MAIRON: 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.
MAIRON
Largest movements
- Cash +€118,543
up €118,543 (+192%), from €61,867 to €180,409
mainly Trade debts (+€82,063) and Depreciation (+€66,266)
- Tangible fixed assets +€67,317
up €67,317 (+16.2%), from €415,315 to €482,632
of which Plant, machinery and equipment: +€92,347
- Stocks and contracts -€32,478
down €32,478 (-20.7%), from €156,936 to €124,458
- Trade debts +€82,063
up €82,063 (+36.8%), from €223,133 to €305,196
- Debts after one year +€43,839
up €43,839 (+17.1%), from €255,885 to €299,725
- Current portion of long-term debt +€25,461
up €25,461 (+48.1%), from €52,941 to €78,403
- Profit (loss) carried forward -€10,793
down €10,793 (-134%), from -€8,067 to -€18,860
- Staff costs +€30,962
up €30,962 (+31.3%), from €98,814 to €129,776
- Gross operating margin +€14,039
up €14,039 (+7.1%), from €197,469 to €211,507
- Depreciation -€8,412
down €8,412 (-11.3%), from €74,678 to €66,266
From the 2025 result to the 2026 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 2025 and 2026 balance sheets and the 2026 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2025 | 2026 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €677,777 | €824,164 | +€146,387 | +21.6% |
| Formation expenses | 20 | €5,935 | €0 | -€5,935 | -100% |
| Fixed assets | 21/28 | €415,315 | €482,632 | +€67,317 | +16.2% |
| Tangible fixed assets | 22/27 | €415,315 | €482,632 | +€67,317 | +16.2% |
| Land and buildings | 22 | €262,935 | €243,253 | -€19,682 | -7.5% |
| Plant, machinery and equipment | 23 | €105,569 | €197,916 | +€92,347 | +87.5% |
| Furniture and vehicles | 24 | €46,811 | €41,463 | -€5,348 | -11.4% |
| Current assets | 29/58 | €256,527 | €341,532 | +€85,005 | +33.1% |
| Stocks and contracts in progress | 3 | €156,936 | €124,458 | -€32,478 | -20.7% |
| Stocks | 30/36 | €156,936 | €124,458 | -€32,478 | -20.7% |
| Amounts receivable within one year | 40/41 | €24,113 | €23,659 | -€454 | -1.9% |
| Trade receivables | 40 | €9,265 | €13,686 | +€4,421 | +47.7% |
| Other amounts receivable | 41 | €14,848 | €9,973 | -€4,875 | -32.8% |
| Cash at bank and in hand | 54/58 | €61,867 | €180,409 | +€118,543 | +192% |
| Deferred charges and accrued income | 490/1 | €13,611 | €13,006 | -€605 | -4.4% |
| Total equity and liabilities | 10/49 | €677,777 | €824,164 | +€146,387 | +21.6% |
| Equity | 10/15 | €126,224 | €115,432 | -€10,793 | -8.6% |
| Contributions | 10/11 | €51,000 | €51,000 | = | 0.0% |
| Reserves | 13 | €83,291 | €83,291 | = | 0.0% |
| Distributable reserves | 133 | €83,291 | €83,291 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€8,067 | -€18,860 | -€10,793 | -134% |
| Amounts payable | 17/49 | €551,553 | €708,732 | +€157,179 | +28.5% |
| Amounts payable after more than one year | 17 | €255,885 | €299,725 | +€43,839 | +17.1% |
| Financial debts | 170/4 | €255,885 | €299,725 | +€43,839 | +17.1% |
| Amounts payable within one year | 42/48 | €295,480 | €409,007 | +€113,527 | +38.4% |
| Current portion of amounts payable after more than one year | 42 | €52,941 | €78,403 | +€25,461 | +48.1% |
| Trade debts | 44 | €223,133 | €305,196 | +€82,063 | +36.8% |
| Suppliers | 440/4 | €223,133 | €305,196 | +€82,063 | +36.8% |
| Taxes, remuneration and social security | 45 | €19,146 | €25,400 | +€6,255 | +32.7% |
| Taxes | 450/3 | €1,311 | €1,117 | -€194 | -14.8% |
| Remuneration and social security | 454/9 | €17,835 | €24,284 | +€6,449 | +36.2% |
| Other amounts payable | 47/48 | €261 | €9 | -€252 | -96.7% |
| Accrued charges and deferred income | 492/3 | €187 | €0 | -€187 | -100% |
| Non-recurring operating income | 76A | €7,152 | €0 | -€7,152 | -100% |
| Remuneration, social security and pensions | 62 | €98,814 | €129,776 | +€30,962 | +31.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €74,678 | €66,266 | -€8,412 | -11.3% |
| Other operating charges | 640/8 | €8,249 | €8,780 | +€532 | +6.4% |
| Non-recurring operating charges | 66A | €5,295 | €470 | -€4,825 | -91.1% |
| Gross operating margin | 9900 | €197,469 | €211,507 | +€14,039 | +7.1% |
| Operating profit (loss) | 9901 | €10,433 | €6,214 | -€4,219 | -40.4% |
| Financial income | 75/76B | €231 | €248 | +€17 | +7.4% |
| Recurring financial income | 75 | €231 | €248 | +€17 | +7.4% |
| Financial charges | 65/66B | €18,378 | €16,848 | -€1,530 | -8.3% |
| Recurring financial charges | 65 | €18,378 | €16,848 | -€1,530 | -8.3% |
| Profit (loss) for the period before taxes | 9903 | -€7,714 | -€10,386 | -€2,672 | -34.6% |
| Income taxes | 67/77 | €353 | €407 | +€54 | +15.2% |
| Profit (loss) for the period | 9904 | -€8,067 | -€10,793 | -€2,726 | -33.8% |
| Profit (loss) for the period to be appropriated | 9905 | -€8,067 | -€10,793 | -€2,726 | -33.8% |
Source: filed annual accounts (NBB), financial years ended 31 January 2025 and 31 January 2026. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 23 October 2026 via checked.be.