MAENHOUT KOEN: 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 KOEN
Largest movements
- Receivables after one year +€100,000
up €100,000 (+5.4%), from €1.9m to €2.0m
- Reserves +€144,100
up €144,100 (+4.4%), from €3.3m to €3.4m
- Other debts -€87,388
no longer reported in 2025 (was €87,388)
- Gross operating margin +€61,598
up €61,598 (+38.3%), from €160,785 to €222,383
- Taxes +€19,874
up €19,874 (+47.6%), from €41,773 to €61,647
- Financial income +€2,461
up €2,461 (+10.1%), from €24,450 to €26,911
- Depreciation +€2,387
up €2,387 (+6.2%), from €38,414 to €40,801
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 | €3,381,460 | €3,458,316 | +€76,856 | +2.3% |
| Fixed assets | 21/28 | €345,284 | €344,323 | -€961 | -0.3% |
| Tangible fixed assets | 22/27 | €345,284 | €344,323 | -€961 | -0.3% |
| Land and buildings | 22 | €303,412 | €315,981 | +€12,569 | +4.1% |
| Plant, machinery and equipment | 23 | €13,010 | €11,415 | -€1,594 | -12.3% |
| Furniture and vehicles | 24 | €28,862 | €16,926 | -€11,936 | -41.4% |
| Current assets | 29/58 | €3,036,176 | €3,113,993 | +€77,817 | +2.6% |
| Amounts receivable after more than one year | 29 | €1,850,000 | €1,950,000 | +€100,000 | +5.4% |
| Other amounts receivable | 291 | €1,850,000 | €1,950,000 | +€100,000 | +5.4% |
| Amounts receivable within one year | 40/41 | - | €6,317 | +€6,317 | |
| Trade receivables | 40 | - | €6,050 | +€6,050 | |
| Other amounts receivable | 41 | - | €267 | +€267 | |
| Current investments | 50/53 | €1,100,000 | €1,100,000 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €83,829 | €56,758 | -€27,071 | -32.3% |
| Deferred charges and accrued income | 490/1 | €2,347 | €918 | -€1,429 | -60.9% |
| Total equity and liabilities | 10/49 | €3,381,460 | €3,458,316 | +€76,856 | +2.3% |
| Equity | 10/15 | €3,275,381 | €3,419,482 | +€144,100 | +4.4% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €3,262,981 | €3,407,082 | +€144,100 | +4.4% |
| Distributable reserves | 133 | €3,262,981 | €3,407,082 | +€144,100 | +4.4% |
| Amounts payable | 17/49 | €106,079 | €38,834 | -€67,244 | -63.4% |
| Amounts payable within one year | 42/48 | €103,219 | €35,974 | -€67,244 | -65.1% |
| Trade debts | 44 | €3,009 | €17,912 | +€14,903 | +495.3% |
| Suppliers | 440/4 | €3,009 | €17,912 | +€14,903 | +495.3% |
| Taxes, remuneration and social security | 45 | €12,821 | €18,062 | +€5,241 | +40.9% |
| Taxes | 450/3 | €12,821 | €18,062 | +€5,241 | +40.9% |
| Other amounts payable | 47/48 | €87,388 | - | -€87,388 | |
| Accrued charges and deferred income | 492/3 | €2,860 | €2,860 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €38,414 | €40,801 | +€2,387 | +6.2% |
| Other operating charges | 640/8 | €2,209 | €2,514 | +€305 | +13.8% |
| Gross operating margin | 9900 | €160,785 | €222,383 | +€61,598 | +38.3% |
| Operating profit (loss) | 9901 | €120,162 | €179,068 | +€58,907 | +49.0% |
| Financial income | 75/76B | €24,450 | €26,911 | +€2,461 | +10.1% |
| Recurring financial income | 75 | €24,450 | €26,911 | +€2,461 | +10.1% |
| Financial charges | 65/66B | €41 | €232 | +€190 | +463.2% |
| Recurring financial charges | 65 | €41 | €232 | +€190 | +463.2% |
| Profit (loss) for the period before taxes | 9903 | €144,571 | €205,748 | +€61,177 | +42.3% |
| Income taxes | 67/77 | €41,773 | €61,647 | +€19,874 | +47.6% |
| Profit (loss) for the period | 9904 | €102,798 | €144,100 | +€41,303 | +40.2% |
| Profit (loss) for the period to be appropriated | 9905 | €102,798 | €144,100 | +€41,303 | +40.2% |
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.