Maquet Frédéric: 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.
Maquet Frédéric
Largest movements
- Tangible fixed assets +€328,272
up €328,272 (+52.1%), from €630,354 to €958,626
of which Other tangible fixed assets: +€392,465
- Cash +€77,605
up €77,605 (+1,800%), from €4,311 to €81,916
mainly Debts after one year (+€219,125) and Depreciation (+€86,442)
- Receivables within one year -€50,331
down €50,331 (-7.3%), from €685,174 to €634,843
of which Trade receivables: -€70,455
- Debts after one year +€219,125
up €219,125 (+46.0%), from €476,533 to €695,658
- Trade debts +€70,520
up €70,520 (+9.3%), from €762,217 to €832,737
- Reserves +€37,584
up €37,584 (+33.5%), from €112,064 to €149,648
- Current portion of long-term debt +€34,633
up €34,633 (+34.7%), from €99,860 to €134,493
- Turnover +€353,761
up €353,761 (+12.2%), from €2.9m to €3.3m
- Purchases and services +€216,207
up €216,207 (+8.1%), from €2.7m to €2.9m
- Gross operating margin +€137,554
up €137,554 (+62.0%), from €221,882 to €359,436
- Staff costs +€81,897
up €81,897 (+78.7%), from €104,071 to €185,968
- Depreciation +€33,821
up €33,821 (+64.3%), from €52,621 to €86,442
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 | €1,500,202 | €1,851,828 | +€351,626 | +23.4% |
| Fixed assets | 21/28 | €754,809 | €1,064,994 | +€310,185 | +41.1% |
| Intangible fixed assets | 21 | €109,980 | €91,520 | -€18,460 | -16.8% |
| Tangible fixed assets | 22/27 | €630,354 | €958,626 | +€328,272 | +52.1% |
| Land and buildings | 22 | €13,500 | €13,500 | = | 0.0% |
| Plant, machinery and equipment | 23 | €9,591 | €10,865 | +€1,274 | +13.3% |
| Furniture and vehicles | 24 | €64,249 | €49,001 | -€15,248 | -23.7% |
| Leasing and similar rights | 25 | €259,344 | €492,795 | +€233,451 | +90.0% |
| Other tangible fixed assets | 26 | - | €392,465 | +€392,465 | |
| Assets under construction and advance payments | 27 | €283,670 | - | -€283,670 | |
| Financial fixed assets | 28 | €14,475 | €14,848 | +€373 | +2.6% |
| Current assets | 29/58 | €745,393 | €786,834 | +€41,441 | +5.6% |
| Amounts receivable after more than one year | 29 | €42,810 | €42,810 | = | 0.0% |
| Other amounts receivable | 291 | €42,810 | €42,810 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €685,174 | €634,843 | -€50,331 | -7.3% |
| Trade receivables | 40 | €669,013 | €598,558 | -€70,455 | -10.5% |
| Other amounts receivable | 41 | €16,161 | €36,285 | +€20,124 | +125% |
| Cash at bank and in hand | 54/58 | €4,311 | €81,916 | +€77,605 | +1,800% |
| Deferred charges and accrued income | 490/1 | €13,098 | €27,265 | +€14,167 | +108% |
| Total equity and liabilities | 10/49 | €1,500,202 | €1,851,828 | +€351,626 | +23.4% |
| Equity | 10/15 | €117,064 | €154,648 | +€37,584 | +32.1% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €112,064 | €149,648 | +€37,584 | +33.5% |
| Distributable reserves | 133 | €112,064 | €149,648 | +€37,584 | +33.5% |
| Amounts payable | 17/49 | €1,383,138 | €1,697,180 | +€314,042 | +22.7% |
| Amounts payable after more than one year | 17 | €476,533 | €695,658 | +€219,125 | +46.0% |
| Financial debts | 170/4 | €476,533 | €695,658 | +€219,125 | +46.0% |
| Amounts payable within one year | 42/48 | €906,605 | €1,001,522 | +€94,917 | +10.5% |
| Current portion of amounts payable after more than one year | 42 | €99,860 | €134,493 | +€34,633 | +34.7% |
| Financial debts | 43 | €4,761 | - | -€4,761 | |
| Other loans | 439 | €4,761 | - | -€4,761 | |
| Trade debts | 44 | €762,217 | €832,737 | +€70,520 | +9.3% |
| Suppliers | 440/4 | €762,217 | €832,737 | +€70,520 | +9.3% |
| Advances received on contracts in progress | 46 | €1,568 | €1,910 | +€342 | +21.8% |
| Taxes, remuneration and social security | 45 | €38,199 | €32,382 | -€5,817 | -15.2% |
| Taxes | 450/3 | €16,877 | €6,012 | -€10,865 | -64.4% |
| Remuneration and social security | 454/9 | €21,322 | €26,370 | +€5,048 | +23.7% |
| Turnover | 70 | €2,899,023 | €3,252,784 | +€353,761 | +12.2% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,677,141 | €2,893,348 | +€216,207 | +8.1% |
| Remuneration, social security and pensions | 62 | €104,071 | €185,968 | +€81,897 | +78.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €52,621 | €86,442 | +€33,821 | +64.3% |
| Other operating charges | 640/8 | €10,855 | €19,071 | +€8,216 | +75.7% |
| Gross operating margin | 9900 | €221,882 | €359,436 | +€137,554 | +62.0% |
| Operating profit (loss) | 9901 | €54,335 | €67,955 | +€13,620 | +25.1% |
| Financial income | 75/76B | €236 | €30 | -€206 | -87.3% |
| Recurring financial income | 75 | €236 | €30 | -€206 | -87.3% |
| Financial charges | 65/66B | €16,501 | €30,525 | +€14,024 | +85.0% |
| Recurring financial charges | 65 | €16,501 | €30,525 | +€14,024 | +85.0% |
| Profit (loss) for the period before taxes | 9903 | €38,070 | €37,460 | -€610 | -1.6% |
| Income taxes | 67/77 | €3,799 | -€124 | -€3,923 | |
| Profit (loss) for the period | 9904 | €34,271 | €37,584 | +€3,313 | +9.7% |
| Profit (loss) for the period to be appropriated | 9905 | €34,271 | €37,584 | +€3,313 | +9.7% |
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 20 October 2026 via checked.be.