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
- Tangible fixed assets -€17,748
down €17,748 (-6.6%), from €268,529 to €250,781
of which Plant, machinery and equipment: -€10,492
- Cash +€2,913
up €2,913 (+52.7%), from €5,524 to €8,437
mainly Net result for the year (+€27,039) and Depreciation (+€17,748)
- Reserves +€24,000
up €24,000 (+94.6%), from €25,360 to €49,360
of which Distributable reserves: +€24,000
- Current portion of long-term debt -€22,708
down €22,708 (-49.0%), from €46,377 to €23,669
- Debts after one year -€20,301
no longer reported in 2025 (was €20,301)
- Turnover +€2,023
up €2,023 (+3.3%), from €61,749 to €63,772
- Gross operating margin +€1,968
up €1,968 (+3.3%), from €58,791 to €60,759
- Financial charges -€1,291
down €1,291 (-43.5%), from €2,968 to €1,677
- Taxes +€792
up €792 (+7.1%), from €11,088 to €11,880
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 | €274,053 | €259,218 | -€14,835 | -5.4% |
| Fixed assets | 21/28 | €268,529 | €250,781 | -€17,748 | -6.6% |
| Tangible fixed assets | 22/27 | €268,529 | €250,781 | -€17,748 | -6.6% |
| Land and buildings | 22 | €196,717 | €189,461 | -€7,256 | -3.7% |
| Plant, machinery and equipment | 23 | €71,812 | €61,320 | -€10,492 | -14.6% |
| Current assets | 29/58 | €5,524 | €8,437 | +€2,913 | +52.7% |
| Cash at bank and in hand | 54/58 | €5,524 | €8,437 | +€2,913 | +52.7% |
| Total equity and liabilities | 10/49 | €274,053 | €259,218 | -€14,835 | -5.4% |
| Equity | 10/15 | €204,487 | €230,526 | +€26,039 | +12.7% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,360 | €49,360 | +€24,000 | +94.6% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Distributable reserves | 133 | €23,500 | €47,500 | +€24,000 | +102.1% |
| Profit (loss) carried forward | 14 | €160,527 | €162,566 | +€2,039 | +1.3% |
| Amounts payable | 17/49 | €69,566 | €28,692 | -€40,874 | -58.8% |
| Amounts payable after more than one year | 17 | €20,301 | - | -€20,301 | |
| Financial debts | 170/4 | €20,301 | - | -€20,301 | |
| Amounts payable within one year | 42/48 | €49,265 | €28,692 | -€20,573 | -41.8% |
| Current portion of amounts payable after more than one year | 42 | €46,377 | €23,669 | -€22,708 | -49.0% |
| Trade debts | 44 | - | €1,343 | +€1,343 | |
| Suppliers | 440/4 | - | €1,343 | +€1,343 | |
| Taxes, remuneration and social security | 45 | €2,088 | €1,880 | -€208 | -10.0% |
| Taxes | 450/3 | €2,088 | €1,880 | -€208 | -10.0% |
| Other amounts payable | 47/48 | €800 | €1,800 | +€1,000 | +125.0% |
| Turnover | 70 | €61,749 | €63,772 | +€2,023 | +3.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €2,958 | €3,013 | +€55 | +1.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,748 | €17,748 | = | 0.0% |
| Other operating charges | 640/8 | €2,324 | €2,415 | +€91 | +3.9% |
| Gross operating margin | 9900 | €58,791 | €60,759 | +€1,968 | +3.3% |
| Operating profit (loss) | 9901 | €38,719 | €40,596 | +€1,877 | +4.8% |
| Financial charges | 65/66B | €2,968 | €1,677 | -€1,291 | -43.5% |
| Recurring financial charges | 65 | €2,968 | €1,677 | -€1,291 | -43.5% |
| Profit (loss) for the period before taxes | 9903 | €35,751 | €38,919 | +€3,168 | +8.9% |
| Income taxes | 67/77 | €11,088 | €11,880 | +€792 | +7.1% |
| Profit (loss) for the period | 9904 | €24,663 | €27,039 | +€2,376 | +9.6% |
| Profit (loss) for the period to be appropriated | 9905 | €24,663 | €27,039 | +€2,376 | +9.6% |
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 30 September 2026 via checked.be.