Frédéric MAURO: 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.
Frédéric MAURO
Largest movements
- Tangible fixed assets -€8,993
down €8,993 (-14.5%), from €62,075 to €53,082
- Receivables within one year -€3,674
down €3,674 (-43.5%), from €8,448 to €4,774
of which Trade receivables: -€6,050
- Cash -€2,508
down €2,508 (-55.0%), from €4,564 to €2,056
mainly Net result for the year (-€9,070) and Investment in fixed assets (net) (-€8,235)
- Profit (loss) carried forward -€9,070
down €9,070 (-17.8%), from -€50,898 to -€59,969
- Other debts -€6,545
down €6,545 (-5.8%), from €113,043 to €106,498
- Depreciation +€8,217
up €8,217 (+91.2%), from €9,011 to €17,228
- Gross operating margin -€2,225
down €2,225 (-20.1%), from €11,094 to €8,869
- Taxes +€638
up €638, from -€434 to €204
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 | €76,101 | €61,033 | -€15,068 | -19.8% |
| Fixed assets | 21/28 | €62,075 | €53,082 | -€8,993 | -14.5% |
| Tangible fixed assets | 22/27 | €62,075 | €53,082 | -€8,993 | -14.5% |
| Furniture and vehicles | 24 | €62,075 | €53,082 | -€8,993 | -14.5% |
| Current assets | 29/58 | €14,026 | €7,951 | -€6,074 | -43.3% |
| Amounts receivable within one year | 40/41 | €8,448 | €4,774 | -€3,674 | -43.5% |
| Trade receivables | 40 | €6,050 | - | -€6,050 | |
| Other amounts receivable | 41 | €2,398 | €4,774 | +€2,376 | +99.1% |
| Cash at bank and in hand | 54/58 | €4,564 | €2,056 | -€2,508 | -55.0% |
| Deferred charges and accrued income | 490/1 | €1,014 | €1,121 | +€108 | +10.6% |
| Total equity and liabilities | 10/49 | €76,101 | €61,033 | -€15,068 | -19.8% |
| Equity | 10/15 | -€37,551 | -€46,622 | -€9,070 | -24.2% |
| Contributions | 10/11 | €13,347 | €13,347 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€50,898 | -€59,969 | -€9,070 | -17.8% |
| Amounts payable | 17/49 | €113,652 | €107,655 | -€5,997 | -5.3% |
| Amounts payable within one year | 42/48 | €113,652 | €107,655 | -€5,997 | -5.3% |
| Trade debts | 44 | €609 | €1,157 | +€548 | +90.0% |
| Suppliers | 440/4 | €609 | €1,157 | +€548 | +90.0% |
| Other amounts payable | 47/48 | €113,043 | €106,498 | -€6,545 | -5.8% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €9,011 | €17,228 | +€8,217 | +91.2% |
| Other operating charges | 640/8 | €589 | €501 | -€88 | -15.0% |
| Gross operating margin | 9900 | €11,094 | €8,869 | -€2,225 | -20.1% |
| Operating profit (loss) | 9901 | €1,494 | -€8,860 | -€10,354 | |
| Financial charges | 65/66B | €0 | €6 | +€6 | +61900.0% |
| Recurring financial charges | 65 | €0 | €6 | +€6 | +61900.0% |
| Profit (loss) for the period before taxes | 9903 | €1,494 | -€8,866 | -€10,360 | |
| Income taxes | 67/77 | -€434 | €204 | +€638 | |
| Profit (loss) for the period | 9904 | €1,928 | -€9,070 | -€10,998 | |
| Profit (loss) for the period to be appropriated | 9905 | €1,928 | -€9,070 | -€10,998 |
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 12 October 2026 via checked.be.