MAERTENS-VANLERBERGHE: what changed
What changed
MAERTENS-VANLERBERGHE
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
filed annual accounts (NBB)
Net result for the year
€112,329
2024 · €94,608+€17,722
Equity
€793,554
2024 · €771,224+€22,329
Cash
€115,415
2024 · €79,231+€36,184
Balance sheet total
€1.6m
2024 · €1.7m-€44,927
Largest movements
Assets
- Tangible fixed assets -€76,683
down €76,683 (-4.9%), from €1.6m to €1.5m
- Cash +€36,184
up €36,184 (+45.7%), from €79,231 to €115,415
mainly Net result for the year (+€112,329) and Depreciation (+€78,665)
Equity and liabilities
- Debts after one year -€121,130
down €121,130 (-17.3%), from €698,354 to €577,225
- Other debts +€40,000
up €40,000 (+80.0%), from €50,000 to €90,000
- Reserves +€22,329
up €22,329 (+3.4%), from €647,277 to €669,607
of which Distributable reserves: +€22,329
Income statement
- Gross operating margin +€15,655
up €15,655 (+5.2%), from €301,324 to €316,979
- Financial charges -€7,949
down €7,949 (-26.6%), from €29,901 to €21,952
- Write-downs +€4,918
new in 2025: €4,918
Change in the result, 2024 to 2025
For each income-statement line you see the change as its effect on the result. Higher costs lower the result, higher income raises it.
Result 2024
€94,608
Gross operating margin
+€15,655
Depreciation
-€307
Write-downs
-€4,918
Other operating charges
-€1,850
Financial income
+€19
Financial charges
+€7,949
Taxes
+€1,174
Result 2025
€112,329
raises the resultlowers the result
Derived cash bridge
The bridge is derived from the 2024 and 2025 balance sheets and the 2025 result. There is no filed cash-flow statement. You see where the money came from and where it went.
From operations
+€247,359
Investment
-€1,982
Financing
-€209,193
Cash 2024
€79,231
From operations (derived)
+€247,359
Net result for the year
+€112,329
Depreciation
+€78,665
Receivables within one year
+€4,486
Smaller working-capital items
-€279
Trade debts
-€1,446
Tax, wage and social debts
+€13,603
Other debts
+€40,000
Investment (derived)
-€1,982
Investment in fixed assets (net)
-€1,982
Financing
-€209,193
Debts after one year
-€121,130
Current portion of long-term debt
+€1,936
Contributions, distributions and other
-€90,000
Cash 2025
€115,415
brings cash intakes cash out
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €1,663,526 | €1,618,600 | -€44,927 | -2.7% |
| Fixed assets | 21/28 | €1,567,842 | €1,491,158 | -€76,683 | -4.9% |
| Tangible fixed assets | 22/27 | €1,567,842 | €1,491,158 | -€76,683 | -4.9% |
| Land and buildings | 22 | €1,567,842 | €1,491,158 | -€76,683 | -4.9% |
| Current assets | 29/58 | €95,685 | €127,441 | +€31,757 | +33.2% |
| Amounts receivable within one year | 40/41 | €12,006 | €7,520 | -€4,486 | -37.4% |
| Trade receivables | 40 | €9,612 | €5,583 | -€4,029 | -41.9% |
| Other amounts receivable | 41 | €2,395 | €1,937 | -€458 | -19.1% |
| Cash at bank and in hand | 54/58 | €79,231 | €115,415 | +€36,184 | +45.7% |
| Deferred charges and accrued income | 490/1 | €4,447 | €4,506 | +€59 | +1.3% |
| Total equity and liabilities | 10/49 | €1,663,526 | €1,618,600 | -€44,927 | -2.7% |
| Equity | 10/15 | €771,224 | €793,554 | +€22,329 | +2.9% |
| Contributions | 10/11 | €123,947 | €123,947 | = | 0.0% |
| Capital | 10 | €123,947 | €123,947 | = | 0.0% |
| Issued capital | 100 | €123,947 | €123,947 | = | 0.0% |
| Reserves | 13 | €647,277 | €669,607 | +€22,329 | +3.4% |
| Non-distributable reserves | 130/1 | €19,831 | €19,831 | = | 0.0% |
| Legal reserve | 130 | €19,831 | €19,831 | = | 0.0% |
| Tax-exempt reserves | 132 | €6,368 | €6,368 | = | 0.0% |
| Distributable reserves | 133 | €621,078 | €643,407 | +€22,329 | +3.6% |
| Profit (loss) carried forward | 14 | - | €0 | = | |
| Amounts payable | 17/49 | €892,302 | €825,046 | -€67,256 | -7.5% |
| Amounts payable after more than one year | 17 | €698,354 | €577,225 | -€121,130 | -17.3% |
| Financial debts | 170/4 | €698,354 | €577,225 | -€121,130 | -17.3% |
| Amounts payable within one year | 42/48 | €192,301 | €246,393 | +€54,093 | +28.1% |
| Current portion of amounts payable after more than one year | 42 | €119,193 | €121,130 | +€1,936 | +1.6% |
| Trade debts | 44 | €4,330 | €2,884 | -€1,446 | -33.4% |
| Suppliers | 440/4 | €4,330 | €2,884 | -€1,446 | -33.4% |
| Taxes, remuneration and social security | 45 | €18,778 | €32,380 | +€13,603 | +72.4% |
| Taxes | 450/3 | €18,778 | €32,380 | +€13,603 | +72.4% |
| Other amounts payable | 47/48 | €50,000 | €90,000 | +€40,000 | +80.0% |
| Accrued charges and deferred income | 492/3 | €1,647 | €1,428 | -€219 | -13.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €78,358 | €78,665 | +€307 | +0.4% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,918 | +€4,918 | |
| Other operating charges | 640/8 | €58,921 | €60,772 | +€1,850 | +3.1% |
| Gross operating margin | 9900 | €301,324 | €316,979 | +€15,655 | +5.2% |
| Operating profit (loss) | 9901 | €164,044 | €172,624 | +€8,580 | +5.2% |
| Financial income | 75/76B | €2 | €20 | +€19 | +1,117% |
| Recurring financial income | 75 | €2 | €20 | +€19 | +1,117% |
| Financial charges | 65/66B | €29,901 | €21,952 | -€7,949 | -26.6% |
| Recurring financial charges | 65 | €29,901 | €21,952 | -€7,949 | -26.6% |
| Profit (loss) for the period before taxes | 9903 | €134,145 | €150,692 | +€16,547 | +12.3% |
| Income taxes | 67/77 | €39,537 | €38,363 | -€1,174 | -3.0% |
| Profit (loss) for the period | 9904 | €94,608 | €112,329 | +€17,722 | +18.7% |
| Profit (loss) for the period to be appropriated | 9905 | €94,608 | €112,329 | +€17,722 | +18.7% |
Next steps
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Calculation and sources
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Green is a favourable move for that line, red an unfavourable one. Prepared on 7 November 2026 via checked.be.