Maenhout & Compagnie: 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.
Maenhout & Compagnie
Largest movements
- Cash -€58,817
down €58,817 (-87.5%), from €67,214 to €8,398
mainly Other debts (-€91,058) and Net result for the year (-€76,891)
- Tangible fixed assets -€47,276
down €47,276 (-3.0%), from €1.6m to €1.5m
- Receivables within one year -€36,000
down €36,000 (-100.0%), from €36,000 to €0
- Current investments -€27,268
down €27,268 (-31.2%), from €87,376 to €60,107
- Other debts -€91,058
down €91,058 (-18.5%), from €493,174 to €402,116
- Reserves -€61,144
down €61,144 (-22.6%), from €270,019 to €208,875
- Depreciation +€47,276
up €47,276, from €0 to €47,276
- Financial income -€22,190
down €22,190 (-86.0%), from €25,790 to €3,600
- Gross operating margin +€15,078
up €15,078 (+97.3%), from -€15,499 to -€421
- Financial charges +€9,453
up €9,453 (+52.6%), from €17,987 to €27,440
of which Financial charges: +€9,453
- Other operating charges -€7,016
down €7,016 (-56.7%), from €12,371 to €5,355
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 | €1,755,756 | €1,586,395 | -€169,361 | -9.6% |
| Fixed assets | 21/28 | €1,565,167 | €1,517,890 | -€47,276 | -3.0% |
| Tangible fixed assets | 22/27 | €1,565,167 | €1,517,890 | -€47,276 | -3.0% |
| Land and buildings | 22 | €1,298,904 | €1,277,142 | -€21,762 | -1.7% |
| Plant, machinery and equipment | 23 | €21,501 | €15,320 | -€6,181 | -28.7% |
| Furniture and vehicles | 24 | €70,761 | €70,761 | = | 0.0% |
| Other tangible fixed assets | 26 | €174,000 | €154,667 | -€19,333 | -11.1% |
| Current assets | 29/58 | €190,590 | €68,505 | -€122,085 | -64.1% |
| Amounts receivable within one year | 40/41 | €36,000 | €0 | -€36,000 | -100.0% |
| Other amounts receivable | 41 | €36,000 | €0 | -€36,000 | -100.0% |
| Current investments | 50/53 | €87,376 | €60,107 | -€27,268 | -31.2% |
| Cash at bank and in hand | 54/58 | €67,214 | €8,398 | -€58,817 | -87.5% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €1,755,756 | €1,586,395 | -€169,361 | -9.6% |
| Equity | 10/15 | €1,260,707 | €1,183,816 | -€76,891 | -6.1% |
| Contributions | 10/11 | €61,727 | €61,727 | = | 0.0% |
| Revaluation surpluses | 12 | €928,962 | €913,214 | -€15,748 | -1.7% |
| Reserves | 13 | €270,019 | €208,875 | -€61,144 | -22.6% |
| Distributable reserves | 133 | €270,019 | €208,875 | -€61,144 | -22.6% |
| Amounts payable | 17/49 | €495,049 | €402,579 | -€92,470 | -18.7% |
| Amounts payable after more than one year | 17 | €0 | - | = | |
| Financial debts | 170/4 | €0 | - | = | |
| Amounts payable within one year | 42/48 | €495,049 | €402,579 | -€92,470 | -18.7% |
| Current portion of amounts payable after more than one year | 42 | €1,875 | €0 | -€1,875 | -100.0% |
| Trade debts | 44 | - | €463 | +€463 | |
| Suppliers | 440/4 | - | €463 | +€463 | |
| Taxes, remuneration and social security | 45 | €0 | - | = | |
| Taxes | 450/3 | €0 | - | = | |
| Other amounts payable | 47/48 | €493,174 | €402,116 | -€91,058 | -18.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €0 | €47,276 | +€47,276 | |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €1,091 | €0 | -€1,091 | -100.0% |
| Other operating charges | 640/8 | €12,371 | €5,355 | -€7,016 | -56.7% |
| Non-recurring operating charges | 66A | €0 | - | = | |
| Gross operating margin | 9900 | -€15,499 | -€421 | +€15,078 | +97.3% |
| Operating profit (loss) | 9901 | -€28,960 | -€53,052 | -€24,091 | -83.2% |
| Financial income | 75/76B | €25,790 | €3,600 | -€22,190 | -86.0% |
| Recurring financial income | 75 | €25,790 | €3,600 | -€22,190 | -86.0% |
| Financial charges | 65/66B | €17,987 | €27,440 | +€9,453 | +52.6% |
| Recurring financial charges | 65 | €17,987 | €27,440 | +€9,453 | +52.6% |
| Non-recurring financial charges | 66B | €0 | - | = | |
| Profit (loss) for the period before taxes | 9903 | -€21,158 | -€76,891 | -€55,734 | -263.4% |
| Income taxes | 67/77 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€21,158 | -€76,891 | -€55,734 | -263.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€21,158 | -€76,891 | -€55,734 | -263.4% |
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 4 October 2026 via checked.be.