MAERKELINDEN: 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.
MAERKELINDEN
Largest movements
- Financial fixed assets +€6.9m
up €6.9m (+88.3%), from €7.8m to €14.7m
- Tangible fixed assets +€2.1m
up €2.1m (+33.3%), from €6.4m to €8.5m
of which Land and buildings: +€2.2m
- Revaluation surpluses +€6.3m
up €6.3m (+348.0%), from €1.8m to €8.1m
- Reserves +€5.4m
up €5.4m (+1137.8%), from €471,319 to €5.8m
of which Distributable reserves: +€5.4m
- Other debts -€4.1m
down €4.1m (-26.8%), from €15.4m to €11.3m
- Debts after one year +€1.9m
up €1.9m (+71.1%), from €2.6m to €4.5m
- Financial income +€4.6m
up €4.6m (+398.3%), from €1.1m to €5.7m
- Depreciation +€217,824
up €217,824 (+102.0%), from €213,484 to €431,308
- Gross operating margin +€158,124
up €158,124 (+981.6%), from €16,108 to €174,233
- Financial charges +€21,856
up €21,856 (+32.8%), from €66,568 to €88,424
- Other operating charges +€3,109
up €3,109 (+19.3%), from €16,127 to €19,237
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 | €20,623,807 | €30,095,690 | +€9.5m | +45.9% |
| Fixed assets | 21/28 | €14,196,854 | €23,220,408 | +€9.0m | +63.6% |
| Tangible fixed assets | 22/27 | €6,391,758 | €8,521,708 | +€2.1m | +33.3% |
| Land and buildings | 22 | €5,970,486 | €8,182,781 | +€2.2m | +37.1% |
| Furniture and vehicles | 24 | €421,272 | €338,928 | -€82,345 | -19.5% |
| Financial fixed assets | 28 | €7,805,095 | €14,698,700 | +€6.9m | +88.3% |
| Current assets | 29/58 | €6,426,954 | €6,875,282 | +€448,329 | +7.0% |
| Amounts receivable within one year | 40/41 | €6,420,028 | €6,688,533 | +€268,505 | +4.2% |
| Trade receivables | 40 | €33,331 | €17,530 | -€15,801 | -47.4% |
| Other amounts receivable | 41 | €6,386,697 | €6,671,003 | +€284,306 | +4.5% |
| Cash at bank and in hand | 54/58 | €6,926 | €47,798 | +€40,872 | +590.1% |
| Deferred charges and accrued income | 490/1 | - | €138,951 | +€138,951 | |
| Total equity and liabilities | 10/49 | €20,623,807 | €30,095,690 | +€9.5m | +45.9% |
| Equity | 10/15 | €2,334,458 | €13,965,935 | +€11.6m | +498.3% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Revaluation surpluses | 12 | €1,801,139 | €8,069,744 | +€6.3m | +348.0% |
| Reserves | 13 | €471,319 | €5,834,191 | +€5.4m | +1137.8% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €465,119 | €5,827,991 | +€5.4m | +1153.0% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €18,289,349 | €16,129,755 | -€2.2m | -11.8% |
| Amounts payable after more than one year | 17 | €2,603,484 | €4,454,718 | +€1.9m | +71.1% |
| Financial debts | 170/4 | €2,603,484 | €4,454,718 | +€1.9m | +71.1% |
| Amounts payable within one year | 42/48 | €15,682,153 | €11,659,114 | -€4.0m | -25.7% |
| Current portion of amounts payable after more than one year | 42 | €278,425 | €380,793 | +€102,368 | +36.8% |
| Trade debts | 44 | €3,235 | €4,327 | +€1,092 | +33.7% |
| Suppliers | 440/4 | €3,235 | €4,327 | +€1,092 | +33.7% |
| Other amounts payable | 47/48 | €15,400,493 | €11,273,993 | -€4.1m | -26.8% |
| Accrued charges and deferred income | 492/3 | €3,712 | €15,924 | +€12,212 | +329.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €213,484 | €431,308 | +€217,824 | +102.0% |
| Other operating charges | 640/8 | €16,127 | €19,237 | +€3,109 | +19.3% |
| Gross operating margin | 9900 | €16,108 | €174,233 | +€158,124 | +981.6% |
| Operating profit (loss) | 9901 | -€213,503 | -€276,312 | -€62,809 | -29.4% |
| Financial income | 75/76B | €1,149,593 | €5,727,913 | +€4.6m | +398.3% |
| Recurring financial income | 75 | €1,149,593 | €5,727,913 | +€4.6m | +398.3% |
| Financial charges | 65/66B | €66,568 | €88,424 | +€21,856 | +32.8% |
| Recurring financial charges | 65 | €66,568 | €88,424 | +€21,856 | +32.8% |
| Profit (loss) for the period before taxes | 9903 | €869,522 | €5,363,177 | +€4.5m | +516.8% |
| Income taxes | 67/77 | €81 | €304 | +€224 | +277.2% |
| Profit (loss) for the period | 9904 | €869,441 | €5,362,872 | +€4.5m | +516.8% |
| Profit (loss) for the period to be appropriated | 9905 | €869,441 | €5,362,872 | +€4.5m | +516.8% |
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.