MAECKELBERGH: 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.
MAECKELBERGH
Largest movements
- Tangible fixed assets -€112,804
down €112,804 (-4.7%), from €2.4m to €2.3m
- Cash +€42,119
up €42,119 (+144.7%), from €29,115 to €71,234
mainly Other debts (+€137,396) and Depreciation (+€122,329)
- Debts after one year -€142,355
down €142,355 (-14.7%), from €967,423 to €825,067
of which Financial debts: -€142,355
- Other debts +€137,396
up €137,396 (+24.2%), from €566,894 to €704,290
- Trade debts -€122,490
down €122,490 (-83.5%), from €146,747 to €24,257
- Reserves +€60,000
up €60,000 (+16.9%), from €355,000 to €415,000
- Depreciation +€20,161
up €20,161 (+19.7%), from €102,168 to €122,329
- Gross operating margin -€16,264
down €16,264 (-6.8%), from €238,826 to €222,561
- Taxes -€8,204
down €8,204 (-27.5%), from €29,857 to €21,653
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.
Cash bridge derived
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 | €2,444,287 | €2,375,261 | -€69,027 | -2.8% |
| Fixed assets | 21/28 | €2,406,647 | €2,293,843 | -€112,804 | -4.7% |
| Tangible fixed assets | 22/27 | €2,406,647 | €2,293,843 | -€112,804 | -4.7% |
| Land and buildings | 22 | €2,406,647 | €2,293,843 | -€112,804 | -4.7% |
| Current assets | 29/58 | €37,640 | €81,418 | +€43,778 | +116.3% |
| Amounts receivable within one year | 40/41 | €1,341 | €3,347 | +€2,006 | +149.5% |
| Trade receivables | 40 | €1,341 | €0 | -€1,341 | -100.0% |
| Other amounts receivable | 41 | - | €3,347 | +€3,347 | |
| Cash at bank and in hand | 54/58 | €29,115 | €71,234 | +€42,119 | +144.7% |
| Deferred charges and accrued income | 490/1 | €7,184 | €6,837 | -€348 | -4.8% |
| Total equity and liabilities | 10/49 | €2,444,287 | €2,375,261 | -€69,027 | -2.8% |
| Equity | 10/15 | €609,273 | €669,021 | +€59,748 | +9.8% |
| Contributions | 10/11 | €250,000 | €250,000 | = | 0.0% |
| Reserves | 13 | €355,000 | €415,000 | +€60,000 | +16.9% |
| Distributable reserves | 133 | €355,000 | €415,000 | +€60,000 | +16.9% |
| Profit (loss) carried forward | 14 | €4,273 | €4,021 | -€252 | -5.9% |
| Amounts payable | 17/49 | €1,835,014 | €1,706,240 | -€128,775 | -7.0% |
| Amounts payable after more than one year | 17 | €967,423 | €825,067 | -€142,355 | -14.7% |
| Financial debts | 170/4 | €596,022 | €453,666 | -€142,355 | -23.9% |
| Other amounts payable | 178/9 | €371,401 | €371,401 | = | 0.0% |
| Amounts payable within one year | 42/48 | €865,737 | €879,317 | +€13,581 | +1.6% |
| Current portion of amounts payable after more than one year | 42 | €138,905 | €142,355 | +€3,451 | +2.5% |
| Financial debts | 43 | €8,333 | €8,415 | +€82 | +1.0% |
| Credit institutions | 430/8 | €8,333 | €8,415 | +€82 | +1.0% |
| Trade debts | 44 | €146,747 | €24,257 | -€122,490 | -83.5% |
| Suppliers | 440/4 | €146,747 | €24,257 | -€122,490 | -83.5% |
| Taxes, remuneration and social security | 45 | €4,857 | €0 | -€4,857 | -100.0% |
| Taxes | 450/3 | €4,857 | €0 | -€4,857 | -100.0% |
| Other amounts payable | 47/48 | €566,894 | €704,290 | +€137,396 | +24.2% |
| Accrued charges and deferred income | 492/3 | €1,855 | €1,855 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €102,168 | €122,329 | +€20,161 | +19.7% |
| Other operating charges | 640/8 | €3,706 | €3,623 | -€84 | -2.3% |
| Gross operating margin | 9900 | €238,826 | €222,561 | -€16,264 | -6.8% |
| Operating profit (loss) | 9901 | €132,951 | €96,609 | -€36,342 | -27.3% |
| Financial charges | 65/66B | €16,504 | €15,208 | -€1,296 | -7.9% |
| Recurring financial charges | 65 | €16,504 | €15,208 | -€1,296 | -7.9% |
| Profit (loss) for the period before taxes | 9903 | €116,447 | €81,401 | -€35,046 | -30.1% |
| Income taxes | 67/77 | €29,857 | €21,653 | -€8,204 | -27.5% |
| Profit (loss) for the period | 9904 | €86,590 | €59,748 | -€26,841 | -31.0% |
| Profit (loss) for the period to be appropriated | 9905 | €86,590 | €59,748 | -€26,841 | -31.0% |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.