MAENHOUT: what changed
What changed
MAENHOUT
NACE 64.210, Activities of holding companies
filed annual accounts (NBB)
Net result for the year
-€4,389
2024 · €6,657-€11,046
Equity
€203,517
2024 · €207,906-€4,389
Cash
€2,283
2024 · €173+€2,109
Balance sheet total
€931,990
2024 · €1.0m-€74,290
Largest movements
Assets
- Stocks and contracts -€191,870
down €191,870 (-100%), from €191,870 to €0
- Tangible fixed assets +€147,574
up €147,574 (+23.8%), from €621,055 to €768,629
of which Land and buildings: +€164,430
- Receivables within one year -€32,359
down €32,359 (-50.5%), from €64,137 to €31,778
of which Other amounts receivable: -€31,337
Equity and liabilities
- Debts after one year -€61,076
down €61,076 (-18.5%), from €330,172 to €269,096
- Short-term financial debts -€14,545
down €14,545 (-7.2%), from €201,545 to €187,000
- Other debts +€13,426
up €13,426 (+8.2%), from €163,789 to €177,215
- Trade debts -€11,180
down €11,180 (-80.1%), from €13,954 to €2,774
Income statement
- Gross operating margin +€28,920
up €28,920 (+40.4%), from €71,663 to €100,583
- Depreciation +€18,978
up €18,978 (+57.5%), from €32,977 to €51,955
- Financial charges +€16,209
up €16,209 (+58.7%), from €27,619 to €43,828
- Other operating charges +€6,206
up €6,206 (+166%), from €3,734 to €9,941
- Taxes -€3,663
down €3,663 (-79.0%), from €4,634 to €971
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.
Result 2024
€6,657
Gross operating margin
+€28,920
Depreciation
-€18,978
Other operating charges
-€6,206
Financial income
-€2,235
Financial charges
-€16,209
Taxes
+€3,663
Result 2025
-€4,389
raises the resultlowers the result
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.
From operations
+€277,872
Investment
-€199,484
Financing
-€76,279
Cash 2024
€173
From operations (derived)
+€277,872
Net result for the year
-€4,389
Depreciation
+€51,955
Stocks and contracts
+€191,870
Receivables within one year
+€32,359
Deferred charges and accrued income
-€301
Provisions
-€1,713
Trade debts
-€11,180
Tax, wage and social debts
+€1,619
Other debts
+€13,426
Accrued charges and deferred income
+€4,226
Investment (derived)
-€199,484
Investment in fixed assets (net)
-€199,484
Financing
-€76,279
Debts after one year
-€61,076
Current portion of long-term debt
-€658
Short-term financial debts
-€14,545
Cash 2025
€2,283
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,006,280 | €931,990 | -€74,290 | -7.4% |
| Fixed assets | 21/28 | €750,100 | €897,629 | +€147,529 | +19.7% |
| Tangible fixed assets | 22/27 | €621,055 | €768,629 | +€147,574 | +23.8% |
| Land and buildings | 22 | €538,531 | €702,961 | +€164,430 | +30.5% |
| Leasing and similar rights | 25 | €75,340 | €59,753 | -€15,588 | -20.7% |
| Other tangible fixed assets | 26 | €7,184 | €5,915 | -€1,268 | -17.7% |
| Financial fixed assets | 28 | €129,045 | €129,000 | -€45 | 0.0% |
| Current assets | 29/58 | €256,180 | €34,361 | -€221,818 | -86.6% |
| Stocks and contracts in progress | 3 | €191,870 | €0 | -€191,870 | -100% |
| Stocks | 30/36 | €191,870 | €0 | -€191,870 | -100% |
| Amounts receivable within one year | 40/41 | €64,137 | €31,778 | -€32,359 | -50.5% |
| Trade receivables | 40 | €1,022 | €0 | -€1,022 | -100% |
