MAENHAUT MANAGEMENT: 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 MANAGEMENT
Largest movements
- Tangible fixed assets -€315,090
down €315,090 (-10.5%), from €3.0m to €2.7m
of which Land and buildings: -€313,896
- Stocks and contracts +€263,537
up €263,537 (+105.4%), from €249,952 to €513,489
- Debts after one year -€184,238
down €184,238 (-13.9%), from €1.3m to €1.1m
of which Financial debts: -€183,238
- Profit (loss) carried forward +€110,800
up €110,800, from -€110,800 to €0
- Tax, wage and social debts +€34,136
up €34,136 (+4050.8%), from €843 to €34,979
- Gross operating margin +€193,122
up €193,122 (+351.6%), from €54,927 to €248,049
- Depreciation -€32,565
down €32,565 (-24.1%), from €135,038 to €102,472
- Financial income -€8,453
down €8,453 (-52.9%), from €15,975 to €7,521
- Financial charges -€7,634
down €7,634 (-19.6%), from €39,025 to €31,391
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 | €3,340,118 | €3,302,260 | -€37,858 | -1.1% |
| Fixed assets | 21/28 | €3,014,771 | €2,698,795 | -€315,977 | -10.5% |
| Intangible fixed assets | 21 | €1,774 | €887 | -€887 | -50.0% |
| Tangible fixed assets | 22/27 | €3,012,997 | €2,697,907 | -€315,090 | -10.5% |
| Land and buildings | 22 | €2,966,145 | €2,652,249 | -€313,896 | -10.6% |
| Plant, machinery and equipment | 23 | €477 | €1,268 | +€791 | +166.0% |
| Furniture and vehicles | 24 | €46,375 | €44,390 | -€1,985 | -4.3% |
| Financial fixed assets | 28 | €0 | - | = | |
| Current assets | 29/58 | €325,347 | €603,466 | +€278,119 | +85.5% |
| Stocks and contracts in progress | 3 | €249,952 | €513,489 | +€263,537 | +105.4% |
| Stocks | 30/36 | €249,952 | €513,489 | +€263,537 | +105.4% |
| Amounts receivable within one year | 40/41 | €10,447 | €5,608 | -€4,839 | -46.3% |
| Trade receivables | 40 | €1,894 | €0 | -€1,894 | -100.0% |
| Other amounts receivable | 41 | €8,553 | €5,608 | -€2,945 | -34.4% |
| Current investments | 50/53 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €63,783 | €83,116 | +€19,333 | +30.3% |
| Deferred charges and accrued income | 490/1 | €1,165 | €1,252 | +€88 | +7.5% |
| Total equity and liabilities | 10/49 | €3,340,118 | €3,302,260 | -€37,858 | -1.1% |
| Equity | 10/15 | €1,875,796 | €1,987,313 | +€111,517 | +5.9% |
| Contributions | 10/11 | €437,200 | €437,200 | = | 0.0% |
| Reserves | 13 | €1,549,396 | €1,550,113 | +€717 | 0.0% |
| Distributable reserves | 133 | €1,549,396 | €1,550,113 | +€717 | 0.0% |
| Profit (loss) carried forward | 14 | -€110,800 | €0 | +€110,800 | |
| Amounts payable | 17/49 | €1,464,322 | €1,314,947 | -€149,375 | -10.2% |
| Amounts payable after more than one year | 17 | €1,326,406 | €1,142,168 | -€184,238 | -13.9% |
| Financial debts | 170/4 | €1,325,406 | €1,142,168 | -€183,238 | -13.8% |
| Other amounts payable | 178/9 | €1,000 | €0 | -€1,000 | -100.0% |
| Amounts payable within one year | 42/48 | €134,916 | €169,716 | +€34,800 | +25.8% |
| Current portion of amounts payable after more than one year | 42 | €130,756 | €133,238 | +€2,482 | +1.9% |
| Trade debts | 44 | €3,183 | €1,177 | -€2,005 | -63.0% |
| Suppliers | 440/4 | €3,183 | €1,177 | -€2,005 | -63.0% |
| Taxes, remuneration and social security | 45 | €843 | €34,979 | +€34,136 | +4050.8% |
| Taxes | 450/3 | €843 | €34,979 | +€34,136 | +4050.8% |
| Other amounts payable | 47/48 | €135 | €322 | +€187 | +139.1% |
| Accrued charges and deferred income | 492/3 | €3,000 | €3,063 | +€63 | +2.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €135,038 | €102,472 | -€32,565 | -24.1% |
| Other operating charges | 640/8 | €7,640 | €9,241 | +€1,602 | +21.0% |
| Gross operating margin | 9900 | €54,927 | €248,049 | +€193,122 | +351.6% |
| Operating profit (loss) | 9901 | -€87,750 | €136,335 | +€224,086 | |
| Financial income | 75/76B | €15,975 | €7,521 | -€8,453 | -52.9% |
| Recurring financial income | 75 | €15,975 | €7,521 | -€8,453 | -52.9% |
| Financial charges | 65/66B | €39,025 | €31,391 | -€7,634 | -19.6% |
| Recurring financial charges | 65 | €39,025 | €31,391 | -€7,634 | -19.6% |
| Profit (loss) for the period before taxes | 9903 | -€110,800 | €112,465 | +€223,266 | |
| Income taxes | 67/77 | €0 | €948 | +€948 | |
| Profit (loss) for the period | 9904 | -€110,800 | €111,517 | +€222,318 | |
| Profit (loss) for the period to be appropriated | 9905 | -€110,800 | €111,517 | +€222,318 |
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.