MAAT CONCEPT: 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 CONCEPT
Largest movements
- Tangible fixed assets -€73,528
down €73,528 (-15.5%), from €473,392 to €399,864
of which Other tangible fixed assets: -€38,765
- Cash -€63,297
down €63,297 (-21.5%), from €293,727 to €230,431
mainly Contributions, distributions and other (-€178,618) and Debts after one year (-€59,489)
- Receivables within one year +€45,397
up €45,397 (+38.9%), from €116,654 to €162,051
of which Trade receivables: +€35,722
- Other debts +€97,270
up €97,270 (+78.9%), from €123,301 to €220,571
- Reserves -€75,493
down €75,493 (-25.6%), from €294,328 to €218,836
of which Distributable reserves: -€75,493
- Debts after one year -€59,489
down €59,489 (-19.8%), from €300,799 to €241,310
- Tax, wage and social debts -€22,182
down €22,182 (-27.0%), from €82,296 to €60,114
of which Taxes: -€28,302
- Advances received -€20,188
down €20,188 (-99.8%), from €20,225 to €37
- Gross operating margin -€132,182
down €132,182 (-24.0%), from €549,805 to €417,622
- Staff costs -€51,074
down €51,074 (-22.2%), from €229,817 to €178,743
- Taxes -€19,423
down €19,423 (-36.4%), from €53,364 to €33,940
- Other operating charges -€5,901
down €5,901 (-58.5%), from €10,096 to €4,195
- Depreciation +€5,829
up €5,829 (+7.6%), from €76,617 to €82,447
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 | €930,676 | €831,744 | -€98,932 | -10.6% |
| Fixed assets | 21/28 | €474,840 | €400,722 | -€74,118 | -15.6% |
| Intangible fixed assets | 21 | €1,323 | €733 | -€590 | -44.6% |
| Tangible fixed assets | 22/27 | €473,392 | €399,864 | -€73,528 | -15.5% |
| Plant, machinery and equipment | 23 | €64,998 | €54,805 | -€10,193 | -15.7% |
| Furniture and vehicles | 24 | €73,800 | €49,231 | -€24,569 | -33.3% |
| Other tangible fixed assets | 26 | €334,594 | €295,828 | -€38,765 | -11.6% |
| Financial fixed assets | 28 | €125 | €125 | = | 0.0% |
| Current assets | 29/58 | €455,836 | €431,022 | -€24,814 | -5.4% |
| Stocks and contracts in progress | 3 | €32,234 | €32,736 | +€502 | +1.6% |
| Stocks | 30/36 | €32,234 | €32,736 | +€502 | +1.6% |
| Amounts receivable within one year | 40/41 | €116,654 | €162,051 | +€45,397 | +38.9% |
| Trade receivables | 40 | €114,907 | €150,629 | +€35,722 | +31.1% |
| Other amounts receivable | 41 | €1,747 | €11,422 | +€9,675 | +553.7% |
| Cash at bank and in hand | 54/58 | €293,727 | €230,431 | -€63,297 | -21.5% |
| Deferred charges and accrued income | 490/1 | €13,220 | €5,804 | -€7,416 | -56.1% |
| Total equity and liabilities | 10/49 | €930,676 | €831,744 | -€98,932 | -10.6% |
| Equity | 10/15 | €312,928 | €237,436 | -€75,493 | -24.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €294,328 | €218,836 | -€75,493 | -25.6% |
| Tax-exempt reserves | 132 | €181 | €181 | = | 0.0% |
| Distributable reserves | 133 | €294,147 | €218,654 | -€75,493 | -25.7% |
| Amounts payable | 17/49 | €617,747 | €594,308 | -€23,439 | -3.8% |
| Amounts payable after more than one year | 17 | €300,799 | €241,310 | -€59,489 | -19.8% |
| Financial debts | 170/4 | €300,799 | €241,310 | -€59,489 | -19.8% |
| Amounts payable within one year | 42/48 | €314,635 | €352,987 | +€38,352 | +12.2% |
| Current portion of amounts payable after more than one year | 42 | €64,253 | €59,489 | -€4,764 | -7.4% |
| Trade debts | 44 | €24,560 | €12,775 | -€11,785 | -48.0% |
| Suppliers | 440/4 | €24,560 | €12,775 | -€11,785 | -48.0% |
| Advances received on contracts in progress | 46 | €20,225 | €37 | -€20,188 | -99.8% |
| Taxes, remuneration and social security | 45 | €82,296 | €60,114 | -€22,182 | -27.0% |
| Taxes | 450/3 | €66,795 | €38,493 | -€28,302 | -42.4% |
| Remuneration and social security | 454/9 | €15,501 | €21,621 | +€6,120 | +39.5% |
| Other amounts payable | 47/48 | €123,301 | €220,571 | +€97,270 | +78.9% |
| Accrued charges and deferred income | 492/3 | €2,313 | €12 | -€2,301 | -99.5% |
| Non-recurring operating income | 76A | €3,306 | - | -€3,306 | |
| Remuneration, social security and pensions | 62 | €229,817 | €178,743 | -€51,074 | -22.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €76,617 | €82,447 | +€5,829 | +7.6% |
| Other operating charges | 640/8 | €10,096 | €4,195 | -€5,901 | -58.5% |
| Gross operating margin | 9900 | €549,805 | €417,622 | -€132,182 | -24.0% |
| Operating profit (loss) | 9901 | €233,275 | €152,238 | -€81,036 | -34.7% |
| Financial income | 75/76B | €4,213 | €5,408 | +€1,195 | +28.4% |
| Recurring financial income | 75 | €4,213 | €5,408 | +€1,195 | +28.4% |
| Financial charges | 65/66B | €20,872 | €20,581 | -€291 | -1.4% |
| Recurring financial charges | 65 | €20,872 | €20,581 | -€291 | -1.4% |
| Profit (loss) for the period before taxes | 9903 | €216,616 | €137,065 | -€79,550 | -36.7% |
| Income taxes | 67/77 | €53,364 | €33,940 | -€19,423 | -36.4% |
| Profit (loss) for the period | 9904 | €163,252 | €103,125 | -€60,127 | -36.8% |
| Profit (loss) for the period to be appropriated | 9905 | €163,252 | €103,125 | -€60,127 | -36.8% |
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 9 October 2026 via checked.be.