MAAD: what changed
Two fiscal 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.
MAAD
Largest movements
- Receivables within one year -€10,817
down €10,817 (-13.2%), from €81,718 to €70,900
of which Trade receivables: -€12,765
- Tangible fixed assets -€1,394
down €1,394 (-49.7%), from €2,803 to €1,409
of which Furniture and vehicles: -€725
- Profit (loss) carried forward -€11,085
down €11,085 (-26.0%), from €42,609 to €31,524
- Short-term financial debts +€8,112
up €8,112 (+290.4%), from €2,793 to €10,905
- Tax, wage and social debts -€4,780
down €4,780 (-65.4%), from €7,310 to €2,531
- Trade debts -€4,458
no longer reported in 2025 (was €4,458)
- Gross operating margin -€17,968
down €17,968, from €10,888 to -€7,081
- Purchases and services +€9,111
new in 2025: €9,111
- Other operating charges +€921
up €921 (+261.5%), from €352 to €1,273
- Taxes -€844
no longer reported in 2025 (was €844)
- Financial charges +€681
up €681 (+103.2%), from €660 to €1,341
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 | €84,779 | €72,568 | -€12,211 | -14.4% |
| Fixed assets | 21/28 | €3,011 | €1,617 | -€1,394 | -46.3% |
| Tangible fixed assets | 22/27 | €2,803 | €1,409 | -€1,394 | -49.7% |
| Plant, machinery and equipment | 23 | €1,346 | €677 | -€669 | -49.7% |
| Furniture and vehicles | 24 | €1,457 | €732 | -€725 | -49.8% |
| Financial fixed assets | 28 | €208 | €208 | = | 0.0% |
| Current assets | 29/58 | €81,768 | €70,950 | -€10,817 | -13.2% |
| Amounts receivable within one year | 40/41 | €81,718 | €70,900 | -€10,817 | -13.2% |
| Trade receivables | 40 | €39,960 | €27,195 | -€12,765 | -31.9% |
| Other amounts receivable | 41 | €41,757 | €43,705 | +€1,948 | +4.7% |
| Cash at bank and in hand | 54/58 | €50 | €50 | = | 0.0% |
| Total equity and liabilities | 10/49 | €84,779 | €72,568 | -€12,211 | -14.4% |
| Equity | 10/15 | €70,218 | €59,132 | -€11,085 | -15.8% |
| Contributions | 10/11 | €6,200 | €6,200 | = | 0.0% |
| Reserves | 13 | €21,408 | €21,408 | = | 0.0% |
| Non-distributable reserves | 130/1 | €1,124 | €1,124 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,124 | €1,124 | = | 0.0% |
| Distributable reserves | 133 | €20,285 | €20,285 | = | 0.0% |
| Profit (loss) carried forward | 14 | €42,609 | €31,524 | -€11,085 | -26.0% |
| Amounts payable | 17/49 | €14,561 | €13,435 | -€1,126 | -7.7% |
| Amounts payable within one year | 42/48 | €14,561 | €13,435 | -€1,126 | -7.7% |
| Financial debts | 43 | €2,793 | €10,905 | +€8,112 | +290.4% |
| Credit institutions | 430/8 | €2,793 | €10,905 | +€8,112 | +290.4% |
| Trade debts | 44 | €4,458 | - | -€4,458 | |
| Suppliers | 440/4 | €4,458 | - | -€4,458 | |
| Taxes, remuneration and social security | 45 | €7,310 | €2,531 | -€4,780 | -65.4% |
| Taxes | 450/3 | €7,310 | €2,531 | -€4,780 | -65.4% |
| Goods, raw materials, services and sundry goods | 60/61 | - | €9,111 | +€9,111 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,394 | €1,394 | = | 0.0% |
| Other operating charges | 640/8 | €352 | €1,273 | +€921 | +261.5% |
| Gross operating margin | 9900 | €10,888 | -€7,081 | -€17,968 | |
| Operating profit (loss) | 9901 | €9,142 | -€9,748 | -€18,890 | |
| Financial income | 75/76B | - | €3 | +€3 | |
| Recurring financial income | 75 | - | €3 | +€3 | |
| Financial charges | 65/66B | €660 | €1,341 | +€681 | +103.2% |
| Recurring financial charges | 65 | €660 | €1,341 | +€681 | +103.2% |
| Profit (loss) for the period before taxes | 9903 | €8,482 | -€11,085 | -€19,567 | |
| Income taxes | 67/77 | €844 | - | -€844 | |
| Profit (loss) for the period | 9904 | €7,637 | -€11,085 | -€18,723 | |
| Profit (loss) for the period to be appropriated | 9905 | €7,637 | -€11,085 | -€18,723 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 3 October 2026 via checked.be.