BY MAUD: 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.
BY MAUD
Largest movements
- Tangible fixed assets +€83,050
up €83,050 (+263%), from €31,619 to €114,669
of which Land and buildings: +€88,080
- Receivables after one year +€17,956
up €17,956 (+69.8%), from €25,720 to €43,676
- Cash -€14,646
down €14,646 (-53.8%), from €27,238 to €12,592
mainly Investment in fixed assets (net) (-€97,367) and Receivables after one year (-€17,956)
- Stocks and contracts +€2,049
up €2,049 (+19.2%), from €10,689 to €12,738
- Debts after one year +€69,793
up €69,793 (+2,112%), from €3,304 to €73,097
- Reserves +€11,559
up €11,559 (+126%), from €9,169 to €20,728
- Current portion of long-term debt +€5,269
up €5,269 (+113%), from €4,657 to €9,927
- Staff costs +€29,190
up €29,190 (+22.9%), from €127,250 to €156,439
- Gross operating margin +€24,807
up €24,807 (+14.8%), from €167,476 to €192,283
- Depreciation +€6,183
up €6,183 (+76.0%), from €8,135 to €14,318
- Financial charges +€1,956
up €1,956 (+97.0%), from €2,017 to €3,973
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 | €95,298 | €183,717 | +€88,419 | +92.8% |
| Formation expenses | 20 | €0 | €0 | = | |
| Fixed assets | 21/28 | €31,619 | €114,669 | +€83,050 | +263% |
| Tangible fixed assets | 22/27 | €31,619 | €114,669 | +€83,050 | +263% |
| Land and buildings | 22 | €12,434 | €100,514 | +€88,080 | +708% |
| Plant, machinery and equipment | 23 | €9,153 | €7,933 | -€1,220 | -13.3% |
| Furniture and vehicles | 24 | €10,032 | €6,222 | -€3,810 | -38.0% |
| Current assets | 29/58 | €63,679 | €69,048 | +€5,369 | +8.4% |
| Amounts receivable after more than one year | 29 | €25,720 | €43,676 | +€17,956 | +69.8% |
| Other amounts receivable | 291 | €25,720 | €43,676 | +€17,956 | +69.8% |
| Stocks and contracts in progress | 3 | €10,689 | €12,738 | +€2,049 | +19.2% |
| Stocks | 30/36 | €10,689 | €12,738 | +€2,049 | +19.2% |
| Amounts receivable within one year | 40/41 | €32 | €43 | +€11 | +34.2% |
| Trade receivables | 40 | €32 | €43 | +€11 | +34.2% |
| Cash at bank and in hand | 54/58 | €27,238 | €12,592 | -€14,646 | -53.8% |
| Total equity and liabilities | 10/49 | €95,298 | €183,717 | +€88,419 | +92.8% |
| Equity | 10/15 | €51,464 | €63,023 | +€11,559 | +22.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Reserves | 13 | €9,169 | €20,728 | +€11,559 | +126% |
| Distributable reserves | 133 | €9,169 | €20,728 | +€11,559 | +126% |
| Profit (loss) carried forward | 14 | €37,295 | €37,295 | = | 0.0% |
| Amounts payable | 17/49 | €43,834 | €120,694 | +€76,860 | +175% |
| Amounts payable after more than one year | 17 | €3,304 | €73,097 | +€69,793 | +2,112% |
| Financial debts | 170/4 | €3,304 | €73,097 | +€69,793 | +2,112% |
| Amounts payable within one year | 42/48 | €40,530 | €47,597 | +€7,067 | +17.4% |
| Current portion of amounts payable after more than one year | 42 | €4,657 | €9,927 | +€5,269 | +113% |
| Financial debts | 43 | €1,352 | - | -€1,352 | |
| Other loans | 439 | €1,352 | - | -€1,352 | |
| Trade debts | 44 | €3,892 | €5,724 | +€1,832 | +47.1% |
| Suppliers | 440/4 | €3,892 | €5,724 | +€1,832 | +47.1% |
| Taxes, remuneration and social security | 45 | €30,628 | €31,946 | +€1,318 | +4.3% |
| Taxes | 450/3 | €16,911 | €21,206 | +€4,295 | +25.4% |
| Remuneration and social security | 454/9 | €13,717 | €10,740 | -€2,977 | -21.7% |
| Remuneration, social security and pensions | 62 | €127,250 | €156,439 | +€29,190 | +22.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,135 | €14,318 | +€6,183 | +76.0% |
| Other operating charges | 640/8 | €1,067 | €342 | -€725 | -68.0% |
| Gross operating margin | 9900 | €167,476 | €192,283 | +€24,807 | +14.8% |
| Operating profit (loss) | 9901 | €31,025 | €21,184 | -€9,841 | -31.7% |
| Financial income | 75/76B | €1,181 | €1,880 | +€699 | +59.2% |
| Recurring financial income | 75 | €1,181 | €1,880 | +€699 | +59.2% |
| Financial charges | 65/66B | €2,017 | €3,973 | +€1,956 | +97.0% |
| Recurring financial charges | 65 | €2,017 | €3,973 | +€1,956 | +97.0% |
| Profit (loss) for the period before taxes | 9903 | €30,189 | €19,091 | -€11,098 | -36.8% |
| Income taxes | 67/77 | €7,940 | €7,533 | -€407 | -5.1% |
| Profit (loss) for the period | 9904 | €22,249 | €11,559 | -€10,691 | -48.0% |
| Profit (loss) for the period to be appropriated | 9905 | €22,249 | €11,559 | -€10,691 | -48.0% |
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 24 October 2026 via checked.be.