MAËL: 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.
What changed
MAËL
NACE 68.203, Renting and operating of own or leased non-residential real estate, excluding land
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€9,294
2024 · -€3,625-€5,669
Equity
€56,089
2024 · €65,384-€9,294
Cash
€230
2024 · €216+€14
Balance sheet total
€193,128
2024 · €199,512-€6,384
Largest movements
Assets
- Tangible fixed assets -€7,073
down €7,073 (-3.6%), from €196,855 to €189,782
Equity and liabilities
- Other debts +€21,614
up €21,614 (+24.2%), from €89,310 to €110,924
- Debts after one year -€19,448
down €19,448 (-93.0%), from €20,903 to €1,454
- Profit (loss) carried forward -€9,294
down €9,294 (-413.1%), from -€2,250 to -€11,544
Income statement
- Gross operating margin -€2,004
down €2,004 (-11.9%), from €16,904 to €14,900
- Financial charges +€532
up €532 (+13.7%), from €3,874 to €4,406
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.
Result 2024
-€3,625
Gross operating margin
-€2,004
Other operating charges
-€85
Other operating items
-€3,049
Financial charges
-€532
Result 2025
-€9,294
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.
From operations
+€27,401
Investment
-€7,000
Financing
-€20,388
Cash 2024
€216
From operations (derived)
+€27,401
Net result for the year
-€9,294
Depreciation
+€14,073
Receivables within one year
-€583
Deferred charges and accrued income
-€92
Trade debts
+€22
Tax, wage and social debts
+€420
Other debts
+€21,614
Accrued charges and deferred income
+€1,242
Investment (derived)
-€7,000
Investment in fixed assets (net)
-€7,000
Financing
-€20,388
Debts after one year
-€19,448
Current portion of long-term debt
-€939
Cash 2025
€230
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €199,512 | €193,128 | -€6,384 | -3.2% |
| Fixed assets | 21/28 | €196,855 | €189,782 | -€7,073 | -3.6% |
| Tangible fixed assets | 22/27 | €196,855 | €189,782 | -€7,073 | -3.6% |
| Land and buildings | 22 | €196,855 | €189,782 | -€7,073 | -3.6% |
| Current assets | 29/58 | €2,657 | €3,345 | +€688 | +25.9% |
| Amounts receivable within one year | 40/41 | €1,955 | €2,538 | +€583 | +29.8% |
| Other amounts receivable | 41 | €1,955 | €2,538 | +€583 | +29.8% |
| Cash at bank and in hand | 54/58 | €216 | €230 | +€14 | +6.4% |
| Deferred charges and accrued income | 490/1 | €486 | €578 | +€92 | +18.9% |
| Total equity and liabilities | 10/49 | €199,512 | €193,128 | -€6,384 | -3.2% |
| Equity | 10/15 | €65,384 | €56,089 | -€9,294 | -14.2% |
| Contributions | 10/11 | €61,500 | €61,500 | = | 0.0% |
| Capital | 10 | €61,500 | €61,500 | = | 0.0% |
| Issued capital | 100 | €61,500 | €61,500 | = | 0.0% |
| Reserves | 13 | €6,134 | €6,134 | = | 0.0% |
| Non-distributable reserves | 130/1 | €6,134 | €6,134 | = | 0.0% |
| Legal reserve | 130 | €375 | €375 | = | 0.0% |
| Other | 1319 | €5,758 | €5,758 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€2,250 | -€11,544 | -€9,294 | -413.1% |
| Amounts payable | 17/49 | €134,128 | €137,038 | +€2,910 | +2.2% |
| Amounts payable after more than one year | 17 | €20,903 | €1,454 | -€19,448 | -93.0% |
| Financial debts | 170/4 | €20,903 | €1,454 | -€19,448 | -93.0% |
| Amounts payable within one year | 42/48 | €110,215 | €131,331 | +€21,116 | +19.2% |
| Current portion of amounts payable after more than one year | 42 | €20,388 | €19,448 | -€939 | -4.6% |
| Trade debts | 44 | €437 | €459 | +€22 | +5.0% |
| Suppliers | 440/4 | €437 | €459 | +€22 | +5.0% |
| Taxes, remuneration and social security | 45 | €80 | €500 | +€420 | +525.0% |
| Taxes | 450/3 | €80 | €80 | = | 0.0% |
| Remuneration and social security | 454/9 | - | €420 | +€420 | |
| Other amounts payable | 47/48 | €89,310 | €110,924 | +€21,614 | +24.2% |
| Accrued charges and deferred income | 492/3 | €3,011 | €4,252 | +€1,242 | +41.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €14,073 | €14,073 | = | 0.0% |
| Other operating charges | 640/8 | €2,582 | €2,667 | +€85 | +3.3% |
| Non-recurring operating charges | 66A | - | €3,049 | +€3,049 | |
| Gross operating margin | 9900 | €16,904 | €14,900 | -€2,004 | -11.9% |
| Operating profit (loss) | 9901 | €249 | -€4,889 | -€5,138 | |
| Financial charges | 65/66B | €3,874 | €4,406 | +€532 | +13.7% |
| Recurring financial charges | 65 | €3,874 | €4,406 | +€532 | +13.7% |
| Profit (loss) for the period before taxes | 9903 | -€3,625 | -€9,294 | -€5,669 | -156.4% |
| Profit (loss) for the period | 9904 | -€3,625 | -€9,294 | -€5,669 | -156.4% |
| Profit (loss) for the period to be appropriated | 9905 | -€3,625 | -€9,294 | -€5,669 | -156.4% |
Source: filed annual accounts (NBB), fiscal years ended 30 June 2024 and 30 June 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 30 September 2026 via checked.be.