MAAS: 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.
MAAS
Largest movements
- Tangible fixed assets -€27,438
down €27,438 (-4.8%), from €570,332 to €542,895
of which Land and buildings: -€24,787
- Debts after one year -€24,117
down €24,117 (-79.5%), from €30,323 to €6,207
- Other debts +€17,331
up €17,331 (+3.9%), from €448,123 to €465,454
- Profit (loss) carried forward -€12,352
down €12,352 (-8.0%), from -€154,167 to -€166,519
- Current portion of long-term debt -€8,290
down €8,290 (-25.6%), from €32,406 to €24,117
- Gross operating margin -€3,494
down €3,494 (-13.9%), from €25,082 to €21,587
- Financial charges -€1,666
down €1,666 (-40.6%), from €4,103 to €2,436
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 | €572,554 | €545,151 | -€27,402 | -4.8% |
| Fixed assets | 21/28 | €570,407 | €542,969 | -€27,438 | -4.8% |
| Tangible fixed assets | 22/27 | €570,332 | €542,895 | -€27,438 | -4.8% |
| Land and buildings | 22 | €549,129 | €524,342 | -€24,787 | -4.5% |
| Plant, machinery and equipment | 23 | €21,203 | €18,553 | -€2,650 | -12.5% |
| Financial fixed assets | 28 | €74 | €74 | = | 0.0% |
| Current assets | 29/58 | €2,147 | €2,182 | +€35 | +1.6% |
| Amounts receivable within one year | 40/41 | - | €465 | +€465 | |
| Trade receivables | 40 | - | €465 | +€465 | |
| Cash at bank and in hand | 54/58 | €2,147 | €1,717 | -€430 | -20.0% |
| Deferred charges and accrued income | 490/1 | €0 | - | = | |
| Total equity and liabilities | 10/49 | €572,554 | €545,151 | -€27,402 | -4.8% |
| Equity | 10/15 | €60,846 | €48,494 | -€12,352 | -20.3% |
| Contributions | 10/11 | €200,000 | €200,000 | = | 0.0% |
| Capital | 10 | €200,000 | €200,000 | = | 0.0% |
| Issued capital | 100 | €200,000 | €200,000 | = | 0.0% |
| Reserves | 13 | €15,013 | €15,013 | = | 0.0% |
| Distributable reserves | 133 | €15,013 | €15,013 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€154,167 | -€166,519 | -€12,352 | -8.0% |
| Amounts payable | 17/49 | €511,708 | €496,657 | -€15,051 | -2.9% |
| Amounts payable after more than one year | 17 | €30,323 | €6,207 | -€24,117 | -79.5% |
| Financial debts | 170/4 | €30,323 | €6,207 | -€24,117 | -79.5% |
| Amounts payable within one year | 42/48 | €481,385 | €489,571 | +€8,186 | +1.7% |
| Current portion of amounts payable after more than one year | 42 | €32,406 | €24,117 | -€8,290 | -25.6% |
| Trade debts | 44 | €856 | €0 | -€856 | -100.0% |
| Suppliers | 440/4 | €856 | €0 | -€856 | -100.0% |
| Other amounts payable | 47/48 | €448,123 | €465,454 | +€17,331 | +3.9% |
| Accrued charges and deferred income | 492/3 | - | €880 | +€880 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €27,438 | €27,438 | = | 0.0% |
| Other operating charges | 640/8 | €3,941 | €4,065 | +€124 | +3.2% |
| Gross operating margin | 9900 | €25,082 | €21,587 | -€3,494 | -13.9% |
| Operating profit (loss) | 9901 | -€6,297 | -€9,915 | -€3,618 | -57.5% |
| Financial charges | 65/66B | €4,103 | €2,436 | -€1,666 | -40.6% |
| Recurring financial charges | 65 | €4,103 | €2,436 | -€1,666 | -40.6% |
| Profit (loss) for the period before taxes | 9903 | -€10,400 | -€12,352 | -€1,952 | -18.8% |
| Transfer from deferred taxes | 780 | €0 | - | = | |
| Profit (loss) for the period | 9904 | -€10,400 | -€12,352 | -€1,952 | -18.8% |
| Transfer from tax-exempt reserves | 789 | €0 | - | = | |
| Profit (loss) for the period to be appropriated | 9905 | -€10,400 | -€12,352 | -€1,952 | -18.8% |
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 8 October 2026 via checked.be.