MAAT Group: 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.
MAAT Group
Largest movements
- Financial fixed assets -€642,000
down €642,000 (-13.0%), from €4.9m to €4.3m
- Receivables within one year +€531,618
up €531,618 (+83.8%), from €634,602 to €1.2m
of which Other amounts receivable: +€480,180
- Cash -€264,808
down €264,808 (-100.0%), from €264,808 to €0
mainly Net result for the year (-€868,204) and Debts after one year (-€782,750)
- Profit (loss) carried forward -€868,204
down €868,204 (-3072.8%), from -€28,254 to -€896,458
- Debts after one year -€782,750
down €782,750 (-19.6%), from €4.0m to €3.2m
- Short-term financial debts +€704,905
up €704,905 (+117.9%), from €597,994 to €1.3m
- Current portion of long-term debt +€400,000
new in 2025: €400,000
- Trade debts +€191,507
up €191,507 (+65.4%), from €292,616 to €484,123
- Financial charges +€595,866
up €595,866 (+268.2%), from €222,211 to €818,077
of which Non-recurring financial charges: +€642,000
- Financial income -€523,610
down €523,610 (-97.3%), from €538,283 to €14,673
of which Non-recurring financial income: -€500,000
- Services and other goods -€58,603
down €58,603 (-8.7%), from €673,124 to €614,521
- Staff costs +€32,461
new in 2025: €32,461
- Turnover -€32,054
down €32,054 (-5.0%), from €640,329 to €608,275
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 | €6,043,117 | €5,586,652 | -€456,465 | -7.6% |
| Formation expenses | 20 | €149,001 | €105,321 | -€43,681 | -29.3% |
| Fixed assets | 21/28 | €4,931,402 | €4,311,667 | -€619,735 | -12.6% |
| Intangible fixed assets | 21 | - | €22,265 | +€22,265 | |
| Financial fixed assets | 28 | €4,931,402 | €4,289,402 | -€642,000 | -13.0% |
| Affiliated companies | 280/1 | €4,931,402 | €4,289,402 | -€642,000 | -13.0% |
| Participating interests | 280 | €4,931,402 | €4,289,402 | -€642,000 | -13.0% |
| Current assets | 29/58 | €962,714 | €1,169,664 | +€206,951 | +21.5% |
| Stocks and contracts in progress | 3 | €0 | €0 | = | |
| Amounts receivable within one year | 40/41 | €634,602 | €1,166,220 | +€531,618 | +83.8% |
| Trade receivables | 40 | €99,131 | €150,570 | +€51,438 | +51.9% |
| Other amounts receivable | 41 | €535,470 | €1,015,650 | +€480,180 | +89.7% |
| Cash at bank and in hand | 54/58 | €264,808 | €0 | -€264,808 | -100.0% |
| Deferred charges and accrued income | 490/1 | €63,304 | €3,445 | -€59,860 | -94.6% |
| Total equity and liabilities | 10/49 | €6,043,117 | €5,586,652 | -€456,465 | -7.6% |
| Equity | 10/15 | -€25,254 | -€893,458 | -€868,204 | -3437.9% |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€28,254 | -€896,458 | -€868,204 | -3072.8% |
| Amounts payable | 17/49 | €6,068,371 | €6,480,110 | +€411,739 | +6.8% |
| Amounts payable after more than one year | 17 | €3,997,495 | €3,214,745 | -€782,750 | -19.6% |
| Financial debts | 170/4 | €3,997,495 | €3,214,745 | -€782,750 | -19.6% |
| Subordinated loans | 170 | €2,697,495 | €2,714,745 | +€17,250 | +0.6% |
| Credit institutions | 173 | €1,300,000 | €500,000 | -€800,000 | -61.5% |
| Amounts payable within one year | 42/48 | €2,018,858 | €3,265,365 | +€1.2m | +61.7% |
| Current portion of amounts payable after more than one year | 42 | - | €400,000 | +€400,000 | |
| Financial debts | 43 | €597,994 | €1,302,899 | +€704,905 | +117.9% |
| Credit institutions | 430/8 | €597,994 | €1,302,899 | +€704,905 | +117.9% |
| Trade debts | 44 | €292,616 | €484,123 | +€191,507 | +65.4% |
| Suppliers | 440/4 | €292,616 | €484,123 | +€191,507 | +65.4% |
| Taxes, remuneration and social security | 45 | €6,789 | €18,958 | +€12,169 | +179.2% |
| Taxes | 450/3 | €6,789 | €13,454 | +€6,664 | +98.2% |
| Remuneration and social security | 454/9 | - | €5,505 | +€5,505 | |
| Other amounts payable | 47/48 | €1,121,458 | €1,059,385 | -€62,073 | -5.5% |
| Accrued charges and deferred income | 492/3 | €52,019 | €0 | -€52,019 | -100.0% |
| Operating income | 70/76A | €640,329 | €631,311 | -€9,018 | -1.4% |
| Turnover | 70 | €640,329 | €608,275 | -€32,054 | -5.0% |
| Other operating income | 74 | - | €23,036 | +€23,036 | |
| Operating charges | 60/66A | €715,453 | €696,111 | -€19,343 | -2.7% |
| Services and other goods | 61 | €673,124 | €614,521 | -€58,603 | -8.7% |
| Remuneration, social security and pensions | 62 | - | €32,461 | +€32,461 | |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €41,583 | €47,106 | +€5,523 | +13.3% |
| Other operating charges | 640/8 | €746 | €2,023 | +€1,277 | +171.3% |
| Operating profit (loss) | 9901 | -€75,124 | -€64,800 | +€10,324 | +13.7% |
| Financial income | 75/76B | €538,283 | €14,673 | -€523,610 | -97.3% |
| Recurring financial income | 75 | €38,283 | €14,673 | -€23,610 | -61.7% |
| Income from current assets | 751 | €38,283 | €14,652 | -€23,631 | -61.7% |
| Other financial income | 752/9 | - | €21 | +€21 | |
| Non-recurring financial income | 76B | €500,000 | €0 | -€500,000 | -100.0% |
| Financial charges | 65/66B | €222,211 | €818,077 | +€595,866 | +268.2% |
| Recurring financial charges | 65 | €222,211 | €176,077 | -€46,134 | -20.8% |
| Debt charges | 650 | €216,680 | €171,458 | -€45,222 | -20.9% |
| Other financial charges | 652/9 | €5,531 | €4,619 | -€912 | -16.5% |
| Non-recurring financial charges | 66B | - | €642,000 | +€642,000 | |
| Profit (loss) for the period before taxes | 9903 | €240,948 | -€868,204 | -€1.1m | |
| Profit (loss) for the period | 9904 | €240,948 | -€868,204 | -€1.1m | |
| Profit (loss) for the period to be appropriated | 9905 | €240,948 | -€868,204 | -€1.1m |
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 30 September 2026 via checked.be.