MAENHOUT ESTATE: what changed
Two financial 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 ESTATE
Largest movements
- Stocks and contracts +€844,360
up €844,360 (+2,260%), from €37,363 to €881,723
- Financial fixed assets +€480,000
up €480,000 (+41.7%), from €1.2m to €1.6m
- Receivables within one year +€177,643
up €177,643 (+22.0%), from €808,372 to €986,015
- Debts after one year +€1.3m
up €1.3m (+57.0%), from €2.3m to €3.5m
- Current portion of long-term debt +€350,000
new in 2025: €350,000
- Profit (loss) carried forward -€347,180
down €347,180 (-94.3%), from -€368,304 to -€715,483
- Other debts +€155,238
new in 2025: €155,238
- Accrued charges and deferred income +€74,565
up €74,565 (+475%), from €15,699 to €90,263
- Gross operating margin -€142,549
down €142,549 (-120%), from -€119,237 to -€261,786
- Financial charges +€124,087
up €124,087 (+3,092%), from €4,014 to €128,101
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.
Derived cash bridge
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 | €2,004,764 | €3,535,428 | +€1.5m | +76.4% |
| Fixed assets | 21/28 | €1,152,037 | €1,630,861 | +€478,824 | +41.6% |
| Tangible fixed assets | 22/27 | €2,037 | €861 | -€1,176 | -57.7% |
| Furniture and vehicles | 24 | €2,037 | €861 | -€1,176 | -57.7% |
| Financial fixed assets | 28 | €1,150,000 | €1,630,000 | +€480,000 | +41.7% |
| Current assets | 29/58 | €852,727 | €1,904,566 | +€1.1m | +123% |
| Stocks and contracts in progress | 3 | €37,363 | €881,723 | +€844,360 | +2,260% |
| Contracts in progress | 37 | €37,363 | €881,723 | +€844,360 | +2,260% |
| Amounts receivable within one year | 40/41 | €808,372 | €986,015 | +€177,643 | +22.0% |
| Other amounts receivable | 41 | €808,372 | €986,015 | +€177,643 | +22.0% |
| Cash at bank and in hand | 54/58 | €126 | €32,227 | +€32,101 | +25,467% |
| Deferred charges and accrued income | 490/1 | €6,866 | €4,601 | -€2,265 | -33.0% |
| Total equity and liabilities | 10/49 | €2,004,764 | €3,535,428 | +€1.5m | +76.4% |
| Equity | 10/15 | -€318,304 | -€665,483 | -€347,180 | -109% |
| Contributions | 10/11 | €50,000 | €50,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€368,304 | -€715,483 | -€347,180 | -94.3% |
| Amounts payable | 17/49 | €2,323,068 | €4,200,911 | +€1.9m | +80.8% |
| Amounts payable after more than one year | 17 | €2,255,788 | €3,541,078 | +€1.3m | +57.0% |
| Financial debts | 170/4 | €2,255,788 | €3,541,078 | +€1.3m | +57.0% |
| Amounts payable within one year | 42/48 | €51,581 | €569,570 | +€517,989 | +1,004% |
| Current portion of amounts payable after more than one year | 42 | - | €350,000 | +€350,000 | |
| Financial debts | 43 | - | €591 | +€591 | |
| Credit institutions | 430/8 | - | €591 | +€591 | |
| Trade debts | 44 | €42,385 | €59,344 | +€16,959 | +40.0% |
| Suppliers | 440/4 | €42,385 | €59,344 | +€16,959 | +40.0% |
| Taxes, remuneration and social security | 45 | €9,196 | €4,396 | -€4,800 | -52.2% |
| Taxes | 450/3 | €9,196 | €4,396 | -€4,800 | -52.2% |
| Other amounts payable | 47/48 | - | €155,238 | +€155,238 | |
| Accrued charges and deferred income | 492/3 | €15,699 | €90,263 | +€74,565 | +475% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,176 | €1,176 | +€0 | 0.0% |
| Other operating charges | 640/8 | €1,001 | €2,759 | +€1,758 | +176% |
| Gross operating margin | 9900 | -€119,237 | -€261,786 | -€142,549 | -120% |
| Operating profit (loss) | 9901 | -€121,415 | -€265,721 | -€144,306 | -119% |
| Financial income | 75/76B | €46,969 | €46,643 | -€326 | -0.7% |
| Recurring financial income | 75 | €46,969 | €46,643 | -€326 | -0.7% |
| Financial charges | 65/66B | €4,014 | €128,101 | +€124,087 | +3,092% |
| Recurring financial charges | 65 | €4,014 | €128,101 | +€124,087 | +3,092% |
| Profit (loss) for the period before taxes | 9903 | -€78,460 | -€347,180 | -€268,720 | -342% |
| Profit (loss) for the period | 9904 | -€78,460 | -€347,180 | -€268,720 | -342% |
| Profit (loss) for the period to be appropriated | 9905 | -€78,460 | -€347,180 | -€268,720 | -342% |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 21 October 2026 via checked.be.