MAENAUT: 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.
MAENAUT
Largest movements
- Receivables within one year +€8,433
up €8,433 (+53.9%), from €15,641 to €24,074
of which Trade receivables: +€7,814
- Cash +€4,388
up €4,388 (+44.8%), from €9,785 to €14,172
mainly Net result for the year (+€10,236) and Trade debts (+€2,215)
- Tangible fixed assets -€1,509
down €1,509 (-25.3%), from €5,966 to €4,457
of which Furniture and vehicles: -€1,019
- Profit (loss) carried forward +€10,236
up €10,236 (+10.5%), from -€97,227 to -€86,991
- Trade debts +€2,215
up €2,215 (+42.9%), from €5,161 to €7,375
- Other debts -€2,141
down €2,141 (-2.8%), from €75,125 to €72,985
- Tax, wage and social debts +€1,015
up €1,015 (+37.5%), from €2,703 to €3,718
- Provisions -€15,000
no longer reported in 2025 (was €15,000)
- Taxes +€2,254
up €2,254 (+199.3%), from €1,131 to €3,385
- Gross operating margin -€1,497
down €1,497 (-8.6%), from €17,474 to €15,977
- Other operating charges +€429
up €429 (+148.6%), from €288 to €717
- Financial charges -€206
down €206 (-61.0%), from €337 to €131
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 | €31,800 | €43,087 | +€11,287 | +35.5% |
| Fixed assets | 21/28 | €5,966 | €4,457 | -€1,509 | -25.3% |
| Tangible fixed assets | 22/27 | €5,966 | €4,457 | -€1,509 | -25.3% |
| Furniture and vehicles | 24 | €2,653 | €1,633 | -€1,019 | -38.4% |
| Other tangible fixed assets | 26 | €3,313 | €2,824 | -€489 | -14.8% |
| Current assets | 29/58 | €25,834 | €38,630 | +€12,796 | +49.5% |
| Amounts receivable within one year | 40/41 | €15,641 | €24,074 | +€8,433 | +53.9% |
| Trade receivables | 40 | €10,772 | €18,586 | +€7,814 | +72.5% |
| Other amounts receivable | 41 | €4,869 | €5,488 | +€619 | +12.7% |
| Cash at bank and in hand | 54/58 | €9,785 | €14,172 | +€4,388 | +44.8% |
| Deferred charges and accrued income | 490/1 | €409 | €384 | -€25 | -6.0% |
| Total equity and liabilities | 10/49 | €31,800 | €43,087 | +€11,287 | +35.5% |
| Equity | 10/15 | -€66,227 | -€55,991 | +€10,236 | +15.5% |
| Contributions | 10/11 | €31,000 | €31,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€97,227 | -€86,991 | +€10,236 | +10.5% |
| Provisions and deferred taxes | 16 | €15,000 | €15,000 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €15,000 | €15,000 | = | 0.0% |
| Major repairs and maintenance | 162 | €15,000 | €15,000 | = | 0.0% |
| Amounts payable | 17/49 | €83,027 | €84,078 | +€1,052 | +1.3% |
| Amounts payable within one year | 42/48 | €82,990 | €84,078 | +€1,089 | +1.3% |
| Trade debts | 44 | €5,161 | €7,375 | +€2,215 | +42.9% |
| Suppliers | 440/4 | €5,161 | €7,375 | +€2,215 | +42.9% |
| Taxes, remuneration and social security | 45 | €2,703 | €3,718 | +€1,015 | +37.5% |
| Taxes | 450/3 | €2,703 | €3,718 | +€1,015 | +37.5% |
| Other amounts payable | 47/48 | €75,125 | €72,985 | -€2,141 | -2.8% |
| Accrued charges and deferred income | 492/3 | €37 | - | -€37 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,366 | €1,509 | +€142 | +10.4% |
| Provisions for liabilities and charges: additions (uses and reversals) | 635/8 | €15,000 | - | -€15,000 | |
| Other operating charges | 640/8 | €288 | €717 | +€429 | +148.6% |
| Gross operating margin | 9900 | €17,474 | €15,977 | -€1,497 | -8.6% |
| Operating profit (loss) | 9901 | €820 | €13,752 | +€12,932 | +1577.9% |
| Financial income | 75/76B | €102 | €1 | -€101 | -99.1% |
| Recurring financial income | 75 | €102 | €1 | -€101 | -99.1% |
| Financial charges | 65/66B | €337 | €131 | -€206 | -61.0% |
| Recurring financial charges | 65 | €337 | €131 | -€206 | -61.0% |
| Profit (loss) for the period before taxes | 9903 | €585 | €13,621 | +€13,036 | +2229.6% |
| Income taxes | 67/77 | €1,131 | €3,385 | +€2,254 | +199.3% |
| Profit (loss) for the period | 9904 | -€546 | €10,236 | +€10,782 | |
| Profit (loss) for the period to be appropriated | 9905 | -€546 | €10,236 | +€10,782 |
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 8 October 2026 via checked.be.