MAAT: 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.
MAAT
Largest movements
- Receivables within one year +€31,889
up €31,889 (+47.3%), from €67,383 to €99,272
of which Trade receivables: +€23,178
- Tangible fixed assets -€2,069
down €2,069 (-100%), from €2,069 to €0
- Cash -€1,413
down €1,413 (-47.5%), from €2,975 to €1,561
- Trade debts +€30,677
up €30,677 (+249%), from €12,296 to €42,973
- Other debts -€23,849
no longer reported in 2025 (was €23,849)
- Profit (loss) carried forward +€20,295
up €20,295 (+17.9%), from -€113,379 to -€93,084
- Tax, wage and social debts +€1,201
up €1,201 (+31.7%), from €3,784 to €4,985
- Financial income +€2,237
new in 2025: €2,237
- Depreciation -€1,390
down €1,390 (-75.7%), from €1,835 to €446
- Other operating charges +€726
up €726 (+351%), from €207 to €933
- Gross operating margin +€545
up €545 (+1.1%), from €50,264 to €50,809
From the 2023 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
A cash bridge needs two consecutive financial years: one year's result and depreciation cannot explain a change over several years. Pick two years that follow each other.
Every line side by side
| Line | Code | 2023 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €73,750 | €102,074 | +€28,324 | +38.4% |
| Fixed assets | 21/28 | €2,217 | €147 | -€2,070 | -93.4% |
| Tangible fixed assets | 22/27 | €2,069 | €0 | -€2,069 | -100% |
| Furniture and vehicles | 24 | €2,069 | €0 | -€2,069 | -100% |
| Financial fixed assets | 28 | €148 | €147 | -€1 | -0.7% |
| Current assets | 29/58 | €71,533 | €101,926 | +€30,393 | +42.5% |
| Amounts receivable within one year | 40/41 | €67,383 | €99,272 | +€31,889 | +47.3% |
| Trade receivables | 40 | €9,082 | €32,260 | +€23,178 | +255% |
| Other amounts receivable | 41 | €58,301 | €67,012 | +€8,711 | +14.9% |
| Cash at bank and in hand | 54/58 | €2,975 | €1,561 | -€1,413 | -47.5% |
| Deferred charges and accrued income | 490/1 | €1,175 | €1,093 | -€82 | -7.0% |
| Total equity and liabilities | 10/49 | €73,750 | €102,074 | +€28,324 | +38.4% |
| Equity | 10/15 | €33,821 | €54,116 | +€20,295 | +60.0% |
| Contributions | 10/11 | €147,200 | €147,200 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€113,379 | -€93,084 | +€20,295 | +17.9% |
| Amounts payable | 17/49 | €39,930 | €47,958 | +€8,028 | +20.1% |
| Amounts payable within one year | 42/48 | €39,930 | €47,958 | +€8,028 | +20.1% |
| Trade debts | 44 | €12,296 | €42,973 | +€30,677 | +249% |
| Suppliers | 440/4 | €12,296 | €42,973 | +€30,677 | +249% |
| Taxes, remuneration and social security | 45 | €3,784 | €4,985 | +€1,201 | +31.7% |
| Taxes | 450/3 | €3,784 | €4,985 | +€1,201 | +31.7% |
| Other amounts payable | 47/48 | €23,849 | - | -€23,849 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €1,835 | €446 | -€1,390 | -75.7% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €0 | = | |
| Other operating charges | 640/8 | €207 | €933 | +€726 | +351% |
| Gross operating margin | 9900 | €50,264 | €50,809 | +€545 | +1.1% |
| Operating profit (loss) | 9901 | €48,222 | €49,430 | +€1,208 | +2.5% |
| Financial income | 75/76B | - | €2,237 | +€2,237 | |
| Recurring financial income | 75 | - | €2,237 | +€2,237 | |
| Financial charges | 65/66B | €179 | €72 | -€107 | -59.7% |
| Recurring financial charges | 65 | €179 | €72 | -€107 | -59.7% |
| Non-recurring financial charges | 66B | - | €0 | = | |
| Profit (loss) for the period before taxes | 9903 | €48,043 | €51,595 | +€3,552 | +7.4% |
| Income taxes | 67/77 | €330 | €386 | +€56 | +17.1% |
| Profit (loss) for the period | 9904 | €47,713 | €51,209 | +€3,496 | +7.3% |
| Profit (loss) for the period to be appropriated | 9905 | €47,713 | €51,209 | +€3,496 | +7.3% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 27 October 2026 via checked.be.