MAENHAUT: 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.
MAENHAUT
Largest movements
- Receivables within one year -€51,370
down €51,370 (-63.5%), from €80,960 to €29,590
of which Trade receivables: -€49,445
- Tangible fixed assets -€29,821
down €29,821 (-5.9%), from €502,419 to €472,598
of which Land and buildings: -€18,558
- Trade debts -€57,454
down €57,454 (-43.9%), from €130,850 to €73,397
- Debts after one year -€39,808
down €39,808 (-13.6%), from €293,261 to €253,453
- Profit (loss) carried forward -€10,449
down €10,449 (-21.9%), from €47,710 to €37,261
- Tax, wage and social debts +€8,102
new in 2025: €8,102
- Gross operating margin -€15,561
down €15,561 (-23.7%), from €65,710 to €50,149
- Taxes -€3,282
no longer reported in 2025 (was €3,282)
- Depreciation +€2,769
up €2,769 (+7.3%), from €37,846 to €40,615
- Financial income -€1,867
down €1,867 (-97.7%), from €1,912 to €45
of which Non-recurring financial income: -€1,282
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 | €627,872 | €535,363 | -€92,509 | -14.7% |
| Fixed assets | 21/28 | €503,001 | €473,180 | -€29,821 | -5.9% |
| Tangible fixed assets | 22/27 | €502,419 | €472,598 | -€29,821 | -5.9% |
| Land and buildings | 22 | €470,194 | €451,636 | -€18,558 | -3.9% |
| Plant, machinery and equipment | 23 | €8,461 | €4,822 | -€3,639 | -43.0% |
| Furniture and vehicles | 24 | €23,763 | €16,140 | -€7,624 | -32.1% |
| Financial fixed assets | 28 | €583 | €583 | = | 0.0% |
| Current assets | 29/58 | €124,870 | €62,182 | -€62,688 | -50.2% |
| Stocks and contracts in progress | 3 | €32,720 | €26,775 | -€5,945 | -18.2% |
| Stocks | 30/36 | €32,720 | €26,775 | -€5,945 | -18.2% |
| Amounts receivable within one year | 40/41 | €80,960 | €29,590 | -€51,370 | -63.5% |
| Trade receivables | 40 | €74,862 | €25,417 | -€49,445 | -66.0% |
| Other amounts receivable | 41 | €6,098 | €4,172 | -€1,925 | -31.6% |
| Cash at bank and in hand | 54/58 | €8,357 | €5,119 | -€3,238 | -38.7% |
| Deferred charges and accrued income | 490/1 | €2,833 | €698 | -€2,135 | -75.4% |
| Total equity and liabilities | 10/49 | €627,872 | €535,363 | -€92,509 | -14.7% |
| Equity | 10/15 | €158,339 | €147,890 | -€10,449 | -6.6% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €92,029 | €92,029 | = | 0.0% |
| Distributable reserves | 133 | €92,029 | €92,029 | = | 0.0% |
| Profit (loss) carried forward | 14 | €47,710 | €37,261 | -€10,449 | -21.9% |
| Amounts payable | 17/49 | €469,533 | €387,473 | -€82,060 | -17.5% |
| Amounts payable after more than one year | 17 | €293,261 | €253,453 | -€39,808 | -13.6% |
| Financial debts | 170/4 | €293,261 | €253,453 | -€39,808 | -13.6% |
| Amounts payable within one year | 42/48 | €174,906 | €131,186 | -€43,719 | -25.0% |
| Current portion of amounts payable after more than one year | 42 | €38,276 | €39,808 | +€1,532 | +4.0% |
| Trade debts | 44 | €130,850 | €73,397 | -€57,454 | -43.9% |
| Suppliers | 440/4 | €130,850 | €73,397 | -€57,454 | -43.9% |
| Taxes, remuneration and social security | 45 | - | €8,102 | +€8,102 | |
| Taxes | 450/3 | - | €8,102 | +€8,102 | |
| Other amounts payable | 47/48 | €5,779 | €9,879 | +€4,100 | +70.9% |
| Accrued charges and deferred income | 492/3 | €1,366 | €2,834 | +€1,467 | +107.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €37,846 | €40,615 | +€2,769 | +7.3% |
| Other operating charges | 640/8 | €5,430 | €5,409 | -€21 | -0.4% |
| Gross operating margin | 9900 | €65,710 | €50,149 | -€15,561 | -23.7% |
| Operating profit (loss) | 9901 | €22,434 | €4,124 | -€18,310 | -81.6% |
| Financial income | 75/76B | €1,912 | €45 | -€1,867 | -97.7% |
| Recurring financial income | 75 | €630 | €45 | -€585 | -92.9% |
| Non-recurring financial income | 76B | €1,282 | - | -€1,282 | |
| Financial charges | 65/66B | €15,037 | €14,618 | -€419 | -2.8% |
| Recurring financial charges | 65 | €15,037 | €14,618 | -€419 | -2.8% |
| Profit (loss) for the period before taxes | 9903 | €9,309 | -€10,449 | -€19,758 | |
| Income taxes | 67/77 | €3,282 | - | -€3,282 | |
| Profit (loss) for the period | 9904 | €6,027 | -€10,449 | -€16,476 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,027 | -€10,449 | -€16,476 |
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 5 October 2026 via checked.be.