MAED: 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.
MAED
Largest movements
- Receivables within one year +€24,029
up €24,029 (+609%), from €3,944 to €27,972
of which Trade receivables: +€22,263
- Cash +€1,958
up €1,958 (+82.1%), from €2,385 to €4,343
mainly Accrued charges and deferred income (+€10,318) and Net result for the year (+€9,888)
- Tangible fixed assets +€381
new in 2025: €381
- Accrued charges and deferred income +€10,318
up €10,318 (+8,972%), from €115 to €10,433
- Profit (loss) carried forward +€6,910
no longer reported in 2025 (was -€6,910)
- Trade debts +€5,461
up €5,461 (+59.2%), from €9,220 to €14,682
- Reserves +€2,978
new in 2025: €2,978
- Tax, wage and social debts +€1,113
up €1,113 (+46.0%), from €2,422 to €3,535
of which Taxes: +€998
- Gross operating margin +€23,488
up €23,488 (+42.4%), from €55,363 to €78,851
- Staff costs +€5,926
up €5,926 (+10.1%), from €58,653 to €64,579
- Financial charges +€1,618
up €1,618 (+187%), from €863 to €2,481
- Taxes +€1,216
new in 2025: €1,216
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 | €9,252 | €35,793 | +€26,541 | +287% |
| Fixed assets | 21/28 | - | €381 | +€381 | |
| Tangible fixed assets | 22/27 | - | €381 | +€381 | |
| Plant, machinery and equipment | 23 | - | €381 | +€381 | |
| Current assets | 29/58 | €9,252 | €35,411 | +€26,159 | +283% |
| Amounts receivable within one year | 40/41 | €3,944 | €27,972 | +€24,029 | +609% |
| Trade receivables | 40 | €3,902 | €26,164 | +€22,263 | +571% |
| Other amounts receivable | 41 | €42 | €1,808 | +€1,766 | +4,193% |
| Cash at bank and in hand | 54/58 | €2,385 | €4,343 | +€1,958 | +82.1% |
| Deferred charges and accrued income | 490/1 | €2,923 | €3,096 | +€173 | +5.9% |
| Total equity and liabilities | 10/49 | €9,252 | €35,793 | +€26,541 | +287% |
| Equity | 10/15 | -€3,910 | €5,978 | +€9,888 | |
| Contributions | 10/11 | €3,000 | €3,000 | = | 0.0% |
| Reserves | 13 | - | €2,978 | +€2,978 | |
| Distributable reserves | 133 | - | €2,978 | +€2,978 | |
| Profit (loss) carried forward | 14 | -€6,910 | - | +€6,910 | |
| Amounts payable | 17/49 | €13,162 | €29,814 | +€16,652 | +127% |
| Amounts payable within one year | 42/48 | €13,047 | €19,382 | +€6,335 | +48.6% |
| Trade debts | 44 | €9,220 | €14,682 | +€5,461 | +59.2% |
| Suppliers | 440/4 | €9,220 | €14,682 | +€5,461 | +59.2% |
| Taxes, remuneration and social security | 45 | €2,422 | €3,535 | +€1,113 | +46.0% |
| Taxes | 450/3 | €219 | €1,216 | +€998 | +456% |
| Remuneration and social security | 454/9 | €2,203 | €2,319 | +€116 | +5.3% |
| Other amounts payable | 47/48 | €1,405 | €1,165 | -€240 | -17.0% |
| Accrued charges and deferred income | 492/3 | €115 | €10,433 | +€10,318 | +8,972% |
| Remuneration, social security and pensions | 62 | €58,653 | €64,579 | +€5,926 | +10.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | - | €181 | +€181 | |
| Other operating charges | 640/8 | €691 | €558 | -€132 | -19.2% |
| Gross operating margin | 9900 | €55,363 | €78,851 | +€23,488 | +42.4% |
| Operating profit (loss) | 9901 | -€3,981 | €13,533 | +€17,514 | |
| Financial income | 75/76B | - | €53 | +€53 | |
| Recurring financial income | 75 | - | €53 | +€53 | |
| Financial charges | 65/66B | €863 | €2,481 | +€1,618 | +187% |
| Recurring financial charges | 65 | €863 | €2,481 | +€1,618 | +187% |
| Profit (loss) for the period before taxes | 9903 | -€4,844 | €11,105 | +€15,949 | |
| Income taxes | 67/77 | - | €1,216 | +€1,216 | |
| Profit (loss) for the period | 9904 | -€4,844 | €9,888 | +€14,733 | |
| Profit (loss) for the period to be appropriated | 9905 | -€4,844 | €9,888 | +€14,733 |
Source: filed annual accounts (NBB), financial years ended 31 March 2024 and 31 March 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 16 October 2026 via checked.be.