Maenhout Rail: 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 Rail
Largest movements
- Cash +€16,778
up €16,778 (+5.4%), from €312,464 to €329,243
mainly Net result for the year (+€25,498) and Depreciation (+€246)
- Receivables within one year +€5,270
up €5,270 (+27.1%), from €19,444 to €24,714
of which Other amounts receivable: +€17,432
- Profit (loss) carried forward +€25,498
up €25,498 (+8.1%), from €315,577 to €341,074
- Tax, wage and social debts -€3,696
down €3,696 (-63.4%), from €5,825 to €2,129
- Gross operating margin -€53,285
down €53,285 (-86.1%), from €61,904 to €8,619
- Taxes -€16,940
down €16,940, from €439 to -€16,501
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 | €332,401 | €354,203 | +€21,802 | +6.6% |
| Fixed assets | 21/28 | €493 | €246 | -€246 | -50.0% |
| Tangible fixed assets | 22/27 | €493 | €246 | -€246 | -50.0% |
| Furniture and vehicles | 24 | €493 | €246 | -€246 | -50.0% |
| Current assets | 29/58 | €331,909 | €353,957 | +€22,048 | +6.6% |
| Amounts receivable within one year | 40/41 | €19,444 | €24,714 | +€5,270 | +27.1% |
| Trade receivables | 40 | €18,867 | €6,705 | -€12,162 | -64.5% |
| Other amounts receivable | 41 | €578 | €18,010 | +€17,432 | +3,018% |
| Cash at bank and in hand | 54/58 | €312,464 | €329,243 | +€16,778 | +5.4% |
| Total equity and liabilities | 10/49 | €332,401 | €354,203 | +€21,802 | +6.6% |
| Equity | 10/15 | €326,577 | €352,074 | +€25,498 | +7.8% |
| Contributions | 10/11 | €11,000 | €11,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | €315,577 | €341,074 | +€25,498 | +8.1% |
| Amounts payable | 17/49 | €5,825 | €2,129 | -€3,696 | -63.4% |
| Amounts payable within one year | 42/48 | €5,825 | €2,129 | -€3,696 | -63.4% |
| Taxes, remuneration and social security | 45 | €5,825 | €2,129 | -€3,696 | -63.4% |
| Taxes | 450/3 | €5,825 | €2,129 | -€3,696 | -63.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €246 | €246 | = | 0.0% |
| Non-recurring operating charges | 66A | €750 | €500 | -€250 | -33.3% |
| Gross operating margin | 9900 | €61,904 | €8,619 | -€53,285 | -86.1% |
| Operating profit (loss) | 9901 | €60,908 | €7,873 | -€53,035 | -87.1% |
| Financial income | 75/76B | €902 | €1,261 | +€359 | +39.8% |
| Recurring financial income | 75 | €902 | €1,261 | +€359 | +39.8% |
| Financial charges | 65/66B | €52 | €138 | +€85 | +162% |
| Recurring financial charges | 65 | €52 | €138 | +€85 | +162% |
| Profit (loss) for the period before taxes | 9903 | €61,758 | €8,997 | -€52,761 | -85.4% |
| Income taxes | 67/77 | €439 | -€16,501 | -€16,940 | |
| Profit (loss) for the period | 9904 | €61,318 | €25,498 | -€35,821 | -58.4% |
| Profit (loss) for the period to be appropriated | 9905 | €61,318 | €25,498 | -€35,821 | -58.4% |
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 15 October 2026 via checked.be.