MAEREHOLT: 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.
MAEREHOLT
Largest movements
- Cash +€65,487
up €65,487 (+16.7%), from €391,774 to €457,261
mainly Net result for the year (+€52,185) and Depreciation (+€23,149)
- Deferred charges and accrued income +€14,726
new in 2025: €14,726
- Reserves +€31,135
up €31,135 (+7.9%), from €396,281 to €427,415
of which Distributable reserves: +€31,135
- Other debts +€20,961
up €20,961, from €0 to €20,961
- Trade debts +€19,364
up €19,364 (+162.8%), from €11,895 to €31,259
- Accrued charges and deferred income -€16,590
down €16,590 (-100.0%), from €16,590 to €0
- Advances received +€13,086
new in 2025: €13,086
- Staff costs +€64,847
up €64,847 (+20.8%), from €311,701 to €376,548
- Taxes -€17,448
down €17,448 (-38.7%), from €45,063 to €27,615
- Gross operating margin +€11,519
up €11,519 (+2.3%), from €500,277 to €511,796
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 | €503,026 | €574,346 | +€71,320 | +14.2% |
| Fixed assets | 21/28 | €74,014 | €68,891 | -€5,123 | -6.9% |
| Tangible fixed assets | 22/27 | €74,014 | €68,891 | -€5,123 | -6.9% |
| Land and buildings | 22 | €14,485 | €12,265 | -€2,220 | -15.3% |
| Plant, machinery and equipment | 23 | €56,276 | €42,047 | -€14,229 | -25.3% |
| Furniture and vehicles | 24 | €3,254 | €14,580 | +€11,326 | +348.1% |
| Current assets | 29/58 | €429,011 | €505,454 | +€76,443 | +17.8% |
| Stocks and contracts in progress | 3 | €12,430 | €12,331 | -€99 | -0.8% |
| Stocks | 30/36 | €12,430 | €12,331 | -€99 | -0.8% |
| Amounts receivable within one year | 40/41 | €24,807 | €21,137 | -€3,671 | -14.8% |
| Trade receivables | 40 | €23,100 | €0 | -€23,100 | -100.0% |
| Other amounts receivable | 41 | €1,707 | €21,137 | +€19,429 | +1138.1% |
| Cash at bank and in hand | 54/58 | €391,774 | €457,261 | +€65,487 | +16.7% |
| Deferred charges and accrued income | 490/1 | - | €14,726 | +€14,726 | |
| Total equity and liabilities | 10/49 | €503,026 | €574,346 | +€71,320 | +14.2% |
| Equity | 10/15 | €408,681 | €439,815 | +€31,135 | +7.6% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €396,281 | €427,415 | +€31,135 | +7.9% |
| Non-distributable reserves | 130/1 | €1,855 | €1,855 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,855 | €1,855 | = | 0.0% |
| Distributable reserves | 133 | €394,426 | €425,560 | +€31,135 | +7.9% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €94,345 | €134,530 | +€40,185 | +42.6% |
| Amounts payable within one year | 42/48 | €77,755 | €134,530 | +€56,775 | +73.0% |
| Trade debts | 44 | €11,895 | €31,259 | +€19,364 | +162.8% |
| Suppliers | 440/4 | €11,895 | €31,259 | +€19,364 | +162.8% |
| Advances received on contracts in progress | 46 | - | €13,086 | +€13,086 | |
| Taxes, remuneration and social security | 45 | €65,860 | €69,224 | +€3,365 | +5.1% |
| Taxes | 450/3 | €38,380 | €34,189 | -€4,191 | -10.9% |
| Remuneration and social security | 454/9 | €27,480 | €35,036 | +€7,556 | +27.5% |
| Other amounts payable | 47/48 | €0 | €20,961 | +€20,961 | |
| Accrued charges and deferred income | 492/3 | €16,590 | €0 | -€16,590 | -100.0% |
| Remuneration, social security and pensions | 62 | €311,701 | €376,548 | +€64,847 | +20.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €19,565 | €23,149 | +€3,584 | +18.3% |
| Other operating charges | 640/8 | €27,775 | €29,437 | +€1,662 | +6.0% |
| Gross operating margin | 9900 | €500,277 | €511,796 | +€11,519 | +2.3% |
| Operating profit (loss) | 9901 | €141,236 | €82,662 | -€58,574 | -41.5% |
| Financial income | 75/76B | €184 | €1,152 | +€968 | +525.2% |
| Recurring financial income | 75 | €184 | €1,152 | +€968 | +525.2% |
| Financial charges | 65/66B | €4,282 | €4,014 | -€268 | -6.3% |
| Recurring financial charges | 65 | €4,282 | €4,014 | -€268 | -6.3% |
| Profit (loss) for the period before taxes | 9903 | €137,138 | €79,800 | -€57,338 | -41.8% |
| Income taxes | 67/77 | €45,063 | €27,615 | -€17,448 | -38.7% |
| Profit (loss) for the period | 9904 | €92,075 | €52,185 | -€39,890 | -43.3% |
| Profit (loss) for the period to be appropriated | 9905 | €92,075 | €52,185 | -€39,890 | -43.3% |
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 12 October 2026 via checked.be.