MAANRO: 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
MAANRO
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
€11,100
2024 · -€29,887+€40,987
Equity
€3.3m
2024 · €3.3m+€11,100
Cash
€39,118
2024 · €203,798-€164,680
Balance sheet total
€3.6m
2024 · €3.7m-€69,964
Largest movements
Assets
- Receivables within one year +€179,112
up €179,112 (+272.8%), from €65,651 to €244,763
- Cash -€164,680
down €164,680 (-80.8%), from €203,798 to €39,118
mainly Receivables within one year (-€179,112) and Debts after one year (-€45,085)
- Tangible fixed assets -€84,439
down €84,439 (-2.5%), from €3.4m to €3.3m
Equity and liabilities
- Debts after one year -€45,085
down €45,085 (-15.4%), from €292,033 to €246,948
Income statement
- Depreciation -€29,562
down €29,562 (-40.0%), from €73,868 to €44,306
- Gross operating margin +€22,551
up €22,551 (+14.5%), from €155,857 to €178,408
- Taxes -€22,315
down €22,315 (-24.6%), from €90,886 to €68,571
- Other operating charges +€12,903
up €12,903 (+113.5%), from €11,369 to €24,272
- Financial charges -€7,024
down €7,024 (-59.7%), from €11,763 to €4,739
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
-€29,887
Gross operating margin
+€22,551
Depreciation
+€29,562
Other operating charges
-€12,903
Other operating items
-€29,143
Financial income
+€1,582
Financial charges
+€7,024
Taxes
+€22,315
Result 2025
€11,100
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
-€132,153
Investment
+€40,197
Financing
-€72,724
Cash 2024
€203,798
From operations (derived)
-€132,153
Net result for the year
+€11,100
Depreciation
+€44,306
Receivables within one year
-€179,112
Deferred charges and accrued income
-€108
Trade debts
-€6,896
Tax, wage and social debts
-€9,046
Other debts
+€7,602
Investment (derived)
+€40,197
Investment in fixed assets (net)
+€40,197
Financing
-€72,724
Debts after one year
-€45,085
Current portion of long-term debt
-€27,702
Short-term financial debts
+€63
Cash 2025
€39,118
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €3,716,978 | €3,647,014 | -€69,964 | -1.9% |
| Fixed assets | 21/28 | €3,361,562 | €3,277,059 | -€84,503 | -2.5% |
| Tangible fixed assets | 22/27 | €3,361,498 | €3,277,059 | -€84,439 | -2.5% |
| Land and buildings | 22 | €3,307,244 | €3,265,487 | -€41,756 | -1.3% |
| Plant, machinery and equipment | 23 | €14,121 | €11,571 | -€2,550 | -18.1% |
| Furniture and vehicles | 24 | €40,133 | €0 | -€40,133 | -100.0% |
| Financial fixed assets | 28 | €64 | - | -€64 | |
| Current assets | 29/58 | €355,416 | €369,955 | +€14,540 | +4.1% |
| Amounts receivable after more than one year | 29 | €84,460 | €84,460 | = | 0.0% |
| Other amounts receivable | 291 | €84,460 | €84,460 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €65,651 | €244,763 | +€179,112 | +272.8% |
| Other amounts receivable | 41 | €65,651 | €244,763 | +€179,112 | +272.8% |
| Cash at bank and in hand | 54/58 | €203,798 | €39,118 | -€164,680 | -80.8% |
| Deferred charges and accrued income | 490/1 | €1,506 | €1,614 | +€108 | +7.1% |
| Total equity and liabilities | 10/49 | €3,716,978 | €3,647,014 | -€69,964 | -1.9% |
| Equity | 10/15 | €3,323,319 | €3,334,420 | +€11,100 | +0.3% |
| Contributions | 10/11 | €192,092 | €192,092 | = | 0.0% |
| Capital | 10 | €192,092 | €192,092 | = | 0.0% |
| Issued capital | 100 | €192,092 | €192,092 | = | 0.0% |
| Revaluation surpluses | 12 | €2,210,703 | €2,210,703 | = | 0.0% |
| Reserves | 13 | €697,809 | €697,809 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,209 | €19,209 | = | 0.0% |
| Legal reserve | 130 | €19,209 | €19,209 | = | 0.0% |
| Tax-exempt reserves | 132 | €237,869 | €237,869 | = | 0.0% |
| Distributable reserves | 133 | €440,731 | €440,731 | = | 0.0% |
| Profit (loss) carried forward | 14 | €211,565 | €222,665 | +€11,100 | +5.2% |
| Investment grants | 15 | €11,150 | €11,150 | = | 0.0% |
| Amounts payable | 17/49 | €393,658 | €312,594 | -€81,064 | -20.6% |
| Amounts payable after more than one year | 17 | €292,033 | €246,948 | -€45,085 | -15.4% |
| Financial debts | 170/4 | €292,033 | €246,948 | -€45,085 | -15.4% |
| Amounts payable within one year | 42/48 | €93,555 | €57,576 | -€35,979 | -38.5% |
| Current portion of amounts payable after more than one year | 42 | €53,755 | €26,054 | -€27,702 | -51.5% |
| Financial debts | 43 | €320 | €383 | +€63 | +19.7% |
| Credit institutions | 430/8 | €320 | €383 | +€63 | +19.7% |
| Trade debts | 44 | €7,020 | €124 | -€6,896 | -98.2% |
| Suppliers | 440/4 | €7,020 | €124 | -€6,896 | -98.2% |
| Taxes, remuneration and social security | 45 | €30,246 | €21,200 | -€9,046 | -29.9% |
| Taxes | 450/3 | €30,246 | €21,200 | -€9,046 | -29.9% |
| Other amounts payable | 47/48 | €2,214 | €9,816 | +€7,602 | +343.4% |
| Accrued charges and deferred income | 492/3 | €8,070 | €8,070 | = | 0.0% |
| Non-recurring operating income | 76A | - | €45,867 | +€45,867 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €73,868 | €44,306 | -€29,562 | -40.0% |
| Other operating charges | 640/8 | €11,369 | €24,272 | +€12,903 | +113.5% |
| Non-recurring operating charges | 66A | - | €29,143 | +€29,143 | |
| Gross operating margin | 9900 | €155,857 | €178,408 | +€22,551 | +14.5% |
| Operating profit (loss) | 9901 | €70,620 | €80,686 | +€10,066 | +14.3% |
| Financial income | 75/76B | €2,142 | €3,725 | +€1,582 | +73.9% |
| Recurring financial income | 75 | €2,142 | €3,725 | +€1,582 | +73.9% |
| Financial charges | 65/66B | €11,763 | €4,739 | -€7,024 | -59.7% |
| Recurring financial charges | 65 | €11,763 | €4,739 | -€7,024 | -59.7% |
| Profit (loss) for the period before taxes | 9903 | €60,999 | €79,672 | +€18,673 | +30.6% |
| Income taxes | 67/77 | €90,886 | €68,571 | -€22,315 | -24.6% |
| Profit (loss) for the period | 9904 | -€29,887 | €11,100 | +€40,987 | |
| Profit (loss) for the period to be appropriated | 9905 | -€29,887 | €11,100 | +€40,987 |
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 6 October 2026 via checked.be.