VAN MAELE BENELUX: 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.
VAN MAELE BENELUX
Largest movements
- Receivables within one year -€67,362
down €67,362 (-46.7%), from €144,127 to €76,764
of which Trade receivables: -€67,362
- Tangible fixed assets -€54,888
down €54,888 (-34.8%), from €157,939 to €103,050
of which Plant, machinery and equipment: -€45,661
- Cash +€46,154
up €46,154 (+149%), from €31,058 to €77,212
mainly Short-term financial debts (+€69,750) and Receivables within one year (+€67,362)
- Intangible fixed assets +€34,555
up €34,555 (+687%), from €5,030 to €39,585
- Stocks and contracts +€25,658
up €25,658 (+3.6%), from €704,536 to €730,194
- Short-term financial debts +€69,750
up €69,750 (+34.0%), from €205,000 to €274,750
- Trade debts -€61,423
down €61,423 (-50.2%), from €122,404 to €60,982
- Debts after one year -€30,833
down €30,833 (-32.0%), from €96,347 to €65,514
- Gross operating margin +€32,586
up €32,586 (+19.6%), from €166,063 to €198,649
- Depreciation +€12,820
up €12,820 (+46.9%), from €27,319 to €40,138
- Financial charges -€5,546
down €5,546 (-17.1%), from €32,356 to €26,810
- Write-downs +€5,269
new in 2025: €5,269
- Financial income +€5,004
up €5,004 (+50.3%), from €9,958 to €14,962
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 | €1,050,049 | €1,031,734 | -€18,315 | -1.7% |
| Fixed assets | 21/28 | €166,533 | €142,636 | -€23,897 | -14.3% |
| Intangible fixed assets | 21 | €5,030 | €39,585 | +€34,555 | +687% |
| Tangible fixed assets | 22/27 | €157,939 | €103,050 | -€54,888 | -34.8% |
| Plant, machinery and equipment | 23 | €131,950 | €86,289 | -€45,661 | -34.6% |
| Furniture and vehicles | 24 | €7,080 | €7,687 | +€607 | +8.6% |
| Leasing and similar rights | 25 | €10,052 | €6,202 | -€3,850 | -38.3% |
| Other tangible fixed assets | 26 | €8,857 | €2,873 | -€5,984 | -67.6% |
| Financial fixed assets | 28 | €3,564 | €0 | -€3,564 | -100% |
| Current assets | 29/58 | €883,516 | €889,098 | +€5,582 | +0.6% |
| Stocks and contracts in progress | 3 | €704,536 | €730,194 | +€25,658 | +3.6% |
| Stocks | 30/36 | €704,536 | €730,194 | +€25,658 | +3.6% |
| Amounts receivable within one year | 40/41 | €144,127 | €76,764 | -€67,362 | -46.7% |
| Trade receivables | 40 | €144,127 | €76,764 | -€67,362 | -46.7% |
| Other amounts receivable | 41 | €0 | - | = | |
| Cash at bank and in hand | 54/58 | €31,058 | €77,212 | +€46,154 | +149% |
| Deferred charges and accrued income | 490/1 | €3,795 | €4,928 | +€1,133 | +29.8% |
| Total equity and liabilities | 10/49 | €1,050,049 | €1,031,734 | -€18,315 | -1.7% |
| Equity | 10/15 | €462,554 | €470,812 | +€8,257 | +1.8% |
| Contributions | 10/11 | €61,973 | €61,973 | = | 0.0% |
| Capital | 10 | €61,973 | €61,973 | = | 0.0% |
| Issued capital | 100 | €61,973 | €61,973 | = | 0.0% |
| Reserves | 13 | €400,581 | €408,838 | +€8,257 | +2.1% |
| Non-distributable reserves | 130/1 | €6,197 | €6,197 | = | 0.0% |
| Legal reserve | 130 | €6,197 | €6,197 | = | 0.0% |
| Tax-exempt reserves | 132 | €46,485 | €46,485 | = | 0.0% |
| Distributable reserves | 133 | €347,898 | €356,156 | +€8,257 | +2.4% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €587,494 | €560,922 | -€26,572 | -4.5% |
| Amounts payable after more than one year | 17 | €96,347 | €65,514 | -€30,833 | -32.0% |
| Financial debts | 170/4 | €96,347 | €65,514 | -€30,833 | -32.0% |
| Amounts payable within one year | 42/48 | €485,902 | €490,781 | +€4,879 | +1.0% |
| Current portion of amounts payable after more than one year | 42 | €41,280 | €37,889 | -€3,391 | -8.2% |
| Financial debts | 43 | €205,000 | €274,750 | +€69,750 | +34.0% |
| Credit institutions | 430/8 | €205,000 | €274,750 | +€69,750 | +34.0% |
| Trade debts | 44 | €122,404 | €60,982 | -€61,423 | -50.2% |
| Suppliers | 440/4 | €122,404 | €60,982 | -€61,423 | -50.2% |
| Taxes, remuneration and social security | 45 | €51,818 | €51,881 | +€63 | +0.1% |
| Taxes | 450/3 | €32,130 | €28,718 | -€3,412 | -10.6% |
| Remuneration and social security | 454/9 | €19,689 | €23,164 | +€3,475 | +17.6% |
| Other amounts payable | 47/48 | €65,400 | €65,279 | -€121 | -0.2% |
| Accrued charges and deferred income | 492/3 | €5,245 | €4,627 | -€618 | -11.8% |
| Non-recurring operating income | 76A | €4,750 | €0 | -€4,750 | -100% |
| Remuneration, social security and pensions | 62 | €107,802 | €112,228 | +€4,426 | +4.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,319 | €40,138 | +€12,820 | +46.9% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €5,269 | +€5,269 | |
| Other operating charges | 640/8 | €2,462 | €3,217 | +€755 | +30.7% |
| Gross operating margin | 9900 | €166,063 | €198,649 | +€32,586 | +19.6% |
| Operating profit (loss) | 9901 | €28,481 | €37,797 | +€9,316 | +32.7% |
| Financial income | 75/76B | €9,958 | €14,962 | +€5,004 | +50.3% |
| Recurring financial income | 75 | €9,958 | €14,962 | +€5,004 | +50.3% |
| Financial charges | 65/66B | €32,356 | €26,810 | -€5,546 | -17.1% |
| Recurring financial charges | 65 | €32,356 | €26,810 | -€5,546 | -17.1% |
| Profit (loss) for the period before taxes | 9903 | €6,082 | €25,949 | +€19,867 | +327% |
| Income taxes | 67/77 | €1,406 | €5,692 | +€4,286 | +305% |
| Profit (loss) for the period | 9904 | €4,676 | €20,257 | +€15,581 | +333% |
| Profit (loss) for the period to be appropriated | 9905 | €4,676 | €20,257 | +€15,581 | +333% |
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 29 October 2026 via checked.be.