MAAS PATRICK: 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 PATRICK
Largest movements
- Tangible fixed assets +€40,859
up €40,859 (+6.9%), from €588,654 to €629,513
of which Land and buildings: +€59,572
- Current investments -€36,921
down €36,921 (-17.0%), from €217,605 to €180,684
- Receivables within one year +€18,811
new in 2025: €18,811
- Deferred charges and accrued income -€12,417
down €12,417 (-51.3%), from €24,193 to €11,776
- Tax, wage and social debts -€52,130
no longer reported in 2025 (was €52,130)
- Other debts +€39,605
up €39,605 (+42.8%), from €92,541 to €132,146
- Reserves +€28,363
up €28,363 (+4.2%), from €680,674 to €709,036
of which Distributable reserves: +€28,363
- Gross operating margin -€57,186
down €57,186 (-39.5%), from €144,735 to €87,549
- Taxes -€16,145
down €16,145 (-48.5%), from €33,316 to €17,170
- Depreciation +€3,691
up €3,691 (+8.5%), from €43,433 to €47,123
- Financial charges +€1,954
up €1,954 (+17091.5%), from €11 to €1,965
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 | €838,539 | €855,793 | +€17,254 | +2.1% |
| Fixed assets | 21/28 | €588,654 | €629,513 | +€40,859 | +6.9% |
| Tangible fixed assets | 22/27 | €588,654 | €629,513 | +€40,859 | +6.9% |
| Land and buildings | 22 | €527,953 | €587,525 | +€59,572 | +11.3% |
| Plant, machinery and equipment | 23 | €1,239 | €497 | -€742 | -59.9% |
| Furniture and vehicles | 24 | €59,462 | €41,492 | -€17,971 | -30.2% |
| Current assets | 29/58 | €249,885 | €226,280 | -€23,605 | -9.4% |
| Amounts receivable within one year | 40/41 | - | €18,811 | +€18,811 | |
| Other amounts receivable | 41 | - | €18,811 | +€18,811 | |
| Current investments | 50/53 | €217,605 | €180,684 | -€36,921 | -17.0% |
| Cash at bank and in hand | 54/58 | €8,086 | €15,008 | +€6,923 | +85.6% |
| Deferred charges and accrued income | 490/1 | €24,193 | €11,776 | -€12,417 | -51.3% |
| Total equity and liabilities | 10/49 | €838,539 | €855,793 | +€17,254 | +2.1% |
| Equity | 10/15 | €693,074 | €721,436 | +€28,363 | +4.1% |
| Contributions | 10/11 | €12,400 | €12,400 | = | 0.0% |
| Reserves | 13 | €680,674 | €709,036 | +€28,363 | +4.2% |
| Non-distributable reserves | 130/1 | €1,860 | €1,860 | = | 0.0% |
| Reserves not available under the articles | 1311 | €1,860 | €1,860 | = | 0.0% |
| Tax-exempt reserves | 132 | €22,085 | €22,085 | = | 0.0% |
| Distributable reserves | 133 | €656,729 | €685,092 | +€28,363 | +4.3% |
| Amounts payable | 17/49 | €145,465 | €134,357 | -€11,108 | -7.6% |
| Amounts payable within one year | 42/48 | €145,465 | €134,357 | -€11,108 | -7.6% |
| Current portion of amounts payable after more than one year | 42 | - | €1,524 | +€1,524 | |
| Trade debts | 44 | €794 | €686 | -€108 | -13.6% |
| Suppliers | 440/4 | €794 | €686 | -€108 | -13.6% |
| Taxes, remuneration and social security | 45 | €52,130 | - | -€52,130 | |
| Taxes | 450/3 | €52,130 | - | -€52,130 | |
| Other amounts payable | 47/48 | €92,541 | €132,146 | +€39,605 | +42.8% |
| Non-recurring operating income | 76A | €14,500 | - | -€14,500 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €43,433 | €47,123 | +€3,691 | +8.5% |
| Other operating charges | 640/8 | €1,110 | €839 | -€271 | -24.4% |
| Gross operating margin | 9900 | €144,735 | €87,549 | -€57,186 | -39.5% |
| Operating profit (loss) | 9901 | €100,192 | €39,586 | -€60,606 | -60.5% |
| Financial income | 75/76B | €8,568 | €7,912 | -€656 | -7.7% |
| Recurring financial income | 75 | €8,568 | €7,912 | -€656 | -7.7% |
| Financial charges | 65/66B | €11 | €1,965 | +€1,954 | +17091.5% |
| Recurring financial charges | 65 | €11 | €1,965 | +€1,954 | +17091.5% |
| Profit (loss) for the period before taxes | 9903 | €108,749 | €45,533 | -€63,215 | -58.1% |
| Income taxes | 67/77 | €33,316 | €17,170 | -€16,145 | -48.5% |
| Profit (loss) for the period | 9904 | €75,433 | €28,363 | -€47,070 | -62.4% |
| Profit (loss) for the period to be appropriated | 9905 | €75,433 | €28,363 | -€47,070 | -62.4% |
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 12 October 2026 via checked.be.