| Other amounts receivable | 41 | €63,115 | €31,778 | -€31,337 | -49.7% |
| Cash at bank and in hand | 54/58 | €173 | €2,283 | +€2,109 | +1,218% |
| Deferred charges and accrued income | 490/1 | €0 | €301 | +€301 | |
| Total equity and liabilities | 10/49 | €1,006,280 | €931,990 | -€74,290 | -7.4% |
| Equity | 10/15 | €207,906 | €203,517 | -€4,389 | -2.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €195,506 | €191,117 | -€4,389 | -2.2% |
| Tax-exempt reserves | 132 | €30,864 | €25,720 | -€5,144 | -16.7% |
| Distributable reserves | 133 | €164,642 | €165,397 | +€755 | +0.5% |
| Provisions and deferred taxes | 16 | €10,276 | €8,563 | -€1,713 | -16.7% |
| Deferred taxes | 168 | €10,276 | €8,563 | -€1,713 | -16.7% |
| Amounts payable | 17/49 | €788,099 | €719,911 | -€68,188 | -8.7% |
| Amounts payable after more than one year | 17 | €330,172 | €269,096 | -€61,076 | -18.5% |
| Financial debts | 170/4 | €330,172 | €269,096 | -€61,076 | -18.5% |
| Amounts payable within one year | 42/48 | €454,730 | €443,392 | -€11,338 | -2.5% |
| Current portion of amounts payable after more than one year | 42 | €66,183 | €65,526 | -€658 | -1.0% |
| Financial debts | 43 | €201,545 | €187,000 | -€14,545 | -7.2% |
| Credit institutions | 430/8 | €201,545 | €187,000 | -€14,545 | -7.2% |
| Trade debts | 44 | €13,954 | €2,774 | -€11,180 | -80.1% |
| Suppliers | 440/4 | €13,954 | €2,774 | -€11,180 | -80.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €9,258 | €10,877 | +€1,619 | +17.5% |
| Taxes | 450/3 | €9,258 | €10,877 | +€1,619 | +17.5% |
| Other amounts payable | 47/48 | €163,789 | €177,215 | +€13,426 | +8.2% |
| Accrued charges and deferred income | 492/3 | €3,197 | €7,423 | +€4,226 | +132% |
| Non-recurring operating income | 76A | €413 | €0 | -€413 | -100% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €32,977 | €51,955 | +€18,978 | +57.5% |
| Other operating charges | 640/8 | €3,734 | €9,941 | +€6,206 | +166% |
| Gross operating margin | 9900 | €71,663 | €100,583 | +€28,920 | +40.4% |
| Operating profit (loss) | 9901 | €34,951 | €38,687 | +€3,736 | +10.7% |
| Financial income | 75/76B | €2,246 | €10 | -€2,235 | -99.5% |
| Recurring financial income | 75 | €2,246 | €10 | -€2,235 | -99.5% |
| Financial charges | 65/66B | €27,619 | €43,828 | +€16,209 | +58.7% |
| Recurring financial charges | 65 | €27,619 | €43,828 | +€16,209 | +58.7% |
| Profit (loss) for the period before taxes | 9903 | €9,578 | -€5,131 | -€14,709 | |
| Transfer from deferred taxes | 780 | €1,713 | €1,713 | = | 0.0% |
| Income taxes | 67/77 | €4,634 | €971 | -€3,663 | -79.0% |
| Profit (loss) for the period | 9904 | €6,657 | -€4,389 | -€11,046 | |
| Transfer from tax-exempt reserves | 789 | €5,144 | €5,144 | = | 0.0% |
| Profit (loss) for the period to be appropriated | 9905 | €11,801 | €755 | -€11,046 | -93.6% |
Next steps
Work out how much credit to give this customer and on what payment terms.Credit check Check what to know before you do business with this company.Supplier due diligence Check whether you can accept this company as a client under the anti-money-laundering law.AML client file Compare this company with its sector.Sector benchmark
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.