M.A.A.T.C.: 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.
M.A.A.T.C.
Largest movements
- Cash -€12,222
down €12,222 (-5.7%), from €215,400 to €203,178
mainly Tax, wage and social debts (-€25,013) and Receivables within one year (-€2,869)
- Receivables within one year +€2,869
up €2,869 (+27.9%), from €10,269 to €13,138
of which Other amounts receivable: +€5,131
- Tax, wage and social debts -€25,013
down €25,013 (-47.4%), from €52,732 to €27,719
- Reserves +€16,493
up €16,493 (+9.6%), from €172,059 to €188,552
- Gross operating margin -€56,272
down €56,272 (-68.9%), from €81,722 to €25,450
- Taxes -€16,887
down €16,887 (-64.6%), from €26,131 to €9,244
- Depreciation -€3,504
no longer reported in 2025 (was €3,504)
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 | €228,989 | €220,173 | -€8,817 | -3.9% |
| Fixed assets | 21/28 | - | €0 | = | |
| Tangible fixed assets | 22/27 | - | €0 | = | |
| Furniture and vehicles | 24 | - | €0 | = | |
| Current assets | 29/58 | €228,989 | €220,173 | -€8,817 | -3.9% |
| Amounts receivable within one year | 40/41 | €10,269 | €13,138 | +€2,869 | +27.9% |
| Trade receivables | 40 | €8,378 | €6,116 | -€2,262 | -27.0% |
| Other amounts receivable | 41 | €1,891 | €7,022 | +€5,131 | +271% |
| Cash at bank and in hand | 54/58 | €215,400 | €203,178 | -€12,222 | -5.7% |
| Deferred charges and accrued income | 490/1 | €3,319 | €3,856 | +€537 | +16.2% |
| Total equity and liabilities | 10/49 | €228,989 | €220,173 | -€8,817 | -3.9% |
| Equity | 10/15 | €175,059 | €191,552 | +€16,493 | +9.4% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €172,059 | €188,552 | +€16,493 | +9.6% |
| Distributable reserves | 133 | €172,059 | €188,552 | +€16,493 | +9.6% |
| Amounts payable | 17/49 | €53,930 | €28,620 | -€25,310 | -46.9% |
| Amounts payable within one year | 42/48 | €53,930 | €28,620 | -€25,310 | -46.9% |
| Trade debts | 44 | €1,198 | €901 | -€297 | -24.8% |
| Suppliers | 440/4 | €1,198 | €901 | -€297 | -24.8% |
| Taxes, remuneration and social security | 45 | €52,732 | €27,719 | -€25,013 | -47.4% |
| Taxes | 450/3 | €52,732 | €27,719 | -€25,013 | -47.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,504 | - | -€3,504 | |
| Other operating charges | 640/8 | €674 | €951 | +€278 | +41.2% |
| Gross operating margin | 9900 | €81,722 | €25,450 | -€56,272 | -68.9% |
| Operating profit (loss) | 9901 | €77,545 | €24,499 | -€53,045 | -68.4% |
| Financial income | 75/76B | €837 | €1,343 | +€506 | +60.5% |
| Recurring financial income | 75 | €837 | €1,343 | +€506 | +60.5% |
| Financial charges | 65/66B | €95 | €105 | +€10 | +10.6% |
| Recurring financial charges | 65 | €95 | €105 | +€10 | +10.6% |
| Profit (loss) for the period before taxes | 9903 | €78,286 | €25,737 | -€52,549 | -67.1% |
| Income taxes | 67/77 | €26,131 | €9,244 | -€16,887 | -64.6% |
| Profit (loss) for the period | 9904 | €52,155 | €16,493 | -€35,662 | -68.4% |
| Profit (loss) for the period to be appropriated | 9905 | €52,155 | €16,493 | -€35,662 | -68.4% |
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 25 October 2026 via checked.be.