Maal: 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.
Maal
Largest movements
- Receivables within one year +€10,646
up €10,646 (+1725.4%), from €617 to €11,263
of which Trade receivables: +€8,985
- Stocks and contracts +€2,941
up €2,941 (+17.9%), from €16,452 to €19,393
- Profit (loss) carried forward +€16,202
up €16,202 (+1084.5%), from €1,494 to €17,696
- Other debts -€9,497
no longer reported in 2025 (was €9,497)
- Trade debts +€3,471
up €3,471 (+1116.1%), from €311 to €3,782
- Tax, wage and social debts +€3,417
up €3,417 (+145.0%), from €2,357 to €5,774
of which Taxes: +€4,849
- Turnover +€106,271
up €106,271 (+30.8%), from €345,111 to €451,382
- Purchases and services +€100,919
up €100,919 (+31.3%), from €322,268 to €423,187
- Gross operating margin +€27,881
up €27,881 (+122.1%), from €22,843 to €50,724
- Staff costs +€10,247
up €10,247 (+71.6%), from €14,321 to €24,568
- Taxes +€5,470
new in 2025: €5,470
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 | €18,659 | €32,252 | +€13,593 | +72.8% |
| Current assets | 29/58 | €18,659 | €32,252 | +€13,593 | +72.8% |
| Stocks and contracts in progress | 3 | €16,452 | €19,393 | +€2,941 | +17.9% |
| Stocks | 30/36 | €16,452 | €19,393 | +€2,941 | +17.9% |
| Amounts receivable within one year | 40/41 | €617 | €11,263 | +€10,646 | +1725.4% |
| Trade receivables | 40 | - | €8,985 | +€8,985 | |
| Other amounts receivable | 41 | €617 | €2,278 | +€1,661 | +269.2% |
| Cash at bank and in hand | 54/58 | €1,590 | €1,596 | +€6 | +0.4% |
| Total equity and liabilities | 10/49 | €18,659 | €32,252 | +€13,593 | +72.8% |
| Equity | 10/15 | €6,494 | €22,696 | +€16,202 | +249.5% |
| Contributions | 10/11 | €5,000 | €5,000 | = | 0.0% |
| Outside capital | 11 | €5,000 | - | -€5,000 | |
| Other | 1109/19 | €5,000 | - | -€5,000 | |
| Profit (loss) carried forward | 14 | €1,494 | €17,696 | +€16,202 | +1084.5% |
| Amounts payable | 17/49 | €12,165 | €9,556 | -€2,609 | -21.4% |
| Amounts payable within one year | 42/48 | €12,165 | €9,556 | -€2,609 | -21.4% |
| Trade debts | 44 | €311 | €3,782 | +€3,471 | +1116.1% |
| Suppliers | 440/4 | €311 | €3,782 | +€3,471 | +1116.1% |
| Taxes, remuneration and social security | 45 | €2,357 | €5,774 | +€3,417 | +145.0% |
| Taxes | 450/3 | €925 | €5,774 | +€4,849 | +524.2% |
| Remuneration and social security | 454/9 | €1,432 | - | -€1,432 | |
| Other amounts payable | 47/48 | €9,497 | - | -€9,497 | |
| Turnover | 70 | €345,111 | €451,382 | +€106,271 | +30.8% |
| Goods, raw materials, services and sundry goods | 60/61 | €322,268 | €423,187 | +€100,919 | +31.3% |
| Remuneration, social security and pensions | 62 | €14,321 | €24,568 | +€10,247 | +71.6% |
| Other operating charges | 640/8 | €6,976 | €4,288 | -€2,688 | -38.5% |
| Gross operating margin | 9900 | €22,843 | €50,724 | +€27,881 | +122.1% |
| Operating profit (loss) | 9901 | €1,546 | €21,868 | +€20,322 | +1314.5% |
| Financial charges | 65/66B | €52 | €196 | +€144 | +276.9% |
| Recurring financial charges | 65 | €52 | €196 | +€144 | +276.9% |
| Profit (loss) for the period before taxes | 9903 | €1,494 | €21,672 | +€20,178 | +1350.6% |
| Income taxes | 67/77 | - | €5,470 | +€5,470 | |
| Profit (loss) for the period | 9904 | €1,494 | €16,202 | +€14,708 | +984.5% |
| Profit (loss) for the period to be appropriated | 9905 | €1,494 | €16,202 | +€14,708 | +984.5% |
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 29 September 2026 via checked.be.