MAAN: 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.
What changed
MAAN
NACE 74.140, Other specialised design activities
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€3,667
2024 · €20,819-€17,152
Equity
€328,476
2024 · €324,809+€3,667
Cash
€13,456
2024 · €9,678+€3,778
Balance sheet total
€684,794
2024 · €686,126-€1,332
Largest movements
Assets
- Tangible fixed assets -€8,660
down €8,660 (-1.6%), from €554,741 to €546,081
of which Land and buildings: -€8,903
- Deferred charges and accrued income +€7,360
new in 2025: €7,360
Equity and liabilities
- Debts after one year -€32,276
down €32,276 (-17.5%), from €184,242 to €151,965
- Other debts +€27,997
up €27,997 (+29.9%), from €93,539 to €121,536
Income statement
- Gross operating margin -€18,264
down €18,264 (-20.8%), from €87,985 to €69,721
- Financial charges -€4,074
down €4,074 (-43.9%), from €9,285 to €5,211
- Depreciation +€3,548
up €3,548 (+20.2%), from €17,592 to €21,139
- Other operating charges -€1,108
down €1,108 (-11.7%), from €9,486 to €8,378
- Staff costs +€1,004
up €1,004 (+3.3%), from €30,615 to €31,618
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.
Result 2024
€20,819
Gross operating margin
-€18,264
Staff costs
-€1,004
Depreciation
-€3,548
Other operating charges
+€1,108
Financial income
+€491
Financial charges
+€4,074
Taxes
-€9
Result 2025
€3,667
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.
From operations
+€47,731
Investment
-€12,479
Financing
-€31,474
Cash 2024
€9,678
From operations (derived)
+€47,731
Net result for the year
+€3,667
Depreciation
+€21,139
Stocks and contracts
+€3,073
Receivables within one year
+€737
Deferred charges and accrued income
-€7,360
Trade debts
+€2,435
Tax, wage and social debts
-€3,957
Other debts
+€27,997
Investment (derived)
-€12,479
Investment in fixed assets (net)
-€12,479
Financing
-€31,474
Debts after one year
-€32,276
Current portion of long-term debt
-€796
Short-term financial debts
+€1,598
Cash 2025
€13,456
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €686,126 | €684,794 | -€1,332 | -0.2% |
| Fixed assets | 21/28 | €554,891 | €546,231 | -€8,660 | -1.6% |
| Tangible fixed assets | 22/27 | €554,741 | €546,081 | -€8,660 | -1.6% |
| Land and buildings | 22 | €541,117 | €532,215 | -€8,903 | -1.6% |
| Furniture and vehicles | 24 | €13,624 | €13,866 | +€242 | +1.8% |
| Financial fixed assets | 28 | €150 | €150 | = | 0.0% |
| Current assets | 29/58 | €131,235 | €138,564 | +€7,328 | +5.6% |
| Stocks and contracts in progress | 3 | €120,416 | €117,343 | -€3,073 | -2.6% |
| Stocks | 30/36 | €120,416 | €117,343 | -€3,073 | -2.6% |
| Amounts receivable within one year | 40/41 | €1,141 | €404 | -€737 | -64.6% |
| Trade receivables | 40 | €1,141 | €293 | -€848 | -74.3% |
| Other amounts receivable | 41 | - | €111 | +€111 | |
| Cash at bank and in hand | 54/58 | €9,678 | €13,456 | +€3,778 | +39.0% |
| Deferred charges and accrued income | 490/1 | - | €7,360 | +€7,360 | |
| Total equity and liabilities | 10/49 | €686,126 | €684,794 | -€1,332 | -0.2% |
| Equity | 10/15 | €324,809 | €328,476 | +€3,667 | +1.1% |
| Contributions | 10/11 | €19,000 | €19,000 | = | 0.0% |
| Revaluation surpluses | 12 | €303,000 | €303,000 | = | 0.0% |
| Reserves | 13 | €2,809 | €6,476 | +€3,667 | +130.6% |
| Distributable reserves | 133 | €2,809 | €6,476 | +€3,667 | +130.6% |
| Profit (loss) carried forward | 14 | €0 | - | = | |
| Amounts payable | 17/49 | €361,318 | €356,318 | -€4,999 | -1.4% |
| Amounts payable after more than one year | 17 | €184,242 | €151,965 | -€32,276 | -17.5% |
| Financial debts | 170/4 | €184,242 | €151,965 | -€32,276 | -17.5% |
| Amounts payable within one year | 42/48 | €177,076 | €204,353 | +€27,277 | +15.4% |
| Current portion of amounts payable after more than one year | 42 | €33,072 | €32,276 | -€796 | -2.4% |
| Financial debts | 43 | €0 | €1,598 | +€1,598 | |
| Credit institutions | 430/8 | €0 | €1,598 | +€1,598 | |
| Trade debts | 44 | €28,214 | €30,649 | +€2,435 | +8.6% |
| Suppliers | 440/4 | €28,214 | €30,649 | +€2,435 | +8.6% |
| Taxes, remuneration and social security | 45 | €22,250 | €18,293 | -€3,957 | -17.8% |
| Taxes | 450/3 | €16,845 | €12,992 | -€3,853 | -22.9% |
| Remuneration and social security | 454/9 | €5,405 | €5,301 | -€104 | -1.9% |
| Other amounts payable | 47/48 | €93,539 | €121,536 | +€27,997 | +29.9% |
| Accrued charges and deferred income | 492/3 | €0 | - | = | |
| Non-recurring operating income | 76A | - | €4,388 | +€4,388 | |
| Remuneration, social security and pensions | 62 | €30,615 | €31,618 | +€1,004 | +3.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €17,592 | €21,139 | +€3,548 | +20.2% |
| Other operating charges | 640/8 | €9,486 | €8,378 | -€1,108 | -11.7% |
| Gross operating margin | 9900 | €87,985 | €69,721 | -€18,264 | -20.8% |
| Operating profit (loss) | 9901 | €30,293 | €8,585 | -€21,708 | -71.7% |
| Financial income | 75/76B | €0 | €491 | +€491 | |
| Recurring financial income | 75 | €0 | €491 | +€491 | |
| Financial charges | 65/66B | €9,285 | €5,211 | -€4,074 | -43.9% |
| Recurring financial charges | 65 | €9,285 | €5,211 | -€4,074 | -43.9% |
| Profit (loss) for the period before taxes | 9903 | €21,008 | €3,865 | -€17,143 | -81.6% |
| Income taxes | 67/77 | €189 | €198 | +€9 | +4.5% |
| Profit (loss) for the period | 9904 | €20,819 | €3,667 | -€17,152 | -82.4% |
| Profit (loss) for the period to be appropriated | 9905 | €20,819 | €3,667 | -€17,152 | -82.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 5 October 2026 via checked.be.