MAAF: 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.
MAAF
Largest movements
- Cash +€9,522
up €9,522 (+42.1%), from €22,619 to €32,141
mainly Tax, wage and social debts (+€23,041) and Receivables within one year (+€9,222)
- Receivables within one year -€9,222
down €9,222 (-11.5%), from €80,189 to €70,967
of which Trade receivables: -€9,222
- Tax, wage and social debts +€23,041
up €23,041 (+782%), from €2,946 to €25,987
of which Remuneration and social security: +€25,146
- Advances received -€22,500
no longer reported in 2025 (was €22,500)
- Profit (loss) carried forward -€5,156
down €5,156 (-2.3%), from -€227,150 to -€232,306
- Trade debts +€4,276
up €4,276 (+15.4%), from €27,712 to €31,988
- Gross operating margin -€9,153
down €9,153 (-23.7%), from €38,542 to €29,389
- Depreciation -€8,600
no longer reported in 2025 (was €8,600)
- Purchases and services +€4,979
up €4,979 (+35.6%), from €14,002 to €18,981
- Turnover -€4,174
down €4,174 (-7.9%), from €52,544 to €48,370
- Staff costs +€2,904
up €2,904 (+11.3%), from €25,763 to €28,667
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 | €205,015 | €204,433 | -€582 | -0.3% |
| Fixed assets | 21/28 | €101,325 | €101,325 | = | 0.0% |
| Tangible fixed assets | 22/27 | €101,005 | €101,005 | = | 0.0% |
| Land and buildings | 22 | €101,005 | €101,005 | = | 0.0% |
| Financial fixed assets | 28 | €320 | €320 | = | 0.0% |
| Current assets | 29/58 | €103,690 | €103,108 | -€582 | -0.6% |
| Amounts receivable within one year | 40/41 | €80,189 | €70,967 | -€9,222 | -11.5% |
| Trade receivables | 40 | €68,834 | €59,612 | -€9,222 | -13.4% |
| Other amounts receivable | 41 | €11,355 | €11,355 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €22,619 | €32,141 | +€9,522 | +42.1% |
| Deferred charges and accrued income | 490/1 | €882 | - | -€882 | |
| Total equity and liabilities | 10/49 | €205,015 | €204,433 | -€582 | -0.3% |
| Equity | 10/15 | €139,594 | €134,438 | -€5,156 | -3.7% |
| Contributions | 10/11 | €341,000 | €341,000 | = | 0.0% |
| Capital | 10 | €341,000 | €341,000 | = | 0.0% |
| Issued capital | 100 | €353,400 | €353,400 | = | 0.0% |
| Uncalled capital | 101 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €25,744 | €25,744 | = | 0.0% |
| Non-distributable reserves | 130/1 | €25,744 | €25,744 | = | 0.0% |
| Legal reserve | 130 | €25,744 | €25,744 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€227,150 | -€232,306 | -€5,156 | -2.3% |
| Amounts payable | 17/49 | €65,421 | €69,995 | +€4,574 | +7.0% |
| Amounts payable within one year | 42/48 | €65,421 | €69,387 | +€3,966 | +6.1% |
| Trade debts | 44 | €27,712 | €31,988 | +€4,276 | +15.4% |
| Suppliers | 440/4 | €27,712 | €31,988 | +€4,276 | +15.4% |
| Advances received on contracts in progress | 46 | €22,500 | - | -€22,500 | |
| Taxes, remuneration and social security | 45 | €2,946 | €25,987 | +€23,041 | +782% |
| Taxes | 450/3 | €2,289 | €184 | -€2,105 | -92.0% |
| Remuneration and social security | 454/9 | €657 | €25,803 | +€25,146 | +3,826% |
| Other amounts payable | 47/48 | €12,263 | €11,412 | -€851 | -6.9% |
| Accrued charges and deferred income | 492/3 | - | €608 | +€608 | |
| Turnover | 70 | €52,544 | €48,370 | -€4,174 | -7.9% |
| Goods, raw materials, services and sundry goods | 60/61 | €14,002 | €18,981 | +€4,979 | +35.6% |
| Remuneration, social security and pensions | 62 | €25,763 | €28,667 | +€2,904 | +11.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €8,600 | - | -€8,600 | |
| Other operating charges | 640/8 | €5,104 | €5,362 | +€258 | +5.1% |
| Gross operating margin | 9900 | €38,542 | €29,389 | -€9,153 | -23.7% |
| Operating profit (loss) | 9901 | -€925 | -€4,640 | -€3,715 | -402% |
| Financial income | 75/76B | €7 | - | -€7 | |
| Recurring financial income | 75 | €7 | - | -€7 | |
| Financial charges | 65/66B | €373 | €516 | +€143 | +38.4% |
| Recurring financial charges | 65 | €373 | €516 | +€143 | +38.4% |
| Profit (loss) for the period before taxes | 9903 | -€1,291 | -€5,156 | -€3,865 | -300% |
| Profit (loss) for the period | 9904 | -€1,291 | -€5,156 | -€3,865 | -300% |
| Profit (loss) for the period to be appropriated | 9905 | -€1,291 | -€5,156 | -€3,865 | -300% |
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.