MAELSTROM: 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.
MAELSTROM
Largest movements
- Stocks and contracts +€5,801
new in 2025: €5,801
- Receivables within one year +€3,890
up €3,890 (+96.7%), from €4,022 to €7,911
of which Trade receivables: +€3,838
- Cash -€2,269
down €2,269 (-99.9%), from €2,271 to €1
mainly Net result for the year (-€8,430) and Stocks and contracts (-€5,801)
- Financial fixed assets -€1,480
no longer reported in 2025 (was €1,480)
- Tangible fixed assets -€369
no longer reported in 2025 (was €369)
- Trade debts +€8,696
up €8,696 (+191.8%), from €4,533 to €13,229
- Profit (loss) carried forward -€8,430
down €8,430 (-26.0%), from -€32,399 to -€40,829
- Other debts +€5,831
up €5,831 (+17.6%), from €33,055 to €38,886
- Tax, wage and social debts -€727
no longer reported in 2025 (was €727)
- Accrued charges and deferred income +€202
up €202 (+27.9%), from €725 to €927
- Gross operating margin +€3,375
up €3,375 (+35.1%), from -€9,605 to -€6,231
- Other operating charges +€911
up €911 (+136.9%), from €665 to €1,576
- Depreciation -€443
no longer reported in 2025 (was €443)
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 | €8,141 | €13,713 | +€5,572 | +68.4% |
| Fixed assets | 21/28 | €1,849 | - | -€1,849 | |
| Tangible fixed assets | 22/27 | €369 | - | -€369 | |
| Plant, machinery and equipment | 23 | €369 | - | -€369 | |
| Financial fixed assets | 28 | €1,480 | - | -€1,480 | |
| Current assets | 29/58 | €6,292 | €13,713 | +€7,421 | +117.9% |
| Stocks and contracts in progress | 3 | - | €5,801 | +€5,801 | |
| Stocks | 30/36 | - | €5,801 | +€5,801 | |
| Amounts receivable within one year | 40/41 | €4,022 | €7,911 | +€3,890 | +96.7% |
| Trade receivables | 40 | €4,022 | €7,860 | +€3,838 | +95.4% |
| Other amounts receivable | 41 | - | €51 | +€51 | |
| Cash at bank and in hand | 54/58 | €2,271 | €1 | -€2,269 | -99.9% |
| Total equity and liabilities | 10/49 | €8,141 | €13,713 | +€5,572 | +68.4% |
| Equity | 10/15 | -€30,899 | -€39,329 | -€8,430 | -27.3% |
| Contributions | 10/11 | €1,500 | €1,500 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€32,399 | -€40,829 | -€8,430 | -26.0% |
| Amounts payable | 17/49 | €39,040 | €53,042 | +€14,002 | +35.9% |
| Amounts payable within one year | 42/48 | €38,315 | €52,115 | +€13,800 | +36.0% |
| Trade debts | 44 | €4,533 | €13,229 | +€8,696 | +191.8% |
| Suppliers | 440/4 | €4,533 | €13,229 | +€8,696 | +191.8% |
| Taxes, remuneration and social security | 45 | €727 | - | -€727 | |
| Taxes | 450/3 | €727 | - | -€727 | |
| Other amounts payable | 47/48 | €33,055 | €38,886 | +€5,831 | +17.6% |
| Accrued charges and deferred income | 492/3 | €725 | €927 | +€202 | +27.9% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €443 | - | -€443 | |
| Other operating charges | 640/8 | €665 | €1,576 | +€911 | +136.9% |
| Non-recurring operating charges | 66A | - | €369 | +€369 | |
| Gross operating margin | 9900 | -€9,605 | -€6,231 | +€3,375 | +35.1% |
| Operating profit (loss) | 9901 | -€10,713 | -€8,175 | +€2,538 | +23.7% |
| Financial income | 75/76B | €0 | - | -€0 | |
| Recurring financial income | 75 | €0 | - | -€0 | |
| Financial charges | 65/66B | €252 | €255 | +€3 | +1.0% |
| Recurring financial charges | 65 | €252 | €255 | +€3 | +1.0% |
| Profit (loss) for the period before taxes | 9903 | -€10,965 | -€8,430 | +€2,535 | +23.1% |
| Profit (loss) for the period | 9904 | -€10,965 | -€8,430 | +€2,535 | +23.1% |
| Profit (loss) for the period to be appropriated | 9905 | -€10,965 | -€8,430 | +€2,535 | +23.1% |
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 9 October 2026 via checked.be.