MAEHDROS: 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.
MAEHDROS
Largest movements
- Cash +€120,108
up €120,108 (+1,544%), from €7,779 to €127,887
mainly Net result for the year (+€312,885) and Depreciation (+€49,019)
- Tangible fixed assets +€60,643
up €60,643 (+21.8%), from €278,022 to €338,665
of which Furniture and vehicles: +€65,440
- Profit (loss) carried forward +€174,385
up €174,385 (+59.8%), from -€291,719 to -€117,334
- Trade debts -€57,733
down €57,733 (-80.0%), from €72,124 to €14,391
- Debts after one year +€30,170
up €30,170 (+13.0%), from €231,755 to €261,925
of which Financial debts: +€90,696
- Current portion of long-term debt +€23,870
up €23,870 (+25.7%), from €92,777 to €116,647
- Short-term financial debts -€10,000
down €10,000 (-100%), from €10,000 to €0
of which Credit institutions: -€10,000
- Staff costs -€152,524
down €152,524 (-62.1%), from €245,603 to €93,079
- Depreciation -€97,238
down €97,238 (-66.5%), from €146,257 to €49,019
- Gross operating margin +€58,358
up €58,358 (+14.0%), from €416,876 to €475,234
- Financial charges +€5,730
up €5,730 (+57.8%), from €9,918 to €15,648
From the 2023 result to the 2024 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 2023 and 2024 balance sheets and the 2024 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2023 | 2024 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €611,137 | €789,005 | +€177,868 | +29.1% |
| Formation expenses | 20 | €24,250 | €24,250 | = | 0.0% |
| Fixed assets | 21/28 | €398,609 | €459,252 | +€60,643 | +15.2% |
| Intangible fixed assets | 21 | €116,736 | €116,736 | = | 0.0% |
| Tangible fixed assets | 22/27 | €278,022 | €338,665 | +€60,643 | +21.8% |
| Land and buildings | 22 | €191,850 | €187,441 | -€4,409 | -2.3% |
| Plant, machinery and equipment | 23 | €3,825 | €3,436 | -€389 | -10.2% |
| Furniture and vehicles | 24 | €82,347 | €147,787 | +€65,440 | +79.5% |
| Other tangible fixed assets | 26 | €0 | - | = | |
| Financial fixed assets | 28 | €3,851 | €3,851 | = | 0.0% |
| Current assets | 29/58 | €188,277 | €305,503 | +€117,225 | +62.3% |
| Stocks and contracts in progress | 3 | €4,487 | €0 | -€4,487 | -100% |
| Stocks | 30/36 | €4,487 | €0 | -€4,487 | -100% |
| Amounts receivable within one year | 40/41 | €147,982 | €142,635 | -€5,348 | -3.6% |
| Trade receivables | 40 | €125,357 | €136,404 | +€11,047 | +8.8% |
| Other amounts receivable | 41 | €22,625 | €6,231 | -€16,394 | -72.5% |
| Current investments | 50/53 | €1 | €1 | = | 0.0% |
| Cash at bank and in hand | 54/58 | €7,779 | €127,887 | +€120,108 | +1,544% |
| Deferred charges and accrued income | 490/1 | €28,028 | €34,980 | +€6,952 | +24.8% |
| Total equity and liabilities | 10/49 | €611,137 | €789,005 | +€177,868 | +29.1% |
| Equity | 10/15 | €162,702 | €337,087 | +€174,385 | +107% |
| Contributions | 10/11 | €318,350 | €318,350 | = | 0.0% |
| Capital | 10 | €318,350 | €318,350 | = | 0.0% |
| Issued capital | 100 | €318,350 | €318,350 | = | 0.0% |
| Revaluation surpluses | 12 | €116,736 | €116,736 | = | 0.0% |
| Reserves | 13 | €19,335 | €19,335 | = | 0.0% |
| Non-distributable reserves | 130/1 | €19,335 | €19,335 | = | 0.0% |
| Legal reserve | 130 | €19,335 | - | -€19,335 | |
| Reserves not available under the articles | 1311 | - | €19,335 | +€19,335 | |
| Profit (loss) carried forward | 14 | -€291,719 | -€117,334 | +€174,385 | +59.8% |
| Amounts payable | 17/49 | €448,435 | €451,917 | +€3,483 | +0.8% |
| Amounts payable after more than one year | 17 | €231,755 | €261,925 | +€30,170 | +13.0% |
| Financial debts | 170/4 | €171,229 | €261,925 | +€90,696 | +53.0% |
| Trade debts | 175 | €60,526 | €0 | -€60,526 | -100% |
| Amounts payable within one year | 42/48 | €192,568 | €156,109 | -€36,459 | -18.9% |
| Current portion of amounts payable after more than one year | 42 | €92,777 | €116,647 | +€23,870 | +25.7% |
| Financial debts | 43 | €10,000 | €0 | -€10,000 | -100% |
| Credit institutions | 430/8 | €10,000 | €0 | -€10,000 | -100% |
| Other loans | 439 | €0 | - | = | |
| Trade debts | 44 | €72,124 | €14,391 | -€57,733 | -80.0% |
| Suppliers | 440/4 | €72,124 | €14,391 | -€57,733 | -80.0% |
| Taxes, remuneration and social security | 45 | €17,119 | €24,372 | +€7,253 | +42.4% |
| Taxes | 450/3 | €17,119 | €24,372 | +€7,253 | +42.4% |
| Remuneration and social security | 454/9 | €0 | €0 | = | |
| Other amounts payable | 47/48 | €548 | €699 | +€151 | +27.5% |
| Accrued charges and deferred income | 492/3 | €24,112 | €33,884 | +€9,771 | +40.5% |
| Non-recurring operating income | 76A | €4 | - | -€4 | |
| Remuneration, social security and pensions | 62 | €245,603 | €93,079 | -€152,524 | -62.1% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €146,257 | €49,019 | -€97,238 | -66.5% |
| Write-downs on stocks, contracts in progress and trade receivables: additions (reversals) | 631/4 | - | €4,487 | +€4,487 | |
| Other operating charges | 640/8 | €1,818 | €2 | -€1,816 | -99.9% |
| Gross operating margin | 9900 | €416,876 | €475,234 | +€58,358 | +14.0% |
| Operating profit (loss) | 9901 | €23,198 | €328,646 | +€305,448 | +1,317% |
| Financial income | 75/76B | €61 | €68 | +€8 | +12.9% |
| Recurring financial income | 75 | €61 | €68 | +€8 | +12.9% |
| Financial charges | 65/66B | €9,918 | €15,648 | +€5,730 | +57.8% |
| Recurring financial charges | 65 | €9,918 | €15,648 | +€5,730 | +57.8% |
| Profit (loss) for the period before taxes | 9903 | €13,341 | €313,067 | +€299,726 | +2,247% |
| Income taxes | 67/77 | €1,499 | €182 | -€1,318 | -87.9% |
| Profit (loss) for the period | 9904 | €11,842 | €312,885 | +€301,044 | +2,542% |
| Profit (loss) for the period to be appropriated | 9905 | €11,842 | €312,885 | +€301,044 | +2,542% |
Source: filed annual accounts (NBB), financial years ended 31 December 2023 and 31 December 2024. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 13 October 2026 via checked.be.