MAUNODEAU: 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.
MAUNODEAU
Largest movements
- Tangible fixed assets -€62,286
down €62,286 (-3.0%), from €2.0m to €2.0m
of which Land and buildings: -€60,421
- Cash -€61,027
down €61,027 (-23.1%), from €264,049 to €203,022
mainly Other debts (-€65,101) and Investment in fixed assets (net) (-€40,314)
- Other debts -€65,101
down €65,101 (-5.7%), from €1.1m to €1.1m
- Debts after one year -€40,274
down €40,274 (-7.2%), from €561,985 to €521,711
- Gross operating margin -€29,398
down €29,398 (-18.1%), from €162,488 to €133,090
- Financial charges +€2,493
up €2,493 (+14.6%), from €17,074 to €19,567
- Depreciation +€2,169
up €2,169 (+2.2%), from €100,431 to €102,600
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 | €2,316,590 | €2,207,026 | -€109,564 | -4.7% |
| Fixed assets | 21/28 | €2,047,684 | €1,985,398 | -€62,286 | -3.0% |
| Tangible fixed assets | 22/27 | €2,047,684 | €1,985,398 | -€62,286 | -3.0% |
| Land and buildings | 22 | €2,041,140 | €1,980,719 | -€60,421 | -3.0% |
| Plant, machinery and equipment | 23 | €2,012 | €1,528 | -€484 | -24.1% |
| Furniture and vehicles | 24 | €4,532 | €3,151 | -€1,381 | -30.5% |
| Current assets | 29/58 | €268,906 | €221,628 | -€47,278 | -17.6% |
| Amounts receivable within one year | 40/41 | €2,588 | €13,528 | +€10,940 | +422.7% |
| Trade receivables | 40 | €2,588 | €13,528 | +€10,940 | +422.7% |
| Cash at bank and in hand | 54/58 | €264,049 | €203,022 | -€61,027 | -23.1% |
| Deferred charges and accrued income | 490/1 | €2,269 | €5,078 | +€2,809 | +123.8% |
| Total equity and liabilities | 10/49 | €2,316,590 | €2,207,026 | -€109,564 | -4.7% |
| Equity | 10/15 | €581,265 | €575,874 | -€5,391 | -0.9% |
| Contributions | 10/11 | €657,300 | €657,300 | = | 0.0% |
| Capital | 10 | €657,300 | €657,300 | = | 0.0% |
| Issued capital | 100 | €657,300 | €657,300 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€76,035 | -€81,426 | -€5,391 | -7.1% |
| Amounts payable | 17/49 | €1,735,325 | €1,631,152 | -€104,173 | -6.0% |
| Amounts payable after more than one year | 17 | €561,985 | €521,711 | -€40,274 | -7.2% |
| Financial debts | 170/4 | €561,985 | €521,711 | -€40,274 | -7.2% |
| Amounts payable within one year | 42/48 | €1,173,340 | €1,109,441 | -€63,899 | -5.4% |
| Current portion of amounts payable after more than one year | 42 | €39,355 | €40,184 | +€829 | +2.1% |
| Trade debts | 44 | €133 | €506 | +€373 | +280.5% |
| Suppliers | 440/4 | €133 | €506 | +€373 | +280.5% |
| Other amounts payable | 47/48 | €1,133,852 | €1,068,751 | -€65,101 | -5.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €100,431 | €102,600 | +€2,169 | +2.2% |
| Other operating charges | 640/8 | €15,024 | €16,314 | +€1,290 | +8.6% |
| Gross operating margin | 9900 | €162,488 | €133,090 | -€29,398 | -18.1% |
| Operating profit (loss) | 9901 | €47,033 | €14,176 | -€32,857 | -69.9% |
| Financial income | 75/76B | €781 | - | -€781 | |
| Recurring financial income | 75 | €781 | - | -€781 | |
| Financial charges | 65/66B | €17,074 | €19,567 | +€2,493 | +14.6% |
| Recurring financial charges | 65 | €17,074 | €19,567 | +€2,493 | +14.6% |
| Profit (loss) for the period before taxes | 9903 | €30,740 | -€5,391 | -€36,131 | |
| Profit (loss) for the period | 9904 | €30,740 | -€5,391 | -€36,131 | |
| Profit (loss) for the period to be appropriated | 9905 | €30,740 | -€5,391 | -€36,131 |
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 9 October 2026 via checked.be.