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 +€52,640
up €52,640 (+47,076%), from €112 to €52,752
of which Trade receivables: +€52,583
- Current investments +€22,642
new in 2025: €22,642
- Cash +€20,929
up €20,929 (+14.0%), from €149,965 to €170,895
mainly Other debts (+€61,045) and Net result for the year (+€51,764)
- Tangible fixed assets -€20,725
down €20,725 (-80.2%), from €25,853 to €5,128
of which Other tangible fixed assets: -€18,188
- Other debts +€61,045
up €61,045 (+2,596%), from €2,352 to €63,397
- Tax, wage and social debts +€17,876
up €17,876 (+148%), from €12,097 to €29,973
- Reserves -€7,059
down €7,059 (-4.1%), from €170,767 to €163,708
- Trade debts +€5,378
up €5,378 (+4,155%), from €129 to €5,508
- Gross operating margin +€14,022
up €14,022 (+26.8%), from €52,314 to €66,337
- Financial income +€4,708
new in 2025: €4,708
- Taxes +€4,591
up €4,591 (+42.4%), from €10,820 to €15,411
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 | €188,345 | €265,586 | +€77,241 | +41.0% |
| Fixed assets | 21/28 | €27,353 | €6,628 | -€20,725 | -75.8% |
| Tangible fixed assets | 22/27 | €25,853 | €5,128 | -€20,725 | -80.2% |
| Plant, machinery and equipment | 23 | €1,489 | €797 | -€692 | -46.5% |
| Furniture and vehicles | 24 | €4,040 | €2,195 | -€1,845 | -45.7% |
| Other tangible fixed assets | 26 | €20,324 | €2,136 | -€18,188 | -89.5% |
| Financial fixed assets | 28 | €1,500 | €1,500 | = | 0.0% |
| Current assets | 29/58 | €160,992 | €258,958 | +€97,966 | +60.9% |
| Amounts receivable after more than one year | 29 | €10,000 | €10,000 | = | 0.0% |
| Other amounts receivable | 291 | €10,000 | €10,000 | = | 0.0% |
| Amounts receivable within one year | 40/41 | €112 | €52,752 | +€52,640 | +47,076% |
| Trade receivables | 40 | €0 | €52,583 | +€52,583 | |
| Other amounts receivable | 41 | €112 | €169 | +€57 | +51.0% |
| Current investments | 50/53 | - | €22,642 | +€22,642 | |
| Cash at bank and in hand | 54/58 | €149,965 | €170,895 | +€20,929 | +14.0% |
| Deferred charges and accrued income | 490/1 | €915 | €2,670 | +€1,754 | +192% |
| Total equity and liabilities | 10/49 | €188,345 | €265,586 | +€77,241 | +41.0% |
| Equity | 10/15 | €173,767 | €166,708 | -€7,059 | -4.1% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | €170,767 | €163,708 | -€7,059 | -4.1% |
| Distributable reserves | 133 | €170,767 | €163,708 | -€7,059 | -4.1% |
| Profit (loss) carried forward | 14 | €0 | €0 | = | |
| Amounts payable | 17/49 | €14,578 | €98,878 | +€84,300 | +578% |
| Amounts payable within one year | 42/48 | €14,578 | €98,878 | +€84,300 | +578% |
| Trade debts | 44 | €129 | €5,508 | +€5,378 | +4,155% |
| Suppliers | 440/4 | €129 | €5,508 | +€5,378 | +4,155% |
| Taxes, remuneration and social security | 45 | €12,097 | €29,973 | +€17,876 | +148% |
| Taxes | 450/3 | €12,097 | €29,973 | +€17,876 | +148% |
| Other amounts payable | 47/48 | €2,352 | €63,397 | +€61,045 | +2,596% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €2,276 | €2,537 | +€262 | +11.5% |
| Other operating charges | 640/8 | €387 | €572 | +€184 | +47.6% |
| Gross operating margin | 9900 | €52,314 | €66,337 | +€14,022 | +26.8% |
| Operating profit (loss) | 9901 | €49,651 | €63,228 | +€13,577 | +27.3% |
| Financial income | 75/76B | - | €4,708 | +€4,708 | |
| Recurring financial income | 75 | - | €4,708 | +€4,708 | |
| Financial charges | 65/66B | €796 | €761 | -€35 | -4.4% |
| Recurring financial charges | 65 | €796 | €761 | -€35 | -4.4% |
| Profit (loss) for the period before taxes | 9903 | €48,855 | €67,175 | +€18,320 | +37.5% |
| Income taxes | 67/77 | €10,820 | €15,411 | +€4,591 | +42.4% |
| Profit (loss) for the period | 9904 | €38,036 | €51,764 | +€13,729 | +36.1% |
| Profit (loss) for the period to be appropriated | 9905 | €38,036 | €51,764 | +€13,729 | +36.1% |
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 18 October 2026 via checked.be.