3% |
| Recurring financial income | 75 | €2,526 | €2,887 | +€361 | +14.3% |
| Financial charges | 65/66B | €27,834 | €36,705 | +€8,870 | +31.9% |
| Recurring financial charges | 65 | €27,834 | €36,705 | +€8,870 | +31.9% |
| Profit (loss) for the period before taxes | 9903 | -€7,599 | €57,660 | +€65,259 | |
| Transfer from deferred taxes | 780 | €957 | €1,381 | +€424 | +44.3% |
| Transfer to deferred taxes | 680 | - | €11,612 | +€11,612 | |
| Income taxes | 67/77 | €278 | €719 | +€442 | +159% |
| Profit (loss) for the period | 9904 | -€6,920 | €46,709 | +€53,629 | |
| Transfer from tax-exempt reserves | 789 | €2,870 | €4,567 | +€1,696 | +59.1% |
| Transfer to tax-exempt reserves | 689 | - | €46,450 | +€46,450 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,050 | €4,826 | +€8,875 |
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 19 October 2026 via checked.be.