MAAS: 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.
MAAS
Largest movements
- Cash +€354,867
up €354,867 (+80.4%), from €441,311 to €796,178
mainly Net result for the year (+€440,790) and Other debts (+€268,506)
- Current investments -€200,000
down €200,000 (-100%), from €200,000 to €0
- Receivables after one year -€100,000
down €100,000 (-100%), from €100,000 to €0
- Receivables within one year +€55,671
up €55,671 (+13.6%), from €408,841 to €464,512
of which Trade receivables: +€139,414
- Tangible fixed assets -€17,618
down €17,618 (-33.8%), from €52,166 to €34,548
of which Furniture and vehicles: -€13,190
- Other debts +€268,506
up €268,506 (+54.7%), from €491,284 to €759,790
- Reserves -€159,210
down €159,210 (-23.9%), from €667,093 to €507,883
of which Distributable reserves: -€159,210
- Current portion of long-term debt -€33,333
down €33,333 (-100%), from €33,333 to €0
- Short-term financial debts +€33,333
up €33,333, from €0 to €33,333
- Gross operating margin +€457,978
up €457,978 (+89.5%), from €511,524 to €969,502
- Taxes +€101,239
up €101,239 (+203%), from €49,867 to €151,106
- Staff costs +€60,053
up €60,053 (+20.5%), from €293,324 to €353,377
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 | €1,346,543 | €1,455,336 | +€108,793 | +8.1% |
| Fixed assets | 21/28 | €55,828 | €38,210 | -€17,618 | -31.6% |
| Tangible fixed assets | 22/27 | €52,166 | €34,548 | -€17,618 | -33.8% |
| Land and buildings | 22 | €33,325 | €28,897 | -€4,428 | -13.3% |
| Furniture and vehicles | 24 | €18,842 | €5,652 | -€13,190 | -70.0% |
| Financial fixed assets | 28 | €3,661 | €3,661 | = | 0.0% |
| Current assets | 29/58 | €1,290,715 | €1,417,126 | +€126,411 | +9.8% |
| Amounts receivable after more than one year | 29 | €100,000 | €0 | -€100,000 | -100% |
| Other amounts receivable | 291 | €100,000 | €0 | -€100,000 | -100% |
| Stocks and contracts in progress | 3 | €139,757 | €154,764 | +€15,007 | +10.7% |
| Stocks | 30/36 | €139,757 | €154,764 | +€15,007 | +10.7% |
| Amounts receivable within one year | 40/41 | €408,841 | €464,512 | +€55,671 | +13.6% |
| Trade receivables | 40 | €281,398 | €420,812 | +€139,414 | +49.5% |
| Other amounts receivable | 41 | €127,444 | €43,701 | -€83,743 | -65.7% |
| Current investments | 50/53 | €200,000 | €0 | -€200,000 | -100% |
| Cash at bank and in hand | 54/58 | €441,311 | €796,178 | +€354,867 | +80.4% |
| Deferred charges and accrued income | 490/1 | €807 | €1,672 | +€865 | +107% |
| Total equity and liabilities | 10/49 | €1,346,543 | €1,455,336 | +€108,793 | +8.1% |
| Equity | 10/15 | €729,093 | €569,883 | -€159,210 | -21.8% |
| Contributions | 10/11 | €62,000 | €62,000 | = | 0.0% |
| Capital | 10 | €62,000 | €62,000 | = | 0.0% |
| Issued capital | 100 | €62,000 | €62,000 | = | 0.0% |
| Reserves | 13 | €667,093 | €507,883 | -€159,210 | -23.9% |
| Non-distributable reserves | 130/1 | €6,200 | €6,200 | = | 0.0% |
| Legal reserve | 130 | €6,200 | €6,200 | = | 0.0% |
| Distributable reserves | 133 | €660,893 | €501,683 | -€159,210 | -24.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Provisions and deferred taxes | 16 | €12,500 | €12,500 | = | 0.0% |
| Provisions for liabilities and charges | 160/5 | €12,500 | €12,500 | = | 0.0% |
| Major repairs and maintenance | 162 | €12,500 | €12,500 | = | 0.0% |
| Amounts payable | 17/49 | €604,950 | €872,953 | +€268,003 | +44.3% |
| Amounts payable within one year | 42/48 | €604,950 | €872,953 | +€268,003 | +44.3% |
| Current portion of amounts payable after more than one year | 42 | €33,333 | €0 | -€33,333 | -100% |
| Financial debts | 43 | €0 | €33,333 | +€33,333 | |
| Credit institutions | 430/8 | €0 | €33,333 | +€33,333 | |
| Trade debts | 44 | €38,171 | €34,323 | -€3,847 | -10.1% |
| Suppliers | 440/4 | €38,171 | €34,323 | -€3,847 | -10.1% |
| Advances received on contracts in progress | 46 | €0 | - | = | |
| Taxes, remuneration and social security | 45 | €42,162 | €45,506 | +€3,344 | +7.9% |
| Taxes | 450/3 | €5,461 | €3,496 | -€1,965 | -36.0% |
| Remuneration and social security | 454/9 | €36,701 | €42,010 | +€5,309 | +14.5% |
| Other amounts payable | 47/48 | €491,284 | €759,790 | +€268,506 | +54.7% |
| Non-recurring operating income | 76A | €0 | - | = | |
| Remuneration, social security and pensions | 62 | €293,324 | €353,377 | +€60,053 | +20.5% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €18,487 | €17,618 | -€869 | -4.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | €0 | €5,213 | +€5,213 | |
| Other operating charges | 640/8 | €9,251 | €10,635 | +€1,385 | +15.0% |
| Gross operating margin | 9900 | €511,524 | €969,502 | +€457,978 | +89.5% |
| Operating profit (loss) | 9901 | €190,462 | €582,659 | +€392,197 | +206% |
| Financial income | 75/76B | €2,805 | €12,019 | +€9,214 | +328% |
| Recurring financial income | 75 | €2,805 | €12,019 | +€9,214 | +328% |
| Financial charges | 65/66B | €3,580 | €2,782 | -€798 | -22.3% |
| Recurring financial charges | 65 | €3,580 | €2,782 | -€798 | -22.3% |
| Profit (loss) for the period before taxes | 9903 | €189,687 | €591,895 | +€402,208 | +212% |
| Income taxes | 67/77 | €49,867 | €151,106 | +€101,239 | +203% |
| Profit (loss) for the period | 9904 | €139,820 | €440,790 | +€300,970 | +215% |
| Profit (loss) for the period to be appropriated | 9905 | €139,820 | €440,790 | +€300,970 | +215% |
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 24 October 2026 via checked.be.