MAEKELBERG: what changed
MAEKELBERG
Largest movements
- Cash +€18,450
up €18,450 (+10.0%), from €184,308 to €202,758
mainly Net result for the year (+€18,625) and Tax, wage and social debts (+€4,073)
- Reserves +€11,429
up €11,429 (+7.1%), from €160,971 to €172,401
of which Distributable reserves: +€11,429
- Profit (loss) carried forward +€7,196
no longer reported in 2025 (was -€7,196)
- Tax, wage and social debts +€4,073
up €4,073 (+19.2%), from €21,172 to €25,244
- Trade debts -€3,076
down €3,076 (-94.8%), from €3,244 to €168
- Gross operating margin -€72,728
down €72,728 (-73.9%), from €98,473 to €25,745
- Financial charges -€28,745
down €28,745 (-99.5%), from €28,876 to €131
of which Financial charges: -€16,601
- Taxes -€12,046
down €12,046 (-56.1%), from €21,482 to €9,435
- Staff costs -€2,216
no longer reported in 2025 (was €2,216)
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €185,901 | €204,522 | +€18,620 | +10.0% |
| Fixed assets | 21/28 | €241 | €241 | = | 0.0% |
| Financial fixed assets | 28 | €241 | €241 | = | 0.0% |
| Current assets | 29/58 | €185,660 | €204,280 | +€18,620 | +10.0% |
| Amounts receivable within one year | 40/41 | €1,352 | €1,522 | +€170 | +12.6% |
| Other amounts receivable | 41 | €1,352 | €1,522 | +€170 | +12.6% |
| Cash at bank and in hand | 54/58 | €184,308 | €202,758 | +€18,450 | +10.0% |
| Total equity and liabilities | 10/49 | €185,901 | €204,522 | +€18,620 | +10.0% |
| Equity | 10/15 | €160,443 | €179,068 | +€18,625 | +11.6% |
| Contributions | 10/11 | €6,667 | €6,667 | = | 0.0% |
| Reserves | 13 | €160,971 | €172,401 | +€11,429 | +7.1% |
| Non-distributable reserves | 130/1 | €2,000 | €2,000 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,000 | €2,000 | = | 0.0% |
| Tax-exempt reserves | 132 | €2,750 | €2,750 | = | 0.0% |
| Distributable reserves | 133 | €156,221 | €167,651 | +€11,429 | +7.3% |
| Profit (loss) carried forward | 14 | -€7,196 | - | +€7,196 | |
| Amounts payable | 17/49 | €25,459 | €25,454 | -€5 | 0.0% |
| Amounts payable within one year | 42/48 | €25,459 | €25,454 | -€5 | 0.0% |
| Trade debts | 44 | €3,244 | €168 | -€3,076 | -94.8% |
| Suppliers | 440/4 | €3,244 | €168 | -€3,076 | -94.8% |
| Taxes, remuneration and social security | 45 | €21,172 | €25,244 | +€4,073 | +19.2% |
| Taxes | 450/3 | €21,172 | €25,244 | +€4,073 | +19.2% |
| Other amounts payable | 47/48 | €1,043 | €42 | -€1,001 | -96.0% |
| Non-recurring operating income | 76A | €28,620 | €2,250 | -€26,370 | -92.1% |
| Remuneration, social security and pensions | 62 | €2,216 | - | -€2,216 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €68 | - | -€68 | |
| Other operating charges | 640/8 | €1,203 | €752 | -€452 | -37.5% |
| Gross operating margin | 9900 | €98,473 | €25,745 | -€72,728 | -73.9% |
| Operating profit (loss) | 9901 | €94,986 | €24,994 | -€69,993 | -73.7% |
| Financial income | 75/76B | €2,609 | €3,198 | +€589 | +22.6% |
| Recurring financial income | 75 | €2,609 | €3,198 | +€589 | +22.6% |
| Financial charges | 65/66B | €28,876 | €131 | -€28,745 | -99.5% |
| Recurring financial charges | 65 | €16,732 | €131 | -€16,601 | -99.2% |
| Non-recurring financial charges | 66B | €12,144 | - | -€12,144 | |
| Profit (loss) for the period before taxes | 9903 | €68,719 | €28,060 | -€40,658 | -59.2% |
| Income taxes | 67/77 | €21,482 | €9,435 | -€12,046 | -56.1% |
| Profit (loss) for the period | 9904 | €47,237 | €18,625 | -€28,612 | -60.6% |
| Profit (loss) for the period to be appropriated | 9905 | €47,237 | €18,625 | -€28,612 | -60.6% |
Next steps
Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 6 November 2026 via checked.be.