MAE®47: 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.
MAE®47
Largest movements
- Receivables within one year -€17,784
down €17,784 (-81.7%), from €21,765 to €3,981
of which Trade receivables: -€17,784
- Cash +€8,581
up €8,581 (+25.6%), from €33,541 to €42,123
mainly Receivables within one year (+€17,784) and Depreciation (+€532)
- Trade debts -€3,860
down €3,860 (-86.8%), from €4,448 to €588
- Reserves -€3,232
down €3,232 (-12.5%), from €25,781 to €22,549
- Tax, wage and social debts -€2,652
down €2,652 (-76.2%), from €3,479 to €827
of which Remuneration and social security: -€2,867
- Gross operating margin -€13,052
down €13,052, from €10,953 to -€2,099
- Taxes -€3,019
no longer reported in 2025 (was €3,019)
- Depreciation -€157
down €157 (-22.7%), from €688 to €532
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 | €56,010 | €46,271 | -€9,739 | -17.4% |
| Fixed assets | 21/28 | €532 | €0 | -€532 | -100.0% |
| Tangible fixed assets | 22/27 | €532 | €0 | -€532 | -100.0% |
| Furniture and vehicles | 24 | €532 | €0 | -€532 | -100.0% |
| Current assets | 29/58 | €55,478 | €46,271 | -€9,207 | -16.6% |
| Amounts receivable within one year | 40/41 | €21,765 | €3,981 | -€17,784 | -81.7% |
| Trade receivables | 40 | €17,784 | - | -€17,784 | |
| Other amounts receivable | 41 | €3,981 | €3,981 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €33,541 | €42,123 | +€8,581 | +25.6% |
| Deferred charges and accrued income | 490/1 | €172 | €168 | -€4 | -2.2% |
| Total equity and liabilities | 10/49 | €56,010 | €46,271 | -€9,739 | -17.4% |
| Equity | 10/15 | €44,381 | €41,149 | -€3,232 | -7.3% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €25,781 | €22,549 | -€3,232 | -12.5% |
| Distributable reserves | 133 | €25,781 | €22,549 | -€3,232 | -12.5% |
| Amounts payable | 17/49 | €11,629 | €5,122 | -€6,506 | -56.0% |
| Amounts payable within one year | 42/48 | €11,629 | €5,122 | -€6,506 | -56.0% |
| Trade debts | 44 | €4,448 | €588 | -€3,860 | -86.8% |
| Suppliers | 440/4 | €4,448 | €588 | -€3,860 | -86.8% |
| Taxes, remuneration and social security | 45 | €3,479 | €827 | -€2,652 | -76.2% |
| Taxes | 450/3 | €613 | €827 | +€214 | +35.0% |
| Remuneration and social security | 454/9 | €2,867 | - | -€2,867 | |
| Other amounts payable | 47/48 | €3,702 | €3,707 | +€6 | +0.2% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €688 | €532 | -€157 | -22.7% |
| Other operating charges | 640/8 | €524 | €527 | +€3 | +0.6% |
| Gross operating margin | 9900 | €10,953 | -€2,099 | -€13,052 | |
| Operating profit (loss) | 9901 | €9,741 | -€3,158 | -€12,899 | |
| Financial income | 75/76B | €35 | - | -€35 | |
| Recurring financial income | 75 | €35 | - | -€35 | |
| Financial charges | 65/66B | €174 | €74 | -€100 | -57.5% |
| Recurring financial charges | 65 | €174 | €74 | -€100 | -57.5% |
| Profit (loss) for the period before taxes | 9903 | €9,601 | -€3,232 | -€12,833 | |
| Income taxes | 67/77 | €3,019 | - | -€3,019 | |
| Profit (loss) for the period | 9904 | €6,582 | -€3,232 | -€9,814 | |
| Profit (loss) for the period to be appropriated | 9905 | €6,582 | -€3,232 | -€9,814 |
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 3 October 2026 via checked.be.