BUREAU MAESTRO: 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.
BUREAU MAESTRO
Largest movements
- Current investments -€50,000
no longer reported in 2025 (was €50,000)
- Receivables within one year +€43,328
up €43,328 (+52.8%), from €81,991 to €125,319
of which Trade receivables: +€38,326
- Tangible fixed assets -€31,661
down €31,661 (-19.8%), from €159,880 to €128,219
of which Land and buildings: -€28,170
- Cash +€27,421
up €27,421 (+33.3%), from €82,266 to €109,688
mainly Current investments (+€50,000) and Depreciation (+€39,993)
- Other debts +€29,370
up €29,370 (+58.2%), from €50,441 to €79,811
- Debts after one year -€27,971
down €27,971 (-19.7%), from €142,238 to €114,267
- Trade debts -€17,430
no longer reported in 2025 (was €17,430)
- Reserves +€7,111
up €7,111 (+28.1%), from €25,325 to €32,436
- Gross operating margin +€65,061
up €65,061 (+68.3%), from €95,283 to €160,344
- Financial charges +€49,831
up €49,831 (+374%), from €13,327 to €63,158
- Staff costs +€10,688
up €10,688 (+39.7%), from €26,925 to €37,613
- Other operating charges -€2,671
down €2,671 (-22.5%), from €11,879 to €9,208
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 | €387,675 | €374,563 | -€13,112 | -3.4% |
| Fixed assets | 21/28 | €168,339 | €136,677 | -€31,661 | -18.8% |
| Tangible fixed assets | 22/27 | €159,880 | €128,219 | -€31,661 | -19.8% |
| Land and buildings | 22 | €138,376 | €110,205 | -€28,170 | -20.4% |
| Plant, machinery and equipment | 23 | €52 | - | -€52 | |
| Furniture and vehicles | 24 | €14,085 | €10,803 | -€3,281 | -23.3% |
| Other tangible fixed assets | 26 | €7,368 | €7,210 | -€158 | -2.1% |
| Financial fixed assets | 28 | €8,458 | €8,458 | = | 0.0% |
| Current assets | 29/58 | €219,337 | €237,886 | +€18,549 | +8.5% |
| Amounts receivable within one year | 40/41 | €81,991 | €125,319 | +€43,328 | +52.8% |
| Trade receivables | 40 | €68,394 | €106,719 | +€38,326 | +56.0% |
| Other amounts receivable | 41 | €13,598 | €18,600 | +€5,002 | +36.8% |
| Current investments | 50/53 | €50,000 | - | -€50,000 | |
| Cash at bank and in hand | 54/58 | €82,266 | €109,688 | +€27,421 | +33.3% |
| Deferred charges and accrued income | 490/1 | €5,079 | €2,879 | -€2,200 | -43.3% |
| Total equity and liabilities | 10/49 | €387,675 | €374,563 | -€13,112 | -3.4% |
| Equity | 10/15 | €134,664 | €141,775 | +€7,111 | +5.3% |
| Contributions | 10/11 | €20,460 | €20,460 | = | 0.0% |
| Reserves | 13 | €25,325 | €32,436 | +€7,111 | +28.1% |
| Distributable reserves | 133 | €25,325 | €32,436 | +€7,111 | +28.1% |
| Profit (loss) carried forward | 14 | €88,879 | €88,879 | = | 0.0% |
| Amounts payable | 17/49 | €253,011 | €232,788 | -€20,223 | -8.0% |
| Amounts payable after more than one year | 17 | €142,238 | €114,267 | -€27,971 | -19.7% |
| Financial debts | 170/4 | €142,238 | €114,267 | -€27,971 | -19.7% |
| Amounts payable within one year | 42/48 | €110,773 | €118,521 | +€7,748 | +7.0% |
| Current portion of amounts payable after more than one year | 42 | €36,523 | €32,714 | -€3,809 | -10.4% |
| Trade debts | 44 | €17,430 | - | -€17,430 | |
| Suppliers | 440/4 | €17,430 | - | -€17,430 | |
| Taxes, remuneration and social security | 45 | €6,379 | €5,996 | -€383 | -6.0% |
| Taxes | 450/3 | €2,492 | €2,301 | -€191 | -7.7% |
| Remuneration and social security | 454/9 | €3,886 | €3,695 | -€191 | -4.9% |
| Other amounts payable | 47/48 | €50,441 | €79,811 | +€29,370 | +58.2% |
| Remuneration, social security and pensions | 62 | €26,925 | €37,613 | +€10,688 | +39.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €40,191 | €39,993 | -€198 | -0.5% |
| Other operating charges | 640/8 | €11,879 | €9,208 | -€2,671 | -22.5% |
| Gross operating margin | 9900 | €95,283 | €160,344 | +€65,061 | +68.3% |
| Operating profit (loss) | 9901 | €16,289 | €73,530 | +€57,241 | +351% |
| Financial income | 75/76B | €779 | €1,011 | +€232 | +29.7% |
| Recurring financial income | 75 | €779 | €1,011 | +€232 | +29.7% |
| Financial charges | 65/66B | €13,327 | €63,158 | +€49,831 | +374% |
| Recurring financial charges | 65 | €13,327 | €63,158 | +€49,831 | +374% |
| Profit (loss) for the period before taxes | 9903 | €3,741 | €11,383 | +€7,643 | +204% |
| Income taxes | 67/77 | €3,650 | €4,272 | +€622 | +17.0% |
| Profit (loss) for the period | 9904 | €90 | €7,111 | +€7,021 | +7,791% |
| Profit (loss) for the period to be appropriated | 9905 | €90 | €7,111 | +€7,021 | +7,791% |
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.