MAAN: 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.
MAAN
Largest movements
- Receivables within one year -€29,231
down €29,231 (-87.9%), from €33,236 to €4,005
of which Trade receivables: -€22,587
- Tangible fixed assets +€11,254
up €11,254 (+16.2%), from €69,270 to €80,524
of which Land and buildings: +€9,209
- Trade debts -€14,698
down €14,698 (-43.5%), from €33,763 to €19,065
- Other debts -€11,134
down €11,134 (-50.7%), from €21,945 to €10,811
- Reserves +€10,963
up €10,963 (+236%), from €4,640 to €15,603
- Debts after one year -€6,066
down €6,066 (-9.3%), from €65,188 to €59,122
- Accrued charges and deferred income -€6,000
no longer reported in 2025 (was €6,000)
- Gross operating margin +€57,892
up €57,892 (+349%), from €16,610 to €74,502
- Staff costs +€30,669
up €30,669 (+410%), from €7,485 to €38,155
- Depreciation +€11,251
up €11,251 (+429%), from €2,620 to €13,871
- Taxes +€5,625
new in 2025: €5,625
- Financial charges +€3,931
up €3,931 (+266%), from €1,478 to €5,409
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 | €138,349 | €120,065 | -€18,285 | -13.2% |
| Fixed assets | 21/28 | €69,270 | €80,524 | +€11,254 | +16.2% |
| Tangible fixed assets | 22/27 | €69,270 | €80,524 | +€11,254 | +16.2% |
| Land and buildings | 22 | €2,152 | €11,361 | +€9,209 | +428% |
| Plant, machinery and equipment | 23 | €58,653 | €53,417 | -€5,236 | -8.9% |
| Furniture and vehicles | 24 | €8,465 | €15,746 | +€7,281 | +86.0% |
| Current assets | 29/58 | €69,079 | €39,541 | -€29,538 | -42.8% |
| Stocks and contracts in progress | 3 | €5,557 | €5,706 | +€149 | +2.7% |
| Stocks | 30/36 | €5,557 | €5,706 | +€149 | +2.7% |
| Amounts receivable within one year | 40/41 | €33,236 | €4,005 | -€29,231 | -87.9% |
| Trade receivables | 40 | €24,136 | €1,549 | -€22,587 | -93.6% |
| Other amounts receivable | 41 | €9,100 | €2,456 | -€6,644 | -73.0% |
| Cash at bank and in hand | 54/58 | €30,286 | €29,829 | -€456 | -1.5% |
| Total equity and liabilities | 10/49 | €138,349 | €120,065 | -€18,285 | -13.2% |
| Equity | 10/15 | €6,640 | €17,603 | +€10,963 | +165% |
| Contributions | 10/11 | €2,000 | €2,000 | = | 0.0% |
| Reserves | 13 | €4,640 | €15,603 | +€10,963 | +236% |
| Distributable reserves | 133 | €4,640 | €15,603 | +€10,963 | +236% |
| Amounts payable | 17/49 | €131,710 | €102,462 | -€29,248 | -22.2% |
| Amounts payable after more than one year | 17 | €65,188 | €59,122 | -€6,066 | -9.3% |
| Financial debts | 170/4 | €65,188 | €59,122 | -€6,066 | -9.3% |
| Amounts payable within one year | 42/48 | €60,522 | €43,340 | -€17,182 | -28.4% |
| Current portion of amounts payable after more than one year | 42 | €4,812 | €10,734 | +€5,922 | +123% |
| Trade debts | 44 | €33,763 | €19,065 | -€14,698 | -43.5% |
| Suppliers | 440/4 | €33,763 | €19,065 | -€14,698 | -43.5% |
| Taxes, remuneration and social security | 45 | €2 | €2,730 | +€2,728 | +142,079% |
| Remuneration and social security | 454/9 | €2 | €2,730 | +€2,728 | +142,079% |
| Other amounts payable | 47/48 | €21,945 | €10,811 | -€11,134 | -50.7% |
| Accrued charges and deferred income | 492/3 | €6,000 | - | -€6,000 | |
| Remuneration, social security and pensions | 62 | €7,485 | €38,155 | +€30,669 | +410% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,620 | €13,871 | +€11,251 | +429% |
| Other operating charges | 640/8 | €387 | €480 | +€92 | +23.9% |
| Gross operating margin | 9900 | €16,610 | €74,502 | +€57,892 | +349% |
| Operating profit (loss) | 9901 | €6,117 | €21,997 | +€15,880 | +260% |
| Financial income | 75/76B | €0 | €1 | +€0 | +66.7% |
| Recurring financial income | 75 | €0 | €1 | +€0 | +66.7% |
| Financial charges | 65/66B | €1,478 | €5,409 | +€3,931 | +266% |
| Recurring financial charges | 65 | €1,478 | €5,409 | +€3,931 | +266% |
| Profit (loss) for the period before taxes | 9903 | €4,640 | €16,588 | +€11,949 | +258% |
| Income taxes | 67/77 | - | €5,625 | +€5,625 | |
| Profit (loss) for the period | 9904 | €4,640 | €10,963 | +€6,324 | +136% |
| Profit (loss) for the period to be appropriated | 9905 | €4,640 | €10,963 | +€6,324 | +136% |
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 15 October 2026 via checked.be.