MAELSTEDE: 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.
MAELSTEDE
Largest movements
- Receivables within one year +€91,562
up €91,562 (+57.6%), from €158,924 to €250,486
of which Trade receivables: +€77,486
- Cash -€35,003
down €35,003 (-97.5%), from €35,916 to €912
mainly Receivables within one year (-€91,562) and Tax, wage and social debts (-€16,536)
- Trade debts +€78,475
up €78,475 (+50.1%), from €156,783 to €235,258
- Tax, wage and social debts -€16,536
down €16,536 (-50.7%), from €32,634 to €16,098
- Profit (loss) carried forward -€5,153
new in 2025: -€5,153
- Gross operating margin -€43,808
down €43,808 (-97.7%), from €44,841 to €1,033
- Taxes -€9,150
down €9,150 (-46.1%), from €19,844 to €10,694
- Financial income +€6,071
up €6,071 (+60708.1%), from €10 to €6,081
- Depreciation -€686
down €686 (-72.4%), from €947 to €261
- Other operating charges -€591
down €591 (-38.0%), from €1,556 to €965
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 | €367,220 | €424,007 | +€56,786 | +15.5% |
| Fixed assets | 21/28 | €172,261 | €172,000 | -€261 | -0.2% |
| Tangible fixed assets | 22/27 | €7,261 | €7,000 | -€261 | -3.6% |
| Plant, machinery and equipment | 23 | €261 | - | -€261 | |
| Furniture and vehicles | 24 | €7,000 | €7,000 | = | 0.0% |
| Financial fixed assets | 28 | €165,000 | €165,000 | = | 0.0% |
| Current assets | 29/58 | €194,959 | €252,007 | +€57,047 | +29.3% |
| Amounts receivable within one year | 40/41 | €158,924 | €250,486 | +€91,562 | +57.6% |
| Trade receivables | 40 | €49,054 | €126,539 | +€77,486 | +158.0% |
| Other amounts receivable | 41 | €109,870 | €123,947 | +€14,077 | +12.8% |
| Cash at bank and in hand | 54/58 | €35,916 | €912 | -€35,003 | -97.5% |
| Deferred charges and accrued income | 490/1 | €120 | €608 | +€488 | +408.5% |
| Total equity and liabilities | 10/49 | €367,220 | €424,007 | +€56,786 | +15.5% |
| Equity | 10/15 | €168,872 | €163,719 | -€5,153 | -3.1% |
| Contributions | 10/11 | €18,600 | €18,600 | = | 0.0% |
| Reserves | 13 | €150,272 | €150,272 | = | 0.0% |
| Non-distributable reserves | 130/1 | - | €1,860 | +€1,860 | |
| Reserves not available under the articles | 1311 | - | €1,860 | +€1,860 | |
| Distributable reserves | 133 | €150,272 | €148,412 | -€1,860 | -1.2% |
| Profit (loss) carried forward | 14 | - | -€5,153 | -€5,153 | |
| Amounts payable | 17/49 | €198,348 | €260,287 | +€61,939 | +31.2% |
| Amounts payable within one year | 42/48 | €198,348 | €260,287 | +€61,939 | +31.2% |
| Trade debts | 44 | €156,783 | €235,258 | +€78,475 | +50.1% |
| Suppliers | 440/4 | €156,783 | €235,258 | +€78,475 | +50.1% |
| Taxes, remuneration and social security | 45 | €32,634 | €16,098 | -€16,536 | -50.7% |
| Taxes | 450/3 | €32,634 | €16,098 | -€16,536 | -50.7% |
| Other amounts payable | 47/48 | €8,931 | €8,931 | = | 0.0% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €947 | €261 | -€686 | -72.4% |
| Other operating charges | 640/8 | €1,556 | €965 | -€591 | -38.0% |
| Gross operating margin | 9900 | €44,841 | €1,033 | -€43,808 | -97.7% |
| Operating profit (loss) | 9901 | €42,338 | -€193 | -€42,531 | |
| Financial income | 75/76B | €10 | €6,081 | +€6,071 | +60708.1% |
| Recurring financial income | 75 | €10 | €6,081 | +€6,071 | +60708.1% |
| Financial charges | 65/66B | €512 | €346 | -€165 | -32.3% |
| Recurring financial charges | 65 | €512 | €346 | -€165 | -32.3% |
| Profit (loss) for the period before taxes | 9903 | €41,836 | €5,541 | -€36,295 | -86.8% |
| Income taxes | 67/77 | €19,844 | €10,694 | -€9,150 | -46.1% |
| Profit (loss) for the period | 9904 | €21,992 | -€5,153 | -€27,145 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,992 | -€5,153 | -€27,145 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.