MAEKELHOEVE: 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.
MAEKELHOEVE
Largest movements
- Cash +€121,395
up €121,395 (+33.8%), from €359,050 to €480,446
mainly Net result for the year (+€194,165) and Tax, wage and social debts (+€100,515)
- Current investments +€83,496
up €83,496 (+9.3%), from €900,000 to €983,496
- Receivables after one year +€71,399
up €71,399 (+33.9%), from €210,684 to €282,083
- Reserves +€190,000
up €190,000 (+102%), from €185,949 to €375,949
of which Distributable reserves: +€190,000
- Tax, wage and social debts +€100,515
up €100,515 (+138%), from €72,939 to €173,454
of which Taxes: +€69,768
- Trade debts -€40,782
down €40,782 (-25.8%), from €158,240 to €117,457
- Staff costs -€95,364
down €95,364 (-31.2%), from €305,928 to €210,564
- Gross operating margin -€34,314
down €34,314 (-6.3%), from €542,502 to €508,189
- Other operating charges -€27,540
down €27,540 (-78.6%), from €35,017 to €7,477
- Taxes +€19,875
up €19,875 (+26.5%), from €74,891 to €94,766
- Depreciation -€7,395
down €7,395 (-41.6%), from €17,794 to €10,399
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 | €1,719,835 | €1,977,874 | +€258,040 | +15.0% |
| Fixed assets | 21/28 | €75,835 | €65,979 | -€9,856 | -13.0% |
| Intangible fixed assets | 21 | €17,896 | €14,367 | -€3,530 | -19.7% |
| Tangible fixed assets | 22/27 | €27,938 | €21,612 | -€6,326 | -22.6% |
| Land and buildings | 22 | €3,757 | €2,450 | -€1,307 | -34.8% |
| Plant, machinery and equipment | 23 | €10,650 | €6,972 | -€3,678 | -34.5% |
| Furniture and vehicles | 24 | €1,888 | €986 | -€902 | -47.8% |
| Other tangible fixed assets | 26 | €11,643 | €11,205 | -€438 | -3.8% |
| Financial fixed assets | 28 | €30,000 | €30,000 | = | 0.0% |
| Current assets | 29/58 | €1,644,000 | €1,911,895 | +€267,895 | +16.3% |
| Amounts receivable after more than one year | 29 | €210,684 | €282,083 | +€71,399 | +33.9% |
| Trade receivables | 290 | €210,684 | €282,083 | +€71,399 | +33.9% |
| Stocks and contracts in progress | 3 | €19,222 | €17,486 | -€1,736 | -9.0% |
| Stocks | 30/36 | €19,222 | €17,486 | -€1,736 | -9.0% |
| Amounts receivable within one year | 40/41 | €139,912 | €132,785 | -€7,127 | -5.1% |
| Trade receivables | 40 | €76,985 | €126,944 | +€49,959 | +64.9% |
| Other amounts receivable | 41 | €62,927 | €5,841 | -€57,086 | -90.7% |
| Current investments | 50/53 | €900,000 | €983,496 | +€83,496 | +9.3% |
| Cash at bank and in hand | 54/58 | €359,050 | €480,446 | +€121,395 | +33.8% |
| Deferred charges and accrued income | 490/1 | €15,131 | €15,600 | +€469 | +3.1% |
| Total equity and liabilities | 10/49 | €1,719,835 | €1,977,874 | +€258,040 | +15.0% |
| Equity | 10/15 | €1,469,549 | €1,663,714 | +€194,165 | +13.2% |
| Contributions | 10/11 | €24,789 | €24,789 | = | 0.0% |
| Reserves | 13 | €185,949 | €375,949 | +€190,000 | +102% |
| Non-distributable reserves | 130/1 | €2,479 | €2,479 | = | 0.0% |
| Reserves not available under the articles | 1311 | €2,479 | €2,479 | = | 0.0% |
| Tax-exempt reserves | 132 | €69,470 | €69,470 | = | 0.0% |
| Distributable reserves | 133 | €114,000 | €304,000 | +€190,000 | +167% |
| Profit (loss) carried forward | 14 | €1,258,811 | €1,262,976 | +€4,165 | +0.3% |
| Amounts payable | 17/49 | €250,285 | €314,160 | +€63,875 | +25.5% |
| Amounts payable within one year | 42/48 | €250,285 | €314,160 | +€63,875 | +25.5% |
| Trade debts | 44 | €158,240 | €117,457 | -€40,782 | -25.8% |
| Suppliers | 440/4 | €158,240 | €117,457 | -€40,782 | -25.8% |
| Advances received on contracts in progress | 46 | €1,000 | €0 | -€1,000 | -100% |
| Taxes, remuneration and social security | 45 | €72,939 | €173,454 | +€100,515 | +138% |
| Taxes | 450/3 | €35,687 | €105,455 | +€69,768 | +195% |
| Remuneration and social security | 454/9 | €37,252 | €67,999 | +€30,748 | +82.5% |
| Other amounts payable | 47/48 | €18,106 | €23,248 | +€5,142 | +28.4% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €305,928 | €210,564 | -€95,364 | -31.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,794 | €10,399 | -€7,395 | -41.6% |
| Other operating charges | 640/8 | €35,017 | €7,477 | -€27,540 | -78.6% |
| Non-recurring operating charges | 66A | €110 | €0 | -€110 | -100% |
| Gross operating margin | 9900 | €542,502 | €508,189 | -€34,314 | -6.3% |
| Operating profit (loss) | 9901 | €183,653 | €279,749 | +€96,095 | +52.3% |
| Financial income | 75/76B | €14,696 | €10,312 | -€4,384 | -29.8% |
| Recurring financial income | 75 | €14,696 | €10,312 | -€4,384 | -29.8% |
| Financial charges | 65/66B | €585 | €1,130 | +€545 | +93.1% |
| Recurring financial charges | 65 | €585 | €1,130 | +€545 | +93.1% |
| Profit (loss) for the period before taxes | 9903 | €197,764 | €288,931 | +€91,166 | +46.1% |
| Income taxes | 67/77 | €74,891 | €94,766 | +€19,875 | +26.5% |
| Profit (loss) for the period | 9904 | €122,874 | €194,165 | +€71,291 | +58.0% |
| Profit (loss) for the period to be appropriated | 9905 | €122,874 | €194,165 | +€71,291 | +58.0% |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 18 October 2026 via checked.be.