Dr Maftei: 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.
Dr Maftei
Largest movements
- Cash +€15,031
up €15,031 (+436%), from €3,447 to €18,478
mainly Net result for the year (+€80,997) and Tax, wage and social debts (+€16,314)
- Receivables within one year +€10,753
new in 2025: €10,753
- Tangible fixed assets -€7,492
down €7,492 (-47.4%), from €15,811 to €8,319
of which Furniture and vehicles: -€6,798
- Deferred charges and accrued income -€6,116
down €6,116 (-39.0%), from €15,666 to €9,550
- Receivables after one year +€5,980
up €5,980 (+5.6%), from €106,112 to €112,092
- Reserves +€80,000
up €80,000 (+811%), from €9,860 to €89,860
of which Distributable reserves: +€80,000
- Profit (loss) carried forward -€59,003
down €59,003 (-90.5%), from €65,216 to €6,213
- Tax, wage and social debts +€16,314
up €16,314 (+49.2%), from €33,161 to €49,475
of which Taxes: +€16,212
- Current portion of long-term debt -€10,039
no longer reported in 2025 (was €10,039)
- Trade debts -€9,476
no longer reported in 2025 (was €9,476)
- Gross operating margin +€60,874
up €60,874 (+77.5%), from €78,502 to €139,376
- Taxes +€37,613
up €37,613 (+836%), from €4,500 to €42,113
- Depreciation -€9,404
down €9,404 (-78.6%), from €11,958 to €2,554
- Financial income +€3,139
new in 2025: €3,139
- Other operating charges +€1,904
up €1,904 (+145%), from €1,314 to €3,218
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 | €141,096 | €159,252 | +€18,156 | +12.9% |
| Fixed assets | 21/28 | €15,871 | €8,379 | -€7,492 | -47.2% |
| Tangible fixed assets | 22/27 | €15,811 | €8,319 | -€7,492 | -47.4% |
| Furniture and vehicles | 24 | €13,033 | €6,236 | -€6,798 | -52.2% |
| Other tangible fixed assets | 26 | €2,778 | €2,083 | -€694 | -25.0% |
| Financial fixed assets | 28 | €60 | €60 | = | 0.0% |
| Current assets | 29/58 | €125,225 | €150,873 | +€25,648 | +20.5% |
| Amounts receivable after more than one year | 29 | €106,112 | €112,092 | +€5,980 | +5.6% |
| Other amounts receivable | 291 | €106,112 | €112,092 | +€5,980 | +5.6% |
| Amounts receivable within one year | 40/41 | - | €10,753 | +€10,753 | |
| Trade receivables | 40 | - | €10,753 | +€10,753 | |
| Cash at bank and in hand | 54/58 | €3,447 | €18,478 | +€15,031 | +436% |
| Deferred charges and accrued income | 490/1 | €15,666 | €9,550 | -€6,116 | -39.0% |
| Total equity and liabilities | 10/49 | €141,096 | €159,252 | +€18,156 | +12.9% |
| Equity | 10/15 | €75,076 | €96,073 | +€20,997 | +28.0% |
| Reserves | 13 | €9,860 | €89,860 | +€80,000 | +811% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €8,000 | €88,000 | +€80,000 | +1,000% |
| Profit (loss) carried forward | 14 | €65,216 | €6,213 | -€59,003 | -90.5% |
| Amounts payable | 17/49 | €66,020 | €63,179 | -€2,841 | -4.3% |
| Amounts payable after more than one year | 17 | €13,344 | €13,704 | +€360 | +2.7% |
| Financial debts | 170/4 | €13,344 | €13,704 | +€360 | +2.7% |
| Amounts payable within one year | 42/48 | €52,676 | €49,475 | -€3,201 | -6.1% |
| Current portion of amounts payable after more than one year | 42 | €10,039 | - | -€10,039 | |
| Trade debts | 44 | €9,476 | - | -€9,476 | |
| Suppliers | 440/4 | €9,476 | - | -€9,476 | |
| Taxes, remuneration and social security | 45 | €33,161 | €49,475 | +€16,314 | +49.2% |
| Taxes | 450/3 | €30,788 | €47,000 | +€16,212 | +52.7% |
| Remuneration and social security | 454/9 | €2,373 | €2,475 | +€102 | +4.3% |
| Remuneration, social security and pensions | 62 | €12,399 | €12,233 | -€166 | -1.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €11,958 | €2,554 | -€9,404 | -78.6% |
| Other operating charges | 640/8 | €1,314 | €3,218 | +€1,904 | +145% |
| Gross operating margin | 9900 | €78,502 | €139,376 | +€60,874 | +77.5% |
| Operating profit (loss) | 9901 | €52,831 | €121,372 | +€68,540 | +130% |
| Financial income | 75/76B | - | €3,139 | +€3,139 | |
| Recurring financial income | 75 | - | €3,139 | +€3,139 | |
| Financial charges | 65/66B | €1,957 | €1,401 | -€556 | -28.4% |
| Recurring financial charges | 65 | €1,957 | €1,401 | -€556 | -28.4% |
| Profit (loss) for the period before taxes | 9903 | €50,875 | €123,110 | +€72,235 | +142% |
| Income taxes | 67/77 | €4,500 | €42,113 | +€37,613 | +836% |
| Profit (loss) for the period | 9904 | €46,375 | €80,997 | +€34,622 | +74.7% |
| Profit (loss) for the period to be appropriated | 9905 | €46,375 | €80,997 | +€34,622 | +74.7% |
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 14 October 2026 via checked.be.