MAARTEN CONSTRUCT: what changed
Two fiscal 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.
MAARTEN CONSTRUCT
Largest movements
- Financial fixed assets +€2.0m
up €2.0m (+435285.7%), from €448 to €2.0m
- Cash -€223,610
down €223,610 (-50.8%), from €440,378 to €216,769
mainly Investment in fixed assets (net) (-€2.4m) and Short-term financial debts (-€463,319)
- Debts after one year +€1.3m
up €1.3m (+31.5%), from €4.2m to €5.6m
- Short-term financial debts -€463,319
down €463,319 (-96.5%), from €480,128 to €16,809
- Trade debts +€444,646
up €444,646 (+142.4%), from €312,279 to €756,925
- Reserves +€336,341
up €336,341 (+25.4%), from €1.3m to €1.7m
of which Distributable reserves: +€336,341
- Current portion of long-term debt +€137,932
up €137,932 (+29.5%), from €467,174 to €605,106
- Gross operating margin +€486,533
up €486,533 (+24.6%), from €2.0m to €2.5m
- Taxes +€105,037
up €105,037 (+109.7%), from €95,740 to €200,777
- Staff costs +€90,070
up €90,070 (+9.0%), from €997,620 to €1.1m
- Financial charges +€61,407
up €61,407 (+46.0%), from €133,565 to €194,972
- Depreciation +€61,048
up €61,048 (+13.4%), from €454,025 to €515,073
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 | €7,484,422 | €9,214,861 | +€1.7m | +23.1% |
| Fixed assets | 21/28 | €5,405,744 | €7,304,103 | +€1.9m | +35.1% |
| Intangible fixed assets | 21 | €382 | €0 | -€382 | -100.0% |
| Tangible fixed assets | 22/27 | €5,404,915 | €5,353,575 | -€51,340 | -0.9% |
| Land and buildings | 22 | €4,036,621 | €3,894,935 | -€141,686 | -3.5% |
| Plant, machinery and equipment | 23 | €348,007 | €334,923 | -€13,084 | -3.8% |
| Furniture and vehicles | 24 | €156,974 | €233,884 | +€76,910 | +49.0% |
| Leasing and similar rights | 25 | €863,313 | €889,832 | +€26,519 | +3.1% |
| Financial fixed assets | 28 | €448 | €1,950,528 | +€2.0m | +435285.7% |
| Current assets | 29/58 | €2,078,678 | €1,910,759 | -€167,919 | -8.1% |
| Stocks and contracts in progress | 3 | €458,000 | €493,515 | +€35,515 | +7.8% |
| Stocks | 30/36 | €458,000 | €493,515 | +€35,515 | +7.8% |
| Amounts receivable within one year | 40/41 | €1,139,580 | €1,144,497 | +€4,917 | +0.4% |
| Trade receivables | 40 | €1,139,580 | €1,077,992 | -€61,588 | -5.4% |
| Other amounts receivable | 41 | €0 | €66,505 | +€66,505 | |
| Cash at bank and in hand | 54/58 | €440,378 | €216,769 | -€223,610 | -50.8% |
| Deferred charges and accrued income | 490/1 | €40,720 | €55,978 | +€15,259 | +37.5% |
| Total equity and liabilities | 10/49 | €7,484,422 | €9,214,861 | +€1.7m | +23.1% |
| Equity | 10/15 | €1,606,323 | €1,942,664 | +€336,341 | +20.9% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €1,323,469 | €1,659,811 | +€336,341 | +25.4% |
| Non-distributable reserves | 130/1 | €0 | - | = | |
| Reserves not available under the articles | 1311 | €0 | - | = | |
| Tax-exempt reserves | 132 | €48,180 | €48,180 | = | 0.0% |
| Distributable reserves | 133 | €1,275,289 | €1,611,631 | +€336,341 | +26.4% |
| Profit (loss) carried forward | 14 | €262,853 | €262,853 | = | 0.0% |
| Amounts payable | 17/49 | €5,878,099 | €7,272,197 | +€1.4m | +23.7% |
| Amounts payable after more than one year | 17 | €4,232,130 | €5,565,668 | +€1.3m | +31.5% |
| Financial debts | 170/4 | €4,232,130 | €5,565,668 | +€1.3m | +31.5% |
| Amounts payable within one year | 42/48 | €1,640,520 | €1,702,530 | +€62,010 | +3.8% |
| Current portion of amounts payable after more than one year | 42 | €467,174 | €605,106 | +€137,932 | +29.5% |
| Financial debts | 43 | €480,128 | €16,809 | -€463,319 | -96.5% |
| Credit institutions | 430/8 | €480,128 | €16,809 | -€463,319 | -96.5% |
| Trade debts | 44 | €312,279 | €756,925 | +€444,646 | +142.4% |
| Suppliers | 440/4 | €312,279 | €756,925 | +€444,646 | +142.4% |
| Taxes, remuneration and social security | 45 | €203,386 | €208,457 | +€5,071 | +2.5% |
| Taxes | 450/3 | €82,713 | €49,914 | -€32,799 | -39.7% |
| Remuneration and social security | 454/9 | €120,673 | €158,544 | +€37,870 | +31.4% |
| Other amounts payable | 47/48 | €177,552 | €115,232 | -€62,320 | -35.1% |
| Accrued charges and deferred income | 492/3 | €5,449 | €4,000 | -€1,449 | -26.6% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €997,620 | €1,087,690 | +€90,070 | +9.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €454,025 | €515,073 | +€61,048 | +13.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €677 | €0 | -€677 | -100.0% |
| Other operating charges | 640/8 | €27,933 | €28,167 | +€233 | +0.8% |
| Non-recurring operating charges | 66A | €21,175 | €2,152 | -€19,023 | -89.8% |
| Gross operating margin | 9900 | €1,979,605 | €2,466,138 | +€486,533 | +24.6% |
| Operating profit (loss) | 9901 | €478,173 | €833,056 | +€354,883 | +74.2% |
| Financial income | 75/76B | €13,101 | €14,266 | +€1,165 | +8.9% |
| Recurring financial income | 75 | €13,101 | €14,266 | +€1,165 | +8.9% |
| Financial charges | 65/66B | €133,565 | €194,972 | +€61,407 | +46.0% |
| Recurring financial charges | 65 | €133,565 | €194,972 | +€61,407 | +46.0% |
| Profit (loss) for the period before taxes | 9903 | €357,710 | €652,351 | +€294,641 | +82.4% |
| Income taxes | 67/77 | €95,740 | €200,777 | +€105,037 | +109.7% |
| Profit (loss) for the period | 9904 | €261,970 | €451,573 | +€189,604 | +72.4% |
| Profit (loss) for the period to be appropriated | 9905 | €261,970 | €451,573 | +€189,604 | +72.4% |
Source: filed annual accounts (NBB), fiscal years ended 31 March 2025 and 31 March 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.