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
- Current investments +€60,000
new in 2025: €60,000
- Cash +€23,882
up €23,882 (+39.7%), from €60,230 to €84,112
mainly Net result for the year (+€93,203) and Depreciation (+€11,668)
- Tangible fixed assets -€11,668
down €11,668 (-20.9%), from €55,812 to €44,144
of which Furniture and vehicles: -€11,050
- Receivables within one year -€4,351
down €4,351 (-16.7%), from €26,054 to €21,703
of which Trade receivables: -€4,359
- Reserves +€93,203
up €93,203 (+108.2%), from €86,146 to €179,349
- Tax, wage and social debts -€27,497
down €27,497 (-51.8%), from €53,081 to €25,584
of which Taxes: -€23,507
- Gross operating margin +€17,318
up €17,318 (+15.2%), from €114,227 to €131,544
- Depreciation +€7,950
up €7,950 (+213.8%), from €3,718 to €11,668
- Taxes +€2,662
up €2,662 (+11.0%), from €24,172 to €26,834
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 | €143,363 | €211,122 | +€67,759 | +47.3% |
| Fixed assets | 21/28 | €55,812 | €44,144 | -€11,668 | -20.9% |
| Tangible fixed assets | 22/27 | €55,812 | €44,144 | -€11,668 | -20.9% |
| Land and buildings | 22 | €2,357 | €2,119 | -€238 | -10.1% |
| Plant, machinery and equipment | 23 | €1,868 | €1,488 | -€380 | -20.3% |
| Furniture and vehicles | 24 | €51,587 | €40,537 | -€11,050 | -21.4% |
| Current assets | 29/58 | €87,551 | €166,978 | +€79,427 | +90.7% |
| Amounts receivable within one year | 40/41 | €26,054 | €21,703 | -€4,351 | -16.7% |
| Trade receivables | 40 | €26,048 | €21,688 | -€4,359 | -16.7% |
| Other amounts receivable | 41 | €6 | €15 | +€9 | +139.4% |
| Current investments | 50/53 | - | €60,000 | +€60,000 | |
| Cash at bank and in hand | 54/58 | €60,230 | €84,112 | +€23,882 | +39.7% |
| Deferred charges and accrued income | 490/1 | €1,267 | €1,163 | -€104 | -8.2% |
| Total equity and liabilities | 10/49 | €143,363 | €211,122 | +€67,759 | +47.3% |
| Equity | 10/15 | €89,146 | €182,349 | +€93,203 | +104.6% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €86,146 | €179,349 | +€93,203 | +108.2% |
| Distributable reserves | 133 | €86,146 | €179,349 | +€93,203 | +108.2% |
| Amounts payable | 17/49 | €54,216 | €28,773 | -€25,443 | -46.9% |
| Amounts payable within one year | 42/48 | €54,216 | €28,773 | -€25,443 | -46.9% |
| Trade debts | 44 | €1,135 | €1,341 | +€206 | +18.1% |
| Suppliers | 440/4 | €1,135 | €1,341 | +€206 | +18.1% |
| Taxes, remuneration and social security | 45 | €53,081 | €25,584 | -€27,497 | -51.8% |
| Taxes | 450/3 | €49,092 | €25,584 | -€23,507 | -47.9% |
| Remuneration and social security | 454/9 | €3,990 | €0 | -€3,990 | -100.0% |
| Other amounts payable | 47/48 | - | €1,848 | +€1,848 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,718 | €11,668 | +€7,950 | +213.8% |
| Other operating charges | 640/8 | €73 | €63 | -€10 | -13.1% |
| Gross operating margin | 9900 | €114,227 | €131,544 | +€17,318 | +15.2% |
| Operating profit (loss) | 9901 | €110,435 | €119,813 | +€9,378 | +8.5% |
| Financial income | 75/76B | €12 | €331 | +€320 | +2737.7% |
| Recurring financial income | 75 | €12 | €331 | +€320 | +2737.7% |
| Financial charges | 65/66B | €129 | €108 | -€21 | -16.4% |
| Recurring financial charges | 65 | €129 | €108 | -€21 | -16.4% |
| Profit (loss) for the period before taxes | 9903 | €110,318 | €120,037 | +€9,719 | +8.8% |
| Income taxes | 67/77 | €24,172 | €26,834 | +€2,662 | +11.0% |
| Profit (loss) for the period | 9904 | €86,146 | €93,203 | +€7,056 | +8.2% |
| Profit (loss) for the period to be appropriated | 9905 | €86,146 | €93,203 | +€7,056 | +8.2% |
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 7 October 2026 via checked.be.